The Abraaj Group

The Abraaj Group

April 2018STRICTLY PRIVATE & CONFIDENTIAL

All information is as of June 30, 2017 unless otherwise noted. Past performance is not indicative of future results. An investment in Abraaj Group Funds entails a high degree of risk and no assurance can be given that investment

objectives will be achieved or that investors will receive a return on their capital.

I. Introduction: History, Markets & Evolution

II. Overview of the Funds

| The Abraaj Group1


i. Executive Summary

ii. Markets Overview

iii. Group Overview


| The Abraaj Group2

| The Abraaj Group

Executive Summary

3

Since inception, Abraaj has grown to become one of the largest and leading alternative investment managers ingrowth markets with c. US$ 10 billion in AuM operating across five regions and four distinct strategies

1

Focused on Global Growth Markets, Abraaj has built the only institutional investment platform of its kind inthese markets. Enabled by a balance sheet capitalized at US$ 1.5 billion, Abraaj has invested c. US$ 150 million inbuilding its platform. Creating a comparable platform would be difficult if not impossible to replicate within anyreasonable cost or timeframe

2

Abraaj’s leadership position emanates from the sustainable competitive advantages of our platform. The Group’sfundraising performance for its last generation of regional funds during which c. US$ 4.5 billion of new capitalwas raised validates the relevance of our business model. This was much more than just fundraising success – itwas a resounding endorsement by the global investor community of Abraaj’s unique value proposition

3

There is a massive opportunity in growth markets private equity – with our markets becoming mainstream capitaldestinations for investors globally

4

While we are proud of our history, we recognize that our value lies not only in our evolution but also in thestrong future growth trajectory of our Firm. We are executing against the massive opportunity ahead of us withthe “fierce urgency of now” and are on track to deliver against our objectives to be – 10 times our current size andamongst the top 10 firms in our industry over the next 10 years (10-10-10); our markets and their centrality in theglobal economy over the coming decades gives us the tailwind to do so

5

The Abraaj Group4

The Abraaj Group Has Grown Organically and by Acquisition

Cupola

• Arif Naqvi

Established

Cupola, a regional

financial advisory

business, in 1994

• Executed the first

LBO transaction in

the region by a

regional company

• Consummated 10

investments,

generating a gross

MoC of 18.4x

• Assembled an

experienced core

team to form

Abraaj Capital

Abraaj Capital

• Founded in Dubai, 2002

Organic Expansion

• Expanded the business further

into MENA organically and

established presence in Turkey

and the Levant, South Asia and

SEA

• Purposefully built the business

with an overarching focus on

remaining ‘One Firm’

• Hired professionals to expand

presence in SEA and later SSA

• Kantara Acquisition: Built out the

North Africa platform in 2010/11

through the integration of

members of regional private

equity firm Amundi and

management of the Kantara fund

(ANAF I)

CupolaAbraaj Capital

Organic Expansion

Aureos Acquisition

Integration & Consolidation

Closing of regional

funds

Aureos Acquisition

• Acquired Aureos Capital in 2012,

bringing together two firms with a

broadly similar investment strategy

(local presence, growth capital,

control-themed) and an almost-

perfectly complementary footprint

Integration and Consolidation

• Rationalized surplus offices/staff

• Established a hub/spoke model

• Upgraded human capital

• Scaled up operating capabilities

• Reviewed and documented

investment experience

• Evaluated internal processes to

select and institutionalize best

practice

• Adopted a regional and thematic

fund architecture and accelerated

exit activity

Regional PE Funds

• Raised c. US$ 1.4 bn between ANAF II and

AAF III: the largest amount ever raised for

Africa

• Closed c. US$ 550 mm for the second

generation Latin America Fund, including

the Group’s first CKD

• Closed US$ 486 mm Turkey Fund during a

challenging time for the country

• On-boarded c.US$ 750 mm from the

distribution platforms of Hamilton Lane

and BAML

• Held a US$ 90.8 mm final close for the

Pakistan Fund, with investors from US and

Europe

Impact Investing and Credit Strategies

• Closed a landmark US$ 1 bn health fund

• Launched a full-scale clean energy platform

• Built out a best-in-class team and strategy

to capitalize on the Credit opportunity in

GMs

Real Estate

• Setting up vehicle to invest/develop into

key African growth markets

1994 2002 2015 /162012

Credit Strategies

• Held first

close for

AGCF

Impact Investing

• Deeping and

expanding

offerings in

Impact

Investing

• Fund raising

for ACEF

Global Fund

• Marketed a

Global PE

fund and

held first

close for of

US$ 3.0 bn

2017

Credit & Impact

Investing

Global PE Fund

| The Abraaj Group

Over the past 15 years, Abraaj has grown to become one of the largest and leading alternative investment managers in growth markets

5

2017

Assets Under Management

US$ 60m2002

c. US$ 10 bn

c.167x

Share Capital Investors

2017

US$ 3m2002

US$ 1.5 bn

500x

2017

242002

c. 350

15x

2017

Employees

192002

350+

18x

Offices Group PE Track Record

2017

12002

20

20x

1

2017

2002 N/A

27.5%

| The Abraaj Group

Focused on global growth markets, Abraaj has built the only institutional investment platform of its kind

6

2

US$ 6.8 billion realized

from 108 full exits

US$ 8.1 billion invested across

200+ deals

Realized Gross IRR of 44.8% since inception

< 3% cumulative loss ratio

Enabled by a balance sheet capitalized at US$ 1.5 billion we have built our Firm for over a decade –creating a comparable platform of over 20 offices across 5 regions would be difficult if not

impossible to replicate within any reasonable cost or timeframe.

| The Abraaj Group

Abraaj’s leadership position emanates from the sustainable competitive advantages of our platform…

7

3

Unequalled breadth of platform

Comprehensive and deep fundraising capabilities

Global platform with world-class standards and execution

Strong operational capabilities

Local connectivity; proprietary origination

Deep bench strength with one culture

Competitive Advantages

De

live

rin

g

Access and local connectivity that a purely global investor does not

have

Resources and comparative experience that a purely

local investor lacks

Operating capabilities that provide the ability to drive

outperformance in our partner companies

| The Abraaj Group

…and our strong performance during our latest round of fundraising validated the relevance of our business model

8

This achievement represents much more than just fundraising success – it is a resounding endorsement by the global investor community of Abraaj’s unique value proposition and validates our hypothesis that our markets

provide an enormous opportunity which investors are eager to access with the right GP!

During 2014-2016, Abraaj closed 5 regional funds, 1 thematic fund, 12 co-investments, and structured secondary sell-down, raising c. US$ 4.5 billion

Capital Raised

Majority of capital raised came from sophisticated institutional investors many of whom are seen in the industry as opinion leaders and influencers

Enhanced Investor Base

North American LPs, representing over 50% of commitments

Strategic relationships with some of the largest consultants and LPs

Raised capital from retail and private wealth management channels

New Fundraising Channels

3

Held final close for Healthcare fund at US$ 1.0 billion

Leveraging Success for Thematic Strategies

| The Abraaj Group

.49

.59

.15

.38

EM and U.S. EM and Dev. EuropeAll Funds Top Quartile Only

Diversification Benefits – Correlation of Public and Private Indices1

9

Investors Search for Returns

• Increasing need amongst traditional LPs to cover the funding gap — Asset liability mismatch of US$ 8 trillion

• Significant distributions back to LPs from realizations— Close to US$ 1 trillion of capital returned to

LPs over the past 3 years• Capital from new sources (specifically HNWIs

and SWFs)— Represent total AuM of c. US$ 3 trillion and growing rapidly

• Record long “zero interest” environment

1.98

1.45

0.330.19

0.11 0.10 0.08 0.03 0.01

UK US India SouthAfrica

China Brazil SSA MENA Turkey

2015 PE Investment/GDP (%)

Sources: 1Cambridge Associates (data as of December 31, 2015); 2EMPEA – ‘The Case for EM PE’

There is a massive opportunity in growth markets private equity – with our markets becoming mainstream capital destinations for investors globally…

1 2

.48

.56

.30.34

EM PE/VC and S&P 500 EM PE/VC and MSCI EuropeAll Funds Top Quartile Only

EM PE Delivering Higher Returns (Over 10-years)13

Gro

wth

M

arke

tsD

evel

op

ed M

arke

ts

An Underpenetrated Market24

4

11.2%

10.9%

7.3%

11.3%

7.2%

3.4%

9.5%

2.4%

11.4%

4.0%

U.S. PE

U.S. VC

S&P 500

Western Europe PE

Western Europe VC

MSCI Europe

Asia-Pacific Developed PE & VC

MSCI Pacific

Emerging Markets PE & VC

MSCI Emerging Markets

Correlation of EM PE/VC Index: U.S. PE/VC and Developed Europe PE/VC

Correlation of EM PE/VC Index:S&P 500 and MSCI Europe

| The Abraaj Group

15 29 40 46 45 5882 80 94 82 89

9 1630 34 43

75

94118

154 176

208

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

AUM of Growth Markets - Based Private Equity Fund Managers

Dry Powder (US$ bn) Unrealized Value (US$ bn)

6.6

26.532.7

48.2

2001 2005 2010 2015

10%

6%

15%

12%

7.3x

10

AUM of Growth Markets based GPs has increased by c. 12x over ten years

… resulting in substantial growth in Growth Markets Private Equity

Growth Markets Funds Raised (US$ bn)

Sources: EMPEA Research; “The Case for EM PE”.

4

Global Growth Markets

Funds Raised as % of

Global Funds raised




iii. Group Overview


| The Abraaj Group11

The Abraaj Group

1 bnadditional urban dwellers (2015-2030)

76%of global GDP growth (2015-2030)

28median age (2015)

Working age population to grow by c. 600 mm(2015-2030)

93%of urban population growth (2015-2030)

69%of global GDP composition (2030)

64%of global consumer spending growth(2015–2030)

12

Emerging Markets will drive economic growth in the coming decades

Source: Euromonitor, March 2017. Markets include Asia Pacific, Latin America, Middle East & Africa, and Turkey as defined by Euromonitor. GDP on a Purchasing Power Parity (“PPP”) basis. For informational purposes only. Nothingcontained herein should be deemed to be a prediction or projection of future outcomes.

|


Sources: OECD, Angus Maddison, Euromonitor. 1 World GDP at 1990 International Geary Khamis Dollars; Developed markets: US, Canada, Australia, New Zealand, Western Europe, Japan / Global growth markets: Asia (excludingJapan), Africa, Middle East, Latin America, Eastern Europe, Former USSR. Each recipient of this presentation should bear in mind that historic trends, projected performance or financial market scenarios are no reliable indicator forcurrent or future performance.

25% 31%

75% 69%

1820 1870 1913 1950 1985 2001 2015 2025 2030

2015-2030Growth markets will

account for 64% of

global consumer spending growth

2008-2013Growth markets

accounted for 80% of

global growth

2015-2030Growth markets will

account for 93% of

urban population growth

1800sChina & India account for 50% global GDP

1900sIndustrial revolutions concentrate economic activity in the West

Contribution to Global GDP1Growth Markets

Developed Markets

Attractive demographics, rapid urbanization and a rising middle class are the structural factors leading to significantly higher growth outside the US and Europe

Abraaj believes the opportunity is being driven by the emerging consumer class

The Abraaj Group14

Abraaj disaggregates the Emerging Markets to identify the specific growth markets in which we invest

For informational purposes only. Each recipient of this presentation should bear in mind that past performance is not indicative of future results, and there can be no assurance that future Abraaj Funds will achieve comparableresults or be able to avoid losses.

China

• Second largest economy

• Not a proxy for EM

• Needs dedicated strategy

Commodity-dependent

• Economy and/or exports dependent on globally set commodity prices

• Cyclical growth and/or currency risks

Consumer-driven

• Growth driven by fundamental long-term trends

• Less correlated to other emerging and developed markets

• Epicenter of consumption activity• GDP and consumption per capita is a multiple of the national averageCities

17 Investment Offices

12 Secondary Markets

20 Primary Markets

|


In 2015 growth market consumption exceeded developed market consumption. It is estimated that by 2025 46% of Fortune Global 500 companies will be from Growth Markets, up from 4.8% in 2000

Global Consumption (US$ trillions)

Sources: EMPEA Research-“The Case for EM PE”, Boston Consulting Group-“Playing to Win in Emerging Markets.” (September 2013).

12

34

26

30

2010 2015

Emerging Markets Developed Markets

38

64

Fortune Global 500 Companies by Region

A BCG survey shows 73% of multinational executives say that local companies in emerging markets are more effective competitors than other MNCs

Growth Markets

476

415

271

1254

120

26

12 3183

2000 2010 2025

Developed Markets China Africa & Middle East Other Emerging MarketsGrowth Markets

Consumption growth is fueling the growth of local champions

The Abraaj Group16

1 Kantor Brand Footprint, 2017. 2 Euromonitor, 2016. 3 Euromonitor, 2016. 4 Kantor Brand Footprint, 2017.

Multinationals are increasingly reliant on EM but privately-held local brands dominate many markets/sectors

72%

28%

Local Brands Global Brands

Growth in Value of Fast Moving Consumer Goods (2016)4

100%

0%

Emerging Markets Developed Markets

Increase in Global Fast Moving Consumer Goods Spending (2016)1

38.8%

44.8%

47.2%

51.3%

52.9%

57.3%

59.6%

64.9%

68.6%

71.0%

61.2%

55.2%

52.8%

48.7%

47.1%

42.7%

40.4%

35.1%

31.4%

29.0%

Danone Group

Coca-Cola Co.

Unilever Group

PepsiCo

Nestle

Mondelez International

Procter & Gamble

L'Oreal Group

Mars

Nike

Percentage of Retail Sales2

Developed Markets Emerging Markets

0%

2%

4%

6%

8%

10%

12%

0% 20% 40% 60%

EM Exposure & Revenue Growth3

Nestle SA

Unilever Group

Danone Group

PepsiCo, Inc.

General Mills Inc.

Kellogg Co.

Ye

ar o

ver

year

gro

wth

20

14

-2

01

5

Emerging Markets as % of sales

High dependency on developed markets


1 S&P Capital IQ 2015. 2 EMPEA; MSCI (December 2016).

“Private equity represented a more diverse mixture of industries, including many sectors with exposure to consumers in a way that often was not replicated in the public markets” – Josh Lerner, EMPEA

16%

17%

18%

27%

33%

44%

48%

51%

51%

51%

52%

54%

60%

71%

72%

72%

USA

Japan

China

India

United Kingdom

Germany

Poland

Australia

Brazil

South Africa

Mexico

Chile

Russia

Colombia

Peru

Nigeria

Share of Market Cap Held by Top 10 Firms in Selected Countries1

Private vs Public Sector Exposure in Growth Markets (2016/2017)2

Basic Materials, 7%

Consumer, 35%

Consumer, 10%

Financials, 12%

Financials, 43%

Healthcare, 11%

Healthcare, 2%

Industrials, 27%

Industrials, 3%

Energy, 9%

Technology/IT, 11%

Technology/IT, 1%

Telecom, 3%

Telecom, 14%

Utilities, 4%

Real Estate, 6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Composition of Private Equity Transactions byValue

(2016, EMPEA)

MSCI Frontier Markets(as of Jan 31, 2017)

PE

Greater Consumer, Industrials, Healthcare

MSCI FM

Greater Financials, Telecom,

Energy / Utilities

Public markets do not fully capture the consumer opportunity




iii. Group Overview



| The Abraaj Group

Focused on global growth markets, Abraaj has built the only institutional investment platform of its kind

19

10-10-10 Strategy

Abraaj is purpose-built to invest successfully in next-generation markets across asset classes. The breadth, quality and consistency of our footprint is unmatched by any firm operating in our

markets, local relevance in the ecosystems in which we operate in is key to our strategy

Experienced investors with over two decades of investment experience and a track record that speaks for itself-having deployed US$ 8.1 bn across 35+ countries, realizing US$ 6.8 bn from 108 full

exits with gross-realized IRR of 44.8%

The health of our Firm is reflected not just in its performance but equally in its momentum. In 15 years, Abraaj has gone from inception to c. US$ 10 billion of AuM. Our current momentum is

consistent with a “10-10-10” trajectory

Substantial strategic and structural competitive advantage. It would be difficult to replicate what Abraaj has built. In several of the markets in which Abraaj operates, there simply is no other high-

quality local player that follows a diversified approach

A firm with a strong values-driven culture that emphasizes true partnership with all stakeholders and focused approach on implementing global best practices

1

2

3

4

5

| The Abraaj Group

Our Structure: Local connectivity, global standards and operating capabilities

20

…to deliver

• Proximity to the

opportunities and risks

• Unburdened by

administration

• Homegrown talent providing

local knowledge, insights,

networks and management

• c. 80% proprietary deal

sourcing

Local Investment Teams

Access and local connectivity that a purely global investor does not

have

Resources and comparative experience that a purely

local investor lacks

• Consistent world class

standards supported by

lessons learnt from hundreds

of companies

• True international expansion

opportunities

• Management of the Fund/GP

to free up the local

investment teams

Global Platform

• Dedicated team of

operating/industry

professionals focused on

active value creation across

the investment process

• Deep sectoral expertise in

core verticals

Value Creation Capabilities

Ability to drive outperformance in our

partner companies


Our Structure: Competitive positioning emanating from the advantages of our platform

Pri

vate

Eq

uit

yP

riva

te C

apit

al

Local Player Global Player

Providing private capital in global growth markets through an irreplicable model that delivers local access through a global platform; filling in a clear gap in the competitive landscape vis-à-vis our markets and strategies by providing a single solution to LPs

| The Abraaj Group

Our Structure: True local presence enables us to source the best transactions

22

IasaCorp (Peru)The promoters of this long established family business were well known to a Peru-based colleague, who convinced them to bring in smart capital to accelerate its institutionalization and growth. Over the next four years, the company expanded into six new markets, and increased its EBITDA 3.3x (FY2008-2012)

Deli Foods (Nigeria)The Nigerian team had a strong relationship with a local banker who was aware that the management of Deli Foods was looking to buy out the founder and also needed capital for further expansion. The banker introduced the team to Abraaj exclusively. Abraaj later sold Deli Foods to Tiger Brands in South Africa

Brookside (Kenya)The founders of Brookside and Abraaj had known each other for nearly a decade. As a result, Brookside trusted the Abraaj team in Nairobi to help it acquire a competitor. Today, it is the largest dairy company in East Africa with significant potential for growth across Sub-Saharan Africa

Maktoob (Jordan)Fadi Ghandour, an ex-Abraaj partner company CEO, introduced us to Maktoob before it attracted international attention. Abraaj made a multi-fold return before selling the company to Tiger Global who subsequently sold it to Yahoo!

A true choice of deals is necessary to build a risk-optimized portfolio

Hepsiburada (Turkey)Abraaj’s track record of effectively professionalizing family-owned businesses in Turkey and globally combined with an existing 10-15 year relationship with the family were instrumental in the success of investing in closely-held Hepsiburada in Turkey

http://www.google.com/url?sa=i&rct=j&q=maktoob&source=images&cd=&cad=rja&docid=oL_HfachAXPAkM&tbnid=MSXpmeTGWCllUM:&ved=0CAUQjRw&url=http://www.itmaroc.com/internet/yahoo-maktoob-a-casablanca.html&ei=gSfQUYfQJIjBOMyGgeAH&bvm=bv.48572450,d.Yms&psig=AFQjCNFFH_CmQIvTOUe6iV_a1DWKhdjHPw&ust=1372682471848475

| The Abraaj Group

Our Structure: The platform – benefits of scale

23

Leveraging the Abraaj global platform offers significant upside for our partner companies

Provide access to the Group’s global relationshipsLibstarAbraaj helped accelerate the growth of Libstar by expanding operations through several new add-on businesses. The Group also facilitated the extension of Libstar’s distribution network into the Middle East (UAE and Qatar) by becoming a supplier to McDonald’s and Spinneys

Enhanced DiligenceUrbano LogisticsThe COO of Aramex, which was Abraaj’s very first investment and subsequently grew into a leading logistics business across the Middle East, South Asia and Africa, came to Latin America to help evaluate Urbano, a Peru-based regional logistics company

Ability to grow business beyond home country/regionAcurio Restaurantes Abraaj’s global reach is being leveraged to help facilitate value creation in the case of Acurio Restaurantes which is now in the midst of global expansion across multiple regions including the Middle East, Europe and North America

Global exit prospectsAcibadem HealthcareAbraaj’s Singapore and Istanbul investment teams worked together on the exit process, first on the sale of shares to IHH / Khazanah and the acquisition of shares in IHH, and then on the dual listing of IHH on Singaporean and Malaysian stock exchanges in 2012. The combined entity following the IPO became the second largest publicly listed healthcare company

24

As of June 30, 2017. Each recipient of this presentation should bear in mind that past performance is not indicative of future results, and there can be no assurance that future Abraaj funds will achieve comparable results or be able to avoid losses. 1 The cumulative loss ratio is calculated as all capital written-off in realized, partially realized and fully written down investments in Abraaj Funds, Arranged Investment and Co-investment divided by the total invested amount. 2 Profitability growth includes change in revenue, margins and change in net debt to finance expansion over investment period. Methodology examines the actual accretive value on invested capital. As such, it excludes investments exited at or below cost. 3 As of June 2016. Actual USD cash flows were converted back to the local currency using spot rate on the date of each cash flow.

Our Structure: Local access and knowledge informs our understanding of risks in our markets

Investment level “micro” risks are the most relevant risks: Abraaj invests in companies, not countries

Counterparty risk

Local presence, effective due diligence, institutional experience

Less than 3% loss ratio1 on 200+ investments andUS$ 8.1 billion deployed

Picking companies with the right business models and having the operational/sectoral

expertise to execute the growth planOperational risk

Over 85% of accretive value on invested capital in our realized private equity investments is

attributable to profitability growth2

The primary “macro” risk relevant to the private equity opportunity is currency devaluation

Sector riskConsumer facing sectors are highly

defensive and non-cyclicalBetween 2005 and 2015 consumer facing sectors grew >2x GDP growth annually in Abraaj Markets

Currency riskFactoring in currency devaluation, deal

structuring and portfolio diversification; depreciation also not just an EM issue

FX depreciation < 5% since inception3; in 2016, the GBP depreciated c.570 bps more

than the markets Abraaj invests in

Geo-political risks including legal risk, political risk and corruption are not easy to address. However the relevance of these risks to private equity is misunderstood and overstated, and in practice these risks have limited impact in Abraaj markets. For example: Abraaj has never

lost an investment to expropriation or political risk.

Risk Mitigant Abraaj Experience

| The Abraaj Group

The loss rate ratio series chart above was generated from Abbott Capital’s proprietary data set of more than 14,000 realized transactions over 300 discrete private equity partnerships from investments made between 1990‐2010. 1The cumulative loss ratio is calculated as all capital written-off in realized, partially realized and fully written down investments in Abraaj Funds, Arranged Investment and Co-investment divided by the total invested amount.

| The Abraaj Group

Our Structure: Loss Ratio as measure of investment risk

Abraaj’s loss ratio of less than 3%1 is less than 15% of the average for Buyout/Special Situations investors

0%

10%

20%

30%

40%

50%

60%

70%

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Re

aliz

ed

Lo

ss R

atio

Portfolio Company Initial Investment Date

Venture Capital/Growth Equity

Buyout/Special Situations

Abraaj Q2, 2017: 2.7%1

BO/SS average: 21%

VC/GE average: 46%

25

| The Abraaj GroupSources: Economist Intelligence Unit, 2016; United Nations Population Data; EMPEA.1 Excludes 17 investments in Real Estate, Energy & Infrastructure, which are all sectors which will not be part of the investment strategy of APEF VI.

Private Equity: Actively deploying capital from our Current Generation Funds

26

• Mid-market growth capital focused on building national champions and regional brands

• Currently investing pan-global growth market, regional funds

Strategy`

The Opportunity`

Experience1`

• US$ 6.4 bn deployed• 90+ full exits• US$ 6.5 bn realized• <3% loss ratio• 27.5% Gross IRR• 45.1% Gross Realized IRR, 2.1x Gross MoC

on realized investments

Focus on Pacific Alliance nations which comprise of Mexico, Colombia, Peru, and Chile. Each is an open, steadily growing, institutionalized economy with enough domestic demand to create scalable businesses

Over 34 million middle class households with total consumer expenditure to reach US$ 2.1 trillion by 2025 across Abraaj core markets in MENA

Turkey’s GDP almost tripled in the last decade during a period of deep structural reforms and is projected to grow by 1.8x over the next decade

Experienced a strong decade of growth, marked by better governance, fiscal management and reforms. SSA’s economy grew over 2.0x from 2005 – 2015

Combined, the Asian regions of South Asia and South East Asia benefit from favorable demographics with over 50% of the population being under 25 years old

MENA

Turkey

South & Southeast Asia

Latin America

SSA

Industrials, Materials &

Logistics

Healthcare & Education

FinancialServices

Consumer Goods & Services


Private Equity: Abraaj has demonstrated its ability to generate attractive returns in the key sectors on which it focuses

Abraaj has achieved a 34.1% Gross IRR in four sector groups

US$ mm unless otherwise noted. Track record as of June 30, 2017. Relates to Legacy Funds, Current Generation Funds, Arranged Investment and Co-investments, excluding Real Estate Transactions and Energy & Infrastructure Transactions.

