Our Expertise in Investment Banking, Private Equity and ... · - Profiles of Key Staff . 3 ... • Major family groups ... Start Consult advised a newly set up Kuwaiti Islamic Investment

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This presentation is solely for the use of client personnel. This publication, or any part

thereof, may not be reproduced or transmitted in any form, or by any means, electronic

or mechanical, including photocopying, recording, storage in an information retrieval

system, or otherwise without the express prior written permission of Start Consult.

PROPRIETARY & CONFIDENTIAL

Our Expertise in Investment Banking,

Private Equity and Transaction

Documentation

CORPORATE PRESENTATION

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TABLE OF CONTENTS

- Overview of Start Consult

- Overview of Our Experience in Investment Banking, PE & Transaction Documentation

- Example Engagements in Investment Banking, PE & Transaction Documentation

- Our Experience in Mergers & Acquisition Advisory

- Our Experience in Asset Management & Securities Brokerage

- Profiles of Key Staff

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START CONSULT BACKGROUND

¶ Start Consult is a management consulting and corporate finance advisory firm;

¶ It was set up in 1999 by former Mckinsey & Co. consultants and a management team of professionals

drawn from a broad range of industries;

¶ The company’s operations focus on strategy, organization, and financial consulting in addition to

corporate finance, private equity, market research, feasibility studies, and business planning;

¶ Over the past decade, our projects have extensively covered more than 40 industries in regions

including the GCC, Middle East, Levant, North Africa, South Africa, and the Indo-Pak Subcontinent.

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Middle East

START CONSULT EXAMPLE CLIENTS

http://www.burberry.com/world/Home/main.shtml

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WE HAVE EXPERIENCE OF CONDUCTING ENGAGEMENTS IN A NUMBER OF AREAS OF THE

INVESTMENTS INDUSTRY

Competitive

Landscape

Analysis

Developing

Business

Strategies

Developing the

Organizational

Structure

• Analysis of key

product categories

and key competitors

in the relevant

landscape

• Competitive

positioning of the

client vis-à-vis players

• Analysis of ‘sweet

spots’ etc.

Policies and

Procedures

• Development of entry

strategies

• Restructuring and

repositioning of

various product lines,

business segments

etc.

• Analysis of potential

acquisitions and

overall positioning of

client

• Defining the overall

organizational

structure for firms and

funds

• Requirements of

talent pool etc.

• Job descriptions, skill

requirements etc.

• Gaining regulatory

approvals

• Developing all

documentation

required for regulatory

approvals

Our clients have included:

• Regional investment companies

• Government backed investment groups

• Major family groups

• Commercial banks

• Investment banks

• Private equity firms and Investment Companies

• Boutique Investment banks etc.

Key

Coverage

Areas

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Our Experience

In the

Investment

Banking Sector

Corporate

Finance/ Advisory

Asset

Management

Brokerage/

Securities Trading

Private Equity

Funds

• Mergers & Acquisitions;

• Deal Origination;

• Valuations, Structuring and Execution.

• Assisting firms in developing strategies for all related business lines

including:

- Mutual funds

- Portfolio management

- Institutional and private wealth management

• Assistance in gaining relevant regulatory approvals for establishment of

asset management companies

• Establishing firm/fund structure and develop investment strategy;

• Documentation, Private Placement Memorandums, corporate

governance;

• Transaction due diligence;

• Post-acquisition strategy e.g. 100 day plans.

• Developing strategies for financial services offering trading and

brokerage

• Development of Business plans, manuals etc.

START CONSULT AREAS OF EXPERTISE IN THE INVESTMENT BANKING SECTOR

Sectors Covered Key Areas of Activity

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BACKGROUND OF START CONSULT IN PRIVATE EQUITY

¶ Start Consult has developed a strong practice in Private Equity over the last few years;

¶ We have supported major private sector groups (including investment funds, family groups & investment

banks) in various areas of investment decision process. Areas of support include opportunity scan, deal

screening, feasibility studies, valuation, transaction structuring, due diligence etc. Types of investments

include greenfield projects, buyouts, M&A etc.;

¶ Extensively involved with various private equity firms in the region (including Rasmala, Abraaj, HSBC

Private Equity, Ithmar, and some funds under formation) in activities ranging from strategy, developing

investor presentation, deal sourcing, opportunity scanning, due diligence, valuation, etc.);

¶ Launched a flagship private equity fund Dun & Bradstreet and created substantial value (post

acquisition).

