intro_excess investment_october 19th 2016.rw

Growth Capital & Business DevelopmentWe invest regionally or globally on a deal by deal basis

in equity or mezzanine transactions.

Rudolph Waels, CEOMob/WhatsApp: +971 50 591 8172Email.: [email protected] : rwaelsLinkedIn : https://ae.linkedin.com/in/rudolphwaels

October 2016 - Excess Investment Presentation

§ .

2 I Excess Investment : Overview

We are a new family office based in Dubai. We invest regionally or globally on a deal by dealbasis, in equity or mezzanine transactions between $ 1 and $ 50 m. In addition, we are lookingto accompany the international expansion of businesses to the Middle East and otherEmerging Markets. We do so with a long-term mind-set and a strong business developmentfocus.

CAPITAL BUSINESS DEVELOPMENT

§ North America, Europe

§ Middle East, Africa, Asia

§ Equity (control, minority)

§ Mezzanine

§ International Expansion in Emerging

Markets (Middle East, Africa, Asia).

What We Do


What We Do

§ We target three types of deals :

ü Scenario 1 : Local Deals with Local Partners in North America, Europe, EmergingMarkets. We invest globally in businesses that will stay in their domestic market and do notplan to expand to the middle east. In that case, we look for a deal with a local partner(Private Equity or Venture Capital Fund, a Fund less sponsors, a Family Office, or anEntrepreneur) and offer a management fee and a carried interest on a deal by deal basis.We would be very interested in income generating transactions (ex: mezzanine finance atcompany level or fund level), but could also do equity (minority/control) transactions, acrosssectors.

ü Scenario 2 : International Expansion to the Middle East and other Emerging Markets.We invest globally in businesses that are looking to expand in the Middle East and otherEmerging Markets. We will invest with a long-term horizon, and a strong businessdevelopment focus. We help our portfolio company to grow in the Middle East and otherEmerging Markets. For this, we target firms operating in the Education, Healthcare,Information Technology, Business Services, Consumer/Retail, and Financial sectors.We can invest equity (minority/control) or mezzanine finance in a parent company and/orlocal joint venture. We like firms with a history of growth and profitability but could alsoconsider early stage companies.

ü Scenario 3 : Firms already in the Middle East. We invest regionally in businesses that arealready in the Middle East. In this case, we typically target smaller deals or greenfieldprojects with equity (minority/control) or mezzanine financing.


1. A private equity, venture capital, or mezzanine team

ü You are between two fundsü Your are looking to increase your stake in a business and receive additional management

fee and carried interestü Your are looking to develop relationship with investors from the Middle East on a deal by

deal basis as a first step to investing in a more traditional fundü You are looking for a partner to accompany the international expansion of a portfolio

company in the Middle East and other Emerging Markets.

2. A fund less sponsor who could receive equity or mezzanine from Excess Investment

3. A family officeü You are looking to partner with Excess and other family offices from different regions to

make long term investmentsü Your are looking to increase your stake in a business and receive additional management

fee and carried interestü You are looking for a partner to accompany the international expansion of a portfolio

company in the Middle East and other Emerging Markets.

Why work with Excess Investments on a deal by deal basis ?

What We Do


Scenario 1. Local Deals Globally with Local Partners

Deal Size $ 1 to 50 m, possibly more

Financing Type Equity (minority/control) or Mezzanine, but income generating deals are preferred. For Mezzanine we can invest a fund or portfolio company levels.

Geographies Global (North America, Europe, Eastern Europe, Africa, Asia)

Sectors Agnostic (but no alcohol, no pork)

Incentive offered We provide a management fee and carried interest on a deal by deal basis to our local partners (Private Equity Funds, Mezzanine Funds, Entrepreneurs, Family Offices, Fund Less Sponsors)

Investment Horizon Flexible

Investment Stage Flexible, but No turnaround and No Start Up

What We Do


Scenario 2. Invest & Support International Expansion

Deal Size $ 1 to 50 m, possibly more

Financing Type Equity (minority/control) or Mezzanine.