Sector Classification# of

InvestmentsInvestedCapital

Total Value

GrossIRR

LossRatio

Financial Services 26 1,139.4 2,286.5 70.2% 0.8%

Industrials, Materials & Logistics 46 1,934.7 3,194.3 51.0% 2.3%

Consumer Goods & Services 43 1,452.6 2,523.0 20.4% 1.4%

Healthcare & Education 26 1,347.4 2,361.9 14.3% 1.4%

Core Sectors 141 5,874.1 10,365.7 34.1% 1.6%

Business Services 11 68.5 72.8 1.3% 41.6%

Pharma Retail 1 227.0 227.0 0.0% 0.0%

TMT 7 46.8 47.2 0.5% 58.6%

Luxury Goods 3 136.1 74.3 (8.7%) 16.2%

Others 22 478.4 421.3 (1.8%) 16.3%

Aggregate PE Track Record (Included Sector Investments only) 163 6,352.5 10,787.0 27.5% 2.7%

Net Adjusted IRR: 17.7%

Core Sector Groups

Firm-Level Abnormal

Performance50%

Return from Incremental

Leverage7%

Sector Return43%

Decomposition of ReturnsStudy by Prof. Josh Lerner, Harvard Business School, March 2017

Analysis of All Realized Investments

Decomposition of Returns Analysis performed by Professor Josh Lerner and James Tighe of Harvard Business School / Bella Research Group. Study released in March 2017.Note: Past performance is not indicative of future results, and there can be no assurance that any of the Abraaj Group’s Funds will achieve comparable results.

Firm-level outperformance is the Group’s main driver of

returns – demonstrating our ability to select the best

companies in our markets and providing deep operational

support throughout the investment period

Sector growth is the second most important contributor to

Abraaj’s returns – highlighting our ability to identify the

right sectors in the right markets at the right point in time

Leverage has minimal impact on our returns – only 7%

compared to 50% in developed markets

| The Abraaj Group

Private Equity: Returns are driven by growing companies concentrated in the right sectors

A focus on value creation not leverage

28

“Among all fully exited investments, Abraaj’s investments generated 50% of their value on average through firm-level

outperformance, compared to 35% in transactions by leading firms in developed countries. Similarly, Abraaj generated a greater

proportion of value from sector growth (approximately 43%) than has been found of leading firms in developed markets

(approximately 15%). Much less value was reaped from the use of leverage (7%, as compared to 50% in developed markets)”.

– Josh Lerner

| The Abraaj Group

Impact Investing (Healthcare): US$ 1.0 bn fund closed and actively deploying

29

• Focus on city-based multispecialty healthcare eco-systems, diagnostics, specialty platforms and ancillary healthcare

• Establish affordable quality health systems for low and middle income groups – creating maximum impact

Strategy`

The Opportunity`

Experience`

• 37 investments in healthcare businesses since

2003 through regional PE funds

• c. US$ 1.3 bn deployed• 14 full exits• c. US$ 1.3 bn realized• 1.9x Gross MoC on full exits

Large and rapidly growing demand for affordable high-quality healthcare in growth markets — driven by growing populations, rising income levels, urbanization and changing lifestyles

People are moving into cities and making poorer health choices – 228 million urban dwellers are expected to have diabetes globally in 2025, 80% of people with diabetes live in low and middle income countries

Historical underinvestment in healthcare infrastructure has led to limited provision of high-quality affordable care

| The Abraaj Group

The Abraaj Group Team

31

Global Leadership and Governance

Note: As of April 2018. *Will be moving to Advisory role during 2018Legend: (CEO) = Chief Executive Officer; (CFO) = Chief Financial Office; (COO) = Chief Operating Officer; (MD) = Managing Director.

Selcuk Yorgancioglu Co-CEO25+ years’ experience

Omar Lodhi Co-CEO23+ years’ experience

Bisher BaraziCFO25+ years’ experience

Matthew McGuireCOO20+ years’ experience

Mark BourgeoisHead of Investor Engagement25+ years’ experience

Global Private Equity Team

Srisant ChitvaranundMD, Bangkok10+ years’ experience

Asia

Rishi Maheshwari MD, Mumbai10+ years’ experience

Piyush SinghviMD, Singapore12+ years’ experience

Ahmad MazharMD, Johannesburg12+ years’ experience

Sub-Saharan Africa

Ashish PatelMD, Nairobi20+ years’ experience

Zahi El KhatibMD, Lagos16+ years’ experience

Carlman MoyoMD, Johannesburg15+ years’ experience

Murtaza HussainMD, Dubai12+ years’ experience

Middle East & North Africa

Mahyar Ghassemi MD, Dubai16+ years’ experience

Smiyet BelrhitiMD, Dubai15+ years’ experience

Aziz MooljiMD, Dubai16+ years’ experience

Omar SyedPartner, Istanbul17+ years’ experience

Turkey and Central Asia

Can DedeoğluMD, Istanbul10+ years’ experience

Mehmet Kalay MD, Istanbul20+ years’ experience

Halil Kitapçı MD, Istanbul10+ years’ experience

Hector MartinezPartner, Lima20+ years’ experience

Latin America

Eduardo CortinaMD, Mexico City10+ years’ experience

Gerardo MendozaMD, Mexico City10+ years’ experience

Miguel OleaPartner*, Mexico City25+ years’ experience

Secondary Markets

Primary Markets

Andrew Chvatal General Counsel17+ years’ experience

Adel GouchaMD, Tunis20+ years’ experience



i. Current Generation Fund Performance

ii. Approach to investments & Value Creation

iii. Review of Portfolio Companies

iv. APEF VI Strategy & Deal Pipeline


The Abraaj Group33

Deep experience in growth markets having made 163 investments with 98 full exits while maintaining a loss ratio of <3%

As of June 30, 2017. All information presented on this page excludes 17 investments in Real Estate, Energy & infrastructure (“Excluded Sector Investments”), which are in sectors which will not be part of the investment strategy ofAPEF VI and are now investment strategies being executed through separate Abraaj funds, and includes Co-Investments underwritten by Abraaj for the relevant investments. Please refer to the Performance Notes included hereinfor applicable definitions and additional information. Each recipient of this presentation should bear in mind that past performance is not indicative of future results, and there can be no assurance that APEF VI will achievecomparable results or be able to avoid losses. 1 Refers to Legacy Included Sector Investments. 2 Refers to Current Generation Included Sector Investments. 3 Average deal size is derived from investment amounts by CurrentGeneration Fund investments and includes Co-Investments and unfunded commitments and is based on investments that form part of the APEF VI investment strategy. Excludes ASEAF II, which was raised by Aureos Capital prior tothe merger and targets a smaller investment size. 4 Refers to Included Sector Investments. 5 Exact net returns for Included Sector Investments cannot be calculated due to the lack of an accurate mechanism to allocate fees,expenses and general partner carried interest to these investments, either individually or collectively in the aggregate, and have been estimated by applying proposed APEF VI management fee and carried interest terms to actualgross cash flows. Please see the definitions of Net Adjusted IRR and Net Adjusted MoC for additional information regarding how such returns are calculated. 6 Refers to Included Sector Investments. Including Excluded SectorInvestments would result in a Gross IRR of 43.7% and a MoC of 2.0x. 7 Refers to Legacy Included Sector Investments. Including applicable Excluded Sector Investments would result in a DPI of 1.1x. 8 Refers to Included SectorInvestments. Including applicable Excluded Sector Investments would result in a DPI of 0.7x.

The Abraaj Group Consolidated Private Equity Track Record

Abraaj Group Legacy Funds: 11 funds which were significantly invested at the time of merger with Aureos Capital in 2012 and related Co-Investments and Arranged Investment1

US$ 3.8 bn invested

US$ 30 mm average investment size34 countries

125 / 93

Investments / exits

Abraaj Group Current Generation Funds: 6 Current Generation Abraaj funds which were raised / significantly invested after the merger with Aureos Capital in 20122

US$ 2.6 bn invested

US$ 92 mm average investment size321 countries

38 / 5

Investments / exits

Abraaj Group Private Equity Track Record Since Inception excluding Real Estate, Energy & Infrastructure

27.5%4 / 17.7%5

Gross IRR / Net Adjusted IRR

45.1%6 / 2.1x6

Realized Gross IRR / Realized Gross MoC

1.3x7 / 1.0x8

Legacy Fund DPI / All PE Funds DPI

The Abraaj Group34

1 All Abraaj information as of June 30, 2017, and for Aggregate Private Equity Track Record. Please refer to the Performance Notes on the following pages for important information concerning the methodology and assumptionsused in presenting the prior investment performance information in this presentation and applicable definitions. Complete track record information for all Abraaj funds is available upon request. Each recipient of this presentationshould bear in mind that past performance is not indicative of future results, and there can be no assurance that APEF VI will achieve comparable results or be able to avoid losses. 2 Exact net returns for the Aggregate Private EquityTrack Record cannot be calculated due to the lack of an accurate mechanism to allocate fees, expenses and general partner carried interest to these investments, either individually or collectively in the aggregate, and have beenestimated by applying proposed APEF VI management fee and carried interest terms to actual Included Sector Investment gross cash flows. Please see the definitions of Net Adjusted IRR and Net Adjusted MoC for additionalinformation regarding how such returns are calculated. 3 Cambridge Associates LLC benchmarks as of March 31, 2017. Cambridge Associates Global and Emerging Market PE Top Quartile benchmarks for each Fund’s, Co-Investment’s, and the Arranged Investment’s vintage year were weighted by total committed capital for each Included Sector Investment to create a proxy benchmark return for the Group. Public market benchmarks assumesinvestment in the specified total return index concurrent with The Abraaj Group’s investment and realization activity.

Performance Update: Aggregate PE Track Record1

163 / 98investments / exits

c. US$ 6.4 bninvested in 37 countries

27.5%Gross IRR

17.7%2

Net Adjusted IRRc. US$ 9.1 bn

raised

The Abraaj Group

27.5%

17.7%2

14.4% 14.2%

6.9%8.9%

The Abraaj Group(Gross IRR)

The Abraaj Group(Net Adjusted IRR)

Cambridge AssociatesTop Quartile (Global PE)

Cambridge AssociatesTop Quartile (Emerging

Markets PE)

MSCI WorldIndex

MSCI EmergingMarkets Index

Outperformance:

Public Market Benchmarks3

+10.8% +8.8%+3.5%+3.3%

Private Equity Benchmark3

The Abraaj Group35

As of June 30, 2017. All information presented on this page refers to Current Generation Included Sector Investments. Please refer to the Performance Notes included herein for applicable definitions and additional information.Each recipient of this presentation should bear in mind that past performance is not indicative of future results, and there can be no assurance that APEF VI will achieve comparable results or be able to avoid losses. 1 Includingapplicable Excluded Sector Investments would result in a Gross IRR of 18.8%. 2 Exact net returns for Current Generation Included Sector Investments cannot be calculated due to the lack of an accurate mechanism to allocate fees,expenses and general partner carried interest to these investments, either individually or collectively in the aggregate, and have been estimated by applying proposed APEF VI management fee and carried interest terms to actualLegacy Fund, Co-Investment and the Arranged Investment gross cash flows. Please see the definitions of Net Adjusted IRR and Net Adjusted MoC for additional information regarding how such returns are calculated.

The Abraaj Group Current Generation Funds Track Record

Regional exposure (% based on US$ deployed) Sector exposure (% based on US$ deployed)

The Current Generation Funds are the regional funds invested by the Group subsequent to the Aureos acquisition. These funds are currently investing and are still in early-j-curve.

Latin America, 7.4%5 Investments

Middle East & North Africa, 38.0%

14 Investments

Asia, 11.8%11 Investments

Sub-Saharan Africa, 28.0%5 Investments

Turkey & Central Asia, 14.6%

3 Investments

Financial Services, 17.0%4 Investments

Consumer Goods and Services, 48.2%

16 Investments

Education and Healthcare, 20.6%

11 InvestmentsIndustrials,

Materials and Logistics, 14.3%7 Investments

38 / 5investments / exits

c. US$ 2.6 bninvested in 21 countries

21.7%1

Gross IRR15.0%2

Net Adjusted IRRc. US$ 4.8 bn

raised

The Abraaj Group36

As of June 30, 2017. Each recipient of this presentation should bear in mind that past performance is not indicative of future results, and there can be no assurance that future Abraaj funds will achieve comparable results or be ableto avoid losses. 1 The fund table on this page represents all investments made under the Legacy and Current Generation Funds with the following adjustments: (i) Co-Investments underwritten by Abraaj for the relevant investmentsand funds are included in all relevant performance information; and (ii) Excluded Sector Investments are included other than in Net Adjusted IRR and Net Adjusted MoC (please see the definitions of Net Adjusted IRR and NetAdjusted MoC for additional information regarding how such returns are calculated). Please refer to the Performance Notes for important information concerning the methodology and assumptions used in presenting the priorinvestment performance information in this presentation and applicable definitions. 2 Nine investments have been financed through more than one fund. In total there are 163 Included Sector Investments and 17 Excluded SectorInvestments. The investment totals in the table count each investment in each fund. 3 The Arranged Investment was a US$ 504 mm stand-alone private equity investment arranged by The Abraaj Group but was not made through anAbraaj Fund. 4 Euro denominated. Fund Size refers to original amount raised in US$ terms. 5 Mexican Peso denominated. Fund Size refers to original amount raised in US$ terms.

Performance Update: Aggregate Track Record by Fund1

Fund Vintage Year

Fund Size

# of Investments2

Invested Capital

Realized Value

Unrealized Value

Total Value

Gross Net (Actual) Net Adjusted

(US$ mm) IRR MoC IRR MoC IRR MoC

Legacy Funds

MENASA I 2002 116 8 131.1 266.9 14.0 280.9 39.6% 2.1x 19.7% 1.6x 30.5% 1.8x

Africa I - East Africa Fund 2003 40 14 43.5 73.7 0.2 73.9 13.3% 1.7x 6.0% 1.4x 9.4% 1.5x

Africa I - Southern Africa Fund 2004 50 10 43.3 69.1 0.0 69.1 11.1% 1.6x 3.9% 1.3x 7.8% 1.4x

Africa I - West Africa Fund 2004 50 11 51.8 102.0 0.0 102.0 21.9% 2.0x 10.9% 1.6x 18.0% 1.8x

South East Asia I 2005 86 17 73.5 188.6 0.0 188.6 24.7% 2.6x 14.7% 1.9x 16.4% 1.9x

MENASA II 2006 500 10 772.9 950.5 446.6 1,397.1 27.9% 1.8x 14.3% 1.6x 18.1% 1.3x

Arranged Investment3 2006 504 1 503.8 1,100.5 0.0 1,100.5 89.0% 2.2x 89.0% 2.2x 70.6% 1.9x

South Asia I 2006 118 14 87.6 71.2 14.2 85.3 (0.7%) 1.0x (6.1%) 0.7x (1.2%) 1.0x

MENASA III 2007 2,000 12 2,428.3 2,314.3 1,902.6 4,216.9 13.0% 1.7x 9.1% 1.6x 10.4% 1.3x

North Africa I4 2008 151 12 104.0 143.4 30.8 174.2 14.6% 1.7x 5.5% 1.2x 12.1% 1.4x

Africa II 2008 381 21 270.3 302.7 204.2 507.0 14.4% 1.8x 8.0% 1.4x 11.3% 1.5x

Latin America I 2008 184 13 150.9 212.5 98.8 311.4 13.7% 2.0x 8.1% 1.6x 12.6% 1.9x

Aggregate Legacy Funds 4,179 143 4,661.1 5,795.4 2,711.5 8,506.8 22.3% 1.8x 13.4% 1.6x

Aggregate Legacy Funds (Included Sector Only) 128 3,772.2 5,701.2 905.7 6,606.9 28.9% 1.8x 18.6% 1.5x

Current Generation Funds

MENASA IV 2011 1,600 15 1,601.4 769.0 1,773.7 2,542.7 15.3% 1.6x 9.0% 1.4x 13.2% 1.5x

South East Asia II 2011 250 10 253.1 21.1 300.7 321.8 13.4% 1.3x 5.2% 1.1x 8.4% 1.2x

North Africa II 2014 375 9 316.5 0.0 460.8 460.8 20.7% 1.5x 12.7% 1.3x 13.1% 1.3x

Turkey I 2015 486 2 168.0 0.0 352.6 352.6 51.4% 2.1x 40.9% 1.7x 40.6% 1.7x

Africa III 2015 990 4 359.4 0.0 586.3 586.3 49.2% 1.6x 27.6% 1.4x 29.4% 1.4x

Latin America II 2015 355 5 165.5 0.0 231.8 231.8 64.8% 1.4x 40.9% 1.3x 48.3% 1.4x

Latin America II – CKD5 2016 191 1 11.2 0.4 12.9 13.2 18.5% 1.2x (14.0%) 0.8x (29.9%) 0.7x

Aggregate Current Generation Funds 4,247 46 2,875.2 790.4 3,718.7 4,509.1 18.8% 1.6x 10.9% 1.4x

Aggregate Current Generation Funds (Included Sector Only) 44 2,580.3 790.4 3,389.7 4,180.1 21.7% 1.6x 15.0% 1.4x

Aggregate Legacy and Current Generation Funds 8,427 189 7,536.3 6,585.8 6,430.1 13,015.9 21.6% 1.7x 12.8% 1.5x

Aggregate Legacy and Current Generation Funds (Included Sector Only) 172 6,352.5 6,491.6 4,295.4 10,787.0 27.5% 1.7x 17.7% 1.4x

The Abraaj Group37

Abraaj has achieved a 34.1% Gross IRR in the four sector groups where APEF VI will focus. Our <3% Loss Ratio is among the lowest in the PE industry globally1

Information as of June 30, 2017. Information presented reflects activity of Included Sector Investments and includes Co-Investments underwritten by Abraaj for the relevant investments. The Included Sector Investments were notmanaged as a single fund or portfolio, and were made over a long period of time and over the course of various market and macroeconomic cycles, and such circumstances may be different than those in which APEF VI may invest.Please refer to the Performance Notes for important information concerning the methodology and assumptions used in presenting the prior investment performance information in this Memorandum and applicable definitions.1 The cumulative loss ratio is calculated as all capital written-off in realized, partially realized and fully written down investments in applicable funds or investments, divided by the total invested amount in respect of such funds orinvestments. 2 Exact net returns for Included Sector Investments cannot be calculated due to the lack of an accurate mechanism to allocate fees, expenses and general partner carried interest to these investments, eitherindividually or collectively in the aggregate, and have been estimated by applying proposed APEF VI management fee and carried interest terms to actual gross cash flows. Please see the definitions of Net Adjusted IRR and NetAdjusted MoC for additional information regarding how such returns are calculated.

Performance Update: Aggregate Track Record by Sector

Sector Classification# of

InvestmentsInvestedCapital

Total Value

GrossIRR

LossRatio

Financial Services 26 1,139.4 2,286.5 70.2% 0.8%

Industrials, Materials & Logistics 46 1,934.7 3,194.3 51.0% 2.3%

Consumer Goods & Services 43 1,452.6 2,523.0 20.4% 1.4%

Healthcare & Education 26 1,347.4 2,361.9 14.3% 1.4%

Core Sectors 141 5,874.1 10,365.7 34.1% 1.6%

Business Services 11 68.5 72.8 1.3% 41.6%

Pharma Retail 1 227.0 227.0 0.0% 0.0%

TMT 7 46.8 47.2 0.5% 58.6%

Luxury Goods 3 136.1 74.3 (8.7%) 16.2%

Others 22 478.4 421.3 (1.8%) 16.3%

Aggregate PE Track Record (Included Sector Investments only) 163 6,352.5 10,787.0 27.5% 2.7%

Net Adjusted IRR: 17.7%2

Core APEF VI Sector Groups

The Abraaj Group

Western Europe 24.5%

North America 27.1%

ROW 31.2%

Average 27.8%

Abraaj Group 6.8%

38

As of June 30, 2017. 1 The Abraaj cumulative loss ratio is calculated as all capital written-off in realized, partially realized and fully written down investments in Included Sector Investments divided by the total invested amount inrespect of Included Sector Investments. 2 Cambridge Associates analysis included 260 growth investments, 22,507 VC investments, and 5,188 buyout investments made between 1992 and 2008. Loss ratio is defined as all capitalinvested in realized deals below cost, net of any recovered proceeds, as a percentage of total invested capital. Includes fully realized deals (no interim valuations) as of early 2013. 3 The Loss Ratio analysis was generated fromAbbott Capital’s proprietary data set of more than 14,000 realized transactions over 300 discrete private equity partnerships from investments made between 1990‐2010. 4 All capital invested across realized investments below costincluding write offs across Included Sector Investments divided by invested capital for all realized and written-off deals across Included Sector Investments. Each recipient of this presentation should bear in mind that pastperformance is not indicative of future results, and there can be no assurance that future Abraaj Funds will achieve comparable results or be able to avoid losses.

Abraaj has an industry leading loss ratio of less than 3% since inception1

Number of Investments by Deal Size (Written-Off and Realized Losses)1 Loss ratio (Hamilton Lane Methodology)4

2.7%1

13.4%2 15.1%2

21.0%3

35.0%2

46.0%3

The Abraaj Group GlobalExperience

Cambridge Associates USGE Average

Cambridge Associates USBO Average

Abbott Capital BO/SSAverage

Cambridge Associates USVC Average

Abbott Capital VC/GEAverage

< US$ 10 mm20 Deals

US$ 10-20 mm4 Deals

US$ 20-40 mm2 Deals

The Abraaj Group

As of June 30, 2017. 1 Includes Legacy Funds, Current Generation Funds, Co-Investment and Arranged Investment but excludes Excluded Sector Transactions. 2 Active Ownership deals include a) acquisitions which involved a truechange of control or minority buyouts with strong management rights and active participation in setting strategy and b) growth capital investments with significant influence over management including primary transactions withstrong management rights and active participation in setting strategy. 3 Passive investments refer to deals where Abraaj was a passive investor and was not involved in key/strategic decisions (other than through minority boardrepresentation). Please refer to Performance Notes and Assumptions for applicable definitions and additional information. Each recipient of this presentation should bear in mind that historic trends, projected performance orfinancial market scenarios are no reliable indicator of the current or future performance of any Abraaj Fund.

39

Of the 163 investments, those with control or influential minority positions significantly outperform those with passive stakes

Analysis of the Private Equity Track Record by Level of Control1

Buyout 3,214

Growth Capital with Significant Influence

1,696

Passive 1,442

77% Active Ownership2

Active Ownership Deals34.6% IRR

Passive 9.4% IRR

25.2%

Invested Capital(US$ mm)

Gross IRR

23% Passive3

Average Holding Period: 4.4 years 4.5 years 5.6 years

The Abraaj Group40

Track record as of June 30, 2017. Refers to Included Sector Investments. US$ mm unless otherwise noted.