Start Consult is increasingly focusing on a private equity play, in

addition to its traditional consulting services;

Start Consult has developed itself into a leading private equity

consulting firm in the region.

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START CONSULT PLAYS THE ROLE OF GENERAL PARTNER OF PRIVATE EQUITY FUNDS IN

ADDITION TO ASSISTING PRIVATE EQUITY FUNDS AND INVESTMENT COMPANIES IN

SETTING UP AND DEFINING THEIR INVESTMENT STRATEGIES

M&A Advisory

Private Equity

Fund Strategy

& Organization

Fund Set-up

• Conceptualizing fund/opportunity

• Funds structuring

• Developing fund prospectus/ IM

• Investor presentation

• Facilitate fund raising process

• Developing overall strategy and

organization for the fund

• Developing fund investment strategy

• Define investment process, etc.

Deal

Origination

• Sourcing investment opportunities/

transactions

• Identifying and approaching potential

buyers/ investors

• Development of Information

Memorandums

General

Partner Role

• Fund set up;

• Fund raising;

• Manage the fund’s administration;

• Develop fund’s growth strategy.

Corporate Finance,

Transaction Advisory,

Consulting

Asset

Management /

Brokerage

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START CONSULT HAS CAPABILITIES AND EXPERIENCE ACROSS THE M&A VALUE CHAIN

Financial

Projections/

Valuation

Deal

Structuring &

Close

Post

Acquisition

Support

Due Diligence • Buy-side commercial due diligence (CDD)

• Sell-side/ Vendor due diligence (VDD)

• Financial projections

• Valuation

• Returns analysis/ sensitivity

• Transaction structuring/ Term sheet

• Negotiations

• Options

• 100-day plans

• Corporate governance and strategy

• Business expansion/roll-out

• Financial reengineering

• Organizational restructuring

Corporate Finance,


Consulting

M&A Advisory

Private Equity

Asset

Management /

Brokerage

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WE HAVE ALSO WORKED WITH A NUMBER OF BUSINESS GROUPS, ASSET MANAGEMENT

COMPANIES, AND BROKERAGE FIRMS ON CONSULTING ASSIGNMENTS WITHIN THE ASSET

MANAGEMENT SPACE

Business

Plans

License

Approvals /

Manuals

Feasibility

Studies

• Market research;

• Competitor analysis;

• Financial viability.

• Business opportunity;

• Organization structure;

• Operational plan;

• Financial projections.

• Operations;

• Compliance / compliance monitoring;

• Risk;

• Organization;

• Code of conduct;

• Business continuity.

Corporate Finance,


Consulting

M&A Advisory

Private Equity

Asset

Management /

Brokerage

Strategy

Consulting

• Asset management strategy;

• Mutual funds market study / competitor

analysis;

• Growth of AUMs;

Though

Leadership

Document

• Industry report: mutual funds;

• Benchmarking with global best practice;

• Middle East market analysis.

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START CONSULT ACHIEVEMENTS IN PRIVATE EQUITY

Private Equity Play

• Launched Dun & Bradstreet (SAME) as a flagship private equity transaction;

• Activities involved: Deal sourcing, negotiations with the management, putting together the

investor group, structuring the transaction, legal documentation and closing the

transaction.

Fund Setup

Landscape Scan

• Advised a local group in establishing a private equity fund including strategy formulation,

advise on fund structure, preparation of investor documentation etc.;

• Advised in set up and strategy of other Private Equity firms in the region.

• The Group has successfully secured an alliance with a leading global private

equity firm.

• Jointly worked with Mckinsey & Co. in assessing and defining the regional buyout

opportunity;

• Rasmala II (Abraaj) was launched as a buyout fund.

