Corporate Finance Profile
Transcription
Corporate Finance Profile
Brief Profile Corporate Finance & Advisory Investment Management Group OMAN ARAB BANK SAOC INVESTMENT MANAGEMENT GROUP • • • • • • • • OMAN ARAB BANK Oman Arab Bank was established in 1984 by acquiring branches of Arab Bank which were in operation since 1973. Principal Shareholders: Arab Bank (49%),OMINVEST (50.99%)& Oman Investment Services (0.01%) OAB currently operates through a network of 60 branches & offices and a staff strength of over 1000. Key Financials: 2013 2012 2011 2010 (in USD mn) Total Assets 2,895 2,477 3,782 3,559 Net Profit 60.18 64.99 65.63 60.27 Range of services offered by OAB includes corporate banking, trade finance, retail banking, and investment banking. Arab Bank provides technical and managerial assistance through a Management Agreement. Several of the senior officials have been seconded from Arab Bank. OAB has access to Arab Bank's large network international branches. Moody's Rating: Outlook : Stable Bank Deposits:A2/P-1 Bank Financial Strength: CBaseline Credit Assessment: Baa1 Adjusted Baseline Credit Assessment: Baa1 2 OMAN ARAB BANK SAOC INVESTMENT INVESTMENT MANAGEMENT GROUP MANAGEMENT GROUP • Established in 1998, Investment Management Group (IMG) is the investment banking arm of OAB. • IMG is licensed by Capital Market Authority and Central Bank of Oman to carry out Investment Banking Activities. • Over the years OAB-IMG has evolved into a comprehensive Investment banking services provider with independent audit and report publications. • OAB-IMG draws on resources and expertise of the Arab Bank, which gives it a competitive advantage and augments its reach. • Capital Market Authority and Central Bank of Oman licensed OAB-IMG to carry out following activities as an Investment Bank: • • • • Custodian Brokerage Managing Investment Funds Issue Management • Portfolio Management • Investment Advice & Research • Marketing non-Omani Securities 3 OMAN ARAB BANK SAOC INVESTMENT MANAGEMENT GROUP ARAB BANK NETWORK 4 OMAN ARAB BANK SAOC INVESTMENT IMG STRUCTURE MANAGEMENT GROUP OAB - IMG Asset Management Custodial Services Brokerage Private Banking Research Corporate Finance & Advisory Bespoke Portfolio Management Regional & International Equity Trading Diverse products across asset classes Active Tracking of Local & Regional companies Corporate Finance Fund Advisory & Management Fixed Income Trading NRI Services (tie up with Kotak Securities) Economic updates, Sector and Company research reports Transaction Services Financial Consultancy 5 OMAN ARAB BANK SAOC INVESTMENT CORPORATE FINANCE & ADVISORY MANAGEMENT GROUP The services of Corporate Finance & Advisory (CF&A) are in following three distinct areas: Corporate Finance • Initial Public Offerings • Right Issue Management Transaction Services • M&A • Private Equity • Private Placement Financial Consultancy • Feasibility Studies • Business Plans • Valuations • Due Diligence Professional Advisory to assist companies in ‘Adding Value’ 6 OMAN ARAB BANK SAOC INVESTMENT MANAGEMENT GROUP EQUITY ISSUE MANAGEMENT CF&A offers comprehensive equity issue management services. We are responsible for some of the most successful IPOs on the Muscat Securities Market. We have raised more than US$ 5 billion from equity issue for our clients. We make use of all the key areas of our Investment Banking Services for successful management of IPOs. In addition to covering all regulatory aspects our services include corporate advisory, due diligence, valuation/offer pricing, marketing and issue administration. Our issue management services are comprehensive and cover; • managing all activities culminating at successful subscription and listing • devising overall transaction approach • conducting detailed Due Diligence • preparation of relevant documents such as prospectus, application forms, brochures / advertisements • coordination with all stakeholders, service providers and regulatory authorities • managing marketing campaigns and road shows • managing the subscription process and dissemination of relevant information • managing the underwriting process • managing post subscription