Analysis of the Private Equity Track Record by Deal (excluding Real Estate, Energy & Infrastructure) (1/5)Investment Fund Country

Investment Date

Exit Date /Current

StatusInvestment

AmountIncome

ReceivedRealized Proceeds

Unrealized Value

Total Value

Gross IRR

Gross MoC

Athi River Mining. Africa II Kenya May-10 Jun-17 Partial 10.0 2.1 12.5 16.1 30.6 21.0% 3.1x

Bank of Africa Kenya Africa II Kenya May-12 Feb-13 Realized 2.6 0.3 4.5 0.0 4.8 121.1% 1.9x

Bio Plastics Africa II Ghana Jan-11 Jun-17 Unrealized 6.4 0.2 0.0 0.0 0.2 0.0% 0.0x

Brookside Dairy Ltd Africa II Kenya Feb-09 Jun-17 Unrealized 18.5 35.5 0.0 47.8 83.3 25.0% 4.5x

C & I Leasing Africa II Nigeria Jan-10 Jun-17 Unrealized 10.0 0.1 0.0 10.0 10.1 0.2% 1.0x

CDS (Les Ciments Du Sahel) Africa II Senegal Feb-09 Jan-17 Realized 13.7 13.8 19.8 0.0 33.7 15.1% 2.5x

Computer Warehouse Group Limited Africa II Nigeria Aug-09 Jun-17 Partial 10.0 2.9 0.3 4.1 7.2 (5.2%) 0.7x

Custodian & Allied Insurance Plc Africa II Nigeria Aug-08 Jun-17 Unrealized 10.0 3.2 2.0 7.0 12.3 3.1% 1.2x

Dashen Breweries Africa II Ethiopia Jul-12 Jun-17 Unrealized 13.8 0.0 0.2 30.3 30.6 18.7% 2.2x

Deli Foods Ltd Africa II Nigeria Nov-08 Mar-11 Realized 10.1 2.1 21.0 0.0 23.1 44.1% 2.3x

Fan Milk International A/S Africa II Ghana Nov-13 Jun-17 Unrealized 10.0 0.0 0.4 13.5 13.9 9.6% 1.4x

Ghana Home Loans Limited Africa II Ghana Dec-12 Feb-17 Realized 11.4 0.1 22.0 0.0 22.2 18.2% 1.9x

HFC Bank (Ghana) Limited Africa II Ghana Sep-10 Jun-13 Realized 10.0 1.1 20.8 0.0 21.9 34.6% 2.2x

Industrial Services Holding S.A Africa II Cote d’Ivoire Sep-13 Jun-17 Unrealized 7.0 0.3 0.0 7.3 7.6 2.5% 1.1x

Real People Investment Holdings Africa II South Africa Jan-11 Jun-17 Unrealized 20.0 1.3 0.8 0.0 2.1 (71.6%) 0.1x

Sandbox Holdings Pty. Ltd Africa II South Africa Jul-09 Nov-15 Realized 9.8 0.8 2.0 0.0 2.8 (20.5%) 0.3x

Seven Seas Technologies Ltd. Africa II Kenya Oct-08 Jun-17 Unrealized 5.0 0.1 0.0 4.8 4.9 (0.1%) 1.0x

Southey Holdings Africa II South Africa Jul-09 May-13 Realized 12.7 0.1 55.9 0.0 55.9 48.2% 4.4x

UAP Holdings Limited Africa II Kenya Mar-12 Jul-15 Realized 20.0 2.1 52.8 0.0 54.9 38.6% 2.7x

Mouka Ltd Africa III Nigeria Jun-15 Jun-17 Unrealized 30.7 0.0 0.0 48.5 48.5 25.4% 1.6x

Ghana Home Loans Africa III Ghana Dec-16 Jun-17 Unrealized 47.0 0.0 0.0 55.9 55.9 39.5% 1.2x

Libstar Africa III (with Co-Investment) South Africa May-15 Jun-17 Unrealized 104.4 0.0 0.0 191.8 191.8 35.9% 1.8x

Indorama Eleme Fertilizer & Chemicals Africa III (with Co-Investment) Nigeria Oct-16 Jun-17 Unrealized 177.2 0.0 0.0 290.0 290.0 119.7% 1.6x

EFG-Hermes Arranged Investment Egypt Aug-06 Nov-07 Realized 503.8 0.0 1,100.5 0.0 1,100.5 89.0% 2.2x

Athi River Steel Plant Limited East Africa Fund (Africa I) Kenya Sep-06 Jun-17 Unrealized 6.8 0.6 1.2 0.0 1.8 (34.5%) 0.3x

Bank of Africa Kenya Limited East Africa Fund (Africa I) Kenya Dec-06 Feb-13 Realized 5.3 1.5 10.8 0.0 12.2 19.1% 2.3x

Bank of Africa Tanzania Limited East Africa Fund (Africa I) Tanzania Jun-07 May-14 Realized 1.8 0.0 3.8 0.0 3.8 12.6% 2.2x

Bank of Africa Uganda East Africa Fund (Africa I) Uganda Oct-06 Sep-12 Realized 2.4 0.8 4.2 0.0 5.0 19.7% 2.1x

Cable Holdings Limited - East Africa Cables Ltd. East Africa Fund (Africa I) Kenya Nov-05 Sep-14 Realized 5.7 1.5 6.6 0.0 8.0 9.1% 1.4x

Deacons Kenya Limited East Africa Fund (Africa I) Kenya Dec-06 Jun-17 Unrealized 0.9 0.2 0.0 0.2 0.4 (10.8%) 0.5x

Equity Bank Ltd East Africa Fund (Africa I) Kenya Dec-04 Dec-11 Realized 1.0 0.4 6.1 0.0 6.5 56.1% 6.8x

Micro Africa Limited East Africa Fund (Africa I) Kenya Jul-06 Jun-12 Realized 1.0 0.2 1.6 0.0 1.8 20.4% 1.7x

Ovidian Advertising & Design Limited East Africa Fund (Africa I) Kenya Jan-07 Apr-13 Realized 4.5 0.5 0.8 0.0 1.3 (22.3%) 0.3x

Porini Holdings Limited East Africa Fund (Africa I) Kenya Apr-06 Jul-16 Realized 0.6 0.1 0.6 0.0 0.7 1.5% 1.1x

Primefuels Holding Limited East Africa Fund (Africa I) Kenya Mar-07 Sep-13 Realized 4.0 1.2 8.8 0.0 10.0 18.6% 2.5x

The Abraaj Group41



Investment Date

Exit Date /Current

StatusInvestment

AmountIncome


Unrealized Value

Total Value

Gross IRR

Gross MoC

Safepak Limited East Africa Fund (Africa I) Kenya Nov-03 Jul-11 Realized 3.3 1.4 9.1 0.0 10.5 21.2% 3.2x

SDL LIMITED East Africa Fund (Africa I) Tanzania Jun-05 Mar-08 Realized 2.3 1.1 1.7 0.0 2.8 9.2% 1.3x

Shelys Pharmaceuticals Ltd East Africa Fund (Africa I) Tanzania Sep-03 Jun-08 Realized 4.0 0.3 8.7 0.0 9.0 22.7% 2.3x

Analistas de Recursos Globales Latin America I Mexico Apr-08 Mar-17 Realized 10.0 1.6 13.3 2.3 17.2 8.8% 1.7x

Cinco Millas SAC Latin America I Peru Jul-12 Jun-17 Unrealized 15.9 0.4 0.8 30.6 31.8 16.7% 2.0x

Condor Travel Latin America I Peru Dec-10 Dec-15 Realized 8.1 2.0 17.3 0.0 19.4 21.4% 2.4x

Docuformas Latin America I Mexico Jan-08 Jun-17 Unrealized 10.2 3.0 0.0 32.2 35.1 15.7% 3.5x

Handell Latin America I Mexico Jul-11 Jun-17 Unrealized 10.0 0.0 0.0 0.0 0.0 0.0% –

Iasa Corp International Latin America I Peru Jul-09 Sep-14 Realized 5.0 0.2 15.7 4.1 20.0 29.4% 4.0x

Investigación Farmacológica y Biofarmacéutica Latin America I Mexico Jul-12 Dec-16 Realized 9.3 0.1 0.0 0.0 0.1 0.0% 0.0x

ITS InfoCom Latin America I Costa Rica Sep-09 Dec-16 Realized 18.6 0.9 0.5 0.0 1.4 (51.5%) 0.1x

Koba International Latin America I Colombia Dec-10 Sep-16 Realized 12.5 0.0 119.1 0.0 119.1 61.8% 9.5x

MetroNet Latin America I Mexico Jan-09 Oct-14 Realized 12.0 0.1 30.5 3.3 33.9 20.0% 2.8x

Rentandes Panama Latin America I Colombia Nov-08 Jun-17 Unrealized 10.8 6.7 0.0 21.7 28.4 17.5% 2.6x

Urbano Latin America II Peru Nov-15 Jun-17 Unrealized 30.1 0.0 0.0 27.7 27.7 (6.4%) 0.9x

Capa de Ozono Latin America II Mexico Jul-16 Jun-17 Unrealized 7.2 0.0 0.0 8.7 8.7 26.7% 1.2x

Laureate Education Latin America II Nov-16 Jun-17 Unrealized 71.0 0.0 0.0 107.4 107.4 119.9% 1.5x

Casaideas Latin America II Chile Jan-17 Jun-17 Unrealized 49.7 0.0 0.0 80.5 80.5 185.3% 1.6x

Saint-Honore Latin America II Panama Apr-17 Jun-17 Unrealized 7.5 0.0 0.0 7.5 7.5 0.0% 1.0x

Capa de Ozono Latin America II - CKD Mexico Jul-16 Jun-17 Unrealized 11.2 0.4 0.0 12.9 13.2 18.5% 1.2x

BMA MENASA I Pakistan May-04 Dec-11 Realized 7.3 0.0 2.7 0.0 2.7 (12.5%) 0.4x

Maktoob MENASA I Jordan Jan-05 Dec-07 Realized 5.2 0.0 25.8 0.0 25.8 81.5% 5.0x

ONIC MENASA I Oman Jun-03 Apr-04 Realized 11.0 0.0 18.4 0.0 18.4 84.0% 1.7x

Spinneys MENASA I UAE Apr-04 Jun-17 Unrealized 27.2 0.0 0.0 14.0 14.0 (4.8%) 0.5x

Amwal MENASA I (with Co-Investment) Qatar May-03 Dec-06 Realized 11.8 0.0 35.0 0.0 35.0 72.5% 3.0x

Aramex MENASA I (with Co-Investment) UAE Feb-02 Jun-05 Realized 28.9 0.0 165.3 0.0 165.3 67.6% 5.7x

Joramco MENASA I (with Co-Investment) Jordan Jan-05 Sep-16 Realized 33.0 0.0 2.0 0.0 2.0 (21.3%) 0.1x

Septech MENASA I (with Co-Investment) UAE Sep-04 Sep-07 Realized 6.7 0.0 17.8 0.0 17.8 36.0% 2.6x

ART Marine MENASA II UAE Sep-08 Jun-17 Unrealized 75.0 0.0 0.0 58.1 58.1 (4.4%) 0.8x

MediaQuest MENASA II UAE Mar-09 Jun-16 Realized 8.5 0.0 1.0 0.0 1.0 (27.2%) 0.1x

MSF MENASA II Pakistan Jun-07 Jun-17 Unrealized 16.2 0.0 0.0 6.4 6.4 (8.4%) 0.4x

Numarine MENASA II Turkey Aug-08 Jun-17 Unrealized 39.1 0.0 0.0 16.1 16.1 (10.2%) 0.4x

Osian's MENASA II India Mar-08 Jun-17 Unrealized 22.0 0.0 0.0 0.0 0.0 – –

Acibadem MENASA II (with Co-Investment) Turkey Aug-07 Nov-13 Realized 94.6 0.0 164.6 0.0 164.6 12.0% 1.7x

EFC MENASA II (with Co-Investment) Egypt May-07 Mar-08 Realized 130.0 0.0 262.3 0.0 262.3 128.1% 2.0x

The Abraaj Group42



Investment Date

Exit Date /Current

StatusInvestment

AmountIncome


Unrealized Value

Total Value

Gross IRR

Gross MoC

NAS MENASA II (with Co-Investment) Saudi Arabia Apr-06 May-08 Realized 250.0 0.0 481.6 0.0 481.6 62.6% 1.9x

Tadawi MENASA II (with Co-Investment) Saudi Arabia Jan-08 Jun-17 Unrealized 69.9 0.0 0.0 69.9 69.9 0.0% 1.0x

Air Arabia MENASA III UAE Dec-07 Jun-17 Partial 76.2 13.0 0.0 92.3 105.3 3.8% 1.4x

Al Nouran MENASA III Egypt Dec-07 Jan-10 Realized 11.4 0.0 10.4 0.0 10.4 (4.2%) 0.9x

GEMS MENASA III UAE Dec-07 Oct-13 Realized 116.6 0.0 233.9 0.0 233.9 13.1% 2.0x

IDH (previously Al Borg) MENASA III Egypt May-08 Oct-15 Realized 150.6 17.1 312.1 0.0 329.2 12.0% 2.2x

Acibadem MENASA III (with Co-Investment) Turkey Dec-07 Nov-13 Realized 378.0 0.0 662.5 0.0 662.5 13.2% 1.8x

EFC / OCI MENASA III (with Co-Investment) Egypt Dec-07 Jun-17 Partial 830.7 0.0 1,049.4 211.7 1,261.1 80.4% 1.5x

Tadawi MENASA III (with Co-Investment) Saudi Arabia May-08 Jun-17 Unrealized 157.1 0.0 0.0 157.1 157.1 0.0% 1.0x

Saham MENASA IV Morocco Jun-12 Mar-16 Realized 94.0 0.0 181.7 0.0 181.7 19.2% 1.9x

Kudu MENASA IV Saudi Arabia Apr-15 Jun-17 Unrealized 187.3 0.0 0.0 260.6 260.6 18.7% 1.4x

Big Basket MENASA IV India Mar-16 Jun-17 Unrealized 55.0 0.0 0.0 97.5 97.5 57.5% 1.8x

Middlesex MENASA IV UAE Jun-17 Jun-17 Unrealized 0.8 0.0 0.0 31.2 31.2 #NUM! 41.1x

Laureate MENASA IV Jan-17 Jun-17 Unrealized 15.3 0.0 0.0 42.6 42.6 893.3% 2.8x

Network International MENASA IV (with Co-Investment) UAE Mar-11 Mar-16 Realized 245.6 0.0 522.1 0.0 522.1 16.9% 2.1x

Fan Milk International MENASA IV (with Co-Investment) Ghana Nov-13 Jun-17 Unrealized 190.8 0.0 6.4 256.5 262.9 9.4% 1.4x

Yorsan MENASA IV (with Co-Investment) Turkey Jan-14 Jun-17 Unrealized 209.1 0.0 0.0 262.5 262.5 8.0% 1.3x

NAHHG Tunisia MENASA IV (with Co-Investment) Tunisia Jul-14 Jun-17 Unrealized 42.6 0.0 0.0 50.1 50.1 6.4% 1.2x

NAHHG Egypt MENASA IV (with Co-Investment) Egypt Jul-14 Jun-17 Unrealized 63.7 0.0 0.0 139.0 139.0 34.5% 2.2x

Careem MENASA IV (with Co-Investment) UAE Nov-15 Jun-17 Realized 30.3 0.0 58.8 0.0 58.8 57.3% 1.9x

Libstar MENASA IV (with Co-Investment) South Africa Oct-14 Jun-17 Unrealized 102.2 0.0 0.0 191.2 191.2 32.3% 1.9x

Indorama MENASA IV (with Co-Investment) Nigeria Mar-17 Jun-17 Unrealized 69.9 0.0 0.0 113.5 113.5 583.3% 1.6x

Opalia North Africa I Tunisia Jun-09 Oct-13 Realized 7.9 0.0 21.1 0.0 21.1 31.6% 2.7x

Gallus North Africa I Tunisia Dec-09 Feb-14 Realized 7.3 0.0 6.3 0.0 6.3 (3.0%) 0.9x

Unimed North Africa I Tunisia Apr-11 Jun-16 Realized 17.3 1.1 33.5 0.0 34.6 15.4% 2.0x

PEC North Africa I Tunisia Jul-12 Jun-17 Unrealized 6.3 0.0 0.0 5.7 5.7 (2.0%) 0.9x

Moulin'Dor North Africa I Tunisia Nov-12 Dec-14 Realized 8.6 1.0 29.8 0.0 30.8 86.7% 3.6x

Saham Finance North Africa I Morocco Jun-12 Mar-16 Realized 21.8 0.0 44.2 0.0 44.2 20.6% 2.0x

OMS North Africa I Egypt Apr-13 Jun-17 Unrealized 4.7 0.0 0.0 5.6 5.6 4.3% 1.2x

Kool Food North Africa I Morocco Apr-14 Jun-17 Realized 7.4 0.0 1.0 0.0 1.0 (45.7%) 0.1x

SYNAPSE North Africa I Algeria Apr-14 Jun-17 Unrealized 13.6 0.0 0.0 19.5 19.5 11.0% 1.4x

ECCO North Africa I Egypt Apr-13 Jan-15 Realized 1.7 0.0 4.5 0.0 4.5 45.1% 2.7x

Lilas North Africa II Tunisia Oct-15 Jun-17 Unrealized 48.7 0.0 0.0 89.2 89.2 49.7% 1.8x

CIRA North Africa II Egypt Sep-14 Jun-17 Unrealized 20.3 0.0 0.0 33.9 33.9 21.2% 1.7x

L’Accumulateur Tunisien North Africa II Tunisia Sep-14 Jun-17 Unrealized 15.1 0.0 0.0 15.1 15.1 (0.0%) 1.0x

The Abraaj Group43



Investment Date

Exit Date /Current

StatusInvestment

AmountIncome


Unrealized Value

Total Value

Gross IRR

Gross MoC

Clinique Al Kindy North Africa II Morocco Dec-14 Jun-17 Unrealized 23.1 0.0 0.0 36.8 36.8 29.4% 1.6x

Cepro North Africa II Algeria Oct-15 Jun-17 Unrealized 38.6 0.0 0.0 47.0 47.0 12.4% 1.2x

Aziza North Africa II Tunisia Sep-16 Jun-17 Unrealized 5.9 0.0 0.0 7.1 7.1 26.9% 1.2x

NAHHG Tunisia North Africa II (with Co-Investment) Tunisia Sep-14 Jun-17 Unrealized 30.5 0.0 0.0 35.4 35.4 6.2% 1.2x

NAHHG Egypt North Africa II (with Co-Investment) Egypt Sep-14 Jun-17 Unrealized 44.9 0.0 0.0 98.6 98.6 36.9% 2.2x

Tiba Group North Africa II (with Co-Investment) Egypt Jun-15 Jun-17 Unrealized 89.5 0.0 0.0 97.8 97.8 5.1% 1.1x

Allied Catering Equipment (Pty) Limited Southern Africa Fund (Africa I) South Africa Apr-07 Sep-15 Realized 1.9 1.8 1.8 0.0 3.7 13.1% 2.0x

Fibrex Angola Southern Africa Fund (Africa I) Angola Jan-07 Jun-14 Realized 2.5 1.0 4.6 0.0 5.6 19.0% 2.2x

Golden Lay Southern Africa Fund (Africa I) Zambia Feb-06 Aug-12 Realized 4.7 0.8 15.9 0.0 16.7 41.3% 3.5x

Invescom Limited / Orange Madagascar Southern Africa Fund (Africa I) Madagascar Nov-05 Apr-10 Realized 2.3 0.0 9.7 0.0 9.7 46.3% 4.1x

Real People Investment Holdings Southern Africa Fund (Africa I) South Africa Oct-06 Jan-17 Realized 8.3 2.6 1.5 0.0 4.2 (16.9%) 0.5x

SA Block (Pty) Limited Southern Africa Fund (Africa I) South Africa Feb-06 Dec-12 Realized 4.2 3.5 4.9 0.0 8.4 15.6% 2.0x

Sandbox Holdings Pty Ltd Southern Africa Fund (Africa I) South Africa Dec-07 Nov-15 Realized 6.3 0.5 2.1 0.0 2.7 (12.6%) 0.4x

SCAW Limited Southern Africa Fund (Africa I) Zambia Nov-07 Jan-17 Realized 7.2 3.1 8.4 0.0 11.4 6.9% 1.6x

Scientific Engineering (Pty) Limited Southern Africa Fund (Africa I) South Africa Jan-09 May-15 Realized 3.5 1.6 4.6 0.0 6.2 11.6% 1.8x

TOFO Public Cellular Payphones (Pty) Ltd Southern Africa Fund (Africa I) South Africa Nov-04 Mar-09 Realized 2.4 0.0 0.6 0.0 0.6 (39.3%) 0.3x

Accutest Research Laboratories (1) Pvt. Ltd South Asia Fund India Jun-06 Oct-10 Realized 4.0 0.1 12.5 0.0 12.6 30.4% 3.2x

BSR Super Speciality Hospitals Ltd South Asia Fund India Nov-10 Jun-17 Unrealized 9.3 0.0 0.0 0.0 0.0 0.0% –

Central Hospital (Pvt) Ltd South Asia Fund Sri Lanka Dec-09 Feb-14 Realized 3.2 0.0 4.9 0.0 4.9 10.6% 1.5x

Continental Warehousing Corp South Asia Fund India Jul-09 Jun-17 Partial 10.4 0.0 9.9 11.3 21.1 18.5% 2.0x

Dutch Lanka Trailer Manufacturers Ltd South Asia Fund Sri Lanka Aug-06 Dec-11 Realized 1.3 0.1 2.9 0.0 2.9 23.0% 2.2x

Hind High Vacuum Company Pvt. Ltd. South Asia Fund India Oct-06 Jun-17 Partial 7.4 0.2 2.2 0.8 3.2 (9.7%) 0.4x

Newgen Knowledge Works Pvt Ltd South Asia Fund India May-11 Nov-14 Realized 7.8 0.2 12.1 0.0 12.4 14.0% 1.6x

Ordyn Technologies Pvt. Ltd South Asia Fund India Apr-07 Jun-17 Partial 9.7 0.0 0.4 0.0 0.4 (95.0%) 0.0x

Paras Pharmaceuticals (Pvt) Ltd South Asia Fund India Nov-07 May-08 Realized 6.3 0.0 7.9 0.0 7.9 56.1% 1.2x

Sai Security Printers Pvt Ltd South Asia Fund India Jan-12 Jun-17 Unrealized 7.1 0.0 0.0 2.1 2.1 (19.8%) 0.3x

STS Holdings Ltd South Asia Fund Bangladesh Sep-07 May-17 Realized 5.6 0.0 6.3 0.0 6.3 1.2% 1.1x

Sunshine Holding Plc South Asia Fund Sri Lanka Aug-08 Jul-14 Realized 4.7 0.4 9.1 0.0 9.6 17.6% 2.0x

Watawala Plantations Plc South Asia Fund Sri Lanka Aug-08 May-14 Realized 0.9 0.1 2.0 0.0 2.1 28.7% 2.3x

Cirtek South East Asia I Philippines Aug-07 Apr-12 Realized 5.0 1.4 7.0 0.0 8.4 15.0% 1.7x

Daniel Mercado Medical Center South East Asia I Philippines Sep-10 Jun-13 Realized 4.0 0.2 8.2 0.0 8.4 32.8% 2.1x

Environmental Care Management South East Asia I Thailand Dec-06 Oct-11 Realized 2.5 0.3 3.9 0.0 4.2 16.4% 1.7x

Eurotech Engineering South East Asia I Thailand Nov-07 Dec-13 Realized 7.5 0.5 1.6 0.0 2.0 (26.0%) 0.3x

Hot Pot South East Asia I Thailand Dec-06 May-13 Realized 4.4 1.1 20.1 0.0 21.2 36.0% 4.8x

Marsun South East Asia I Thailand Sep-08 Apr-15 Realized 5.6 1.9 9.4 0.0 11.3 12.6% 2.0x

The Abraaj Group44



Investment Date

Exit Date /Current

StatusInvestment

AmountIncome


Unrealized Value

Total Value

Gross IRR

Gross MoC

Pamindo South East Asia I Indonesia Dec-07 Jul-16 Realized 4.7 1.3 0.7 0.0 2.0 (13.7%) 0.4x

Pancake House South East Asia I Philippines Oct-05 Mar-14 Realized 5.0 1.0 16.4 0.0 17.5 21.1% 3.5x

PT Champ Resto Indonesia South East Asia I Indonesia May-10 Dec-14 Realized 7.4 1.4 21.4 0.0 22.7 28.5% 3.1x

Save on Surplus South East Asia I Philippines Jan-06 Aug-11 Realized 0.4 0.1 0.5 0.0 0.6 8.9% 1.4x

Tirta Marta South East Asia I Indonesia Aug-06 Apr-12 Realized 4.0 0.0 3.0 0.0 3.0 (5.5%) 0.8x

Tran Anh South East Asia I Vietnam Jul-10 Jun-15 Realized 4.5 0.3 2.0 0.0 2.3 (14.2%) 0.5x

Truong Thanh Furniture South East Asia I Vietnam Jan-07 Mar-10 Realized 3.0 0.2 5.6 0.0 5.8 83.8% 1.9x

Unitrio Technology South East Asia I Thailand May-10 Apr-13 Realized 2.2 0.1 4.9 0.0 5.0 31.8% 2.2x

Vejthani Hospital South East Asia I Thailand May-09 Nov-12 Realized 5.7 0.6 17.1 0.0 17.7 38.4% 3.1x

Vinta South East Asia I Philippines Dec-06 Mar-12 Realized 0.5 0.0 0.0 0.0 0.1 (40.6%) 0.1x

Yupi South East Asia I Indonesia Dec-06 Feb-12 Realized 7.0 0.3 56.1 0.0 56.4 52.0% 8.0x