Geographies Middle East & Global (North America, Europe, Eastern Europe, Africa, Asia)We invest globally in businesses looking to expand to the Middle East and other Emerging Markets. We can invest in the parent company and/or a local Joint Venture

Sectors IT, Healthcare, Education, Business Services, Retail/Consumer, Financial Services.

Incentive offered We provide a management fee and carried interest on a deal by deal basis to our local partners (Private Equity Funds, Mezzanine Funds, Entrepreneurs, Family Offices, Fund Less Sponsors)

Investment Horizon Long Term (Possibility of joint exit clauses when co-investing with PE funds)

Investment Stage Growth Equity (history of growth and profitability)Early Stage (EBITDA positive, Turnover of at least $ 5 m, marquee customers in domestic market and Middle East)

What We Do


Scenario 2. Invest & Support International Expansion

Added Value We are looking to support a quality and entrepreneurial management team to grow a business with a long-term view. We can assist the international expansion of a business in many ways :

- Building a consortium with the Right Local Partner to add value in a certain market and/or industry

- Build or strengthen a Management Team in a specific country/sector

- Business Plan preparation

- M & A

- Capital raising

- Hosting a new firm in Dubai at our offices in a prime downtown location

What We Do


Scenario 3. Local Deals in Middle East

Deal Size $ 1 to 20 m. We typically target smaller deals or greenfield projects because valuations tend to become expensive very quickly as deal size increases.

Financing Type Equity (minority/control) or Mezzanine.

Geographies Middle East

Sectors IT, Healthcare, Education, Business Services, Retail/Consumer, Financial Services.

Investment Horizon Long Term

Investment Stage Growth Equity (history of growth and profitability)Early Stage (EBITDA positive, marquee customers in domestic market and Middle East)

What We Do


Scenario 3. Local Deals in Middle East

Other Criteria 5 Year Sales CAGR : 10%+ (preferably 15%+)EBIT/(Net Debt + Equity) above 15% (preferably 20%+)No Loss in the past 3 years.Net Debt/EBITDA < 3.5Limited Client ConcentrationRepeat/Recurring RevenuesRelatively Low Capex RequirementStable margins/pricing powerSustainable competitive advantage

What We Do


What You Need to Know About the MENA region

$§ 300 family offices from the Middle East are actively looking to invest globally on a deal by deal

basis.§ They target income generating deals or firms with an expansion potential in the MENA region and

other Emerging Markets.§ European firms export more to the MENA region than to any of the BRIC countries. US firms

export more to the MENA region than to India, Russia, or Brazil.§ Dubai attracts more or less as many companies launching greenfield FDIs as London, Singapore,

or Shanghai§ Greenfield FDIs in the MENA region originate largely from Europe (45%) and North America

(26%), mostly from large companies, but small firms could also seize to capture this growthopportunity with the right partner.

§ Arbitrage opportunity : EBITDA multiples are much lower in US and Europe than in the MiddleEast.

§ Key success factors :1. Identify the right international platform with a good growth potential in MENA2. Work with a long-term horizon3. Provide strong business development support

Key Ideas on MENA


Growing in the Middle East & North Africa Region

• European firms export more to the MENA region than to any of the BRIC countries.

United States

MENA(Arab World + Turkey + Iran)

GCC + Turkey GCC + North Africa

China

Africa, South East Asia, GCC, Turkey, North Africa, Sub-Saharan Africa, Russia, South America.

India, Brazil

EU exports 1990 - 2015 (in billions dollars)

South Africa, Iran

Source: IMF


!

50$

100$

150$

200$

250$

300$

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014

Growing in the Middle East & North Africa Region

• US firms export more to the MENA region than to India, Russia, or Brazil.