issues; refund, transfer of funds and MSM Listing 7 OMAN ARAB BANK SAOC INVESTMENT MANAGEMENT GROUP CF&A – TRANSACTION MANAGEMENT Transaction Management services of CF&A offers complete solution from transaction structuring to transaction closing covering all imperative aspects of the prospective deal. Detailed flow is provided below covering key tasks : Structuring ‘Transaction’ • Establish Objectives • Review Relevant Laws • Due Diligence • Company Information • Prequalification Criteria if any • Establish Transaction Approach • Other Service Provider’s Responsibility Launch Marketing Campaign •Formulate Strategy for advertisement, marketing material, and road shows Documentation • Prepare Information Memorandum • Sample agreements through legal advisor of the client. Process Administration •Invite Expression of Interest •Issue Request for Statement of Qualification •Pre-qualification •Confidentiality Agreement •Distribute Information Memorandum Valuation / Reserve Price • Valuation Methodology • Review Financial Statements • Develop Assumptions • Financial Modeling • Discount Rate • Sensitivity Analysis • Reserve Pricing Closing Transaction •Sign Sale Agreement •Receive Payment •Transfer Shares •Establish Data Room •Bid Management 8 OMAN ARAB BANK SAOC INVESTMENT CAPITAL MARKET – FUND MOBILISATION EXPERIENCE MANAGEMENT GROUP OAB-IMG has managed some of the land mark and most successful issues in Oman. OAB-IMG with its extensive investor relationships has repeatedly demonstrated its ability to raise substantial amounts from institutional investors across the region. Al Maha Ceramics (18.5 times oversubscribed) Sharqiyah Desalination (12 times 150.0 100.0 50.0 33.2 oversubscribed) 155.3 RO Million RO Million 200.0 7.9 40.0 30.0 20.0 10.0 - 2.4 Offer Size Subscription Bank Nizwa (10 times oversubscribed) Voltamp (24 times oversubscribed) Galfar Engineering & Contracting (14.5 400.0 682.0 60.2 330.3 200.0 13.6 - RO Million 800.0 600.0 400.0 200.0 - RO Million RO Million times subscribed) 1,000.0 800.0 600.0 400.0 200.0 - 872.9 60.2 9 OMAN ARAB BANK SAOC INVESTMENT OUR EXPERIENCE MANAGEMENT GROUP OAB-IMG has extensive experience in managing both primary Currently we are managing IPOs for an Oil & Gas Services and a and secondary equity market issues in the Sultanate. Mining Holding Company, also been mandated by prominent business groups for managing their proposed IPOs. OAB-IMG has managed some of the land mark issues including Following are details of some of the selected equity issues Voltamp (24 times oversubscribed, US$ 868 million) and Galfar successfully advised and managed by OAB-IMG: Engineering (14.5 times oversubscribed, US$ 2.3 billion) and Bank Nizwa (11.4 times oversubscribed , US$. 1.8 billion). Company / Fund Summary Al Maha Ceramics SAOG IPO: Lead Issue Manager, Financial Advisor & Collecting Bank (under transformation) (2014) OAB-IMG is managing the initial public offering as the Financial Advisor and Lead Issue Manager. The issue documents are currently under regulatory review. The expected size of the offer is US$ 21 million. National Gas Co. SAOG (2014) Right Issue Management & Advisory (US$ 20.0 million) OAB-IMG has managed Rights Issue of National Gas as its Issue Manager, Financial Advisor and Collection Banker. The Company has decided to increase its Paid-up Share Capital from RO 3 Million to RO 5 Million by issuing preferential right of 20 million shares to its existing shareholders. Galfar Engineering and Contracting SAOG (2013) Right Issue Management & Advisory (US$ 36.0 million) OAB-IMG managed the Rights Issue of Galfar as its Issue Manager and Collecting Bank. The company raised its Paid-up Share Capital by issuing 49.5 million rights shares to existing shareholders. Al Batnah Hotels Co. SAOG Right Issue Management & Advisory (US$ 3.1 million) OAB-IMG managed the Rights Issue as its Issue Manager and Collecting Bank. The company raised its Paid-up Share Capital by issuing 1.155 million rights shares to existing shareholders. 