Crossland Logistics South East Asia II Thailand Apr-12 Jun-17 Unrealized 26.3 0.0 0.0 24.2 24.2 (8.7%) 0.9x

HBC South East Asia II Philippines Aug-11 Jul-15 Realized 6.9 0.8 12.1 0.0 12.9 18.9% 1.9x

KPN Academy South East Asia II Thailand May-14 Jun-17 Unrealized 19.1 0.0 0.0 25.7 25.7 10.0% 1.3x

ODG Indo South East Asia II Indonesia Jun-11 Jun-16 Realized 2.1 3.1 3.2 0.0 6.3 37.0% 3.0x

Orca Global Pte Ltd South East Asia II Indonesia Jul-12 Jun-17 Unrealized 11.4 1.8 0.0 27.4 29.2 27.0% 2.6x

Singapore International Schools South East Asia II Indonesia Oct-15 Jun-17 Unrealized 32.5 0.0 0.0 32.5 32.5 0.0% 1.0x

Wine Connection South East Asia II (with Co-Investment) Thailand Apr-14 Jun-17 Unrealized 48.7 0.0 0.0 48.1 48.1 (0.4%) 1.0x

Ninja Logistics South East Asia II (with Co-Investment) Singapore Apr-16 Jun-17 Unrealized 17.0 0.0 0.0 25.5 25.5 43.6% 1.5x

PSGourmet South East Asia II (with Co-Investment) Singapore May-16 Jun-17 Unrealized 22.6 0.0 0.0 28.1 28.1 22.4% 1.2x

Vietnam-USA Society South East Asia II (with Co-Investment) Vietnam Sep-16 Jun-17 Unrealized 66.5 0.0 0.0 89.1 89.1 45.2% 1.3x

Fibabanka Turkey I Turkey Jun-16 Jun-17 Unrealized 52.0 0.0 0.0 62.3 62.3 18.8% 1.2x

Hepsiburada Turkey I (with Co-Investment) Turkey Jun-15 Jun-17 Unrealized 116.0 0.0 0.0 290.3 290.3 56.2% 2.5x

Aviance Ghana Limited West Africa Fund (Africa I) Ghana Nov-07 Aug-16 Realized 6.5 2.9 8.1 0.0 11.0 7.5% 1.7x

C & I Leasing West Africa Fund (Africa I) Nigeria Jul-06 Jun-17 Realized 7.9 1.1 15.9 0.0 17.0 133.2% 2.2x

Fruitpack Industries Limited West Africa Fund (Africa I) Ghana Nov-04 Dec-08 Realized 1.5 0.1 0.6 0.0 0.7 (19.3%) 0.4x

Leasafric Ghana Limited West Africa Fund (Africa I) Ghana Jan-05 Jun-12 Realized 2.5 0.9 3.2 0.0 4.1 11.6% 1.6x

MATFORCE West Africa Fund (Africa I) Senegal Sep-07 Mar-17 Realized 1.8 0.6 1.2 0.0 1.8 1.1% 1.0x

Portland Paints & Products Nigeria Plc. West Africa Fund (Africa I) Nigeria Mar-04 Jul-13 Realized 3.1 1.6 6.7 0.0 8.3 19.5% 2.7x

Private Networks Nigeria West Africa Fund (Africa I) Nigeria Aug-07 Apr-16 Realized 4.1 0.8 0.2 0.0 1.0 (42.3%) 0.2x

Technochem/Nycil West Africa Fund (Africa I) Nigeria Nov-07 Jan-14 Realized 8.0 2.9 18.0 0.0 20.9 19.9% 2.6x

Voltic International West Africa Fund (Africa I) Ghana Dec-04 Feb-09 Realized 8.0 2.0 20.6 0.0 22.6 53.8% 2.8x

The Abraaj Group45

Track record as of June 30, 2017 (includes Legacy Funds, Current Generation Funds, Arranged Investment and Co-Investment).

Track Record Summary of Excluded Deals: Real Estate, Energy & InfrastructureExcluded Investment Fund Sector

InvestedCapital

Realized Value

Unrealized Value

Total Value

GrossIRR

GrossMoC

Realized Portfolio

AOS Orwell Limited (AWAF) West Africa Fund (Africa I) Energy and Infrstructure 4.4 7.3 0.0 7.3 8.5% 1.7x

Emteyco North Africa I Energy and Infrstructure 3.1 0.7 0.0 0.7 (24.2%) 0.2x

Man Infra MENASA III (with Co-Investment) Real Estate 17.6 10.2 0.0 10.2 (6.7%) 0.6x

Oksa North Africa I Energy and Infrastructure 4.2 0.1 0.0 0.1 (46.2%) 0.0x

Ramky MENASA III (with Co-Investment) Real Estate 16.5 4.5 0.0 4.5 (14.3%) 0.3x

Regimanuel Gray Ltd West Africa Fund (Africa I) Real Estate 4.0 7.2 0.0 7.2 18.5% 1.8x

Aggregate Legacy & Current Funds (Realized) 5 Deals Excluded 49.9 30.1 0.0 30.1 (8.1%) 0.6x

Unrealized and Partially Realized Portfolio

AOS Orwell Limited (AAF) Africa II Energy and Infrstructure 39.1 16.6 28.2 44.9 3.3% 1.1x

Auro Mira Energy Co. Pvt Ltd South Asia Fund Energy and Infrstructure 10.0 0.0 0.0 0.0 0.0% 0.0x

Bosicor MENASA III Energy and Infrstructure 182.9 0.0 425.0 425.0 10.3% 2.3x

ECI MENASA III (with Co-Investment) Real Estate 24.8 1.2 0.0 1.2 (29.3%) 0.0x

Irradius Latin America I Real Estate 10.0 0.0 0.1 0.1 (46.7%) 0.2x

KEC MENASA IV Energy and Infrstructure 51.8 0.0 85.9 85.9 10.4% 1.7x

KESC MENASA III (with Co-Investment) Energy and Infrstructure 465.9 0.0 1,016.6 1,016.6 11.3% 2.2x

PetroTiger Latin America I Energy and Infrstructure 18.6 0.3 4.6 5.0 (17.0%) 0.3x

Regimanuel Gray (AAF) Africa II Real Estate 20.0 4.9 35.1 40.0 9.1% 2.0x

SMG MENASA II (with Co-Investment) Energy and Infrstructure 67.7 41.0 296.1 337.1 26.3% 5.0x

Viking MENASA IV (with Co-Investment) Energy and Infrstructure 243.0 0.0 243.0 243.0 0.0% 1.0x

Aggregate Legacy & Current Funds (Unrealized and Partially Realized) 12 Deals Excluded 1,133.9 64.1 2,134.7 2,198.8 10.5% 1.9x

Aggregate Legacy & Current Funds 17 Deal Excluded 1,183.8 94.2 2,134.7 2,228.9 9.9% 1.9x

The Abraaj Group

Four key elements define the Abraaj value proposition

Information as of June 30, 2017 unless otherwise noted. 1 Relates to realized Included Sector Investments. Revenue/EBITDA growth includes change in revenue, margin and change in net debt to finance expansion over investmentperiod. Methodology examines the actual accretive value on invested capital. As such, it excludes investments exited at or below cost as well as investments in the portfolio currently being carried at or below cost. 2 Refers toIncluded Sector Investments. Including Excluded Sector Investments would result in a Gross IRR of 43.7%. Gross IRR is calculated before the application of management fees, allocable fund expenses and carried interest borne byinvestors, which would reduce the investors’ actual returns. The aggregate IRR reflects investment returns based on the realized value of realized investments. 3 Relates to Legacy Included Sector Investments. Each recipient of thispresentation should bear in mind that past performance is not indicative of future results, and there can be no assurance that future Abraaj Funds will achieve comparable results or be able to avoid losses. Please refer to thePerformance Notes included herein for additional information and applicable definitions.

How does Abraaj turn opportunity into private equity returns?

Local Presence

c. 90% of our team members are local to the markets in which they operate. This has led to c. 80% of deals being sourced on a privileged

basis and confers a material advantage in risk management

Global Platform

Platform delivers resources and relationships that the Global Investment Committee ensures are incorporated into every investment

Active Value Creation

For realized Included Sector Investments, over 85% of accretive value on invested capital is attributable to profitability growth,1 enabled byin-house operational capabilities, experience, and partnerships with

industry experts

Realizations

Abraaj has achieved 98 exits with a realized Gross IRR of 45.1%2

in sectors reflecting APEF VI’s mandate. The Legacy Funds have delivered a DPI of 1.3x3

47

The Abraaj Group48

Examples taken from Abraaj’s portfolio and include realized and unrealized investments. Any mention of prior investment opportunities herein is only intended to illustrate our investment approach, active portfolio investmentsourcing ability and illustrate the types of investments that may be entered into by Abraaj though APEF VI does not intend to invest in any of the companies highlighted herein.

Abraaj’s focus on active value creation strategies enables companies to institutionalize and grow

Organic Growth

Operational Enhancement

Platform Buildout

Buy and Build

Regional Expansion

Logistics and transportation solutions(GCC)

Frozen dairy and juice manufacturer & distributor (Sub-Saharan Africa)

• Build-out completed through acquisition of 7 standalone hospitals in North Africa: 3 in Tunisia and 4 in Egypt

• Expanded into other areas of healthcare including polyclinics, diagnostics and specialty hospitals

Food and personal care product manufacturers(Sub-Saharan Africa)

• Asset light business model with relatively low capex requirements

• Expansion of warehousing facilities in Jordan and UAE• Formed and expanded the Global Distribution

Alliance• Reinforced robust IT infrastructure

• Route-to-Market optimization including driving utilization of sales assets and vendor productivity

• Price/volume optimization• Supply chain and warehouse rationalization• Management hires and performance management

• Acquired 9 new business units and subsidiaries • Disposed of non-core businesses to streamline the

business and help fund further M&A• Widened consumer base to the Middle East and

South East Asia

Women's fashion accessories retailer(Latin America)

• Accelerated expansion from Peru into Colombia, Central America, and Mexico

Hospital and Diagnostics platform(North Africa)

Sample Abraaj Investments

3.9x growth

in Points of Sale(2009 -2015)

14 new

offices opened(2002-2005)

30% increase

in vendor sales per day in Ghana(2013 – 2016)

31% EBITDA

enhancement(2014-2016)

450 new

beds added within 1 year(2014)

The Abraaj Group49

Four sector clusters represent the bulk of our experience

As of June 30, 2017. 1 Aggregate PE track record is excluding Real Estate transactions and Energy & Infrastructure transactions. Notes: As these transactions were completed at varying times through multiple funds no Net IRR isprovided. Past performance is not indicative of future results, and there can be no assurance that future Abraaj funds will achieve comparable results or be able to avoid losses. Any mention of prior investment opportunities hereinis only intended to illustrate our investment approach and active portfolio investment sourcing ability. The selected portfolio investments are intended to be illustrative of the types of investments that may enter into by Abraajthrough its funds. There is no guarantee that any prior investment opportunities will materialize and/or be consummated by Abraaj for the benefit of its funds in the future.

# Investments 26

Invested Capital (US$mm) 1,139

Total Value (US$mm) 2,287

Gross IRR (%) 70.2%

Loss Ratio (%) 0.8%

# Investments 26



Gross IRR (%) 14.3%

Loss Ratio (%) 1.4%

# Investments 46



Gross IRR (%) 51.0%

Loss Ratio (%) 2.3%

Total invested amount of US$ 5.9 bn representing 92% of the total PE invested capital1 with a loss ratio of 1.6%

# Investments 43



Gross IRR (%) 20.4%

Loss Ratio (%) 1.4%


Industrials, Materials & Logistics


Financial Services

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The Abraaj Group50

These sector clusters comprise of the following sub-sectors

1 Non-Banking Financial Institutions.

FMCG & Consumer Durables

Food & Beverage

Retail (inc. e-commerce)

Hospitals & Clinics

Pharmaceuticals

Higher Education

Diagnostics

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Financial Services

Banking & NBFIs1

Insurance

Payments

B2B Manufacturing & Services

Materials

Logistics

The Abraaj Group51

Partner Companies require sector and functional expertise with geographic nuances

Geographic

SectoralFunctional

PERFORMANCE MANAGEMENT & IT

HUMAN CAPITAL

SALES & MARKETING

PROCUREMENT

MANUFACTURING & SUPPLY CHAINS

OUTBOUND LOGISTICS

ESG

ExpertiseConsumer Goods & Services



Financial Services

Mexico City Bogota Lima Accra Lagos

Istanbul Dubai CasablancaNairobi Johannesburg

Tunis Cairo Singapore Karachi Mumbai

Bangkok Jakarta

The Abraaj Group52

Investment teams can call on support from our external network of capabilities

Note: Past performance is not indicative of future results, and there can be no assurance that future Abraaj funds will achieve comparable results or be able to avoid losses. Any mention of prior investment opportunities herein isonly intended to illustrate our investment approach and active portfolio investment sourcing ability. The selected portfolio investments are intended to be illustrative of the types of investments that may enter into by Abraajthrough its funds. There is no guarantee that any prior investment opportunities will materialize and/or be consummated by Abraaj for the benefit of its funds in the future.

Strategic Partnerships with Consulting Firms Access to Talent Marketplaces

Selected Current & ex-ParCo CEOs

External Network of Sector & Functional Experts

138Experts

The Abraaj Group53

Sector and functional experts available on-demand

Deep Bench of External Experts

Sample Experts

Logi

stic

s

Osama Fattaleh▪ 25+ yrs of experience▪ Ex-CEO JorAmCo, various management

roles at Aramex over 23 years incl. group COO, head of M&A, head of Global Expansion and Country Management, CEO Kingdom Electricity

Foo

d &

Be

vera

ge Paul Smith▪ 25+ yrs of experience▪ CEO Liwa Food & Beverage, MD Costa

Coffee SEA & China, Director Costa Coffee MENA, various roles Marks & Spencer

Example Expert Engagements

✓ Engaged for Due Diligence for Urbano, logistics company in Peru

✓ Engaged for Due Diligence on Project Star, F&B business in East Africa

Ban

kin

g

Emeka Onwuka▪ 25+ yrs of experience▪ CEO – Diamond Bank, Enterprise Bank –

Chairman, Arthur Andersen▪ Deep experience of banking & financial

services industry in Nigeria

✓ Engaged for Due Diligence on a West African Bank

Ro

ute

to

Mar

ket Michael Wood

▪ 25+ yrs of experience▪ Marketing Director P&G Africa, General

Manager Gilette South Africa, Sales Director Gilette Russia,

▪ Enhancing sales, marketing and pricing optimization capabilities of portfolio companies

✓ Engaged for Post-investment VCP Project in Route-to-Market

• 138 vetted sector and functional experts

• 93 in our focus sector clusters

• 32 functional experts including IT, Supply Chain,

Procurement, Sales/Marketing

Consumer Goods & Services 37

Financial Services 15

Healthcare & Education 20

Industrials, Materials & Logistics 21

The Abraaj Group54



Financial Services



The Abraaj Group55

The Consumer Goods & Services opportunity in Global Growth Markets (“GGMs”) is large and attractive

1 Euromonitor International. 2 Bain. 3 Euromonitor International. 4 Nielsen Report. 5 Bain. Note: Nothing contained herein should be deemed to be a prediction or projection of future outcomes.

US$ 2.4 tnFMCG market size forecast across GGMs in 20191

8-13%Annual growth in key FMCG categories across SSA from 2014-182

4x fastergrowth in F&B across GGMs relative to developed markets, c. US$ 579 billion in 20193

Young & Fast Growing Population

Increasing Urbanization

Rising Middle Class and Income Levels

Local & Regional Champions Exhibit Faster Growth & Capture Larger Share relative to MNCs across GGMs

Large and Fast Growing Market Driven by Secular Trends

Driven by secular trends…

1 billion additional people expected to reside GGMs by 2025 with the median age 28 years compared to 44 years in developed markets

2 billion people from GGMs are expected to enter the middle class by 2025

Almost 1 million city dwellers added every 5 days, mostly in GGMs

Multinational companies

Local / regional companies

Packaged Food Markets, US$, 20165

13%

23%

5%

0% 15% 30%

Local

Regional

Global

Southeast Asia Consumer Products:Revenue growth p.a. by type of company4

“We don’t see P&G as our toughest competitor…most of our competitors in emerging markets are regional players…”

Paul Polman, CEO Unilever

The Abraaj Group56

Selected high conviction investment opportunities

Note: Nothing contained herein should be deemed to be a prediction or projection of future outcomes.

Local brand and category leaders in underpenetrated categoriesthat can be grown into regional champions

Established manufacturers (including private label) benefitingfrom growth of category consumption and modern trade

Quick Service Restaurant (QSR) concepts with a regionalplatform targeting sizeable geographies that can benefit fromjoint procurement of mall space and other economies of scale

Ethnic fast-casual champions with potential to expand withinmatching geographies, executed through local managementteams

Developed market fast-casual concepts with GGM potential –acquire brand and/or franchise rights for popular westernconcepts with proven appeal in GGMs, that have not reachedtheir full potential

Fast Moving Consumer Goods & Durables Food & Beverage

Undervalued public companies that have been hit by recentmacroeconomic headwinds but have strong local positions andbrand value

Retail/E-commerce

Specialty retailers focusing on the needs of the urbanized consumer with a multi-channel proposition

Convenience retail concepts (either soft or hard discount) leveraging urbanization in tier 1 and tier 2 cities

E-commerce champions – retail, marketplaces and category verticals fueled by hyper-growth internet and mobile penetration

Disruptors leveraging Health and Wellness trends thatcommand higher margins and strong customer loyalty

The Abraaj Group57



Financial Services



The Abraaj Group58

Large, profitable and high growth opportunity with multiple secular drivers

1 BMI. 2 Euromonitor. 3 BMI. 4 World Bank. 5 OECD; Note: Combined Ratio calculated as sum of Loss Ratio and Expense Ratio in 2015. Note: Nothing contained herein should be deemed to be a prediction or projection of futureoutcomes.

US$ 8.6 tnBanking assets in GGMs in 2015, expected to increase to US$ 13.7 tnby 2020 with 10% p.a. growth1

US$ 290 bnGross insurance premiums written in 2015, expected to rise to US$ 400 bn by 2020 with 7% p.a. growth1

4.5xIncrease in the number of debit & credit cards in GGMs in the last decade2

Underleveraged Economies

Receptive to Technological Change

Underserved Populations

Large and Underpenetrated Market

Driven by secular trends…

Loan/GDP ratios of ~20% in SSA, ~30% in MENA or ~60% in SEA are well below the US (~200%) or UK (~140%)

80% of the world’s 7.2 bn mobile phone subscriptions are in GGMs, and as a result internet access is growing rapidly

Insurance penetration in GGMs 2x to 5x lower than in US & Europe, and 90% of the world’s 2.5bn unbanked adults reside in GGMs

Bank Loans / GDP Ratio, %3

GDP per capita (US$ ‘000)4

Fast-growth stage

Banking: Most GGMs in Emerging and Fast-Growth Stage

Lower Loss + Expense ratios drive profitability

Insurance Combined Ratios, %5

Insurance: Robust Profitability Driven by Lower Combined Ratios

The Abraaj Group59



Banking: nuanced by region with focus either on market leadership or specialized profit pools

Diversified consumer credit providers, with opportunity to scale to improve credit rating and funding base

Fast-growing on-line acquirer / mobile-based acquirers with ability to scale across multiple geographies

Payments subsidiaries carved out from large banks to accelerate growth through independence and heightened focus on technology shift; provides multiple arbitrage and capital adequacy enhancement for bank

Large player with a domestic scheme play offers attractive opportunity to take share from international schemes (Visa, MasterCard)

Banking & NBFIs Payments

Insurance

Innovators in the SME and retail lending space, that are digitizing the credit evaluation, documentation and disbursement process

Composite insurance regional/cross-regional leaders, especially in regions characterized by high fragmentation and limited presence of multinational insurers

Life insurance, where non-bank players have the ability to compete with insurance arms of banks, through product innovation and bancassurance distribution reach

Local health/HMO focused insurers serving middle class clients

Leasing, including transportation equipment leasing, with a focus on SMEs where financing options remain limited

B2B insurance broker consolidation in highly fragmented markets receptive to technological changes

The Abraaj Group60



Financial Services


Healthcare

Education


The Abraaj Group

8.4%Annual growth in health expenditure in GGMs from 2015-20251

>2x fastergrowth in healthcare expenditure relative to developed markets from 2015-20251

Increasing Health Insurance PenetrationMarket Consolidation

c. US$ 1.4 tnAnnual healthcare expenditure across GGMs1

61

Healthcare in GGMs is a Vast and Compelling Investment Opportunity

1 World Health Organization, BMI. 2 Non-Communicable Diseases, Cardiovascular Diseases Note: Nothing contained herein should be deemed to be a prediction or projection of future outcomes.

Panama

Ghana

Egypt

Indonesia

Kenya

Malaysia

Morocco

UK

Singapore

ThailandUAE

US

Mexico

TurkeyVietnam

0

5

10

15

20

25

30

35

40

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%

Ho

spit

al B

eds

per

10

,00

0

2016-20 GDP per Capita Growth %

27Global average

– 1,000 2,000 3,000 4,000 5,000

Hea

lth

Exp

end

itu

rep

er C

ap

ita

(U

S$)

GDP per Capita (US$)

Morocco

Nigeria

Tunisia

Indonesia

IndiaEgypt

Young & Fast Growing Population

Rising Middle Class & Income Levels

Urbanization & Changing Lifestyles

The Double Disease Burden - Rising prominence of NCDs2 and persistent prevalence of infectious diseases

Over 80% of diabetes deaths occur in GGMs2

Over 75% of CVD deaths occur in GGMs2

Underpenetrated healthcare provision across GGMs Many GGMs are at inflection points of healthcare spend..

Shortage of quality healthcare amid growing demand as income levels rise

Healthcare spend accelerates at varyingincome levels

Enablers of Growth

The Abraaj Group62



Our Focus Areas

Consolidation of largely single / cluster diagnostics clinics across unorganized and fragmented markets

Expand single-country players into multi-branch, pan-regional platforms through hub and spoke network of central labs, regional labs

and collection centers

Diagnostics Centers

Telemedicine to accelerate penetration and scaling across marketsBig data analytics applicable across prevention, diagnosis and treatment

Innovative businesses focusing on preventive care as opposed to reactive care

Hospital & Clinic Service Providers

Chained assets in large underserved markets with shortage of supply from public sector

Buy and build roll up / platform opportunities across markets

Pharmaceuticals Manufacturers

Generics manufacturing in large, growing and low cost manufacturing countries with opportunity for exports

Branded generics players with strong sales and distribution networks

Digital Health Enablers

The Abraaj Group63



Financial Services


Healthcare

Education


The Abraaj Group64

1 2003-13; Source: GSV, UNESCO, OECD. 21Represents average across 12 major K-12 and higher education markets from 2012-15 - Parthenon Research, 2IndexMundi. Note: Nothing contained herein should be deemed to be a

prediction or projection of future outcomes.

Education represents a significant opportunity

2x Increase in number of Higher Education students globally, driven primarily by GGMs1

13%Annual growth in private K-12 education expenditure across GGMs2

12%Annual growth in Higher Education private expenditure across GGMs2

Transnational Education

Public Sector Underperformance

In addition to the lack of capacity in public schools and universities, reduced public funding resulting in poor academic outcomes, allowing for the increased role of the private sector, especially midmarket and premium segments

Increasing number of students are seeking international degrees in their home countries

Increasing Expatriate Population

Increasing expatriate population in selected geographies across the GGMs has created one of the largest K-12 markets globally

Key

Gro

wth

Dri

vers

$850 $800

$600 $500 $500

$400 $325

$300 $300

$200 $200

$150 $120

$100 $80 $75

$50

Dubai

Abu Dhabi

Singapore

India

Qatar

Kuwait

Indonesia

S.Arabia

Malaysia

Colombia

Thailand

Vietnam

Kenya

Chile

Philippines

S.Africa

Nigeria

Mexico

Private International Schools, Market Size Private Higher Education, Market Size

$1,500 $3,100 $2,500

$1,900 $1,500

$1,000 $700

$550 $530

$430 $350

$200 $150 $144 $140

$80

Mexico

Malaysia

India

Philippines

Singapore

Egypt

Dubai

S.Arabia

Colombia

S.Africa

Kenya

Nigeria

Abu Dhabi

Morocco

Tunisia

(Size values in millions)

Asia

MENA

Sub-Saharan Africa

Latin America

Investment Opportunity in Private Higher Education and International Schools Across GGMs

The Abraaj Group65


K-12

Focus on traditional graduate and post graduate, campus-based degree programs driven by low tertiary participation rates. Focus on geographies that have minimal reliance on govt. funding and have favorable regulatory landscape which permits for profit education

Aggressively target GGM higher education assets owned by large public and private tertiary groups as they are facing increasing pressure from shareholders to divest their non-core assets

Focus on transnational education which is emerging as an attractive opportunity across several geographies as more local students are opting for high quality international degree programs. We have witnessed tertiary transactional educational institutions performing well across Middle East, Africa and Far East Asia

Focus on opportunities in hybrid education (where part of the curriculum is taught online) particularly across Latin America where internet broadband infrastructure, new instruction methodologies and regulatory approvals have resulted in increased acceptance of online education

Roll-up strategy of niche programs and faculties such as health sciences which have a high employability score. Also consider regional consolidation strategy particularly across universities that offer similar programs or international degrees. Key synergies across shared services and joint international marketing efforts

Higher Education

K-12 premium schools offering an international curriculum – pursue buy and build strategy of international school groups across GGM. Opportunity is driven by high barriers to entry and consolidation opportunities with c.90% of operators having one campus

Consider test prep sector opportunities in countries that have nationalized scoring system such as India

Pathway Programs

Consider agency businesses and/or pathway programs which offer a clear path to students into reputed undergrad or graduate programs. Example includes Study Group.