US exports 1990 - 2015 (in billions dollars)Europe

South America, MENA (Arab World + Turkey + Iran)

China

GCC, Brazil, Africa, Russia, India, Sub Saharan Africa

North Africa, South Africa, Turkey, Iran

Source: IMF


• Dubai is among the fastest growing cities in the world (# 5 worldwide in 2014)• It is also top global destination for foreign direct investments (Dubai is # 3 worldwide in 2015,

after Singapore and Shanghai).

Source: FDI Markets (Financial Times)

Growing in the Middle East North Africa Region

Number of Greenfield Foreign Direct Investments per year : 2003 - 2015

0"

50"

100"

150"

200"

250"

300"

350"

400"

450"

2003" 2004" 2005" 2006" 2007" 2008" 2009" 2010" 2011" 2012" 2013" 2014" 2015"

Singapore"

Shanghai"

London"

Dubai"

Hong"Kong"

Beijing"

Paris"

Bangalore"

New"York"

Sydney"


§ Business Services, Financial Services, and Information Technology are the top sectors for FDIsin MENA.



Greenfield Foreign Direct Investments per sector : 2013 - 2015

Business'Services17%

Financial'Services12%

Software'&'IT'services11%

Industrial'Machinery,'Eq..

8%

Communications5%

Real'Estate4%

Coal,'Oil'and'Natural'Gas3%

Transportation5%

Hotels'&'Tourism3%

Metals3%

Chemicals3%

Electronic'Components3%

Food'&'Tobacco2%

Plastics2%

Aerospace2%

Automotive'OEM2%

Consumer'Products2%

Building'&'Construction' ..1%

Automotive'Components

1%

Healthcare1% Other

11%


Software)publishers

7% Retail)banking

5%

Corporate)&)investment)banking

3%

Advertising,)PR3%

General)purpose)machinery3%

Freight/Distribution)Services3%

Professional)&)Techinical)services

2%Architectural,)engineering

2%Legal)services

2%Internet)publishing

2%Insurance2%Custom)computer)programming

2%Construction

1% Hotels)&)Accommodation

1%Real)estate)services1% Employment)

services1%

Investment)management

1%

Management)consulting

1%Oil)&)gas)extraction

1%Basic)chemicals

1%

Others55%

§ Business Services, Financial Services, and Information Technology are the top sectors for FDIsin MENA.



Greenfield Foreign Direct Investments per sub-sector : 2013 - 2015


§ Most FDI projects in the UAE originate from Western Europe (43%), North America (26%) andAsia (21%).

§ Many FDI projects are backed by large multinationals, but smaller international firms cansucceed with the right local partner.


43%$

26%$

21%$

5%$

2%$2%$1%$

Western$Europe$

North$America$

Asia:Pacific$

Middle$East$

Rest$of$Europe$

Africa$

LaCn$America$&$Caribbean$


Source of Greenfield Foreign Direct Investments in UAE (per number of projects) : 2003 - 2016


§ On a selective basis Excess Investment can use its strong network to assist businesses (inEurope, North America, or Emerging Markets) to raise capital in the Middle East.

Raising Capital in the Middle East

Source: Bryanne Michael


Investment Team

Rudolph Waels has worked in Europe and various Emerging Markets since 1996. He started hiscareer with Arthur Andersen/Ernst & Young where he carried out various consulting, privatization, andrestructuring projects across the world including Western Europe, Eastern Europe, Middle East, NorthAfrica, Sub-Saharan Africa, and Asia. Starting in 2004, he focused on private equity and directinvestments in the Middle East and North Africa. He worked at Swicorp (Vice President), First GulfBank (Head of Private Equity), Aabar (Director of Investments), Armalia Partners (Managing Partner),ICD (Head of Direct Investments & Financing), and Excess Investments (CEO). Rudolph holds anMBA from the Wharton School, and is also a graduate of Paris Dauphine University. He studied inEurope (France, United Kingdom, Spain), Latin America (Argentina, Mexico), Asia (Singapore) andthe United States. He speaks English, French, Spanish fluently, and is learning Arabic.


