— Wg teats TONVIVIN Geyhid FI dea (106) ly All Bylal gabe gli ci til plo faa ag +4 (1) ly nll yh} gine gl Qua lL lip a Ladl Raga! 8310) pain ASN V4 Kad (40) by Cogilllly joleall Jl Gul) Gye gid he ELV! ay agian) 4b al Sigs Sloe! Ae AD pgs 1-4 4d (1+) By Oy tes SYA WY Abad (9) 9B) cusitilly jalan!) Aabyaaalh yb Ayal) AAS) ob Alba Geil siSill alain} yay pt Gill iy sched lal pull pol) suleall yianal olty ¥+1V Ait (9) oy Liagl) 5a} Galas lA ley Se VY/N/ YS Geass Balai) Aininy Aig lo] Gala lye sy mei ogi Ball!) jal Baily) bly) GLbL StS Bily ste cia Gil gag pale -¥ [cdulilh GUaiy Rasks) ol sglDl aad oda) ba YN Ail (1) ay Lag ll caine sled Ge Silly gail) py iby etsy! ys Gg La Ly pane A NG CIS CASE tl aS yl -0 SS fe way tansy Bgl gh Wags Lasiy Tabac ane Apel DU Lap le Upeaall tba 2 Saye nd daly ol) Maye ge Eakigs thy ak She Only batt ce a hats Sate eb I Ls wot Agta gy Ge He JS ui polly lal DGS) egal GH agi atid aul O geBi ll sh Cigallad clue Ci seeastl cg patinnall ling Sige ASAI Lge 3 All pall aye ee Sb dy Subp dal oe Aesth ttt) Assia 45,80 gat Sale asta ath [ejb lai, Aas) a ald) calls Saleh lal pall len us as Judea) YoY Aaa! (4) By AingS Sls) cola Js Aah at) (all @ gual Aaa 4 pal gg peas aby ab sotgh gh Aka aay gh Oka Gol Gye gid Wgd lly (AI SL TLS he LA lll syle Spat Gh lie Jo AS 2) J yet cya Lat gh Atl! sO gf SAS El pat Aker chal prorat) Lees gls Agu G81 AM ciftall yb Laois Rhaayy egy oe pe 54d AT rg gS 1 Balding Sncges nt Was VY gaapall tt Sale gal i HY PORV AT gislh HETTOPEOTO® woes WWW.FRA.GOV.ESdm E Ag iti Ay Malad Add MANGAL EEGUATORT AUTHORITY Rel uy coh Sgn Lat) Jagat cipal shad sh Ug) Geady GLU) gl Gewaall gf aged As JB bbe vl cul ll Cilgally GIG AN) (LB Uke i aly GAL isp SIL Guanine CALEY Ly MLR Sgt aga cA yall Aa ugh cyst DE Ge Rusu ctgy A ld bball Sle Gd ble: (Convertible Instruments) dali Bally tla gation Syluny qa) Cash Gilly Gye Sid Sill Lgl ay Leal tla) aaa coalluly gain He Jaiad le he heal (AL pth aly alta he Lets) shall Ga toy Sul Bll lg yb al pat Alf bball 19 Baad (8) By Att 3) ail Bald) Jt cutlsly gata lee slush) onal go da 5 (Gall pl Bylald Gall By - to ali -1 / glbl Nal alg Zaid jl Lad) BUSY Ha Jot Rata gy Heal! algal) Ga US Alsi ula ALE Re dye LAA Giga lt cS Salged AG B Aats py LS spl Jame Agtth gall aid (pi) Sle th GGL Uge Gale J Lal Aad Sian AS CLS Gia io UGH 5S ple Gy ay Jae Ist suse Sb Gila daa sis Sl (Lasiea = fill i aah Aaag bt Baby iMag lah ela is Sha (celal) pat) allay alia one Lala) sla) 25 ll Pn bye ah GLa SY) Asad cal) jill YoY Ziad (1 (ibaa ad Uo al pth Gadi ad Lo Ba po) Mtl ca ytd Ll poll mellly Qing hI Jo ul day + Had slgie dae B56 Gal Gall he pay oly) aad Jd le Maye A LEU te S pall Mbt ode pastas Boe Gl Usy (bt le Gul) AAS Jats) LEGA) le gig) el Spy scigle Bee ay GLE ae gg Bj Ae ALG Le gla Fata! gSylall ZS Repay gale Guana ll Aaa saad gb gL aie pad he may le ueaaall Jagaill gh Juul Gel any Ue pat lf a IS Ge Saageg Hill dlp Gad My) JB Ue pas 8} Sucgll AN Belg A Jeane JT pace Spa NTT con a it a ‘Buling Bridge nt Wat Ves sae Batt Salona yeni ie PET FORA paste HPAP FOPEOr” gas y WIW.FRAGOVESA f= Agh) Byki Aeladt gt - gett ay cculll Sse Aa pall od cin Gps sa ape le alas (Standard VC) jou) Sua) ij) duly! Aayll- (Modified VC) bls Jui) ui Ase 2 but 1S ASN CLE Nps gael plat pl ln gl (nga) Guba — ly! Galas ay) Lgl) Uda ctl gaady ABLE yh Ally QUE (Gataleadl 2b); vy Aid (1) pb ing Sal le ie sisal! Aa ail dip Baal) Coe