The Abraaj Group66



Financial Services



The Abraaj Group67

Consumer & B2B trends are fueling growth of Industrials & Materials sectors

Source: PAGEV, Plasfed, BCG, Global Industry Analysts.1 Top 20 countries according to AT Kearney’s Global Services Location Index made up from three categories: financial attractiveness (40% weight), people skills and availability(30% weight) and business environment (30% weight). Note: Nothing contained herein should be deemed to be a prediction or projection of future outcomes.

Urbanization and rising middle class consumption fuelling the growth of select B2B and B2B2C sub-sectors

Housing deficit of 30% - 70% of total households accelerated by population growth and urbanization, as well as affordable public housing programs are driving demand for housing construction

Driven by urbanization, demand for infrastructure, utilities and services is expected to outpace supply

Growth in consumer goods manufacturing including packaged foods is driving demand for high-end packaging and ingredients

Rapidly increasing levels of food consumption driving demand for greater agricultural output and efficiency

Driving growth of…

Construction materials including cement, plastics etc.

B2B services including business process outsourcing, facilities management

Raw materials including packaging and food ingredients & flavors

Agricultural products including fertilizer

c.41% of global capacity in

packaging industry comes

from 6 GGMs

c. 61% Expected share of GGMs in

global construction spending in 2020 – up from c.43% in 2015

18out of the top 201 countries

for business process outsourcing are GGMs

75%+Share of growth in

agriculture output over

the next decade from GGMs

Key Sector Insights & Disruptive Factors

The Abraaj Group68

Logistics also presents a compelling investment opportunity

Source: PwC, WTO, McKinsey , UN Population Database 1 BCG 2 World Bank. Note: Nothing contained herein should be deemed to be a prediction or projection of future outcomes.

Contract Logistics CAGR 2015-19 (%) 1

Large Potential to Improve Quality of Logistics2

3xFaster trade volume growth between GGMs until 2030 vs. between developed markets

16 → 109Number of megacities in GGMs between 2010-25

Expanding GGM Trade Flows

Growth of Consumer Goods

Rapid Growth of E-Commerce

Underlying Growth FundamentalsBy 2030, trade flows between Asia and North America will be 4x higher than flows between North America and Europe

Rapid growth in middle-class (+2bn addition to GGM by 2025) and urbanization fueling manufacturing and movement of consumer goods

The share of GGMs in global e-commerce market is expected to reach c.70% in 2019, growing at 2.5x the CAGR of the developed markets between 2014 and 2019

Increasing demand for

Specializedlogistics including temperature controlled logistics for pharmaand food sectors

Regulation Regulation driving demand for temperature controlled logistics for consumer goods and pharmaceuticals across many GGMs

Market Size (EURbn)

2.4

2.9 2.9

3.2

3.53.6 3.7

4.0

2.0

2.5

3.0

3.5

4.0

4.5

MENA SSA LatAm Asia EU Turkey OECD USA

Index for Quality of Logistics Services (1 = low, 5 = high)

US$ 56bnContract logistics market size across GGM

GGMs Exhibit Faster Growth Than Developed Markets

The Abraaj Group69



3PL and 4PL: End-to-end solution providers in markets with increasing outsourcing trends and lack of professional providers

Last Mile Logistics: Tech-enabled players leveraging advent of e-commerce and growing demand for rapid & reliable customer delivery solutions

Specialized Logistics and Value-added Services: Increasing demand for specialized logistics including temperature controlled logistics for pharma and food sectors (driven by regulation and modern retail)

Logistics

Integrated Port Logistics: Increasing trade traffic is fueling growth for port logistics services across GGMs

Consumer Packaging: Manufacturers of flexible packaging for food, drinks, cosmetics and other consumer products benefiting from demand for increased versatility, product protection, longer shelf life, and an appealing shelf display

Building and Construction Materials Manufacturing: Residential and commercial construction driving demand for local manufacturing of cement, plastics and other construction materials

Agricultural Products: Producers of agricultural products including fertilizers in markets with underinvestment have resulted in capacity constraints in the face of rising demand

Facilities Management and BPOs: Scalable and resilient businesses outsourcing non-core activities to improve efficiency of their operations

Industrials & Materials

Specialty Materials: Industry characterized by relatively asset-light business models, steady growth rates and strong cash generation particularly in specialty chemicals and plastics

| The Abraaj Group

LP Stakes (as of April 2018)

71

$mm unless otherwise noted

GP CommitmentWarehousing

Available for sale

Employee

Commitment

Abraaj Private Equity Fund IV APEFIV 10.0% 158.3 100.0 58.3 0.0 0.0 0.0 52.2 89.6 141.8

Abraaj Growth Markets Health Fund AGHF 10.1% 100.6 80.0 0.6 20.0 52.5 0.3 0.3 46.2 46.5

Abraaj Africa Fund III AAFIII 9.6% 95.3 49.5 26.0 19.8 30.1 11.3 13.9 37.1 51.0

Abraaj Turkey Fund ATFI 13.4% 65.2 24.3 31.1 9.7 17.9 16.4 19.8 21.6 41.4

Abraaj North Africa Fund II ANAFII 10.2% 38.2 18.8 16.5 3.0 4.2 3.2 19.3 25.4 44.7

Abraaj Latin America Fund II ALAFII 24.9% 88.2 16.6 65.0 6.6 10.2 28.5 36.8 13.1 49.9

Abraaj South East Asia Fund II ASEAFII 8.1% 18.7 2.5 16.2 0.0 0.1 0.8 15.5 2.4 17.8

Abraaj Latin America Fund ii - CKD CKD - LATAM 10.7% 18.6 12.2 6.4 0.0 5.5 2.9 2.2 2.7 4.9

Abraaj Real Estate Fund ASAS 22.0% 22.9 10.8 12.1 0.0 0.0 0.0 5.3 4.7 10.0

Subtotal 606.0 314.7 232.1 59.2 120.5 63.3 165.2 242.9 408.1

LP Stakes (Non-warehousing)

Infrastructure and Growth Capital FundIGCF 18.8% 375.4 375.4 0.0 0.0 0.0 0.0 0.0 235.4 235.4

HLA Vehicle HLA Vehicle 2.0% 8.4 8.4 0.0 0.0 1.9 0.0 0.0 6.4 6.4

Abraaj Global Credit Fund AGCF 24.2% 60.0 50.0 0.0 10.0 45.0 0.0 0.0 5.9 5.9

Kantara Kantara 35.2% 48.6 48.6 0.0 0.0 0.0 0.0 0.0 9.9 9.9

Abraaj Pakistan Fund APF 11.0% 3.9 3.9 0.0 0.0 0.3 0.0 0.0 3.3 3.3

Total 1,102.3 800.9 232.1 69.2 167.6 63.3 165.2 503.7 668.9

Undrawn Capital

Warehousing

Net Asset Value

Warehousing

Available for Sale

Net Asset Value

GP + Employee

Net Asset Value

Total LP Stakes

Of which

Fund Name Shorthand Combined StakeTotal

Commitment

Undrawn Capital

GP + Employee

Note: Net Asset Values As of December 31, 2017

Note: Abraaj Pakistan Fund’s investment period has been terminated as at Dec 31 2017. Total commitment is adjusted based on the projected management fees that will be charged during the holding periods of the exisintg

investments in the FUnd

| The Abraaj Group

MENASA IV (as of Q4 2017)

72

Fund Size:

US$ 1,590 mm

Vintage:

2011

Net IRR / MoC

5.6% / 1.3x

Gross IRR / MoC

13.2% / 1.5x

Note: (1) Realizations exclude interest of US$ 27.0m as it forms part of net current assets. (2) Fund has committed US$ 112.0m. The funded portion is US$ 50.2m and balance is funded by a loan secured against a fund guarantee. (3)

Upfront portion financed through a facility of US$ 51.8m. 70% of the consideration paid upfront at closing (US$ 47.2m) and deferred portion of 30% financed through upsizing the original bridge loan facility by US$ 20.4m in September

2017. (4) Total investment of US$ 60.9m was funded through a US$ 45.0m short-term one year bridge financing backed by APEF IV Equity Commitment Letter (ECL) and APEF IV equity (US$ 16.0m).

** As of April 6, 2018

Paid in capital from initial commitment**: US$ 1,378.5m (0.87x)Paid in capital from initial commitment including capital committed but not drawn**: (US$ 1,378.5m + US$ 177.7m = US$ 1,556.2m) (0.97x)

Unfunded commitments include US$ 61.8m investment into Libstar funded by a loan against fund guarantee

(in US$ millions) Investment Exit date / Investment Total Unrealized Total Gross

Country Sector Cluster Status Date Current Amount Realized Value Value IRR MoC

Network International UAE Financial Services Realized Mar-11 Mar-16 $151.6 $309.7 $0.0 $309.7 15.9% 2.0x

Saham Morocco Financial Services Realized Jun-12 Mar-16 $94.0 $181.7 $0.0 $181.7 19.2% 1.9x

Careem UAE Industrials, Materials and Logistics Realized Nov-15 Jun-17 $24.2 $46.9 $0.0 $46.9 56.9% 1.9x

Viking Turkey Energy and Infrastructure Unrealized Jun-12 Dec-17 $161.1 $0.0 $161.1 $161.1 0.0% 1.0x

KEC (1) Kuwait Energy and Infrastructure Unrealized May-12 Dec-17 $51.8 $0.0 $87.9 $87.9 9.9% 1.7x

Fan Milk International Ghana Consumer Goods and Services Unrealized Nov-13 Dec-17 $73.6 $2.4 $98.0 $100.5 7.9% 1.4x

Yorsan Turkey Consumer Goods and Services Unrealized Jan-14 Dec-17 $142.6 $0.0 $118.0 $118.0 NM 0.8x

NAHHG Tunisia Tunisia Education and Healthcare Unrealized Jul-14 Dec-17 $32.0 $0.0 $40.3 $40.3 7.9% 1.3x

NAHHG Egypt Egypt Education and Healthcare Unrealized Jul-14 Dec-17 $46.4 $0.0 $128.1 $128.1 37.6% 2.8x

Libstar (2) South Africa Consumer Goods and Services Unrealized Oct-14 Dec-17 $50.2 $0.0 $128.6 $128.6 41.3% 2.6x

Kudu Saudi Arabia Consumer Goods and Services Unrealized Apr-15 Dec-17 $187.3 $0.0 $160.0 $160.0 NM 0.9x

Big Basket India Consumer Goods and Services Unrealized Mar-16 Dec-17 $60.1 $0.0 $106.5 $106.5 41.2% 1.8x

Middlesex (3) UAE Education and Healthcare Unrealized Jun-17 Dec-17 $1.1 $0.0 $31.2 $31.2 NM NM

Laureate (4) Latin America Education and Healthcare Unrealized Jan-17 Dec-17 $16.7 $0.0 $32.2 $32.2 NM 1.9x

Indorama Nigeria Industrials, Materials and Logistics Unrealized Mar-17 Dec-17 $58.6 $0.0 $116.8 $116.8 NM 2.0x

Tadawi Saudi Arabia Others Unrealized Dec-17 Dec-17 $28.3 $0.0 $28.3 $28.3 0.0% 1.0x

Total Gross $1,179.5 $540.8 $1,237.0 $1,777.8 13.2% 1.5x

Unfunded Commitments

Libstar (2) $61.8

Middlesex (3) $70.9

Laureate (4) $45.0

Total Unfunded Commitments $177.7

Total Investment Amount (including Unfunded Commitments) $1,357.2

The Abraaj Group

Investment Summary

Key Value Creation Initiatives

Investment Rationale

73

1 Includes Co-Investment. Note: Past performance is not indicative of future results, and there can be no assurance that future Abraaj funds will achieve comparable results or be able to avoid losses. Any mention of priorinvestment opportunities herein is only intended to illustrate our investment approach and active portfolio investment sourcing ability. The selected portfolio investments are intended to be illustrative of the types of investmentsthat may enter into by Abraaj through its funds. There is no guarantee that any prior investment opportunities will materialize and/or be consummated by Abraaj for the benefit of its funds in the future.

Case study : Network International

Network International is the leading payments solutions provider in the Middle East & Africa with 17,000+ merchants & 60% acquiring market share in UAE, and the #1 third-party processor in MENA.

• Well positioned to benefit from a continued shift from cash to electronic payments

• Highly cash generative business with an EBITDA margin of c. 48% and high free cash flow conversion

• Diversified corporate customer base with stable repeat revenues due to high switching costs; scalable operating model with fixed costs at c. 60% of total expenses

• Attractive expansion potential outside MENA with the company well positioned to be the leading payments solutions provider in the Middle East & Africa

Reinforced Network International’s leadership position in its homemarket and helped company expand geographically and through newproduct offerings

i. Management team upgrade: oversaw full upgrade of management, including hiring of new CEO and key C-level executives. Incentive structures were realigned to drive performance.

ii. Working capital enhancement: Reduced net working capital days by c.20% via overnight/online throughput reporting & proactive receivables management

iii. Product innovation: Developed innovative new solutions including partnership to launch payments for Google Play in India, rollout of African mobile payment platform mVisa, MIS products to empower merchants with consumer spending data and analytics, and mobile-POS product

iv. Geographic diversification: Diversified revenue and profitability beyond UAE by expanding further into Sub-Saharan Africa and India

Date of Investment March 2011

Investment stake (%) 49%1

Invested Amount (US$) US$ 245.6 mm1

The Abraaj Group

Investment Summary



74

1 Including Co-Investment and December 2016 follow-on investment. Past performance is not indicative of future results, and there can be no assurance that future Abraaj funds will achieve comparable results or be able to avoidlosses. Any mention of prior investment opportunities herein is only intended to illustrate our investment approach and active portfolio investment sourcing ability. The selected portfolio investments are intended to be illustrativeof the types of investments that may enter into by Abraaj through its funds. There is no guarantee that any prior investment opportunities will materialize and/or be consummated by Abraaj for the benefit of its funds in the future.

Case study : Careem

Established in 2012 as a web-based car booking service for corporateclients in the UAE, Careem has rapidly grown to become the leadingride-hailing/passenger booking & transportation service provideracross the broader MENA region (Middle East, North Africa, Turkey &Pakistan) with present operations in over 80 cities.

• Sector Growth: The broader MENA region is home to 635 millionpeople and presents a US$ 140 billion ride-hailing opportunity, withthe inherent potential to realize exponential growth given thecumulative regional GDP of over US$ 3.6 trillion and significantsmartphone penetration of c. 40% (higher than India, Brazil & China)

• Complementary footprint to Abraaj market presence: Opportunityto drive new market penetration in Tier I and Tier II cities via growthof B2B corporate partnerships and to leverage government relationsand fundraising outreach via Abraaj’s expansive local and broadernetworks

• Potential for new business lines: Structural growth potential of the“sharing economy” also presents opportunities for adjacent servicesexpansion such as merchant partnerships, cash/loyalty payments,courier delivery and carpooling

We have closely partnered with Careem and its management teamthrough a critical phase of the Company’s growth. Value creationinitiatives during the investment period include:

i. Define and support new market entry strategy and providedirectional oversight of targeted entry route and marketmapping exercises

ii. Facilitate access to regulators and assist with criticalgovernment relationship efforts in key markets

iii. Leverage Abraaj’s network to seek corporate partnerships,which has resulted in the successful onboarding ofcorporate clients

iv. Institutionalize the Company via acceleration of hiring,implementation of improved business intelligence analyticstracking and reporting processes and a new ERP system

The Company has cemented its position as a regional ‘unicorn’,achieved steady double-digit growth from inception through ourholding period, and is on the path to becoming the region’s dominantride-hailing operator with continued ambitions to reshape thetransportation and logistics space

Date of Investment November 2015

Investment stake (%) 7.3 %


The Abraaj Group

Investment Summary



75


Case study : Big Basket

Founded in 2011, Big Basket pioneered grocery e-tailing in India,

successfully cultivating both the supply and demand side of the nascent

market. Big Basket’s supply chain capabilities differentiate it from

competitors and enables it to offer the largest online assortment of over

22,000+ products and 1,000+ brands across fruits, vegetables, staples,

meat, beverages and personal care categories.

• India is at an inflection point of consumption moving online at a rapid pace as digital transformation commences – smartphone penetration (c. 20% of total population) and online shopper population (c. 15% of internet users) is small, but growing at an exponential pace and expected to reach c. 46% of total population and c. 36% of internet users respectively by 2020

• Food and Grocery forms the largest chunk of consumption in India at 68% of total retail sales. Organized retail’s presence is less than 10% and less than c. 1-2% for groceries, creating massive opportunity for online firms

• Expanded into 8 major and 15 Tier 2 cities across India in a short-time span, building operational and technology backbone in capital efficient manner

• Launched and expanded its own range of branded products (c. 34% of total sales) delivering strong growth and good margins

Objective is to leverage the Company’s strong execution capabilitiesincluding operational, supply-chain and technological capabilities andto establish a clear market leadership in the food and grocery space

i. Grow Existing Business: Drive higher share of existing customer spend and cost-effective customer acquisition programs to attract new users, and continue growth in its private label business. The Company will continue to scale-up operations in newly launched cities and across new lines of business launched (express delivery, specialty delivery, and HORECA)

ii. Operational Improvements: Operational efficiencies and the focus on increasing its average order values have resulted in improved gross margins for the full service business. Multiple initiatives are in place to drive efficiencies further including improvement in forecasting algorithms, supply chain integration, and driving picker efficiency

iii. Invest Behind Technology and Product Development: Key initiatives in place are to focus on better use of data analytics and technology including continuous innovations on mobile app including further personalisation of the interface, and innovations on-routing and tracking software

Date of Investment March 2016

Investment stake (%) 12.93%

Investment Amount US$ 55.4 mm

The Abraaj Group

Investment Summary



76

1 70% of the acquisition consideration paid upfront at closing (US$ 47.2 mm) and 30% deferred and paid on August 31, 2017 (US$ 20.4 mm). Upfront consideration and transaction costs fully financed through a 15 month bridgefacility of US$ 50.4 mm backed by an equity commitment letter (ECL) from APEF IV. In return for the ECL, APEF IV received a one-time fee equal to 2% of APEF IV’s total liability under the ECL. Deferred consideration also financedthrough upsizing the original bridge loan facility by US$ 20.4 mm in September 2017.

Case study : Middlesex University Dubai

Established in Dubai in 2005, Middlesex University Dubai is a branchcampus of Middlesex University UK offering affordable and high-quality education. The University provides undergraduate andpostgraduate degree programs to c. 3,000 students.

• Middlesex Dubai’s affiliation with Middlesex UK has given it a strongbrand recognition among prospective students, parents andrecruitment agents

• The higher education market in the UAE is robust and both privateuniversities and vocational institutions have shown promisinggrowth as Dubai becomes a center of excellence for education in theregion

• Abraaj’s sector expertise in the education space allows us to identifyscope of improvements and to implement operational efficienciesthrough the value creation plan

• The Company’s historic and projected Capex spend is limited givenits leased premises and it therefore has a high cash flow conversionratio

The VCP includes strategic initiatives to enhance recruitment of bothlocal and international students:

i. Increase focus on international student recruitment directly andthrough agents in key target markets such as China, Egypt, India,Pakistan and GCC

ii. Leverage Abraaj’s presence in Egypt and existing relationshipwith Middlesex University UK to launch additional branches or tooffer specific courses in Egypt targeting Egyptians students.Potential to set up an ‘all-in’ package for summer coursestargeting Egyptian students

iii. Extract synergies through Abraaj Education Platform includingintroduction of student exchange programs and internationalaccreditations, leveraging shared resource centers and jointrecruitment

iv. Improve governance structure with the introduction of enhancedreporting standards and the hiring of a Financial Manager toimplement opex improvement initiatives

Date of Investment January 2017

Investment stake (%) 100%


| The Abraaj Group

South East Asia II (as of Q4 2017)

77

Fund Size:

US$ 250 mm

Vintage:

2011

Net IRR / MoC

5.3% / 1.1x

Gross IRR / MoC

14.1% / 1.4x

Note: As of December 31, 2017




HBC Philippines Consumer Goods and Services Realized Aug-11 Jul-15 $6.9 $12.9 $0.0 $12.9 18.9% 1.9x

ODG Indo Indonesia Industrials, Materials and Logistics Realized Jun-11 Jun-16 $2.1 $6.3 $0.0 $6.3 37.0% 3.0x

Swift Haulage Thailand Industrials, Materials and Logistics Unrealized Apr-12 Dec-17 $26.3 $0.0 $29.0 $29.0 5.7% 1.1x

KPN Academy Thailand Education and Healthcare Unrealized May-14 Dec-17 $19.1 $0.0 $27.0 $27.0 10.0% 1.4x

Wine Connection Thailand Consumer Goods and Services Unrealized Apr-14 Dec-17 $24.8 $0.0 $24.8 $24.8 0.0% 1.0x

Orca Global Pte Ltd Indonesia Education and Healthcare Unrealized Jul-12 Dec-17 $11.4 $1.8 $32.6 $34.4 28.3% 3.0x

Singapore International Schools Indonesia Education and Healthcare Unrealized Oct-15 Dec-17 $32.5 $0.0 $32.5 $32.5 0.0% 1.0x

Ninja Logistics Singapore Industrials, Materials and Logistics Unrealized Apr-16 Dec-17 $14.9 $0.0 $21.6 $21.6 31.1% 1.5x

PSGourmet Singapore Consumer Goods and Services Unrealized May-16 Dec-17 $17.1 $0.0 $21.2 $21.2 14.7% 1.2x

Vietnam-USA Society Vietnam Education and Healthcare Unrealized Sep-16 Dec-17 $37.4 $0.0 $53.3 $53.3 31.6% 1.4x

Total Gross $192.5 $21.1 $242.1 $263.2 14.1% 1.4x

Paid in capital from initial commitment**: US$ 224.9m (0.90x)

The Abraaj Group

Investment Summary



78

¹ Includes ASEAF II investment follow-on investment of US$ 8.5 mm completed in Sep 16. Initial investment of US$ 24.0 mm and 70% stake in Oct 15. Note: Past performance is not indicative of future results, and there can be noassurance that future Abraaj funds will achieve comparable results or be able to avoid losses. Any mention of prior investment opportunities herein is only intended to illustrate our investment approach and active portfolioinvestment sourcing ability. The selected portfolio investments are intended to be illustrative of the types of investments that may enter into by Abraaj through its funds. There is no guarantee that any prior investmentopportunities will materialize and/or be consummated by Abraaj for the benefit of its funds in the future.