Investment Team

Ameera Karmali has worked within the Middle East banking & financial services sector for close to adecade with experience at local and regional institutions such as M Capital Group, Amlak FinancePJSC, and ENSEC. She has worked on a deal pipeline of close to US$ 750 million for a broad rangeof transactions including securitizations, sukuk and debt financings across sectors. Ameera also hasexperience working within Investments where she previously managed an AED 1.0 billion portfolio ofprivate equity investments, real estate funds, direct equity investments and associate and subsidiarycompanies with a focus on strategic planning, financial analysis, divestment of investments andcompany restructuring. Ameera has an MSc and BSc from the Warwick Business School, University ofWarwick, UK.

Naveed Aslam is a professionally Qualified Management Accountant with over 9 years’ diversifiedexperience in audit, advisory;; finance and related matters with the global leading network &conglomerates namely Grant Thornton, Crowe Horwath & Bahmani Group. Naveed has professionalaccountancy certifications from the “Institute of Cost and Management Accountants - Pakistan(ICMAP)”, “Chartered Institute of Management Accountants - United Kingdom (CIMA - UK)” and“Institute of Chartered Accountants - Pakistan (ICAP)”. Naveed is a Commerce graduate fromUniversity of Karachi - Pakistan and Higher Education Commission - Pakistan awarded Naveed aMaster’s degree based on his professional qualifications. Naveed’s expertise includes financialreporting & analysis, budgeting & forecasting, audit & risk assurance project appraisals & financialfeasibilities and business valuation & due diligence.


Advisory Board : Consumer Goods, Retail, Media

Jean Pierre de Montalivet is currently founder and CEO of Power Consult, an advisory firm which hestarted 12 years ago. Power Consult specializes in designing and implementing developmentstrategies for its clients, mainly in the MENA region. Jean Pierre has more than 40 years of experiencein the consumer goods industry in both mature and new economies. He was CEO of Henkel France aswell as Corporate Vice President for emerging markets for Henkel KGaa (Middle East, North Africa,and Central America India). He previously worked for Danone, where he was Marketing director forFrance before being Commercial and Marketing Director for Mexico (green field). Jean Pierre holds aMaster of business administration degree from EDHEC and a diploma of doctorate in economy fromParis university (Pantheon) and speaks French, English, and Spanish.

Hassan Fattah has over 20 years of experience as a communications leader in the Middle East,leading compelling media projects in the region and, more recently, advising on media strategy. He hascovered the changing dynamics of the Middle East, paying particular attention to demographic shiftsand youth culture in the region and its impact the region's direction and politics. Hassan was Editor-in-Chief of The National, the widely respected English-language, Abu Dhabi-based daily newspaper, from2009 to 2013. On leaving The National, he was then appointed Director of Communications at GEMSEducation, the world’s largest private education provider. His earlier career included being Middle EastCorrespondent for The New York Times, a correspondent for TIME magazine and co-founder andEditor of Iraq Today.


Advisory Board : IT, Financial Services

Philippe Becker is currently Global Head of Private Equity and Director, Advanced Financial Programsat Fitch Learning, a subsidiary of Fitch Ratings. He was previously Managing Director at KoyasanAdvisors, a private equity, and asset management advisory firm headquartered in Dubai. Philippe’scareer has spanned the high tech industry as well as venture capital and private equity. Philippefounded Koyasan in 2012. Philippe was previously managing director of Wasserstein Gulf, in Dubai,from 2010-2012. Prior to that, Philippe was based in New Delhi and was the founding partner ofWasserstein India, a private equity fund focused on the Indian market. From 2002 to 2008, Philippewas an operational partner for Wasserstein's US private equity and venture capital business, focusedon the consumer, media, technology, and industrial sectors. Prior to his roles at Wasserstein, Philippebegan his career at AT&T Bell Laboratories, developing high-speed telecom systems. He was a visitingprofessor at the University of Tokyo in 1993. Philippe joined the Lucent Technologies M&A group in1996 and subsequently managed Lucent Technology Japan-based business units in the fiber opticsectors. Philippe has a Ph.D. in physics from UC Berkeley and an MBA from the Wharton School at theUniversity of Pennsylvania, where he was a Palmer Scholar.