Due Diligence

• Undertook a due diligence and valuation of a regional commercial bank as an acquisition

target for a private equity group;

• Recognized as a very comprehensive study in this sector.

Industry Report

• ‘Private Equity – A Catalyst for Growth in the Region’ is the first extensive insight into the

Private Equity sector;

• The Report was launched during the World Economic Forum in Jordan.

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START CONSULT ROLE IN FUND SET UP FOR ACQUISITION OF DUN & BRADSTREET’S

OPERATIONS IN SOUTH ASIA AND THE MIDDLE EAST

Dun & Bradstreet

Advisory and Management

Buy-Out Lead

Start Consult advised and led a Management Buy-Out of the Client’s business in 19

countries including GCC, South Asia and parts of the Middle-East. Start Consult's

role included:

– Detailed research on the business information industry in the region;

– Research on the market potential for each of the service areas of the Company;

– Due diligence and Valuation;

– Development of a Private Equity Fund structure;

– Investor presentations, negotiation and financial close of the transaction.

Client / Project Description Start Consult’s Key Activities

Start Consult’s role in the Private Equity Fund launched to buy out Dun & Bradstreet’s

operations in the 19 countries is that of a General Partner

As of now, the business has also acquired rights to operate in 51 territories in Africa

Recently, Start Consult has also acquired the rights for the Dun and Bradstreet business in

Turkey through a separate fund structure.

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START CONSULT AS A GENERAL PARTNER

As a General Partner of Dun & Bradstreet South Asia & Middle East

(SAME) and Dun and Bradstreet Turkey, Start Consult has worked

closely with the management team D&B SAME in rapidly growing its

operations, geographic presence, service lines, etc;

Example areas where we have worked with the D&B SAME Management

Team include:

– Organizational Expansion: Hiring of key senior management including

CFO, CTO, etc;

– Regional Expansion: This included negotiations of new partnership

agreements and restructuring of partnership agreements in various

territories;

– Relocation: Moved the D&B senior management team from India to

Dubai. We helped establish their office in Dubai which included a

temporary set up at the Start Consult offices. We also assisted D&B in

setting up their office at DIFC;

– Network Expansion: Helped build strategic relationships between D&B

SAME and regional governments, government ministries & agencies,

and other investment firms in the region using the relationship network of

Start Consult in the region.

Our role as General

Partner has helped D&B

business in our

territories achieve

significant growth and

expansion in terms of

geographic presence,

range of services, and

revenues & profits

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EXAMPLES OF PRIVATE EQUITY ENGAGEMENTS


Kuwait based Islamic

Investment Company

Developed Strategy and

Organization Structure

Start Consult advised a newly set up Kuwaiti Islamic Investment Co. on its strategy

and organization. Start Consult’s role included:

– Developing the overall strategic options of the Company

– Defining the investment strategy in terms of geography, sector, stage/type, etc.

– Developing funding strategies/options

– Defining talent pool requirements and overall organization structure

– Defining key investment processes

– Developing the overall corporate governance structure including Board Committee

(Investment Committee, etc.)

– Developing a business plan and financial projections/feasibility of the Company

Regional Buy Out Fund

Developed Strategy for

Fund Launch

Jointly worked with Mckinsey & Co. in developing a strategy for establishment of

one of the first regional buyout funds. Our role included:

– Market scan and assessing opportunity for private equity;

– Developing the fund strategy;

– Developing models for alliances and partnerships;

– Detailed scan of family groups investment offices, etc. for potential LP targets;

– Defining the investment focus including sector, geographic, and stage focus;

– Converting strategy documents into investor presentation.

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UAE based Conglomerate

Group’s entry into Private

Equity

Fund Setup Advisory

Start Consult advised a local group in establishing a private equity fund including

strategy formulation, advise on fund structure, preparation of investor

documentation etc. Start Consult’s role included:

– Development of the Fund investment strategy and organization

– Development of PE structure for transferring family business assets into the Fund

– Development of the Fund Prospectus/Private Placement Memorandum and other

documentation, articulating:

Overall private equity opportunity in the region

Elaborate strengths and competencies of the GP team

Investment rational and strategy, etc.