Case study : Singapore International Group of Schools

• Unique opportunity in a highly defensive yet growing privateeducation sector in Indonesia – attractive large-term dynamics inlight of low quality public schools, rising incomes and favorabledemographics, which are expected to buoy demand for privateeducation in Indonesia

• Strong brand equity with proven track record – considered one ofthe best in class operators placing an emphasis on recruiting /training of its teachers to continuously improve classroom deliveryand to enhance the student experience

• Strong platform to consolidate other single-asset or smaller K-12operators in what is a fragmented market across Southeast Asia –compelling opportunity to create a regional platform with scale andpresence across multiple markets

i. Drive growth of existing schools: Continue driving studentacquisition / retention processes to ensure increased enrolment;monitor roll out of new branding; optimize capacity utilization atthe expat-focused BV campus by introducing a second intake

ii. Improve organizational capabilities and infrastructure: Enhancesenior management capability with hiring of new academicdirector, marketing director and finance team. Upgrade ITinfrastructure to facilitate harmonization across systems andprocesses. Augment capacity / upgrade existing schools. Optimizecapital structure / financing by securing long-term IFC financing tofund facilities upgrades, new greenfield opportunities andacquisitions

iii. Execute on buy & build strategy to create regional K-12 platform:Accelerate platform acquisition strategy. Currently in process ofevaluating a number of opportunities in Indonesia and across theregion and finalizing documentation on first platform acquisition

iv. Expand reach of SIS by establishing new schools: Evaluateopportunities in targeted cities to open new schools in areas thatare under-served and exhibit unmet demand (Surabaya, Bandung,Makassar)

Date of Investment October 2015

Investment stake (%) 77.1%1


Founded in 1996, SIS is a K-12 school operator with eight schools andc. 2.9k students across five cities in Indonesia, targeting a wide incomediaspora across multiple price points. SIS offers top-notch educationbased on the highly rigorous Singapore, Cambridge and IB curriculums,but tailored to Indonesian audiences.


• The Company serves a rapidly growing e-commerce marketwhich is set to experience explosive growth of almost 3xover the next 4 years

• Powered by proprietary cloud-based technology, theCompany uses sophisticated algorithms to solve complexlogistics issues and optimize delivery routes

• Currently operates in Singapore, Malaysia and Indonesiasupporting c. 3,000+ e-commerce clients delivering over15,000 parcels / day

i. Market Share Consolidation: Further consolidate existingmarket position by enhancing customer management toincrease stickiness / loyalty and strengthening operationssuch as customer service and adherence to SLAs

ii. Enter New Markets: Evaluate the opportunity to enter intoJVs / partnerships with key strategic / logistics players.Target new business development including cross-bordere-commerce logistics and explore synergistic businessopportunities

iii. Institutionalization: Implementing / strengthening SOPs,governance and reporting mechanisms as well as makingnew hires in key functions

Date of Investment May 2016

Investment stake (%) 22.1%1

Invested Amount (US$) US$ 17mm1

Status Unrealised

Investment Summary

Key Value Creation InitiativesInvestment Rationale

Founded in 2014, Ninja Van is Southeast Asia’s fastestgrowing express technology-enable logistics company,offering same-day, next-day, returns and self-collectionthrough its unique ecosystem approach of managing self-owned and partner delivery assets and infrastructure

Note: 1Includes co-investment. Past performance is not indicative of future results, and there can be no assurance that future Abraaj funds will achieve comparable results or be able to avoid losses. Any mention of prior investmentopportunities herein is only intended to illustrate our investment approach and active portfolio investment sourcing ability. The selected portfolio investments are intended to be illustrative of the types of investments that may enterinto by Abraaj through its funds. There is no guarantee that any prior investment opportunities will materialize and/or be consummated by Abraaj for the benefit of its funds in the future.

Tech Enablement: Ninja Van employs a superior technologywhich allows for efficient delivery of parcels, real timetraceability of packages and API integration with e-commerce consumers

Case study : Ninja Van

| The Abraaj Group

North Africa II (as of Q4 2017)

80

Fund Size:

US$ 375 mm

Vintage:

2014

Net IRR / MoC

13.6% / 1.4x

Gross IRR / MoC

22.8% / 1.7x


** As of April 6, 2018..



Assad Tunisia Consumer Goods & Services Unrealized Sep-14 Dec-17 $15.1 $1.8 $13.4 $15.2 0.3% 1.0x

Aziza Tunisia Consumer Goods & Services Unrealized Sep-16 Dec-17 $12.4 $0.0 $19.7 $19.7 72.4% 1.6x

BHS Egypt Healthcare & Education Unrealized Sep-15 Dec-17 $45.0 $0.0 $51.8 $51.8 6.2% 1.2x

Cellulose Processing Algeria Consumer Goods & Services Unrealized Nov-15 Dec-17 $38.6 $0.0 $48.3 $48.3 10.8% 1.3x

CIRA Egypt Healthcare & Education Unrealized Sep-14 Dec-17 $20.3 $0.0 $39.2 $39.2 23.1% 1.9x

ODM Morocco Healthcare & Education Unrealized Dec-14 Dec-17 $23.1 $0.0 $42.5 $42.5 30.2% 1.8x

SAH Tunisia Consumer Goods & Services Unrealized Dec-15 Dec-17 $48.7 $0.0 $92.5 $92.5 37.7% 1.9x

NAHHG Egypt Egypt Healthcare & Education Unrealized Jul-14 Dec-17 $32.7 $0.0 $91.0 $91.0 40.5% 2.8x

NAHHG Tunisia Tunisia Healthcare & Education Unrealized Jul-14 Dec-17 $22.8 $0.0 $28.7 $28.7 8.2% 1.3x

Total Gross $258.6 $1.8 $427.1 $428.9 22.8% 1.7x

Paid in capital from initial commitment**: US$ 298.2m (0.80x)

The Abraaj Group

Investment Summary



Egypt Tunisia

Date of Investment July 2014 July 2014

Investment stake (%) 80%1 99.99%2

Invested Amount (US$) US$ 106.9 mm US$ 72.9 mm

81

1 Initial ownership of 100%, in June 2016 the company floated 20% of its shares on the Egyptian Stock Exchange. Ownership is expected to go down to c. 70% post a capital increase in December 2017 through a rights issue in Egyptto further fund Cleopatra’s expansion plans. 2 Through Clinique Taoufik. Note: Past performance is not indicative of future results, and there can be no assurance that future Abraaj funds will achieve comparable results or be ableto avoid losses. Any mention of prior investment opportunities herein is only intended to illustrate our investment approach and active portfolio investment sourcing ability. The selected portfolio investments are intended to beillustrative of the types of investments that may enter into by Abraaj through its funds. There is no guarantee that any prior investment opportunities will materialize and/or be consummated by Abraaj for the benefit of its funds inthe future.

Case study : NAHHG Egypt & Tunisia

• Fragmented healthcare market and few national or regional hospital chains with professional and modern management

• The healthcare market is a growing at 9% per annum driven by a rise in GDP per capita, a growing 65+ population, prevalence of lifestyle related diseases and increasing insurance penetration

• Significant undersupply of quality hospital beds, with a decaying public healthcare sector

• Potential to leverage scale of an integrated platform and ability to extract synergies and enhance operating efficiency, management quality, governance and profitability

NAHHG’s vision is to offer quality patient care through a scalableinstitutional approach to hospital management. Key focus areasinclude:

i. Leverage economies of scale to improve quality of care and address supply shortage

ii. Improve service quality by upgrading facilities and equipment, providing focused training and adopting global best practices, standards and codes

iii. Enhance efficiency by engaging qualified management teams, developing operational and cost synergies and upgrading the management information systems in hospitals

iv. Expand platform by acquiring additional hospitals in the capital city and tier 2 cities as well as setting up outpatient centers to serve as feeders to the hospital facilities

North Africa Hospital Holdings Group (“NAHHG”) was formed in 2014as a hospital owner/operator. In Egypt, NAHHG has been restructuredas “Cleopatra Hospital Group,” with four hospitals: Cleopatra Hospital,Cairo Specialized Hospital, Nile Badrawi Hospital and Al ShoroukHospital. In Tunisia, there are three hospitals: Clinique Taoufik,Clinique de La Soukra and Clinique Ezzahra.

The Abraaj Group

Investment Summary



82


Case study : Nahda University Egypt

Nahda University in Beni Suef (“NUB”) is the first private university inUpper Egypt offering affordable undergraduate programs in the fieldsof Pharmacy, Dentistry, Engineering, Media, Computer Science andMarketing.

• The University has a highly scalable model and benefits from a large local market base with pronounced supply/demand gaps, which continue to widen

• NUB’s ability to finance both organic and inorganic growth through its stable cash flows and growing revenues (26% CAGR over the past four years), and the significant potential to further expand inorganically across the region via add-on acquisitions

• Ability to leverage on Abraaj domain expertise in the Education space, namely with GEMS and CIRA, in identifying scope of improvements and implementing operational efficiencies through the value creation plan

The VCP included strategic initiatives and associated execution plans geared towards achieving mid and long-term growth and profitability. Key focus areas include:

i. Enhance existing infrastructure by adding new university buildings, optimizing class scheduling to debottleneck and free up capacity, launching new university branches, and acquiring add-ons. A new state-of-the-art Dentistry hospital has been erected, a teaching hospital has been leased, and a new Medical School faculty building is under construction in anticipation of approvals for the launch of the Faculty of Medicine in 2018.

ii. Improve offerings by strengthening the quality of education and labs, as well as improving the linkage to employers and branding of labs and courses with employer funded initiatives

iii. Explore new opportunities by introducing short term courses, diplomas with international institutes, post graduate studies, and employability workshops (soft skills and interview prep)

iv. Institutionalize the business and application of best practice ESG standards

Date of Investment September 2015


Invested Amount (US$) US$ 89.5 mm

| The Abraaj Group

Turkey I (as of Q4 2017)

83

Fund Size:

US$ 486 mm

Vintage:

2015

Net IRR / MoC

22.2% / 1.3x

Gross IRR / MoC

33.6% / 1.5x


** As of April 6, 2018.

Paid in capital from initial commitment**: US$ 218.3m (0.45x)Paid in capital from initial commitment including capital committed but not drawn**: (US$ 218.3m + US$ 70.9m = US$ 278.5m) (0.60x)



Fibabanka Turkey Financial Services Unrealized Jun-16 Dec-17 $52.0 $0.0 $62.3 $62.3 12.3% 1.2x

Hepsiburada Turkey Consumer Goods & Services Unrealized Jun-15 Dec-17 $76.0 $0.0 $190.0 $190.0 43.4% 2.5x

Netlog Turkey Industrials, Materials & Logistics Unrealized Jul-17 Dec-17 $64.5 $0.0 $64.5 $64.5 NM 1.0x

Yorsan Turkey Consumer Goods & Services Unrealized Aug-17 Dec-17 $50.0 $0.0 $50.0 $50.0 NM 1.0x

Total Gross $242.5 $0.0 $366.8 $366.8 33.6% 1.5x

Bridge Facilities

Netlog - Drawdown facility (including capitalised interest amount) $70.9

Total Bridge Facilities $70.9

The Abraaj Group

Investment Summary



84

1 Includes Co-Investment. Past performance is not indicative of future results, and there can be no assurance that future Abraaj funds will achieve comparable results or be able to avoid losses. Any mention of prior investmentopportunities herein is only intended to illustrate our investment approach and active portfolio investment sourcing ability. The selected portfolio investments are intended to be illustrative of the types of investments that mayenter into by Abraaj through its funds. There is no guarantee that any prior investment opportunities will materialize and/or be consummated by Abraaj for the benefit of its funds in the future.

Case study : Hepsiburada

Hepsiburada is the largest player in the high growth Turkish online

retail sector, offering more than 4.0 million SKUs across 30 product

categories. The Company receives more than 56 million visitors and

sells approximately 1.8 million items per month.

• Clear market leader in a rapidly expanding Turkish online retail sector, having grown 8 times the pace of the offline retail market in Turkey since 2007 and doubling GMV in 2016

• Market highly underpenetrated with online sales comprising c. 1.6% of the retail market o European and US averages of c. 7% and 12%, respectively

o China and South Korea averages 15%

• Dominant market share with 4+ million customers and 12 million registered members – Company generates significant traffic from repeat visits and unpaid channels (consistent low cost traffic generation)

Reinforcing Hepsiburada’s market leadership through launching newproducts, optimizing category & vendor management andstrengthening the technology team:

i. Category & vendor management: implementing a comprehensive and consistent category and vendor management framework with pricing optimization, vendor lifecycle management, inventory management and data systems improvements.

ii. Marketplace and last mile delivery: launch of Turkey’s first marketplace allowing third-party merchants to sell their goods. Product assortment expanded (without inventory risk), boosting the number of active SKUs on the website to over 4.0 million (approximately an 8x increase since investment), increasing overall profitability of the platform

iii. Technology: Strengthen IT management team by identifying and placing a Chief Technology Officer, Chief Data Scientist, Head of Engineering, Head Product Management and Technology lead for Payment Systems.

Date of Investment June 2015

Investment stake (%) 25%1

Invested Amount (US$) US$ 116 mm1

The Abraaj Group

Investment Summary



85

Past performance is not indicative of future results, and there can be no assurance that future Abraaj funds will achieve comparable results or be able to avoid losses. Any mention of prior investment opportunities herein is onlyintended to illustrate our investment approach and active portfolio investment sourcing ability. The selected portfolio investments are intended to be illustrative of the types of investments that may enter into by Abraaj through itsfunds. There is no guarantee that any prior investment opportunities will materialize and/or be consummated by Abraaj for the benefit of its funds in the future.

Case study : Fibabanka

Fibabanka (the “Bank”) is a medium-sized commercial and retail bank in Turkey with a nationwide distribution network of 81 branches in 21 cities. The Bank was acquired by Fiba Holding (“Fiba”) in December 2010, and, under Fiba ownership, the Bank has quadrupled its branch network and grew its assets & loans by 10x in four years.

• The Turkish banking sector is well-capitalized and regulated and is supported by attractive demographics, a large unbanked population(c. 40% of the population) and low household leverage ratios (c. 1/3of Eurozone average)

• The Bank focuses on commercial, corporate and SME customer segments that have higher resilience, growth and profitability compared to the Turkish retail banking sector, which is reflected in a best-in-class NPL ratio

• Fibabanka, backed by highly reputable investors, has a strong management team led by Husnu Ozyegin, one of the most prominent businessmen and successful bankers in Turkey

i. Improve underwriting with a focus on diversification: (i) improve credit underwriting discipline and institutionalize decision making process, (ii) diversify loan portfolio through new SME loans

ii. Accelerate non-interest income growth: (i) increase risk appetite in line with the market and boost trading income share in total, (ii) grow net fees and commissions income

iii. Consider inorganic growth opportunities: (i) identify potential acquisition targets, (ii) grow market share and accelerate operational efficiencies

iv. Expand and diversify funding mix: (i) grow deposit base with stable Loan/Deposit ratio, (ii) increase portion of deposit base in current accounts, (iii) evaluate opportunities to expand wholesale borrowing

v. Optimize distribution channels: (i) selectively grow branch network, (ii) further develop mobile and online banking

vi. Successfully grow SME segment: (i) continue to focus on acquiring and serving micro SME customers, (ii) improve SME risk assessment methods

Date of Investment June 2016


Invested Amount (US$) US$ 52 mm

The Abraaj Group

Investment Summary



86


Case study : Netlog

Date of Investment July 2017



Netlog is Turkey’s largest integrated logistics firm and pioneer intemperature-controlled logistics with pan regional operations. TheCompany operates one of the largest owned fleet in Turkey with over3,200 transport vehicles and has a strong market position in theattractive growth verticals of FMCG, food and beverage, retail andfashion.

• Growing logistics market due to Turkey’s strategic location, favorable consumer and regulatory trends, coupled with rising global trade

• Largest integrated player with niche value-added services - Strong market position in the attractive growth verticals of FMCG, food and beverage, retail and fashion

• Proven ability to grow the business organically & inorganically and both domestically & internationally on the back of deep management talent

• Attractive entry valuation and healthy exit prospects with potential interest from global strategic players

Abraaj’s objective is to position Netlog as one of the top 3 integratedsupply chain platform solutions providers in Turkey and MENA acrosskey growth verticals

i. Achieve dominant position in temperature controlled logistics: Leverage existing network to further penetrate large national retail accounts and increase presence in FMCG & Retail verticals

ii. Drive organic international expansion: Pursue M&A and JV opportunities by leveraging core capabilities in focused verticals (FMCG, healthcare and fashion) to unlock potential upsides

iii. Further expand in healthcare dedicated supply chain

iv. Grow fashion & lifestyle supply chain solutions and further penetrate in logistics support services

Key enablers: Technology (improving IT infrastructure, operational KPIs, CRM et al), People (driving strategic focus and empowering management, Process (further institutionalizing of the business)

| The Abraaj Group

AAF III (as of Q4 2017)

87

Fund Size:

US$ 990 mm

Vintage:

2015

Net IRR / MoC

27.6% / 1.5x

Gross IRR / MoC

51.6% / 1.7x

Note: As of December 31, 2017. (1) The Fund has committed US$ 121.7 million to Libstar, of which the funded portion is US$ 52.4 million and the balance is funded by a bank loan. (2) The Fund has committed US$ 148.5 million to

Java House of which US$ 102.2m is the funded portion as of Q4 2017.


Paid in capital from initial commitment**: US$ 558.3m (0.56x)Paid in capital from initial commitment including capital committed but not drawn**: (US$ 558.3m + US$ 115.5m + US$ 27.2m (bridge facility as at April 6, 2018) = US$ 701m) (0.71x)

Unfunded commitments include US$ 69.3m investment into Libstar funded by a loan against fund guarantee



Ghana Home Loans Ghana Financial Services Unrealized Dec-16 Dec-17 $47.0 $0.0 $64.2 $64.2 35.5% 1.4x

Mouka Limited Nigeria Consumer Goods & Services Unrealized Jun-15 Dec-17 $30.7 $0.0 $52.6 $52.6 23.8% 1.7x

Indorama Nigeria Industrials, Materials & Logistics Unrealized Mar-17 Dec-17 $148.5 $0.0 $299.0 $299.0 NM 2.0x

Libstar (1) South Africa Consumer Goods & Services Unrealized Oct-14 Dec-17 $52.4 $0.0 $129.4 $129.4 51.1% 2.5x

Java House (2) Kenya Consumer Goods & Services Unrealized Sep-17 Dec-17 $102.3 $0.0 $102.3 $102.3 NM 1.0x

Total Gross $381.0 $0.0 $647.5 $647.5 51.6% 1.7x


Libstar (1) $69.3

Java House (2) $46.2


Investments post Q4'17

JMH $130.0

Total Investments post Q4'17 $130.0

Total Investment Amount (including Unfunded Commitments + + Investments post Q4'17) $626.5

Bridge Facilities

Capital Call Facility $121.5

Total Bridge Facilities $121.5

The Abraaj Group

Investment Summary



88

Past performance is not indicative of future results, and there can be no assurance that future Abraaj funds will achieve comparable results or be able to avoid losses. Any mention of prior investment opportunities herein is onlyintended to illustrate our investment approach and active portfolio investment sourcing ability. The selected portfolio investments are intended to be illustrative of the types of investments that may enter into by Abraaj through itsfunds. There is no guarantee that any prior investment opportunities will materialize and/or be consummated by Abraaj for the benefit of its funds in the future.

Case study : Libstar

Libstar is a diversified FMCG manufacturer and supplier with interestsin enterprises that manufacture and distribute over 3,500 products inthe food, fast-casual dining and household goods segments, primarilyin South Africa. Some of Libstar’s most prominent customers includeMcDonald’s, Woolworths, Spinneys, Trader Joes, Kellogg’s, Aldi andTiger Brands.

• Leading Market position: Well-positioned to take advantage ofgrocery consolidation and growth, the rise of the private labelspace and the expansion of the Quick Service Restaurant (QSR)segment across South Africa and Sub-Saharan Africa

• Global connections: Deep relationships with fast growing blue-chipcustomers (e.g., Woolworths and McDonald’s) developed over 10+years

• Well-established and dynamic management team: The leadershipteam has been involved in various facets of the consumer goodsindustry for several decades (20+ years)

• Demonstrated buy and build history: Since its inception in 2005,Libstar has successfully acquired c. 28 business units andsubsidiaries, which have shown strong positive trends sinceacquisition

Established Libstar as the preferred and key supplier of private labelproducts in Sub-Saharan Africa through five key pillars:

i. Portfolio optimization and acquisitions: Establish focus onprivate label food products vs. non-food and divest non-corebusinesses (e.g. personal healthcare). Libstar has acquired 9businesses that added c. 25% to Group EBITDA on an annualizedbasis

ii. New markets: Expand geographically in the Middle East and intothe rest of Africa, supplying products to major grocery retailersand QSR players. Libstar has increased exports from c. 5% to c.25%

iii. Demand management: Implement a product managementdemand creation strategy for the Group

iv. Business unit strategies: Create verticals around key customersand product categories along with development of strategies ateach business unit level to ensure an adequate pipeline of newproducts

v. Enhanced central functions: Improve MIS, human resourcedevelopment and ESG functions; c. 97% of the ESG CAP’s arecompleted, with 33 items to be closed from the initial 417 items




The Abraaj Group

Investment Summary



89

1 Includes Co-Investment. Notes: Past performance is not indicative of future results, and there can be no assurance that future Abraaj funds will achieve comparable results or be able to avoid losses. Any mention of priorinvestment opportunities herein is only intended to illustrate our investment approach and active portfolio investment sourcing ability. The selected portfolio investments are intended to be illustrative of the types of investmentsthat may enter into by Abraaj through its funds. There is no guarantee that any prior investment opportunities will materialize and/or be consummated by Abraaj for the benefit of its funds in the future.

Case study : Indorama Fertilizers

Indorama Fertilizers is the leading urea fertilizer manufacturer in Sub-Saharan Africa, operating a 1.4 mm metric tons p.a. urea productionfacility based in Nigeria. The company plays a key role in supportingthe agricultural sector in Nigeria and West Africa by providing areliable supply of high quality fertilizers for local farmers.

• Low cost producer with unique competitive advantages

• Direct access to port for exports and the global urea market with attractive growth dynamics given its strategic location

• Long-term gas supply contract

• By-product sale agreement to sister company

• Off-take agreements for exports with two companies representing over 65% of annual total production

• Robust expansion plans to increase capacity and become one of the leading fertilizer producers globally

Abraaj’s objective is to leverage the Company’s capabilities to cementits position as a leading low cost urea producer globally and themarket leader in Sub-Saharan Africa

i. Route-to-market strategy: Engage in new partnerships in key import markets to drive higher margin international sales and build relationships with existing farmers, dealers and distributors to promote the product in Nigeria & West Africa

ii. Branding & Marketing: Develop an international brand & marketing strategy and enable targeted merchandising and brand visibility campaigns

iii. Capacity expansion: Achieve capacity expansion through debottlenecking and double urea production capacity in the medium terms

iv. Governance & IPO preparations: Establish robust corporate governance standards and practices




The Abraaj Group

Investment Summary



1 Committed Capital of US$ 148.5 mm. As of January 31, 2017. Past performance is not indicative of future results, and there can be no assurance that future Abraaj funds will achieve comparable results or be able to avoid losses.Any mention of prior investment opportunities herein is only intended to illustrate our investment approach and active portfolio investment sourcing ability. The selected portfolio investments are intended to be illustrative of thetypes of investments that may enter into by Abraaj through its funds. There is no guarantee that any prior investment opportunities will materialize and/or be consummated by Abraaj for the benefit of its funds in the future.

Case study : Java House Group

Established in 1999, Java House is the largest coffee-led, all-day casual dining chain in East Africa with operations through three concepts and 62 outlets across 12 cities in Kenya, Uganda and Rwanda.

• Java has been instrumental in the development of the ‘eat-out’culture in Kenya and is credited with creating the space since itsinception in 1999.o Brand has 87% unprompted awarenesso Rated #1 coffee house in Nairobi by Trip Advisor

• Java is best positioned to serve as the base of the platform Abraajintends to build across SSA in the Quick Service Restaurants (QSR)space.

• Java has the only formal supply chain of scale in the region, withthree commissaries and two coffee roasteries.

• Strong platform can be leveraged for growth across geographiesand concepts, organically and inorganically.

Abraaj, in partnership with the management team, will leverage JavaHouse’s market leadership position and strong heritage to grow thecompany into the leading pan-African casual dining / food servicesplatform, expanding into new markets organically and throughacquisitions.

i. Grow and explore new concepts: Grow existing concepts andintroduce new concepts in East Africa to cater to evolvingconsumer tastes across different income segments.

ii. Logistics optimization: Upgrade existing commissary with state-of-the-art technology to enhance current offerings and overalloperational efficiency.

iii. Drive market expansion: Replicate Java's success across targetmarkets in the continent, including Tanzania, Nigeria, Egypt andothers, organically and through acquisitions and partnerships, tocreate a Pan-African food services / casual dining platform.



Invested Amount (US$) US$ 103.2 mm 1

90

| The Abraaj Group

Latin America II (as of Q4 2017)

91

Fund Size:

US$ 355 mm

Vintage:

2015

Net IRR / MoC

15.0% / 1.2x

Gross IRR / MoC

27.2% / 1.4x

Note: As of December 31, 2017. (1) Laureate operates across Latin America but is headquartered in the United States. Investment in Laureate of US$ 71.0m wholly funded through debt.