Rilwan Meeran, CIO of the Emerging Media Opportunity Fund, has 17 years of privateequity, investment banking and operations experience, principally in emerging and frontiermarkets. Prior to joining MDIF, Rilwan spent two years in an operating role for a portfolio oftechnology companies, assisting their growth globally. He has executed private equity transactions inthe United States, Latin America, Asia, the Middle East and Turkey. Rilwan has worked with LeopardCapital, Swicorp, Finstar Global Partners, Edison Venture Fund, and started his career with UBS. Hehas been profiled in a private equity textbook and has taught private equity and due diligenceat several universities. Rilwan holds an MBA from the University of Chicago’s Booth School ofBusiness and a BBA from the University of Massachusetts at Amherst. He speaks English andSpanish.


Advisory Board : IT, Business Services

Paul Klinkhamer has over 20 years of cross industry experience in all areas of companyleadership including strategy, growth scenarios, turnaround, risk management and mergers andacquisitions in the Middle East, Europe and Asia. Paul was most recently the managing director ofHuron Middle East and prior to this he was the Risk Management Lead at Accenture Middle Eastand partner at an European investment firm responsible for Asia. Paul fulfilled different seniorpositions within Atradius, one of the world’s largest credit insurers. He has been involved as anexecutive in international private equity firms, consultancy firms, contracting companies,investment banking and under performing assets. Paul’s expertise spans finance, profit and lossmanagement, operations, business development, contract negotiations and strategic planning.Paul has delivered over 25 projects in several sectors in the GCC, Europe and Asia. Paul has anaccounting degree from The Netherlands Institute of Chartered Accountants (NIVRA)

Feroz Sanaulla has over 20 years experience in private equity, venture capital, M&A Integration,and consulting. As the founder of the Middle East, Turkey and Africa office of Intel Capital, Ferozcontributed to accelerating the frontiers of technology across the region via strategic relationshipswith companies in the context of driving significant positive financial returns for Intel. In the courseof his career Feroz has advised on or led multiple transactions, including disposals, M&Aintegrations, joint ventures, private equity and venture capital investments and financing with acombined value in excess of US$ 3 billion. He has consulted with various international companieson strategic growth into the Middle East and is a council member of the Gerson Lehrman Group(GLG) platform. Feroz also founded Emerging Circle, a financial technology company aimed atproviding intelligent capital for growth companies in the UAE. Feroz obtained a MBA in Financeand Strategy from the University of Michigan – Stephen M. Ross School of Business, and a BS(Honors) from University of Maryland, College Park.


Advisory Board : Education, Information Technology

Edwin Eisendrath has more than 30 years of professional experience in public service andeducation. He has led consulting engagements in the US, Europe, Asia and the Middle East. Hehas been the lead for a major public sector turnaround, a regional administrator for a US Cabinet-level department, a local elected official, and a public school teacher. He was instrumental in thedevelopment of one of the first online universities, and played a major role in rescuing a strugglingprivate college. Edwin has extensive experience in the Middle East including developing andimplementing strategic business plans for the commercial arm of a major UAE university andassisting a major Middle Eastern foundation to prepare a roadmap for the creation of a newresearch-based business school. In Qatar he assisted in developing the development of a strategicplan for the Qatar Foundation’s new central library and localizing policies and procedures for amajor US-based University. Edwin has developed prototypes and business plans for universities toreach new non-traditional markets using online and digital technologies. Edwin holds a Master ofArts in Teaching from the National College of Education, Chicago, Illinois and a Bachelor of Artsfrom Harvard University, Cambridge, Massachusetts.

