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EQUITY STORY “SOLID GROUNDS FOR SOLID GROWTH” DFM Roadshow, London, 21-22 May 2008

EQUITY STORY “SOLID GROUNDS FOR SOLID GROWTH” DFM Roadshow, London, 21-22 May 2008. SHUAA CAPITAL – AT THE VANGUARD OF REGIONAL INTEGRATION. 1979-1998. 1999-2005. Since 2005. Investment company focused on principal investments.

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EQUITY STORY “SOLID GROUNDS FOR SOLID GROWTH” DFM Roadshow, London, 21-22 May 2008

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  1. EQUITY STORY“SOLID GROUNDS FOR SOLID GROWTH”DFM Roadshow, London, 21-22 May 2008

  2. SHUAA CAPITAL – AT THE VANGUARD OF REGIONAL INTEGRATION 1979-1998 1999-2005 Since 2005 Investment company focused on principal investments Transformation into fully integrated financial services institution Maintain leadership position in UAE and expand regionally REGIONAL PRESENCE Dubai Abu Dhabi DIFC Riyadh Cairo Doha Beirut Istanbul Corporate SUBSIDIARIES & ASSOCIATES GROUP SUPPORT FUNCTIONS RESEARCH

  3. SOLID GROWTH – CONSOLIDATED FINANCIALS 83.3% 53.0%

  4. SOLID GROWTH MOMENTUM CONTINUES CAGR 52% CAGR 52%

  5. SOLID GROWTH - CONSOLIDATED FINANCIALS

  6. DIVERSIFIED INCOME PORTFOLIO

  7. SHAREHOLDER STRUCTURE • Following the DBG convertible bond conversion on 31 October 2008, 125million additional share will be available to foreign shareholders.

  8. FACTS & FIGURES Year end share price: AED7.25 Increase y-o-y 71% Current Share Price: AED8.14 52 week range: AED4.17– 8.82 Avg. daily trading value: AED7,5 million Avg. Daily trading vol.: 1.2 million shares Shares outstanding: 550,000,000 Par Value: AED1 Foreign ownership limit: 49% Total Trading Value 9M 07/08: AED1.9 billion Total Shares traded 9M 07/08: 300 million Bloomberg: SHUAA.DB Reuters: SHUA.DU Dubai Financial Market SHUU.DU SHARE PRICE DEVELOPMENT STOCK DATA

  9. BUSINESS LINE HIGHLIGHTS

  10. STRUCTURE COMPETITIVE EDGE Evaluating principal investments since 1979 “Endowment” approach Specialist investment team Partnerships with regional product specialists provide proprietary deal flow VALUE DRIVERS Indo-Gulf Corridor Market inefficiencies Integration of GCC in global financial markets Interlink between GCC, China and India Direct and co-investment opportunities 49% Porta Egypt 49% Al Kout Industrial 23% Taghleef Industries PRINCIPAL INVESTMENTS Principal Investments (ca. $860 million) Heritage Investments* ca. $167 million Strategic Investments ca. $130 million Portfolio Investments ca. $560 million 20% SC Multi Strategy Portfolio ca.$450 million 47% India Special Situations / India Arbitrage ca. $80 million 2.5% Fixed Income ca. $36 million *Principal Investments is a sole LP – SHUAA Partners manages the investments

  11. PRINCIPALINVESTMENTS HIGHLIGHTS • Superior return of 31% on Multi Strategy Portfolio as of 31 March 2008 • Profitable standalone proprietary business • Taghleef Industries now global number one in BOPP packaging films – US$500m business PIPELINE/TARGET • 2 Product launches within 1H2007/08 that will allow co-investment in our portfolio • Target IRR 15% 1002% 3289%

  12. SELECTED TRANSACTIONS INVESTMENT BANKING Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

  13. INVESTMENT BANKING COMPETITIVE EDGE • High quality IPOs with strong aftermarket • Unparalleled insight into investor appetite and behavior • Successful execution breeds IPO pipeline • Strong relationships & market knowledge • Total SHUAA-managed IPOs represent 13% of total market cap on DFM and 51 % of total trading volume (as of 31 March 2008) 196.3% 395.3%

  14. SHUAA ASSET MANAGEMENT ARAB GATEWAY FUND FY 2007/08 COMPETITIVE EDGE • Longest regional track record (since 2001) • 6 GATEWAY funds span Arab and GCC markets • 1 Fixed Income Fund • 13 discretionary portfolios • Conventional & Shariah compliant products • Best Islamic MENA Equity Fund 2007 • Headcount: 35 professionals VALUE DRIVERS • Management + Performance Fees • International Asset Managers seeking access to regional markets • Strong fundamentals • Macroeconomic trends

  15. SHUAA ASSET MANAGEMENT 118.8% 636.0% 1297.5%

  16. COMPETITIVE EDGE Excellent network for deal sourcing (since1979) Clear focus on GCC Longest track record Proprietary deal flow UAE passport enables access to GCC opportunities VALUE DRIVERS Regional Factors - GCC integration Economic reform & liberalization Proprietary deal flow & deal environment SIGNATURE INVESTMENTS SHUAA PARTNERS