10 OMAN ARAB BANK SAOC INVESTMENT OUR EXPERIENCE MANAGEMENT GROUP Company / Fund Summary Muscat Finance SAOG (2013) Private Placement of unsecured non-convertible bonds (US $ 18 million) OAB-IMG advised, structured and arranged for placement of the bond programme with select institutional investors. Bank Sohar SAOG (2013) Right Issue Management & Advisory (US$ 26.0 million) OAB-IMG has managed Rights Issue of Bank Sohar as its Issue Manager, Financial Advisor and Collection Banker. The Bank has decided to increase its Paid-up Share Capital from RO 100 Million to RO 110 Million by issuing preferential right of 100 million shares to its existing shareholders. Sharqiyah Desalination Co. SAOG (2013) Initial Public Offer Bank Nizwa SAOG (2012) Oman Arab Bank SAOC (2012) OAB-IMG has managed the initial public offering as the Financial Advisor and Lead Issue Manager. The issue has been among the most successful IPOs in the Sultanate receiving more than 4,700 applications of US$ 84 million i.e. 13.3 times subscription. Oman Arab Bank was also one of the Collecting Bank for the issue. IPO: Financial Advisory, Placement, Underwriting & Issue Management (US$ 156 million) OAB-IMG has managed the initial public offering as the Sole Issue Manager and also led the underwriting as Lead Underwriting Arranger. The issue was among the most successful IPOs in the Sultanate receiving more than 37,000 applications of US$ 1,771 million i.e. 11.14 times subscription. Oman Arab Bank was also one of the Collecting Bank for the issue. Bond Issue Management & Advisory (US$ 130 million) OAB-IMG has managed Bond Issue of Oman Arab Bank SAOC as its Issue Manager and Sole Collection Banker. The Company has decided to increase its capital base by issuing bond on private placement basis. Scope included offer documents preparation and coordination with regulatory authorities for its approval. 11 OMAN ARAB BANK SAOC INVESTMENT OUR EXPERIENCE MANAGEMENT GROUP Company / Fund Summary Acquisition Advisory to Takamul Investments Co. SAOG - 2012 OAB-IMG managed the private placement of equity shares for two companies in petrochemical sector as buyside advisor to Takamul Investments Co. OAB-IMG was involved in valuation of target companies, due diligence of placement documents, negotiations with the seller for reserve pricing of the transaction, and finalization of transaction. National Finance Co.SAOG (2012) Right Issue Management & Advisory (US$ 19.5 million) OAB-IMG has managed Rights Issue of National Finance as its Issue Manager and Sole Collection Banker. The Company has decided to increase its Paid-up Share Capital from RO 17.6 Million to RO 25 Million by issuing preferential right of 75 million shares to its existing shareholders. Dhofar Tourism Co. SAOG (2011) Right Issue Management & Advisory (US$ 15.6 million) OAB-IMG has managed Rights Issue of Dhofar Tourism as its Issue Manager and Sole Collection Banker. The Company has decided to increase its Paid-up Share Capital from RO 8 Million to RO 14 Million by issuing preferential right of 6,000,000 million shares to its existing shareholders. Salalah Mills Co. SAOG (2011) Right Issue Management & Advisory (US$ 5.6 million) OAB- IMG has managed the rights issue of SMC as its Issue Manager and Sole Collecting Bank. The Company has decided to increase its Paid-up Share Capital from RO 4,125,000/- to RO 4,848,500/- by issuing 7.235 Million Right shares of nominal value of Bzs 100 each. Oman National Engineering & Investment Co. SAOG (2010) Right Issue Management & Advisory (US$ 10.4 million) OAB- IMG has managed the rights issue of ONEIC as its Issue Manager and Sole Collecting Bank. The Company has decided to increase its Paid-up Share Capital from RO 4,000,000 (RO Four Million) to RO 6,000,000 (RO Six Million) by issuing 20 Million Right shares of nominal value of Bzs 100 each. 12 OMAN ARAB BANK SAOC INVESTMENT OUR EXPERIENCE MANAGEMENT GROUP Company / Fund Summary Oman Al Arabi Fund (2009) IPO: Financial Advisory, Documentation & Issue Management (US$ 25 million) Advised the client (Oman Arab Bank) on overall structure of the Fund. Prepared the offer documents and coordinated with the legal advisor and other service providers. Completed necessary formalities with the regulatory authorities and managed the process of issue