Richard Smith combines 20 years of international management consulting experience with 7 yearsof practical management experience in the aluminum industry in the UAE. His experience has beenprimarily in information technology where he has worked on IT strategy and planning, ITgovernance, business intelligence, mobility, application and data architecture, businessrequirements specification, package evaluation and selection, as well as the direction andmanagement of SAP and Oracle-enabled transformation programs. He also has considerableexperience in business strategy formulation, business restructuring, process redesign, sharedservices and outsourcing advisory services. During his consulting career Richard worked withclients from a wide range of industries including metals (aluminum and steel), manufacturing, retail,life insurance, health insurance, banking, telecommunications, automotive, manufacturing andservices as well as central and local government. Richard holds an MA degree from the Universityof Cambridge in the UK and a B Comm degree from the University of Cape Town, South Africa.


Advisory Board : Oil & Gas, Clean Tech

Don Painter Don has over 30 years of experience in the Oil & Gas sector, both as an advisor andan industry professional. Don was most recently a Senior Expert at McKinsey’s & Company’sGlobal Energy and Materials Practice, Global Operations Practice, and Business TechnologyPractice. He is a Senior energy industry consulting and technology services executive with well-established capabilities in successfully leading major operational performance improvement andbusiness transformations strategies and programs, as both an industry insider and a trustedadvisor to senior industry executives. He is well known for his unique breadth and depth ofexperience, expertise, and credibility in the global energy, petroleum, and chemicals industries, aswell as the consulting and service industries. Don has an MBA in Finance from the University ofHouston-Clear Lake and earned his bachelor’s in mechanical engineering and nuclear engineeringfrom the Georgia Institute of Technology.

Jean Paul (“JP”) Sirois. JP focuses on the nexus between corporate finance and public policy.Over the past 25 years he has served as a senior advisor to the Prime Ministers of Canada and theUK, the Deputy Prime Minister of the United Arab Emirates and numerous Cabinet ranked Officialsand Secretaries General of international bodies. From his base in Abu Dhabi, JP serves banks,venture funds, growth accelerators, private equity firms and family offices in the Arabian Gulf,Europe and North America. JP has a particular focus on renewable energy, sustainable and cleantechnologies. He helped shape the world’s two largest sovereign backed cleantech funds and hasbeen the architect of biofuel, recycling, alternative energy and carbon reduction projects on fourcontinents. JP holds an undergraduate degree in economics and Masters of Business & PublicAdministration from Wilfrid Laurier University, Canada and a degree in British Common Law fromKings College, Cambridge U.K.


Advisory Board : Entrepreneurship

Eric Kacou is co-founder and CEO of Entrepreneurial Solutions Partners (ESPartners), a firmproviding entrepreneurs and leaders in Africa and the Caribbean with Intelligent Capital. Eric hasFounded Archimedean & Entrepreneurs (A&E), a business acceleration platform for African start-ups and is currently Launching the Arch Fund, an investment company providing small equitytickets to SMEs. An expert in post-conflict economic reconstruction, Eric led the Rwanda NationalInnovation and Competitiveness (RNIC) Program. Eric has served leaders of over twenty otherAfrican and Caribbean nations as well as a number of development partners and private firms. Hewas featured in Forbes Afrique as one of Africa’s 20 builders of tomorrow and in Jeune Afrique asone of francophone Africa’s top 25 leaders. He was also honored by the World Economic Forum asa Young Global Leader. A Mason Fellow from Harvard’s Kennedy School, Eric earned his MBA atthe Wharton School. Eric serves on the Wharton Executive Board for Europe, Africa and the MiddleEast.


Contact

Rudolph WaelsCEO

Excess Investments2903, Boulevard Plaza Tower 1Downtown, DubaiP.O Box 413122, Dubai, UAE

Email.: [email protected]: +971 50 591 8172LinkedIn: https://ae.linkedin.com/in/rudolphwaels

Boulevard PlazaTower 1DowntownDubai

intro_excess investment_october 19th 2016.rw

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