– Financial valuations for several companies’ part of the family group to assess the

overall value of a private equity fund

The Group has successfully secured an alliance with a leading global private equity

firm.



Regional Logistics

Company

Sell Side Advisory - Fund

Raising through a Private

Equity Structure

Start Consult advised a regional logistics company on its strategic growth plans

and is assisting it in its capital raising efforts. Start Consult’s role included:

– Articulating the growth strategy for the Company

– Developing the business plan and financial projections

– Developing the investor presentation

– Assisting the Company in Investor road-shows

– Conceptualizing a Private Equity structure for capital raising and developing a

strategy for further acquisitions in the future

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Regional Government’s

Investment Office

Developed Private Equity

Entry Strategy and

Organization Structure

Start Consult advised the investment office of a regional government on their entry

into the Private Equity space. Start Consult’s role included:

– Overview of the regional PE space

– Assessing the competitive landscape and benchmarking against competitors

– Developing unique value proposition and identifying differentiating factors of its PE

play

– Defining fund sizes, number of funds, target returns, etc.

– Financial projections and feasibility

– Defining talent pool and organizational/headcount requirements



‘Private Equity – A Catalyst for Growth in the Region’ is the first extensive insight

into the Private Equity sector;

The Report was launched during the World Economic Forum in Jordan. Coverage of

the report included:

– Private equity’ value creation for different constituencies like Governments, Banks,

Family Groups, etc.

– Impact of growth in capital market and how they impact the Private Equity sector and

vice-versa

– Growth drivers in the Private Equity sector

– Challenges for future development of this sector

– Benchmarking of the regional Private Equity sector with international markets;

– Etc.

Leading Regional Private

Equity Firm

Prepared a Thought

Leadership Document on

Private Equity in the Middle

East

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A Listed Direct

Investment Company in

Saudi Arabia

Developed turnaround plan

and Business Strategy and

development of Policy and

Procedure manuals

Development of a turnaround plan and business strategy for a distressed

regional Direct Investment company: Advised a direct investment company with

regards to its re-structuring including

- Market analysis and assessment opportunities in key sectors of the Saudi economy;

- Analyzing opportunity for a direct investment play in the region;

- Defining the Private Equity value chain and identifying processes that can be

outsourced to partners;

- Defining the investment strategy in terms of geography, sector, stage/type, etc.;

- Defining talent pool requirements, overall organization structure and reporting lines;

- Developing models for alliances and partnerships;

- Preparation of a business plan to be presented to CMA;

- Development of relevant documentation in compliance with new CMA

regulations.



Saudi Arabia based

Mortgage Finance

Company

Feasibility Study, Business

Strategy and Business Plan

Start Consult advised a leading real estate company in the setting up of a mortgage

finance company in KSA. Start Consult’s role included:

– Market scoping of the real estate and mortgage finance sector in Saudi Arabia;

– Development of Strategy for market entry;

– Developing the organization structure and staffing plan;

– Preparation of a 5 year Financial Model;

– Preparation of an Investor Memorandum for fund raising from individual and

institutional investors

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START CONSULT IN MERGERS & ACQUISITIONS ADVISORY

¶ Start Consult has developed a strong mergers & acquisitions advisory practice – on both ‘buy-side’

and ‘sell-side’ engagements;

¶ We have advised private equity firms and investment houses on a significant number of buy-side

transactions. During these engagements, we have worked significantly in various areas including due

diligence, valuation, structuring, post-acquisition support, etc;

¶ We have transaction advisory experience, both buy-side and sell-side in a multitude of sectors in the

Middle East region and have built up in-house ‘knowledge capital’;

¶ Our team has the advantage of the strategy consulting practice in terms of identifying value levers

and key value creation and growth opportunities involved in any transaction;

¶ We have been involved in deal origination and advisory on sell-side engagements where companies

raise funds or are developing their corporate financing strategies;

¶ Our team has also worked with Investment Banks on IPO's of major companies in the region;

¶ Additionally, we have been extensively involved in Pakistan’s privatization initiative, where we have

advised a number of regional investors in placing bids for companies that are being privatized.