management. Oman Arab Bank SAOC and Oman International Development and Investment Company SAOG, OMINVEST are promoters of the Fund. Voltamp Energy (2008) IPO: Financial Advisory, Placement, Underwriting & Issue Management (US$ 35.6 million) The IPO of Voltamp Energy proved to be the hallmark of the OAB-IMG capabilities in managing IPOs. As the Lead Issue Manager and Financial Advisor we played a significant role in setting an unprecedented record in the IPO market in Oman by achieving over 24 times of subscription of this issue. The IPO issue size of Voltamp was 25 million ordinary shares of offer value RO 13.55 million. The issue opened on 5th May 2008 and closed on 3rd June 2008. The IPO received subscription of RO 330.3 million through 65,527 applications resulting in an oversubscription of nearly 24.3 times. Bank Sohar (2007) IPO: Financial Advisory, Documentation & Issue Management (US$ 52.2 million) The IMG-OAB acted as the Lead Issue Manager. The IPO of Sohar bank was 40 million ordinary shares of offer value RO 20.8 million. The issue opened on 9th December 2006 and closed on 7th, January 2007. The IPO received subscription of nearly RO 120 million resulting in an oversubscription of nearly 6 times. 13 OMAN ARAB BANK SAOC INVESTMENT OUR EXPERIENCE MANAGEMENT GROUP Company / Fund Summary Galfar Engineering & Contracting (2007) IPO: Financial Advisory, Documentation & Issue Management (US$ 156 million) Oman United Insurance Co. SAOG (2006) Right Issue Management & Advisory (US$ 10.4 million) Oman Medical Projects Co. SAOG (2002) Right Issue Management & Advisory (9.1 million) A’Saffa Foods (2001) IPO: Financial Advisory, Documentation & Issue Management (US$ 2.5 million) As the Issue Manager, we played a key role in achieving over 14.5 times of subscription of this issue. The IPO issue size of Galfar was 100 million ordinary shares of offer value RO 60.2million. The issue opened on 12th August 2007 and closed on 10th September 2007. The IPO received subscription of RO RO872.9 million through 29,898 applications resulting in an oversubscription of nearly 14.5 times which was the highest in Oman History OUIC provides various kinds of general, life and medical insurances. It also offers a range of tailormade medical and life insurance schemes suitable for individuals and institutions. OAB- IMG managed the rights issue of as its Lead Issue Manager and was also the Sole Collection Banker. The services included preparation of Prospectus, obtaining CMA approval etc. Oman Medical Products Company was set up principally to run hospitals, clinics, healthcare centers and pharmacies. OAB- IMG managed the rights issue of as its Lead Issue Manager and was also the Sole Collection Banker. The services included preparation of Prospectus, obtaining CMA approval etc. The OAB-IMG acted as the Lead Issue Manager. The IPO of A’Saffa Foods was 2.5 million ordinary shares of offer value RO 2.5 million. The issue opened on 15th August 2001 and closed on 15th September 2001. 14 OMAN ARAB BANK SAOC INVESTMENT OAB DEBT FUNDING EXPERIENCE MANAGEMENT GROUP Oman Arab Bank has a rich experience in funding many of the large projects in Oman. Some of the major projects where OAB has funded include: EHC – short term facility (Bridge Loan) Oman Aluminum Rolling Mill Bar Al Jissah Project (Tourism) Refinancing Oman Air – Purchase of B737-800 Aircrafts Sohar Industrial Port – VALE Jetty Barka IWPP phase II & Rusail Power plant Al Ghubrah IWP project Salalah Methanol Company Sur IWP plant BidBid Sur Road project phase A1 Muscat International new Airport, contract NO. 3 Sohar Aluminium Musandam Gas Plant Duqum Port and Dry Dock Oman Refinery Term Loan Oman Shipping Company purchase of 10 VLCC Seeb Sewage Treatment Plant Wadi Dayqah Dam Sohar Industrial Port – new Bulk Terminal Oman Refinery & Sohar Refinery Refinancing Aromatics Oman Nawras Telecom Sohar Methanol Oman Polypropylene Project Sohar Power IWPP Sohar Refinery Oman India Fertilizer project Barka Power & Desalination Station Al Kamil Power Station Oman LNG 15 OMAN ARAB BANK SAOC INVESTMENT MANAGEMENT GROUP Oman Air Company – Acquisition of 7 B737-800 (US$ 124 million – 