** As of April 6, 2018.

Paid in capital from initial commitment**: US$ 199.1m (0.56x)Paid in capital from initial commitment including capital committed but not drawn**: (US$ 199.1m + US$ 84.2m = US$ 283.3m) (0.79x)



Casaideas Chile Consumer Goods & Services Unrealized Jan-17 Dec-17 $49.7 $0.0 $86.6 $86.6 77.8% 1.7x

Saint-Honore Panama Consumer Goods & Services Unrealized Apr-17 Dec-17 $22.0 $0.0 $21.4 $21.4 NM 1.0x

Urbano Peru Industrials, Materials & Logistics Unrealized Jul-15 Dec-17 $30.1 $0.0 $27.7 $27.7 NM 0.9x

Capa de Ozono Mexico Consumer Goods & Services Unrealized Jul-16 Dec-17 $16.3 $0.1 $17.9 $18.0 14.7% 1.1x

Laureate Education (1) Latin America Healthcare & Education Unrealized Nov-16 Dec-17 $0.0 $3.4 $18.1 $21.5 NM NM

QBCO Colombia Consumer Goods & Services Unrealized Sep-17 Dec-17 $33.7 $0.0 $33.5 $33.5 NM 1.0x

Total Gross $151.8 $3.5 $205.1 $208.7 27.2% 1.4x


Urbano $2.8

Laureate Education (1) $71.0

Casaideas $0.3

Saint-Honore $5.5

QBCO $4.6



Selina $22.0


Total Investment Amount (including Unfunded Commitments + Investments post Q4'17) $258.0

| The Abraaj Group

Latin America II – CKD (as of Q4 2017)

92

Fund Size:

US$ 191 mm

Vintage:

2016

Net IRR / MoC

(14.0%) / 0.8x as of Q2’17

Gross IRR / MoC

18.5% / 1.2x as of Q2’17


** As of April 6, 2018..

Paid in capital from initial commitment**: US$ 88.1m (0.46x)Paid in capital from initial commitment including capital committed but not drawn**: US$ 88.1m (0.46x)

Fund denominated in Mexican Pesos converted to USD as of 31 December 2017



Capa de Ozono Mexico Consumer Goods & Services Unrealized Jul-16 Dec-17 $28.1 $0.6 $30.9 $31.5 NA 1.1x

Emerging Energy Mexico Energy and Infrastructure Unrealized Oct-17 Dec-17 $21.9 $0.0 $21.9 $21.9 NA 1.0x

Total Gross $50.0 $0.6 $52.8 $53.4 NA 1.1x


Emerging Energy $3.4



Selina $12.8


Total Investment Amount (including Unfunded Commitments + Investments post Q4'17) $66.2

The Abraaj Group

Investment Summary



93

Source: 1 Euromonitor. Past performance is not indicative of future results, and there can be no assurance that future Abraaj funds will achieve comparable results or be able to avoid losses. Any mention of prior investmentopportunities herein is only intended to illustrate our investment approach and active portfolio investment sourcing ability. The selected portfolio investments are intended to be illustrative of the types of investments that mayenter into by Abraaj through its funds. There is no guarantee that any prior investment opportunities will materialize and/or be consummated by Abraaj for the benefit of its funds in the future.

Case study : Casaideas

Casaideas is a leading regional retailer focused on affordable home decor with 33 stores in Chile, 16 in Peru and seven in Bolivia. The Company’s main business lines include Home (Living Room, Table, Bathroom, Bedroom and Kitchen) and Kids (Toys, Bedroom, Bathroom and Stationery).

• Brand recognition: Leading company and recognized brand offering affordable versions of aspirational products

• Successful business model: Quality, price and product mix highly acknowledged by customers. The Company has shown resilience in its sales relative to the economic slowdown in 2015/2016

• Strong market growth: Sales in the home-ware and home furnishing categories have grown at a CAGR of 6.4% in Chile and 8.7% in Peru from 2010-20151

• Potential for value creation: Expand to Colombia and Mexico, and further penetrate domestic markets by expanding presence in Peru’s and Chile’s second tier cities

i. Drive regional expansion: Continue to implement plan forexpansion. In addition to six new stores (Chile – 4, Peru – 2)opened during 2017, the first store in Colombia will open in Q22018

ii. Increase revenue per sqm: (i) Optimize product assortment (ii)drive higher customer conversion through better staffing andtraining (iii) reduce stock breaks, and (iv) Develop new pricingstrategy

iii. Explore new concepts and business lines: Develop e-commerceplatform (expected to launch Q1 2018), ready-to-assemblefurniture, small electronic appliances, and corporate businesspartnerships

iv. Optimize procurement strategy: Consolidate the number ofsuppliers by establishing a representative office in China todevelop closer relationships with key suppliers

v. Logistics optimization: New state-of-the-art distribution centerlaunched October 2017 that will enable Casaideas to sustaingrowth and launch its e-commerce channel




The Abraaj Group

Investment Summary



As of January 31, 2018. Past performance is not indicative of future results, and there can be no assurance that future Abraaj funds will achieve comparable results or be able to avoid losses. Any mention of prior investmentopportunities herein is only intended to illustrate our investment approach and active portfolio investment sourcing ability. The selected portfolio investments are intended to be illustrative of the types of investments that mayenter into by Abraaj through its funds. There is no guarantee that any prior investment opportunities will materialize and/or be consummated by Abraaj for the benefit of its funds in the future.

Case study : QBCo

Colombia’s largest private label food manufacturing company with astrong track record of 30+ years in the market. The Company servesretailers in Colombia, Panama and the United States, offering morethan 53 products in different categories.

• The private label industry in Colombia is experiencing risingdemand due to an increased penetration of discount retailers, withstore numbers expected to triple in five years.

• Colombia ranks as the number one private label developer in LatinAmerica. Given its strategic focus on the private label industry,QBCo is in a strong position to take advantage of market demand.

Abraaj will leverage its expertise within the Fast-Moving ConsumerGoods (FMCG) sector to expand QBCo’s product categories, supportthe development of best-in-class service levels, strengthen its retailerrelationships, and focus on implementing operational improvementsto support QBCo’s expansion across Latin America and the UnitedStates.

i. Organic growth initiatives: (i) Continue market penetration withexisting categories, (ii) continue growth with current customers,(iii) develop new categories to penetrate existing and newcustomers, and (iv) develop a trading business unit.

ii. Inorganic growth initiatives: Identify potential targets in bakery,processed meats, ice cream, powder beverages, among others.

iii. Operational improvements: (i) Capacity expansion, (ii) Sabanetaplant reallocation, (iii) debottlenecking packaging processes, and(iv) IFS certification and other quality certificates.

iv. Financial improvements: (i) Optimize the working capital cycle,and (ii) optimize capital structure, and (iii) optimize FX coveragestrategy.




94

The Abraaj Group

Investment Summary



95

1Includes US$ 20 mm of debt. As of January 31, 2018. Past performance is not indicative of future results, and there can be no assurance that future Abraaj funds will achieve comparable results or be able to avoid losses. Anymention of prior investment opportunities herein is only intended to illustrate our investment approach and active portfolio investment sourcing ability. The selected portfolio investments are intended to be illustrative of the typesof investments that may enter into by Abraaj through its funds. There is no guarantee that any prior investment opportunities will materialize and/or be consummated by Abraaj for the benefit of its funds in the future.

Case Study : Selina

Founded in 2015 as a “lifestyle hospitality” business, Selina is Latin

America’s fastest growing tech-enabled hostel platform and currently

operates 20 properties across Colombia, Mexico, Panama, Costa Rica,

Guatemala, and Nicaragua.

• Selina is the leading travel solution for millennials due to itscontemporary hostel design, focus on tech, and affordable pricepoint.

• Disruptive opportunity to become a market leader in anunderpenetrated market.

• Selina boasts an asset-light and scalable business model whichallows the management team to identify assets quickly, convertthem cost effectively, and operate them more efficiently thancompetitors.

• World class and highly motivated management team with a uniqueset of backgrounds including WeWork, Generator, and the MarriotGroup amongst others.

Abraaj and Selina are focused on creating a seamless guest experienceand are in the process of integrating an in-house technology platformto enhance operations and the overall customer experience. TheCompany has a global expansion plan and expects to have c. 50,000beds across the Americas, Asia, and Europe by 2020.

i. Footprint expansion: Leverage Abraaj’s local reach and globalnetwork to help Company to expand into new markets acrossLatin America and Asia.

ii. Launch technology platform: Work with Chief Technology Officer(ex-888 Gaming executive) to create seamless tech-enabledexperience for customers, and back office solutions to supportoperation and expansion.

iii. Develop business lines: Utilize Abraaj sector knowledge to assistwith the development of diversified revenue streams includingSelina Xplore product, merchandise, and F&B offering.

iv. Improve ESG standards: Implement governance policies and ESGpractices, including the formation of a board and its committees.



Invested Amount (US$) US$ 50 mm 1

| The Abraaj Group

Abraaj Growth Markets Health Fund (as of Q4 2017)

96

Fund Size:

US$ 850 + 150* mm

Vintage:

2016

Net IRR / MoC

(2.0%) / 0.97x

Gross IRR / MoC

10.0% / 1.1x


*OPIC Commitment of US$150mm

** As of April 6, 2018.

Paid in capital from initial commitment**: US$ 402.8 (0.47x)Paid in capital from initial commitment including capital committed but not drawn**: (US$ 402.8m + US$ 253.9m = US$ 656.7m) (0.77x)



Quality Care India Limited India Education and Healthcare Unrealized Feb-16 Dec-17 $146.5 $0.0 $148.6 $148.6 NM 1.0x

Islamabad Diagnostic Centre Pakistan Education and Healthcare Unrealized Dec-16 Dec-17 $11.8 $0.0 $17.0 $17.0 43.6% 1.4x

Avenue Group Kenya Education and Healthcare Unrealized Jan-17 Dec-17 $49.9 $0.0 $49.9 $49.9 NM 1.0x

Avicenna Healthcare Pakistan Education and Healthcare Unrealized Feb-17 Dec-17 $9.9 $0.0 $17.7 $17.7 NM 1.8x

Gate Healthcare Pakistan Education and Healthcare Unrealized Feb-17 Dec-17 $22.5 $0.0 $30.7 $30.7 NM 1.4x

Perregrin Properties Limited Nigeria Education and Healthcare Unrealized Apr-17 Dec-17 $9.9 $0.0 $17.6 $17.6 NM 1.8x

Abraaj Admiralty Hospital Nigeria Education and Healthcare Unrealized Apr-17 Dec-17 $17.9 $0.0 $23.7 $23.7 NM 1.3x

Healthlink Management Kenya Education and Healthcare Unrealized May-17 Dec-17 $77.2 $0.0 $77.2 $77.2 NM 1.0x

Metropolitan Hospital Holdings Kenya Education and Healthcare Unrealized Nov-17 Dec-17 $11.1 $0.0 $11.1 $11.1 NM 1.0x

Total Gross $356.7 $0.0 $393.4 $393.4 10.0% 1.1x


Quality Care India Limited $3.5

Islamabad Diagnostic Centre $8.0

Avenue Group $12.0

Avicenna Healthcare $66.4

Gate Healthcare $15.5

Perregrin Properties Limited $105.7

Abraaj Admiralty Hospital $25.3

Healthlink Management $12.8

Metropolitan Hospital Holdings $4.7


Total Investment Amount (including Unfunded Commitments) $610.6

The Abraaj Group

Investment Summary



1 AGHF’s stake is on a fully diluted basis excluding co-investors stake. As of January 31, 2018. Past performance is not indicative of future results, and there can be no assurance that future Abraaj funds will achieve comparableresults or be able to avoid losses. Any mention of prior investment opportunities herein is only intended to illustrate our investment approach and active portfolio investment sourcing ability. The selected portfolio investments areintended to be illustrative of the types of investments that may enter into by Abraaj through its funds. There is no guarantee that any prior investment opportunities will materialize and/or be consummated by Abraaj for thebenefit of its funds in the future.

Case Study : CARE Hospitals

Founded in 1997 by a team of India’s leading cardiologists, CAREHospitals is an integrated healthcare services provider with respectedyet competitively priced programs in high-end tertiary care includingcardiac care, neurosciences, orthopedics and renal care across central& western India. Today, CARE operates 15 hospitals in 6 cities with+2100 beds.

• CARE has an established business model with well-developedoperations, proven systems, processes, and management.

• CARE has high visibility on the proposed three-year expansion planwith 496 out of 1,143 planned beds in advanced stages ofcompletion and 207 beds in low-risk brownfield phase.

• Envisioned as a Center of Excellence (“CoE”) for AGHF markets. TheCARE hospitals will act as referral hubs for other AGHF facilities andalso provide support to all AGHF hospital assets for medicalprograms, infrastructure, talent development and training.

• An innovation-oriented organization. It has pioneered low-coststent manufacturing (though a separate entity) and has strongcredentials for revamping of facilities, engineering processes, andin-house training programs.

Abraaj has a three‐fold value creation plan (VCP) for CARE, whichincludes: (1) growing CARE’s India business, (2) supporting AGHF’sglobal strategy by leveraging CARE’s capabilities, and (3) creatingsignificant impact through the improvement of quality, accessibilityand affordability of healthcare services. The VCP has the following keyaspects:

i. Expansion of Services: Expand CARE’s offerings to otherquaternary care services including oncology, liver transplant,renal transplant and high-end cardiac procedures.

ii. International Patient Business: Establish CARE as an internationalbrand by offering high‐end multi‐specialty services in otherunder‐served healthcare markets such as Myanmar, Bangladeshand Africa.

iii. CARE as a Center for Excellence: CoE for all future AGHF hospitalinvestments and support AGHF businesses through the building ofclinical corridors for patients, exchanging clinical talent,developing clinical systems and protocols, training of staff, HRand IT.

Invested Amount (US$):US$ 146.5 mm

Sector:Healthcare & Education

Invested Stake (%):59.8%1

Fund: AGHF

Country:India

Date of Investment:February 2016

97

The Abraaj Group

Investment Summary




Case Study : Nairobi Women’s Hospital (NWH)

NWH is one of Kenya’s largest chain of hospitals, with a current capacity of 371 beds and offers secondary and limited tertiary care services. The group currently operates 4 secondary facilities and one outpatient facility. In addition, NWH runs a well-respected and established Gender Violence Recovery Center (“GVRC”) that caters to victims of gender based violence.

• Supply/demand gap: Nairobi East, which represents c. 62% of thetotal population of Nairobi and is largely in the low and middleincome bracket, is lagging in bed capacity.

• NWH is known for its top-tier physicians and medical services,including maternity and paediatric, ophthalmology, orthopedics,ICU, surgical services, and emergency services.

• Solid operating base: NWH has a strong management team and agrowth plan for the coming five years, including organic andinorganic expansion as well as improvement in existing facilities tofurther grow margins and improve access to super specialtyservices.

The AGHF team has identified the main drivers that form the core of the value creation plan (VCP) for NWH: i. Alignment with AGHF platform strategy – move from secondary

to tertiary services via a hub and spoke model.• NWH is an outpatient driven business with secondary care

inpatient services (i.e. relatively non-complex). AGHF will increase the complexity of the service mix offered to a large underserved population thereby, for example, increasing theatre utilization and improving the OP/IP conversion rate.

• Several key specialties have been identified that will push NWH towards a more tertiary care offering, with the Team identifying named doctors for each specialty and current case load, to support the Business Case (neurosurgery, spinal surgery, orthopedic surgery, and oncology surgery).

ii. Driving top line growth by focusing on NCD and orthopaedics to drive additional operating theatre utilization.

iii. Enhance future operations by leveraging the AGHF platform for synergies in the design and build of physical infrastructure (e.g. expansion of ICU beds), clinical planning, staff training, IT system implementation/upgrade, and general procurement.



Invested Stake (%):75.0%

Fund: AGHF

Country:Kenya

Date of Investment:April 2017

98

The Abraaj Group

Investment Summary




Case Study : IDC

Founded in 2004, Islamabad Diagnostic Centre is a an affordable diagnostics business operating 30+ centers in Pakistan. IDC offers a range of laboratory services and scans ranging from X-ray to MRIs. It operates 24/7, 365 days a year and employs over 250 people, including doctors, radiologists, pathologists, and project managers/admin.

• Growing and underpenetrated healthcare market with anopportunity for consolidation: diagnostics market is highlyfragmented across the country with fewer than 10 players havingmore than 20 centers.

• Track record of profitable growth and strong brand: large andgrowing patient base with over 1,000 patients/day across theexisting centers, grown at over 20% y-o-y over the past two yearswhile increasing the EBITDA margin.

• Good fit for AGHF diagnostics strategy: IDC has a comprehensivebusiness model, offering both of radiology and pathology services ina hub & spoke network.

Abraaj has a three-fold value creation plan (VCP) for IDC: (1) increase utilization and enhance service offering in existing facilities; (2) rollout of new facilities across existing and new cities; and (3) bolt-on acquisitions across Pakistan. The VCP has the following key aspects:i. Add new service offerings in existing branches and drive volume

in underutilized branches. ii. Enter into new corporate agreements to increase panel patient

flow.iii. Invest in brand building, customer acquisition and preventive

healthcare campaigns. iv. Expand and optimize collection point/spoke network in rural

areas to drive referral volumes to main Tertiary Diagnostic Centers and Secondary Diagnostic Centers for complex tests and imaging.

v. Rollout of additional 30 centers across Islamabad, Rawalpindi, and other identified cities in the Punjab region.

vi. Develop partnerships with the government and private hospitals to outsource their diagnostics requirements.

vii. Invest in data/analytics to gain insights into disease burden and local health trends in order to expand lab offerings.



Invested Stake (%):50.0%

Fund: AGHF

Country:Pakistan

Date of Investment:December 2016

99

| The Abraaj Group

Abraaj Global Credit Fund (as of Q4 2017)

100

Fund Size:

US$ 248 mm

Vintage:

2017

Net IRR / MoC

NM / 0.98x

Gross IRR / MoC

NM / 1.0x



Paid in capital from initial commitment:** US$ 60.0m (0.24x)Paid in capital from initial commitment including capital committed but not drawn:** US$ 105.5m (0.43x)



Aegis India Business Services Unrealized Nov-17 Dec-17 $25.0 $0.0 $25.4 $25.4 NM 1.0x

Total Gross $25.0 $0.0 $25.4 $25.4 NM 1.0x


Project Cell II $35.0

Project Car $45.5


Total Investment Amount (including Investments post Q4'17) $105.5

The Abraaj Group102

Abraaj Private Equity Fund VI will seek to invest in…

1 Nothing contained herein should be deemed to be a prediction or projection of future performance. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investorshould evaluate its ability to invest for the long term especially during periods of a market downturn. Moreover, there can be no assurance that the targeted performance of these initiatives will be realized.

APEF VI will seek to invest in market-leading companies in sectors and markets Abraaj knows well

• Market-leading companies in defensive sectors• Scalable businesses with strong management teams, a sustainable competitive advantage

and robust quality of earnings• Control-themed transactions where we have alignment with management on value levers

and the ability to drive growth agenda

Market-leading

companies

4 core

sector groups Industrials,

Materials & Logistics


FinancialServices

ConsumerGoods & Services

…creating a diversified portfolio targeting 25-30% gross returns1

Cities in 20primary markets

and 12 secondary markets

ChileColombia

EgyptGhana

IndiaIndonesia

KenyaMexico

MoroccoNigeria

PakistanPeru

Saudi ArabiaSingapore

South AfricaThailand

TunisiaTurkey

UAEVietnam

The Abraaj Group

GICThe Global Investment Committee is at the heart of The Abraaj Group, bringing over 135 years of combined experience in our markets to bear and providing consistent underwriting for every transaction. GIC members

have been responsible for each of the 200+ investments in our 15+ year track record

Fund SizeUS$ 5.1 billion was raised for the current generation of private equity funds.2 APEF VI is targeting US$ 6

billion and currently has visibility on a pipeline of potential transactions worth US$ 31 billion3

Markets 20 primary markets across Africa, Asia, Latin America, Middle East and Turkey

TeamSame Global Investment Committee and core investment team responsible for investing and managing the

previous generation of funds. Partners on the APEF VI team have an average tenure at Abraaj of over ten years; Managing Directors and Directors have an average tenure of over six years

Sectors & Value Creation

Abraaj has achieved 98 exits and realized gross IRR of 45.1%1 in sectors reflecting APEF VI’s mandate

103

Information as of June 30, 2017. 1 Relates to Included Sector Investments. The aggregate Gross IRR for all Included Sector Investments and Excluded Sector Investments is 21.6% and the Net IRR is 12.8%. The aggregate Gross IRR forthe 17 excluded investments within the Excluded Sectors is 9.9%. 2 Includes funds raised for Current Generation Funds including the Abraaj Mexico CKD vehicle, as well as associated Co-Investments of US$ 632 mm as of June 30,2017. 3 Includes Co-Investment. The pipeline of potential investment opportunities is based on information available as of November 20, 2017, and is subject to change. Any mention of potential investment opportunities herein isonly intended to illustrate our investment approach and active portfolio investment sourcing ability. There is no guarantee that any such potential investment opportunity will materialize and/or be consummated by The AbraajGroup for the benefit of the APEF VI. Each recipient of this presentation should bear in mind that past performance is not indicative of future results, and there can be no assurance that future Abraaj Funds will achieve comparableresults or be able to avoid losses. Please refer to the Performance Notes included herein for additional information and applicable definitions.

APEF VI is consistent with our investment experience

The Abraaj Group104

From 2011 to date, c. US$ 510 billion was deployed across c. 2,500 private acquisitions in investiblesectors (excluding real estate, energy, and utilities) in Abraaj’s markets2 for deal sizes ranging fromUS$ 50 million – US$ 1 billion

As of June 30, 2017. 1 Deals exclude PIPEs, acquisition of publicly listed companies’ stakes (including M&A) and buyback of public equity stakes and include growth and private equity transactions, acquisitions of private equity stakes(including M&A) and venture capital transactions. 2 Abraaj Markets refer to Abraaj’s 20 primary and 12 secondary markets. Sectors exclude Real Estate, Energy and Utilities. Source: Capital IQ.

Recent transactions show the depth of the private markets1

Transactions by Size (by US$)

893 DealsUS$ 100-250 mm

27%

381 DealsUS$ 250-500 mm

26%

230 DealsUS$ 500-1000 mm

32%

1,049 DealsUS$ 50-100 mm

15%

Transactions by Sector (by US$)

735 DealsConsumer Goods &

Services29%

700 DealsIndustrials, Materials

& Logistics28%

380 DealsFinancial Services

17%

436 DealsOther19%

179 DealsHealthcare &

Education7%

The Abraaj Group

Ability to transact on a proprietary basis

Stress testing on capacity and people

in existing Abraaj platform

Vintage year diversification

Diversification by Sector, Region and

Country

Size and Risk/Return profile

Meaningful exposure to $ pegged currencies

Platform playsCo-Investment opportunities

Warehousing opportunities with

substantial chance of being early winners

APEF VI’s target portfolio was constructed by taking into account the following parameters

105

Targeted portfolio construction

The Abraaj Group

28 Deals – US$ 5.6 billion(+ US$ 2.3 billion Co-Invest)

Target Signature List

173 Deals - US$ 70 billion


APEF VI Initial Screening List

APEF VI Pipeline


Abraaj Pipeline Deals1 Screened

106

1 The Abraaj pipeline includes deals at Deal Identification, Pre-Screening, Screening and Post-Screening stage above US$ 50 mm Note: The above numbers include Co-Investment capital available. Any mention of potentialinvestment opportunities herein is only intended to illustrate our investment approach and active portfolio investment sourcing ability. There is no guarantee that any such potential investment opportunity will materialize and/orbe consummated by The Abraaj Group for the benefit of the APEF VI.

Over 300 deals were screened to develop a target pipeline

The Abraaj Group

Potential Transactions by Sector (US$ mm)

107

15 of the 28 target deals—comprising 60% of the investable capital—are multi-platform strategies, enabling potential synergies across regions and enhanced exit opportunities

Notes: Percentage is based on US$ mm. “Pan-Regional” refers to companies that are present across countries. Any mention of potential investment opportunities herein is only intended to illustrate our investment approach andactive portfolio investment sourcing ability. There is no guarantee that any such potential investment opportunity will materialize and/or be consummated by The Abraaj Group for the benefit of the APEF VI.