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START CONSULT HAS BEEN INVOLVED IN A NUMBER OF SUCCESSFUL TRANSACTIONS

RELATING TO MERGERS & ACQUISITIONS

Privatization of a Utilities

Company in Pakistan

Prepared Consortium Bid &

Acquisition Strategy

Advised a leading Kuwait based investment group on the acquisition of an

Electricity Company. Our role included:

– Transaction size of USD 250mn;

– Jointly placed the transaction with HSBC;

– Start Consult was responsible for placement of USD 100mn;

– Assisting buyers during the negotiations process;

– Financial and deal structuring with co-investors.

Leading Investment Bank

in the Region

Merger Feasibility of two

Regional Packaging

Companies


Advised a leading investment bank in the region on the feasibility of a merger

between two leading packaging companies in Egypt. Our role included:

– Evaluating the strategic and financial viability of the merger between the two entities;

– Developing a financial model, conducted financial valuation, and developed a

business plan for the merged entity;

Both the packaging firms have merged and are operating successfully and are one

of the leading packaging companies in the region.

Leading Investment Bank

in the Region

M&A Advisory for the

Merger of Leading BOPP

Film Producers

Evaluated the strategic and financial viability of the merger between a leading

global BOPP film producer and a regional BOPP film producer. The objective of the

merger was to make the ‘Merged Entity’ the largest BOPP film producer in the

region. Our role covered:

– Developing a financial model;

– Conducted financial valuation;

– Developing a business plan for the merged entity;

– Evaluating the potential of a third entity, to merge with the merged entity

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EXAMPLES OF M&A ADVISORY ENGAGEMENTS

UAE based Logistics

Company

Sell Side Advisory and

Transaction Close

Advised and executed the sale of a UAE base logistics company to one of the

largest logistics companies in the Asia-Pacific Region. Key areas of focus

included:

– Assessing the operations of the company and developing a strategy for future growth

of the Company;

– Developing a complete set of investor documentation including a business plan,

financial model and investment memorandum;

– Assisting the company in the review of offers by potential buyers and devising a sale

and negotiation approach;

– Helping the company through the negotiation process and support in reaching

agreement on the valuation and other clauses relating to the transaction;

– Assistance in closing the transaction


US Based Medical

Services Company

Fund Raising

Executed a private placement of a medical devices manufacturer from United States

in the region Key areas of focus included:

– Sourced opportunity for placement of the acquired company;

– Assisted the company in investor road shows;

– Developed the investor presentation;

– Facilitated negotiations on behalf of the client;

– Successfully closed private placement.

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Regional Commercial

Bank

Commercial Due Diligence

and Valuation

Advised a leading investment bank on its bid for a regional commercial bank with

operations in UAE, Levant and Europe. Our role included:

– Detailed market study of the UAE commercial banking sector;

– Analysing the competitive landscape in the UAE and strategy recommendations for

the UAE operations going forward;

– Developing restructuring options for international operations i.e. divestment, etc.;

– Financial projections and valuation of the Bank. We did a sum of parts of valuation,

segregating the UAE operations from the international ones.

Middle-East Based

Investment Group

Market scoping, Due

Diligence, Valuation and

Buy-side Advisory

Buy Side Advisory for the Acquisition of a Leading Bank in the Region. Key

coverage areas included:

– Analysis of the domestic and regional banking environment, focused on identifying

market opportunities and understanding the forces likely to shape the market going

forward;

– In depth analysis of the Bank’s business operations on CAMEL(O) framework;

– Detailed Due Diligence exercise on all aspects of the banks assets and liabilities,

exposure, provisions, capital, operations, systems and management;

– Valuation and sensitivity analysis under a variety of different scenarios;

– Structuring advice, focused around ‘Good Bank – Bad Bank’ framework.