2012) OAB jointly with Arab Bank Group provide a term loan for US$ 124 million, pre-delivery payments for buying the 7 aircrafts, OAB share was US$ 68 million Oman Shipping Company – Acquisition of 2 Vessels (US$ 46 million – 2008) OAB together with Arab Bank provide the financing for US$ 46 million, OAB selected as the facility agent, onshore bank account and the local security agent 16 OMAN ARAB BANK SAOC INVESTMENT MANAGEMENT GROUP 17 OMAN ARAB BANK SAOC INVESTMENT MANAGEMENT GROUP 18 OMAN ARAB BANK SAOC INVESTMENT CF&A TRACK RECORD MANAGEMENT GROUP 2013 $ 138 million 2013 $ 36 million 2013 $ 3 million Galfar Engineering & Contracting SAOG Al Batnah Hotels Co. SAOG Private Placement of Shares – Collecting Bank Services Right Issue – Financial Advisor, Issue Manager and Collecting Bank 2012 $ 156 million 2012 $26 million Sembcorp Salalah SAOG (under transformation) IPO Bank Nizwa SAOG IPO 2013 $ 6.2 million Right Issue – Financial Advisor, Issue Manager and Collecting Bank Al Hilal MENA Fund Initial Public Offering – Collecting Bank Sharqiyah Desalination SAOG IPO - Financial Advisor, Issue 2012 2012 2012 Private Placement – Financial Advisor, Placement Agent and Collecting bank Takamul Investment Company Share Acquisition – Buy Side Financial Advisory Oman Arab Bank SAOC Bond Issue Private Placement - Financial Advisor, Placement Agent and Collecting bank 2011 2011 2010 Dhofar Tourism Oman Qatari Tel. Co. SAOG Initial Public Offering – Collecting Bank Muscat Finance SAOG Financial Advisor, Issue Manager, Lead Underwriter, & Collecting Bank Bank Sohar SAOG 2012 $ 104 million 2012 $ 19.4 million Al Izz Islamic Bank SAOG IPO - Collecting Bank Services 2013 Right Issue – Financial Advisor, Issue Manager and Collecting Bank National Finance Co. SAOG Right Issue – Financial Advisor, Issue Manager and Collecting Bank Salalah Mills Co. SAOG Right Issue – Financial Advisor, Issue Manager and Sole Collecting Bank Right Issue – Financial Advisor, Issue Manager and Collecting Bank Manager & Collecting Bank 19 OMAN ARAB BANK SAOC INVESTMENT CF&A TRACK RECORD MANAGEMENT GROUP 2010 2010 2010 2010 Right Issue – Financial Advisor, Issue Manager and Sole Collecting Bank Muscat Gas Company SAOG Private Placement of Shares – Financial Advisor Vision Real Economy Fund Initial Public Offering – Collecting Bank Muscat Finance Co. SAOG Right Issue– Sole Collecting Bank 2009 2009 2009 2009 Oman Al Arabi Fund Initial Public Offering – Advisory & Issue Management Welcare Diagnostics and Treatment Center (First Medical Centre LLC) Financing Options Study Takamul Investment Company Joint Venture Valuation Dhofar Cattle Company SAOG Capitalization Study Construction Materials Industry Right Issue – Advisory & Issue Collecting Bank 2008 $8mm 2008 $7.3mm 2008 R.O 0.5mm 2008 R.O 23.6mm 2008 RO 0.51 million Al Batinah Development Co. Right Issue – Advisory & Issue Collecting Bank Omani Packaging Right Issue – Advisory & Issue Collecting Bank Omani Filters Industry Right Issue Sole Collecting Bank Global Financial Investments Right Issue–Private Placement Sole Collecting Bank Oman National Engineering & Investment Company 2010 $10.7 million OMANTEL Share Placement 2009 $15.6 million National Cans & Packing Industry Financial Advisors -Private Placement 20 OMAN ARAB BANK SAOC INVESTMENT CF&A TRACK RECORD MANAGEMENT GROUP 2008 $13 million 2008 $26.24 million 2008 $8.76 million 2008 RO 10.1 million 2008 $611,430 Construction Materials Industry Right Issue & Private Placement Al Omaniya Financial Services Rights Issue National Finance Rights Issue - Advisors Muscat Finance Company Private Equity Placement & Brokerage Oman Education & Training Inv Right Issue & Private Placement 2008 $2.15 million 2008 $1.8 million 2008 $3.9 million 2008 $40 million 2008 $13 million Construction Materials Industry Right Issue & Private Placement Salalah Mills Right Issue & Private Placement Al Shurooq Investment Services Right Issue & Private Placement Voltamp Issue Manager & Underwriter Advisory & Placement Collection for IPO A’Saffa Poultry Farms Right Issue – Advisory & Issue Collecting Bank 2008 $50 million 2007 $155 million 2007 IPO 2007 IPO 2005 $ 