  17. SHUAA PARTNERS HIGHLIGHTS • SHUAA Partners Fund I (US$200mn) • Closed • 2 exits: Petrofac and Damas • IRR of 47% on exited investments • Frontier Opportunities Fund I (US$100mn) • Closed • 1 Investment • Syriatel • SHUAA Hospitality Fund I (US$200mn) • US$50 million invested by SHUAA and Rotana • First Closing scheduled for 1H 2008/09 183.8% 504%

  18. SHUAA SECURITIES COMPETITIVE EDGE • Through Orion deal SHUAA Securities is largest equities brokerage in GCC and Arab world • SHUAA Securities offers access to 12 GCC and Arab markets through one single platform VALUE DRIVERS • Integration of regional brokers • Market recovery & evolving “equity culture” • Regional expansion (KSA & Qatar) • Strong international investor appetite

  19. SHUAA SECURITIES HIGHLIGHTS • SHUAA Securities maintains leading position in UAE institutional sales • Market recovery results in growth • Over 600 HNWI and institutional clients • 65% professional investors 94.8% 311% 125.5%

  20. GULF FINANCE HIGHLIGHTS • Asset based lending on the rise due to construction and tourism boom • Gulf Finance Corporation has produced 10 years of continuous growth • Clear focus on United Arab Emirates VALUE DRIVERS • GULF FINANCE has the same UAE license as Amlak and Tamweel • Recently increased its capital to US$ 55 million • Growing population • Favourable demographics 62.8% 82.9%

  21. CORPORATE HIGHLIGHTS • SHUAA Capital Saudi Arabia commenced operations and has had a strong start • Acquisition of 20% stake in Orion Holding and controlling stakes in 5 regional brokers • Significant investments in attracting, retaining and training Human Capital • Holding corporate investments for best possible exit scenario • Joint Venture with Orascom and Rotana through private equity division • SHUAA Asset Management applied for DIFC license • Continued to invest in strengthening financial brand and value 73% 666%

  22. SHUAA RESEARCH COMPETITIVE EDGE • Historical financial information on over 800 listed companies across MENA region • Publications • Prime equity coverage on 73% of market capitalization in the UAE and 45% in KSA • GCC daily equities briefs • Quarterly earnings updates • Regular market reports • Specific industry and thematic reports • Monthly Stock Pick Monitor • Yearly “UAE and KSA Vision” outlook report • Proprietary Index Family with 12 regional and sector indices • Macroeconomic Research • Data Provider for Dow Jones Indexes Daily Equities Brief Company Reports Comprehensive and In-depth Research Coverage on Regional Companies

  23. HUMAN RESOURCES Chief Executive Officer CAGR 37% Deputy CEO SHUAA Securities SHUAA Asset Management Investment Banking Avg. 8.3 Years Research Investment Banking Principal Investments Finance

  24. STRATEGIC PRIORITIES • Further promote GCC as an asset class and destination of capital • Obtain, maintain or retain leadership position in each business line • Mirror UAE success story in KSA, Qatar and other Arab Markets • Focus relentlessly on high-growth, high-margin business • Enhance client relationships with value-enhancing solutions, on-ground presence and suite of best-in-class products and services

  25. SHORT-TERM OUTLOOK • Corporate will continue to fuel the machine through additional support services, organic growth, further acquisitions and strategic alliances • Principal Investments will enhance its “endowment” approach to investing and will allow third-parties investors to buy into portfolio investments • Assets under Management will rise due to inflow of capital from international institutional investors – with increasing emphasis on Asian investors • Brokerage will continue to benefit from increased trading activity from both local and international investors – both retail and institutional • Investment Banking pipeline scheduled to deliver in second half of 2008 • Private Equity will mark first closing of new Hospitality Fund I in first half of 2008 • Finance will grow its UAE footprint and product portfolio

  26. FINANCIAL HIGHLIGHTS

  27. RECORD ASSETS UNDER MANAGEMENT POSITIONING PAYING OFF • Highest ever clients assets under management/custody is a result of: • Targeted expansion strategy • Product and services offering • Extremely well positioned to benefit from macroeconomic trends, market developments and industry outlook • Credibility and trust • Financial brand value • High calibre talent • Consistency in what we do

  28. DIVERSIFIED INCOME PORTFOLIO AND BALANCE SHEET

  29. FINANCIAL HIGHLIGHTS

  30. FINANCIAL HIGHLIGHTS

  31. BALANCE SHEET

  32. OLIVER SCHUTZMANN Head of Investor Relations SHUAA CAPITAL psc The Gate, West Wing, Level 2 Dubai International Financial Center P.O. Box 31045, Dubai - UAE T +971 4 3651 872 F +971 4 3303 550 M +971 505442078 oschutzmann@shuaacapital.com CONTACT INFORMATION

  33. THANK YOU

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