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International Shipping

Services Company

LBO Due Diligence and

Valuation of ME opportunity

Advised a consortium of a top international Private Equity (PE) player and leading

regional PE player on its bid for an LBO of a shipping services company with

significant middle eastern (ME) operations. our role included:

– Internal diagnostic on customers, strategic partners, services, etc.

– Market sizing and revenue/profit potential of the 5 business divisions in the ME

– Identifying growth options for the ME businesses

– Risk assessment

– Valuation of ME upside potential. This was used as an input into the ‘takeout price’ of

the global businesses



Regional Telecom

Services Company


and Valuation

Advised a leading UAE based Investment Company in its acquisition of significant

stake in a regional telecom services and retail company. Our role included:

– Detailed market study of the mobile phone and accessories space in the GCC

– Internal diagnostic and organization assessment, with recommendations on

corporatization of the business

– Valuation of the target company

– Deal structuring, term sheet and assistance in negotiations

– Development a 100-day plan and post-acquisition strategy

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Privatization of State

Owned Steel Company in

Pakistan

Business Plan and Overall

Consortium Bid

Management

Start Consult advised a Regional Government’s Investment Office on bidding for a

stake in a Government owned steel company in Pakistan. We prepared a business

plan and the overall bid strategy for the privatization of the company. Our key

activities included:

– Overall management of the due diligence process (accounting, legal and technical);

– Conducting Business due diligence of the company;

– Interaction with the Privatization Commission of Pakistan;

– Development of buyer consortium, including bringing together all the parties including

lead bidder, technical partner, commercial partner, etc;

– Valuation and development of the bid strategy;

– Preparing the bid documents and compiling all bidder information including roles and

experience of management, experience of technical partner, etc;

– Developing post acquisition strategy for the company as part of the bid

documentation.


South East Asia based Oil

& Gas Services Company


for an Acquisition

Start Consult advised a leading South East Asian Oil & Gas Services company on

the potential acquisition of a UAE based Oilfields services company. Start Consult’s

role included the overall commercial due diligence including:

– Business diagnostics on customers, services, etc.;

– Assessment of organizational capabilities;

– Financial analysis;

– Competitive analysis;

– Review of growth plans;

– Risk assessment;

– Recommendation for post acquisition restructuring.


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EXAMPLES OF IPO ADVISORY ENGAGEMENTS

UAE based Conglomerate

Group

Market Study and


for an IPO

Start Consult partnered with a leading investment bank in the potential IPO of a

UAE based conglomerate group of over 20 companies. Start Consult’s role

included:

– Internal diagnostic on customers, product & services, etc.

– Organizational assessment

– Market sizing of each of the business of the Group

– Industry and competitive analysis

– Estimating future demand for the Group’s product and services and calculating future

revenue and profit pools

– Risk assessment

– Valuation inputs for the investment bank

UAE based Mortgage

Finance Company

Market Study and Valuation

for IPO

Start Consult partnered with a leading investment bank in the IPO of a UAE based

mortgage finance company. Start Consult’s role included:

– Market study of the mortgage finance market in the UAE

– Benchmarking of the domestic market international markets

– Framing the industry and competitive landscape

– Evaluating competitive positioning and value proposition

– Financial projections for the Company

– Valuation of the Company

– Contributed in the preparation of the offering memorandum for the IPO


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BACKGROUND OF START CONSULT IN THE ASSET MANAGEMENT & SECURITIES

BROKERAGE SECTOR

¶ Start Consult has been involved in various engagements covering the asset management and

securities brokerage sectors;

¶ We have advised a number of groups in the region for establishing asset management and

brokerage practices;

¶ We have been involved in developing business plans and financial feasibilities for setting up asset

management companies and brokerage firms in the region;

¶ In addition, we have also assisted asset management firms and brokerage companies with the

licensing process including preparing policy and operational manuals for submission to regulatory

authorities.

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Asset Management Arm

of a Leading Bank in the

Region

Developing the Asset

Management Strategy &

Preparing a Though

Leadership Document on

Mutual Funds

Developed the overall strategy for the asset management department of a leading

bank in the region and prepared a thought leadership document on Mutual Funds.