470 million Bank Sohar Paid-up Capital – Receiving Bank Galfar Engineering & Cont. Co Issue Manager & Underwriter Advisory & Placement Collection Bank Bank Sohar Amount Collected: RO 39,953,906 Galfar Engineering & Cont. Co Amount Collected: RO 447,361,250 Omantel IPO Collecting Bank 21 OMAN ARAB BANK SAOC INVESTMENT IMG ACCOLADES MANAGEMENT GROUP Recent Awards 2013 2013 2013 2013 2013 2013 2013 2013 2013 2011 2011 2011 2011 2010 2009 2008 OAB has been awarded by The European Magazine as the Most Sustainable Banking Group OAB-IMG has won the Best Research House Award by The European Magazine OAB-IMG has been awarded by International Finance Magazine as the Best Investment Management Bank in Oman OAB has been awarded by International Finance Magazine as the Best Trade Finance Bank in Oman OAB has been awarded ‘BIZZ Award’ for excellence in business practices by WORLDCOB at BIZZ Arabic Awards 2013 Dubai OAB-IMG has been awarded by World Finance as the Best Investment Bank in Oman Oman Al Arabi Fund was awarded Best Regional Investment Fund at the Banker Middle East Product Awards 2013 OAB’s website (oman-arabbank.com) was awarded by Oman Web Awards 2013 in the ‘Banking & Finance’ category. OAB was awarded the ‘Platinum Technology Award for Quality and Best Trade Name’ and also accredited with the ‘T.Q.M. - Total Quality Management Aptitude Seal for High Quality Performance & Best Customer Satisfaction’ from France’s Association Otherways Management & Consulting OAB received the ‘Corporate Governance Excellence Award’ from the Capital Market Authority’s – Oman Centre for Corporate Governance OAB was awarded the 39th International Trophy for Quality by the Trade Leaders’ Club OAB was awarded the Best Banking Group in Oman by World Finance OAB-IMG has been awarded by World Finance as the Best Investment Bank in Oman for two consecutive years OAB-IMG’s website (www.oabinvest.com) was awarded by Oman Web Awards 2009 in the ‘Banking & Finance’ category. Oman Arab Bank was ranked as the “No. 1 Bank” of Oman for the year 2008 by Business Today - Ernst & Young Banking & NBFC Survey. OAB-IMG has been honored by the MSM as one of the best brokerage houses in Oman in all areas including services offered, organizational structure and volume 2004 - onwards for 6 consecutive years 22 OMAN ARAB BANK SAOC INVESTMENT MANAGEMENT GROUP CONTACTS Lo’ai B. Bataineh GM & Head of Investment Management Group Tel (Direct): +968 24 827 300, 301, +968 24 754 300, Mobile: +968 99 370 481 E-Mail: [email protected] M. Sundararajan Senior Manager Corporate Finance and Advisory Tel (Direct): +968 24 827 349, Mobile: +968 99 335 212 E-Mail: [email protected] Muhammad Kashif Sabih Senior Manager Corporate Finance and Advisory Tel (Direct): +968 24 827 309, +968 24 754 315 Mobile: +968 95 429 356 E-Mail: [email protected] Investment Management Group Oman Arab Bank SAOC, (Member of Arab Bank Group) PO Box 2010, PC 112, Ruwi Muscat, Sultanate of Oman Fax: +968 24 827 367 Zaydoon Ibrahim Abu Qarmool Manager Corporate Finance & Advisory Tel (Direct): +968 24 754 663 E-Mail: [email protected] Sahar Al-Zagha Manager Corporate Finance & Advisory Tel (Direct): +968 24 754663 E-Mail: [email protected] Disclaimer: This presentation has been prepared by Investment Management Group of Oman Arab Bank SAOC (“OAB-IMG”), for specific use of the recipient it has been addressed to. Un-authorized use and reference to this presentation will not be recognized by “OAB-IMG”. “OAB-IMG” has proprietary rights on this presentation. This presentation may not be disclosed to any third party or used for any other purpose without the prior written consent of “OAB-IMG”. Mere possession of this presentation does not entitle the holder to request more information nor does its possession confer any right. This presentation is for information only and cannot form basis of investment decision, legal contract or agreement. “OAB-IMG” does not provide legal advice. Any mention of regulatory framework or any legal requirements in this presentation is not meant as a legal advice. This presentation is provided without commitment and does not put “OAB-IMG” under any obligation. 23