Titolo Documento

SUMMARY PRESENTATIONSpring 2012

#Riservato & Confidenziale

#Riservato & Confidenziale 2005 Capgemini - All rights reserved1GEM GROUP AT A GLANCEThe GEM Group is a US$ 3.4 billion alternative investment firm focused on emerging markets. It leverages intricate local and global expertise, an extensive network and an ability to attract world-class executives to make and manage high value added investments.The Group has an investment track record of over 20 years in Emerging Markets with in-depth local knowledge of financial services, real estate, consumer, renewable energy, infrastructure, telecommunications and natural resources sectors.The Group currently has nine investment funds, seven being Private Equity Funds, one Public Company Investment Fund, and one Mezzanine Debt Fund.GEM adds value by restructuring operations, identifying and implementing value-enhancing strategies, financial engineering, and advising and running management teams.GEM was founded in 1991 by Harpal S. Randhawa and has since made hundreds of investments in over 75 countries around the world.

#Riservato & Confidenziale

#Riservato & Confidenziale 2005 Capgemini - All rights reserved2GEM GROUP AT A GLANCE

San Paulo

#Riservato & Confidenziale

#Riservato & Confidenziale 2005 Capgemini - All rights reserved3GEM AT A GLANCE & TRACK RECORD

#Riservato & Confidenziale

#Riservato & Confidenziale 2005 Capgemini - All rights reserved4 Exchanges Importance to Effective Capital Markets

Efficient Capital AllocationPrice SignallingLiquidityTransparencyInvestor ProtectionFinancial Centre

#Riservato & Confidenziale Drivers of an Economic Winter

US and EU (customers)DemographicsBalance Sheet RecessionImpaired Bank CapitalChina/Asia (manufacturers)Follow customersChina factories for 5 straight monthsAustralia/Brazil (suppliers)

#Riservato & Confidenziale Growth is Critical to Escape the Economic Winter

Capital allocation to growth opportunities is vital in an Economic WinterInvesting in high growth is speculative for the investorCompanies that lack confirmed access to capital pay an uncertainty tax whose incidence is borne by existing shareholdersRegulatory environments should provide the flexibility for growth investmentsRegulators should encourage a long bias in stock ownershipExchanges can compete based upon providing access to capital and supporting growth companies

#Riservato & Confidenziale Example of Working Relationship with an Exchange

#Riservato & Confidenziale Contact information

Mr. Franco ScalamandreManaging DirectorThe GEM FundsW. +1 818 710 7650C. +1 323 252 9200fs@gemny.com

#Riservato & Confidenziale