The target deals represent a diversified group of sectors and countries

Potential Transactions by Country (US$ mm)

3 DealsPan-Regional

22%

3 DealsMexico

10%

3 DealsIndia9%

1 DealSaudi Arabia

9%

2 DealsEgypt

9%

2 DealsSouth Africa

9% 2 DealsPakistan

8%

2 DealsTurkey

8%

4 DealsKenya

6%

2 DealsColombia

4%

2 DealsUAE3%

1 DealChile 2%

1 DealPeru1%

12 DealsConsumer Goods &

Services42%

7 DealsHealthcare & Education

22%

6 DealsFinancial Services

21%

3 DealsIndustrials, Materials &

Logistics15%

The Abraaj Group108

Notes: All amounts are in US$ mm unless otherwise stated. Any mention of potential investment opportunities herein is only intended to illustrate our investment approach and active portfolio investment sourcing ability. There isno guarantee that any such potential investment opportunity will materialize and/or be consummated by The Abraaj Group for the benefit of the APEF VI.

APEF VI Pipeline – Target Pipeline (1/6)

A: TARGET PIPELINE FOR TRANSACTIONS OVER US$ 500 MM

No. Name Comment StrategySize

(US$ mm)Available Co-

Invest (US$ mm)Source Sector

1 GulftainerIndependent port management and 3PL logistics company based in UAE with international presence across seven countries

Potential to acquire additional market share inside and outside the GCC area via the implementation of buy and build strategy targeting local and GGM players

600 200 ProprietaryIndustrials, Materials &

Logistics

2 KFC PlatformLeading global QSR chain in Turkey, Asia, Africa and other GGM Markets

Consolidate across markets, add scale premium and efficiency and list in a primary market

500 100 Proprietary Consumer

3MagrabiOpticals

Leading eyewear chain specializing in opticals and eyecare across the MENA region with over 150+ retail outlets

Proprietary opportunity that presents an exciting opportunity to build and expand a regional leader in the optical/eyewear space prior to an IPO

500 - Proprietary Consumer

Target Pipeline over US$ 500 MM + 3 Deals 1,600 300

The Abraaj Group109



B: TARGET PIPELINE FOR TRANSACTIONS BETWEEN US$ 250 - 500 MM




1Bestday + PriceTravel

Integrated travel group in LatAmRoll-up of LatAm online travel business, optimize operations, and prepare company for IPO


2 JuhaynaOne of the largest Egyptian dairy and yogurt companies

Grow the business across other countries and increase exports all over Africa


3Liberty Insurance

Financial services group offering life and health insurance, investment management and financial support for retirement. Parent, Standard Bank to sell non-core Basel 3 assets

Buyout from parent (wrong fit) and build insurance platform across GGM; sale to global strategic

350 300 Proprietary Financials

4MeezanBank

Leading bank in Pakistan with 551 branches across 143 cities. Owns the largest asset management company in Pakistan with c. US$1bn in AuM

Noor Financial (part of NIG Kuwait) looking to sell its 49%. Meezan remains the leading bank. Opportunity to improve asset mix


Target Pipeline between US$ 250 - 500 MM 4 Deals 1,150 700

The Abraaj Group110



C: TARGET PIPELINE FOR TRANSACTIONS BETWEEN US$ 100 - 250 MM




1 3BLeading soft discount retailer in Latin America, operating six distribution centers and over 600 stores

Abraaj has been in bilateral conversations with owner of asset for over a year and can help expand the growth of stores


2 AlpinaAlpina manufactures and sells dairy products and beverages in Colombia, Ecuador, Venezuela, Peru, USA and the Caribbean

Opportunity for growth capital for additional acquisitions and potential IPO


3AmounPharma

Amoun Pharma specializes in the development, manufacturing, marketing, distribution and export of a wide range of human pharmaceutical and animal health products

Buyout from parent (wrong fit) and build pharma platform across GGM, sale to global strategic - Sale from Valeant

200 200 ProprietaryHealthcare &

Education

4Yapi Kredi Card Payment Systems

Turkey market leader in issuance with +10m credit cards and +8m debit cards

Carve out from current owner (large Turkish bank) and crystallize growth potential as independent company, pursue regional expansion


5 Capital FirstIndian Non-Banking Company (NBFC) focused on providing financial services to retail and MSME customers in urban areas

Opportunity to acquire a majority stake from PE who has been invested since 2012 and now looking to exit

200 100 Non-Proprietary Financials

6Grupo OCA Hospitals

One of Mexico's largest private hospital chainsAcquire platform, build third largest chain of hospitals in Mexico

150 100 Non-ProprietaryHealthcare &

Education

7 Healthium

Largest Indian surgical and medical consumables company that develops, manufactures and markets products in India and abroad

Opportunity to buy majority stake from existing PE firm

200 - Non-ProprietaryHealthcare &

Education

8 Ilumno

Higher education platform including a technology solution partnership platform that facilitates the digital transformation of higher education institutions across Latin America

Growth across the region by securing new institutions and achieve scale for IPO

100 - ProprietaryHealthcare &

Education

The Abraaj Group111



C: TARGET PIPELINE FOR TRANSACTIONS BETWEEN US$ 100 - 250 MM




9 J&J logistics

J&J provides transport and logistics services. The company specializes in the transportation of dry bulk, containerized, project and out of gauge cargo, as well as break-bulk goods and heavy loads

An opportunity to partner with a company that can capitalize on the landlocked nature of the countries in the Southern Africa market and diversify from agri to other sectors in order to increase/diversify the revenue base

150 100 ProprietaryIndustrials, Materials &

Logistics

10 Medanta

A multi-super specialty institute, provides healthcare services. Its institute includes a research center and a medical and nursing school in India

Opportunity to buy significant minority stake from existing sponsors as well as infuse primary capital

130 70 Non-ProprietaryHealthcare &

Education

11 Sanovel Ilac3rd largest local pharma player in Turkey, focusing on branded generics; c.US$60m EBITDA

Potential to become a GGM pharma manufacturing platform through M&A


Education

12 Beaconhouse Largest group of schools in Pakistan (with significant international operations) with 600 schools and 260k students

PE Firm owns 25% and the family (with generational change) may be convinced to cede control


Education

Target Pipeline between US$ 100 - 250 MM 12 Deals 2,060 1,320

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D: TARGET PIPELINE FOR TRANSACTIONS UNDER US$ 100 MM




1 Agrosan

Leading company in Colombia with +30 years of experience in the animal feed rendering industry, manufacturing flour, tallow and oils, based on the byproducts of the meat production chain

Implement a growth strategy through a combination of organic and inorganic approaches

90 - Non-Proprietary Consumer

2Apollo Insurance

Leading financial services group operating general, life insurance and asset management businesses in Kenya

Leverage on high quality in a fast-growing sector with currently low penetration rates, and a macro economic environment supportive of the sector

90 - Proprietary Financials

3 Checkout

International financial services and technology company powering cross-border online payments solutions. Offers multi-currency solutions, tokenization and fraud management in the GCC

Opportunity to inject capital to help grow access across regions

85 - Proprietary Financials

4 DegasaLeading QRS franchisee for KFC, Wendy's and China Wok in Chile and Argentina. Currently operating 103 stores

Expand footprint organically within Chile and Argentina. Possible consolidation opportunities with QSR platforms in Mexico and South America

90 Non-Proprietary Consumer

5 Jumia

Jumia is the largest eCommerce platform in Africa, connecting local and international brands and services with consumers. The Company operates in 12 African countries including Nigeria, Kenya, Ghana and Egypt

Well positioned to take advantage of attractive macro environment in Africa, which currently has 29% internet penetration growing 4% annually, a relatively young population and is projected to witness strong private consumption growth


6Property Finder

Property Finder became the UAE’s first online real estate catalog. The interface allows visitors to browse for free over 80,000 residential and commercial properties, posted by over 500 real estate agents

The UAE is one of the markets where significant consolidation is already achieved, allowing value-creation


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D: TARGET PIPELINE FOR TRANSACTIONS UNDER US$ 100 MM




7 Pwani Oil

Palm oil refinery selling branded edible oils, soaps and B2B products made from the byproducts of the palm oil refining process in Sub Saharan Africa

Potential primary investment to extend distribution networks, increase palm oil refining capacity and potentially enter new markets through joint venture partnerships


8 Sunbird

Integrated support services platform operating primarily in East Africa and has 3 distinct units (Support, Property and Business Services supported by two other segments: construction services management and Sunbird Finance)

The deal team is in discussions to invest in the business to support the sponsors in gaining a first mover advantage in a fast-growing sector and region via a buy and build strategy to create an integrated facilities management platform across the region

75 - ProprietaryIndustrials, Materials &

Logistics

9 Virutex-Ilko

Leading Chilean manufacturer and distributor of branded kitchenware and cleaning products, with operations in Chile, Peru, Colombia, Mexico and Argentina

Opportunity to expand geographically and to grow through acquisitions

75 - Non-Proprietary Consumer

Target Pipeline Under US$ 100 MM 9 Deals 740

The Abraaj Group

1. Past performance should not be relied upon as an indication of future results. Investment in a fund involves significant risks, including loss of the entire investment. APEF VI is a newly organizedentity and has no prior operating history or track record. Accordingly, APEF VI does not have past performance history for a prospective investor to consider. In considering prior performanceinformation of the Abraaj Funds, prospective investors should bear in mind that past performance may not be indicative of future performance. There can be no assurance that the results achievedby Abraaj Fund’s past investments will be achieved in the future, and economic conditions under which APEF VI will invest may differ materially from the conditions under which the Abraaj Fundswere invested.

2. Abraaj Funds: Legacy Funds, Current Generation Funds and Separate Strategy Funds but excludes Discontinued Funds.

3. Abraaj Markets: Consist of 20 primary markets (Chile, Colombia, Egypt, Ghana, India, Indonesia, Kenya, Mexico, Morocco, Nigeria, Pakistan, Peru, Saudi Arabia, Singapore, South Africa, Thailand,Tunisia, Turkey, United Arab Emirates and Vietnam) and 12 secondary markets (Algeria, Argentina, Bangladesh, Brazil, Côte d'Ivoire, Ethiopia, Jordan, Malaysia, Myanmar, Philippines, Sri Lanka andTanzania).

4. Africa I: Collectively, Aureos East Africa Fund (“East Africa Fund”), Aureos West Africa Fund (“West Africa Fund”) and Aureos Southern Africa Fund (“Southern Africa Fund”).

5. Aggregate Private Equity Track Record: Legacy Funds, Current Generation Funds, Co-Investments and the Arranged Investment, excluding Excluded Sector Investments. The Aggregate PrivateEquity Track Record was not managed as a single fund or portfolio, and investments were made over a long period of time and over the course of various market and macroeconomic cycles, andsuch circumstances may be different than those in which APEF VI may invest.

6. Arranged Investment: Refers to a US$ 504 million stand-alone private equity investment arranged by The Abraaj Group but that was not made through an Abraaj Fund.

7. Co-Investments: Refers to co-investments made alongside Abraaj Funds which are arranged and managed by Abraaj.

8. Current Generation Funds: Include six Current Generation funds which are still investing capital – Abraaj Private Equity Fund IV (“MENASA IV”), Abraaj Africa Fund III (“Africa III”), Aureos South EastAsia Fund II (“South East Asia II”), Abraaj North Africa Fund II (“North Africa II”), Abraaj Turkey Fund I (“Turkey I”) and Abraaj Latin America Fund II (“Latin America II”) (including such funds’ paralleland alternative investment vehicles, if any). Current Generation Funds are the regional funds managed by the Group subsequent to the Aureos acquisition. The deals done through these funds aremore illustrative of the types of investments that APEF VI will make.

9. Current Generation Included Sector Investments: Reflects investments made by Current Generation Funds, including applicable Co-Investments, but excludes applicable Excluded SectorInvestments.

10. Discontinued Funds: Private equity funds managed by Abraaj which have an investment strategy substantially different from that of Abraaj Funds (such as risk/return parameters) and which are/orwill no longer be pursued by any member of the Group.

11. Excluded Sector Investments: 17 investments in Real Estate Transactions, Energy & Infrastructure Transactions, which are in sectors which will not be part of the investment strategy of APEF VI andare now investment strategies being executed through separate Abraaj funds.

12. EBITDA: Revenues and earnings before interest, taxes, depreciation and amortization adjusted for one-time expenses and other adjustments where deemed appropriate to better approximatebusiness earnings growth.

13. Energy & Infrastructure Transactions: Means investments made through Legacy Funds and Current Generation Funds in energy and infrastructure themed transactions that will not be part of thestrategy for APEF VI.

14. Gross IRR and Gross MoC: Is calculated before the application of management fees, allocable fund expenses and carried interest borne by investors, which would reduce the investors’ actualreturns. Co-Investments underwritten by Abraaj as part of the relevant investment have been considered as part of the capital of the investment and the relevant fund and excluding such Co-Investments would result in the following Gross IRRs: MENASA I 32.7%, MENASA II 14.1%, MENASA III 8.6%, MENASA IV 16.3%, South East Asia II 14.1%, North Africa II 22.7%, Turkey I 49.8%, AfricaIII 57.4%.

15. Included Sector Investments: Legacy Funds, Current Generation Funds, Co-Investments and the Arranged Investment, excluding Excluded Sector Investments. The Included Sector Investments werenot managed as a single fund or portfolio, and were made over a long period of time and over the course of various market and macroeconomic cycles, and such circumstances may be differentthan those in which APEF VI may invest.

16. Invested Capital: Represents the aggregate amount of equity invested by the applicable Abraaj Fund in investments, plus any related Co-Investments.

17. IRR: Represents the annualized return rate (implied discount rate), calculated using all cash flows from investments made in each year. IRRs for unrealized investments have been calculated byassuming that such investments had been sold as of June 30, 2017 at the valuations shown. The aggregate IRRs reflect investment returns based on the Realized Values of realized investments andthe Realized Values and Unrealized Values of unrealized investments.

114

Performance Notes (1/2)

The Abraaj Group115

Performance Notes (2/2)18. Legacy Funds: Include 11 Abraaj Capital and Aureos Capital legacy funds which were significantly invested at the time of Abraaj Capital’s acquisition of Aureos Capital. These include Abraaj Buyout

Fund I (MENASA I), Abraaj Buyout Fund II (MENASA II), Infrastructure Growth Capital Fund (MENASA III), Aureos West Africa Fund (Africa I), Aureos East Africa Fund (Africa I), Aureos Southern AfricaFund (Africa I), Aureos Africa Fund (Africa II), Aureos South East Asia Fund (South East Asia I), Aureos South Asia Fund (South Asia I), Kantara (North Africa I), Aureos Latin America Fund I (LatinAmerica I) (including such funds’ parallel and alternative investment vehicles, if any).

19. Legacy Included Sector Investments: Reflects investments made by Legacy Funds, including applicable Co-Investments and the Arranged Investment, but excludes applicable Excluded SectorInvestments.

20. Loss Ratio: The cumulative loss ratio is calculated as all capital written-off in realized, partially realized and fully written down investments in applicable funds or investments, divided by the totalinvested amount in respect of such funds or investments.

21. Multiple of Cost (MoC): MoC represents the multiple of capital invested.

22. Net IRR and Net MoC: Net IRR and Net MoC are calculated as Gross IRR or Gross MoC as applicable less management fees, allocable fund expenses and carried interest borne by investors. Returnsinclude Co-Investments and reflect, where applicable, actual management fees/premiums charged on Co-Investment capital, which amounts to 1.7% of the US$ 1.69 bn of Co-Investment capitalinvested. No other carried interest or fees were charged in respect of such Co-Investments. Excluding such Co-Investment capital would result in the following Net IRRs: MENASA I 9.7%, MENASA II4.7%, MENASA III 5.7%, MENASA IV 7.8%, South East Asia II 3.9%, North Africa II 12.8%, Turkey I 46.4%, Africa III 33.9%. No fees or carried interest were charged on the Arranged Investment.

23. Net Adjusted IRR and Net Adjusted MoC: Excludes any Excluded Sector Investments for applicable funds. Exact net returns and Net MoC for applicable investments cannot be calculated due to thelack of an accurate mechanism to allocate fees, expenses and general partner carried interest to these investments, either individually or collectively in the aggregate, and have been estimated asdescribed herein. Net Adjusted IRR and Net Adjusted MoC are calculated by taking the gross cash flows of the applicable investments and applying contemplated APEF VI management fees andcarried interest terms. Management fees during and post investment period have been charged according to these cash flows and drawdowns for investments have been assumed to be made atthe time of acquisition in order to be consistent with the proposed drawdown mechanics for APEF VI. Where capital deployed includes Co-Investment capital, the contemplated APEF VImanagement fees and carry have been applied thereon so that it bears the same economic terms as the relevant fund capital. The Arranged Investment has been considered as a single fund andthe contemplated APEF VI management fee and carried interest terms have been applied. The North Africa Fund I was added in 2011 from the incumbent GP and the Net Adjusted returns reflectthe fund’s return from the date of acquisition by Abraaj calculated in US Dollars. Other fees such as transaction fees and expenses have been considered as they were as per original fund cashflows. However, there are a number of factors that can impact the difference between gross and net returns. These factors include, without limitation, carried interest, fees and expenses, thetiming of capital calls versus investments, the timing of distributions versus realizations and the amount, timing and investment performance associated with recycling realized proceeds, each ofwhich may differ in respect of the applicable funds and Co-Investments. As such, Net Adjusted IRR and Net Adjusted MoC reflect returns that do not reflect the actual returns realized by investorswith respect to the applicable funds and Co-Investments. While the assumptions made herein have been made in good faith, there can be no assurance that such assumptions will prove correct orwill be applicable to the Fund’s actual investments.

24. Net Asset Value (NAV): Includes the current carrying value of both unrealized and partially realized investments as well as current assets.

25. Real Estate Transactions: Means investments made through Legacy Funds and Current Generation Funds in real estate-themed transactions that will not be part of the strategy for APEF VI.

26. Realized Value: Is based on the proceeds received from sales and other dispositions of securities, cash dividends, interest and other distributions.

27. Revenue/EBITDA Growth: References to revenue/EBITDA growth includes change in revenue, margin and change in net debt to finance expansion over investment period. Methodology examinesthe actual accretive value on invested capital. As such, it excludes investments exited at or below cost as well as investments in the portfolio currently being carried at or below cost.

28. Separate Strategy Funds: Means Abraaj Growth Markets Health Fund, Abraaj Global Credit Fund, Abraaj Clean Energy Fund, Abraaj Real Estate Fund, ASAS and such funds’ parallel and alternativeinvestment vehicles and predecessor funds, if any.

29. Total Value: Is the aggregate of the Unrealized Value and the Realized Value.

30. Unrealized Value: Unrealized investments in non‐public securities are determined as of June 30, 2017, based on the fair market value of such investments as determined by the Abraaj Group inaccordance with International Private Equity and Venture Capital and/or European Venture Capital Association’s valuation guidelines. Fair market value for non‐public securities may be calculatedtaking into account currency exchange fluctuations, market prices (where available) and third‐party transactions, among other factors. All receivables are taken into account in calculating theunrealized value. Unrealized investments in publicly traded securities are valued based on closing market prices on June 30, 2017 on the principal exchanges on which such securities trade. Therecan be no assurance that such value reflects the actual value of the investment or that unrealized investments will be realized at the valuations determined by the Abraaj Group. To the extent thatsuch value is not realized, the returns of such fund could be lower.

The Abraaj Group

The information contained in this presentation is given without anyliability whatsoever to Abraaj Holdings, any of its affiliates or relatedentities or their respective members, directors, officers or employees(collectively "Abraaj") for any loss whatsoever arising from any use ofthis presentation or its contents or otherwise.

Unless otherwise indicated, information presented here is as of June30, 2017.

Information in this presentation is believed by Abraaj to be fair andaccurate but Abraaj accepts no responsibility for such fairness oraccuracy. No representation or warranty, express or implied, is madeor given by Abraaj as to the accuracy, completeness or fairness of theinformation or opinions contained in this presentation. In particular,no representation or warranty is made that any projection, forecast,calculation, forward-looking statement, assumption or estimatecontained in this presentation should or will be achieved. There is asubstantial likelihood that at least some, if not all, of the forward-looking statements included in this presentation will prove to beinaccurate, possibly to a significant degree. In considering anyperformance data contained herein, each recipient of this presentationshould bear in mind that historic returns, projected returns or financialmarket scenarios are no reliable indicator for current or futureperformance and that past performance is not indicative of futureresults, and there can be no assurance that any future fund managedor sponsored by Abraaj will achieve comparable results or be able toavoid losses. Nothing contained herein should be deemed to be aprediction or projection of future performance of any fund managed orsponsored by Abraaj.

The projected returns reflected herein have been prepared based onvarious estimations and assumptions made by The Abraaj Group,including estimations and assumptions about events that have notoccurred, any of which may prove to be incorrect. Due to various risks,uncertainties and changes (including changes in economic,operational, political or other circumstances) beyond the control ofThe Abraaj Group, the actual results of the referenced investmentscould differ materially from the results expressed or implied by theprojected returns reflected herein in respect of such investments.Industry experts may disagree with the estimations and assumptionsused in preparing the projected returns. No assurance, representationor warranty is made by any person that any of the projected returnsare accurate or will be achieved, nor in respect of any otherinformation in this document, and you should not place undue relianceon the projected returns nor any other information in this document.Additional information about the estimations and assumptions used inpreparing the projected returns and the factors that could cause actualresults to differ materially from the projected returns is available uponrequest.

The information contained in this presentation does not constituteinvestment, legal, tax or accounting advice. Recipients of thispresentation should conduct their own due diligence and otherenquiries in relation to such information and consult with their ownprofessional advisors as to the accuracy and application of theinformation contained in this presentation and for advice relating toany legal, tax or accounting issues relating to a potential investment inthe regions described, including in respect of a fund managed orsponsored by Abraaj. This presentation does not constitute arecommendation to invest in the regions described or in any such fund.This presentation includes descriptions of selected portfolioinvestments, including details on the transaction and investmentthesis. The selected portfolio investments are intended to beillustrative of the types of investments that may be entered into byAbraaj through its Funds however Abraaj does not intend to invest inany of the company highlighted herein, unless otherwise noted.Certain information contained in this presentation concerningeconomic trends and performance are based on or derived frominformation provided by independent third party sources. Abraajcannot guarantee the accuracy of such information and has notindependently verified the assumptions on which such information isbased.

Abraaj disclaims any responsibility for any errors or omissions in suchinformation, including the financial calculations, projection, andforecasts in this presentation.

This presentation does not constitute or form part of, and should notbe construed as, or relied upon in respect of, any offer for sale orsubscription of, or solicitation of any offer to purchase or subscribe for,any interests in any of the funds managed or sponsored by Abraaj. Anysuch offer, subscription or solicitation will be made by means of anoffering document to be issued by Abraaj in connection with any suchoffering and any decision to purchase or subscribe for such fundsshould be made solely on the basis of the information contained insuch offering document. This presentation is being made on aconfidential basis and is intended for discussion purposes only and issolely for your information and may not be reproduced or furtherdistributed to any other person or published, in whole or in part, forany purpose. If you were provided with a copy of this presentation by aperson other than Abraaj, then it is not intended to be read by you andyou should destroy the copy. The material herein is not directed at, norintended for distribution to or use by, any person or entity in anycountry where such distribution or use would be contrary to law orregulation or which would subject Abraaj to any licensing orregistration requirements within such country. By viewing thispresentation you agree to be bound by the foregoing limitations andrestrictions and, in particular, will be taken to have represented,warranted and undertaken that: (i) you have read and agree to comply

with the contents of this notice including, without limitation, theobligation to keep this presentation and its contents confidential; and(ii) you will not subscribe for or purchase any interests in any fundmanaged or sponsored by Abraaj except on the basis of information inthe private placement memorandum for such fund.

Members of Abraaj North America are also Registered Representativesof Blue Sand Securities LLC. Member FINRA/SIPC. Abraaj CapitalLimited is licensed and regulated by the Dubai Financial ServicesAuthority. Abraaj Capital Asia Pte. Ltd. (“ACAPL”) is licensed andregulated by the Monetary Authority of Singapore. Materialsdistributed by ACAPL is intended for Accredited Investors andInstitutional Investors only.

This material is intended for Professional Clients only.

116

Disclaimer

| The Abraaj Group

The Abraaj Group

117

THE ABRAAJ GROUP April 2018STRICTLY PRIVATE & CONFIDENTIAL

All information as of June 30, 2017 unless otherwise noted. Members of Abraaj North America are also Registered Representatives of Blue Sand Securities LLC. Member FINRA/SIPC. Abraaj Capital Limited is licensed and regulated by the Dubai Financial Services Authority. Abraaj Capital Asia Pte. Ltd. (“ACAPL”) is licensed and regulated by the Monetary Authority of Singapore. Material distributed by ACAPL is intended for Accredited Investors and Institutional Investors only.

Past performance is not indicative of future results. An investment in Abraaj Group funds entails a high degree of risk and no assurance can be given that investment objectives will be achieved or that investors will receive a return on their capital.

The Abraaj Group

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