Key coverage areas included:

– Market study in asset management in the region;

– Competitive analysis of mutual funds in the region;

– Developing growth strategy for the bank’s mutual funds;

– Benchmarking with global best practices in asset management and mutual funds;

– Preparing a thought leadership document on mutual funds.

EXAMPLES OF ASSET MANAGEMENT / BROKERAGE ENGAGEMENTS


Regional Holding

Company

Developed Business Plan &

Feasibility Study

Developed a business plan and feasibility study for setting up a brokerage and

asset management firm in the region for a major holding company. The engagement

covered evaluating the options of setting up Greenfield companies or acquiring

existing firms. Key coverage areas included:

– Market research on the brokerage and asset management sectors in the region;

– Developing the competitive landscape;

– Developing the organization structure;

– Identifying potential opportunities and sweet spots;

– High level due diligence of potential acquisition targets;

– 5-year financial projections based on build vs buy options.

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Regional Family Group


Policy Manuals

Developed a business plan and policy manuals for setting up a securities brokerage

company in the region. Key coverage areas included:

– Market research on the brokerage sector in the region;


– 5-year financial projections;

– Preparing policy manuals including the operations, compliance and risk manuals.

Regional Investment

Company


Feasibility Study

Developed a business plan and feasibility study for setting up an e-brokerage firm

in the region for a regional investment company. Key coverage areas included:

– Market research on the e-brokerage sector in the region;

– Developing the competitive landscape;

– Evaluating the different technology systems and platforms used for e-brokerage


– 5-year financial projections.

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Asset Management

Company

Assisted with Licensing

Approval for a New Territory

in the Region

Assisted a regionally based asset management company with the licensing

approval for expanding operations into another country in the region. The scope of

work covered developing the business plan and policy manuals. The manuals

covered in this assignment included:

– Operations manual;

– Compliance manual;

– Compliance monitoring program;

– Risk manual;

– Organization manual;

– Code of conduct manual;

– Business continuity plan;

– Anti terrorism and anti money laundering manual.



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Managing Partner

Misbah Ahmad

PROFILES OF KEY STAFF

Mr Ahmad is the founder and managing partner of Start Consult. He is a senior and well established

professional with significant experience in Strategy Consulting, Corporate Finance and General

Management Positions.

Mr Ahmad has led the development of the firm into strategy consulting, corporate finance and private

equity advisory firm that serves clients throughout the GCC and undertakes projects in the Middle East,

North Africa and South Asia. He has built the firm’s client base and relationships which now includes

government entities, public sector organizations, multinationals, regional family groups, regional

businesses, and entrepreneurs.

Mr Ahmad led the management buyout of Dun & Bradstreet‘s (a $4bn NYSE listed company specializing

in Risk Management, Risk Analysis and Scoring, Company Information Databases, and Credit Bureaus)

operations in South Asia and Middle East . He is currently the Vice-Chairman of the entity. He has led the

efforts to establish Dun & Bradstreet as a leading player in Credit Information, Risk Management and

Credit Bureaus, in several countries in South Asia, GCC, Middle East and Africa [including India, Dubai

(UAE), Bahrain, Oman, Qatar, Egypt, etc.]

Prior to founding Start Consult Mr Ahmad spent over 17 years working in strategy consulting, corporate

finance & private equity advisory, and direct management of companies as CEO or board member. This

experience was in South Asia, Middle East, Europe and North America with reputable international

companies that include AT&T, Philips and McKinsey & Co.

While working for 6 years with McKinsey & Co. in its European operations, he specialized in strategy,

organization, corporate restructuring, and M&A. During this period, he served large- and medium-sized

corporations in the financial services and banking sector, telecommunications and technology, the food

sector, and consumer goods.

Mr. Ahmad has an MBA degree from the Wharton School at the University of Pennsylvania (United

States). He also holds a bachelor’s degree in engineering from the NED University of Engineering and

Technology (Pakistan) and a master of science (MS) degree in computer and information science from

the University of Pennsylvania.

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Principal

Himadri Bora


Mr. Bora is a Principal at Start Consult.

Mr. Bora has over 10 years of professional experience in strategy consulting, corporate finance

and private equity. At Start Consult, he has been involved in a number of strategy, private equity

and corporate finance advisory engagements for clients in the Middle East and abroad. The

sectors covered are financial services, telecommunications, private equity, retail, real estate,

manufacturing, information technology, credit information and logistics. Mr. Bora’s key

engagements in Start Consult include the following: development of an investment strategy and

business plan for a private equity firm; creation of a strategy and business plan for a full-service

investment bank; development of a market study, strategy, and business plan for a greenfield

licensed mortgage finance company; valuation and strategic advisory of an acquisition of a

regional commercial bank; acquisition opportunity analysis and valuation of a shipping services

company; commercial due diligence for an IPO of a regional conglomerate group; and

restructure and strategic reposition of a telecom services company.

Prior to joining Start Consult, Mr. Bora worked for PwC in India and Singapore. While at PwC, he

worked on a number of financial audits and accounting and corporate finance engagements. His

assignments also involved financial fraud investigations in relation to major corporations.

Mr. Bora holds an MBA degree with specialization in Strategy from the National University of

Singapore. In addition, he holds the Corporate Finance (CF) qualification from the Institute of

Chartered Accountants in England and Wales (ICAEW). Mr. Bora has also attended the Program

on Negotiation at Harvard Law School in Massachusetts, USA.

37

Director

Adnan Afridi


Adnan Afridi has over15 years international experience in change management, business

transformation, innovation and profitability enhancement in blue chip companies and start-up

situations. His industry experience includes Capital Markets, Food Services, Private Equity,

Financial Services, FMCG, and Health Care sectors, operating in CEO roles with Board level

representations.

Mr Afridi previously worked as the Managing Director of Karachi Stock Exchange. At the

Exchange, he led a change management program responsible for restructuring the organization

into a commercial entity with the introduction of professional management, new products

including, bond trading, derivatives and data-vending, enhanced branding and agreements with

regional exchanges. During his tenure, the KSE witnessed significant reforms in Listing

Regulations (e.g. introduction of book-building), derivatives trading and Risk Management

systems.

Prior to joining KSE, he served as the Chief Executive Officer of the Overseas Investors’

Chamber of Commerce and Industry (OICCI), a company representing major foreign investors

operating in Pakistan. Adnan started his career with Monitor Company, USA as a Strategy

Consultant, designing business unit and corporate strategies for Fortune 50 companies in the

financial services sector;

Mr Afridi has a degree in Economics (A.B, Magna Cum Laude, 1992) from Harvard University

and a degree in Corporate Law (JD, Magna Cum Laude in 1995) from Harvard Law School.

38

Director - Energy

Shahzad Qasim


Shahzad Qasim has over 25 years of experience in the power sector globally and has

previously worked with The AES Corporation, McKinsey &Co. and Stone & Webster.

Shahzad was President of the Europe, CIS, and Africa regions for The AES Corporation, and

was responsible for the regional business with revenues of USD 1.4 billion and over 12,000 MW

of generation and 3 distribution companies with 1.7 million customers. While at AES, Shahzad

was directly responsible for developing, financing, constructing and operating power plants in

Oman, Qatar, Pakistan, Bangladesh, Jordan and India with an installed capacity of over 3,000

MW and capital investment of $2billion.

Shahzad trained as an engineer and has an MS in Energy Management and Policy from

Wharton.

39

CONTACT

Contact Number Name E-mail Address Designation

+971-50 6259162 Misbah Ahmad [email protected]

Managing Partner

Himadri Bora [email protected] +971-50 2274770 Principal

Start Consult

9th Floor

Al Moosa Tower I

Sheikh Zayed Road

Dubai

United Arab Emirates

Tel: (+971) 04 332 44 31

Fax: (+971) 04 332 44 21

Documents

Our Expertise in Investment Banking, Private Equity and ... · - Profiles of Key Staff . 3 ... • Major family groups ... Start Consult advised a newly set up Kuwaiti Islamic Investment