el sMl 3h Guta Jaca gi) Anat cal) jlo colal 8 phil] /GALGALI poeiill allay gublino “iP Gaalkt, aly gale ANSI gy als ga cated (pall led alin shee) Goaia Saytelh aeitl Lis paul Qteed Qaadiall pt sgl) Leach AS) Lal pdt cane peed Sas pail Sula apgdat Uidgy «alent alge Lge HLA! lg) Ally AED GI cis gala 1 Aa gps SY gal agin 100 Joa eet igca ejt) guad cla (Claguall JBL SUA) Gus JBL Lay) & gach peta Shall oul) Mie (Gaglaall Bald), Bibgh ol) cepa JB Ua = Sy pS JS Ue Alnyoy LR cst pat gia Leal) sistas ase pele Gla esi cal) Udall Ye VM Misad (1) ob Angi pal coalnee hls Bald (AAD alll allele ale cab jalall) ll iS yall yaad Gai Lead ibiaal ad bo — til Gada Jad bo ha 0, Exit Value) otic! Jabal ¢ Ai Gajth ob ASyll Ak call Magill oye pal ae Blea) And gegill Mde Galion ( ) CS Eyl y sail eet (Shall ol, ABS Galen) Late! le gall sslai Ve habce! pace jae ge Say a Building Bridges not Walls Ms Seal all Sle a yp a FPP OPVS AIT ayuSlh HPV FOVEORS” ogpaulh r WWW.FRA,GOV.EG\. é 8 Pee 2. FIMANCIAL REGULATORY AUTHOR Reet pmeny gp Ua eS Raed) pele May) Ble pe LAU GAS py gb At pla 2 Gay (Exit Valuation): glial toad - ae co i Laaygal ELA Asp agli Go co oye GAA ay MAE Ast ads Ga La a oa gi Gusb ce (Exit Valuation) ¢,182) 48 a5 pig patel Aide Gace Catia) Guatinaal aol ol Ga voulaall olgy Ouslslly (Market Approach) 3s!) ggis si (Income Approach) J3al gga :cungial) x(Target Multiple of Money My siaibimall jhe wisliaae -* OBES) Sina saa) Gob Ce Gingell WEN) Golan yb 58 Rigs aya x fly Lad eli) thee Jt 1 (bees A) sal §le ally (Target Return at Exit) ¢ {Stl ae iagiaa’) sid) hae Gu ce -1 (P) spit) Clgs Altatal* g ASA Aig = gy LAstl se Magill Lith Gls os Expected Value of Exit= Exit Valuation*P P= probability of Success Dai Regt) GALT Sa a cs lee a ALA GGA GB LAE aia Ua Gay cL tla gay gy Spl ee Glas ae Ase GA gh psktuall Jl) Gul dass alee +1) /0) © QoS) aie Mabie) Lgl = JS ae Lapel Lull alee ae (iss is, aged bg Leal) ite BF Spall Ups Gass conn gh Cy patel) alas gill sla! ge Ja! al) AAS Jala giy8t ols1 ch Present Discounted Value at Exit = Expected Value of Exit / (1+Rvc) *T GIS ale Legit Jel) eth Jalen by P/ (1+RvC) AT (P) Asp20) Chad Apctal / cies ssc (GL Gol) AGG Jatee +1) = (M) Gagieeall LN! elon laa I 1 /M 2s a ally (Target Return) Gisgiae Spies silo ot) iagieal) LE) deli aga she uae jun sign gS) 22h Bulding Bridges not Wats Mie saat hd! poraece remee ter) AYP TORVEAT gush STF FOREOPO: cigalt ‘ WWIWERA.GOV.EGell gay —— (Retention Percentage) Blea’ agai -T pity Lan ASN C8 LEN ya oe Ay SB) IS NL a cls fe EU lg At) BLY) ppl cam scoigh peal) DIS. Lape le peal (Convertible Notes) 3i aguls Ale cilssi ane) ai Atti AS, 51) pe ge Baa! a aga Ay co) se BUY) LG tb dale GN ble pablee nla Goel Jali Ae ly Lee 9A Gaga Slay om Cl GbE Nhe any eh al peel coe age Cigale (+) lle ce age Sige (2) uae (H) pctinnn Spal Aye Jaga AsS} blanc! IOS le (19) Ga eagerly Apt Uke Ga 50k) dase) Oo Galt Aa ttl Sots (fet 2) Reedy BUA) ane al ASM oh os pl ia (701) ot) AW Mal lide (7.12) a (I) pa eat Lane det Goat tan (Na) = (L498) / (LY) su is,40 | Aaslad! dui = (Retention Percentage) gull: HAs) Hay pba i JUN co, 5345 Go Gy any a in Rsyy AG) Mayall JOS Aaa ate (Vary Lag ASK Aayttl JB Le JUG) a oe US agan A Labo dud oles ai alli Ay) (investment Recommendation) jbassiaall jawagi -£ jane dane hae) ATS) GL ae tla Lath (tg) Aaa) is ea Asya A ly) dd le hg regs Ala Laat) Aang ppl BUSY (M) (isginaa JUAN) eLane / BUY Zant) "(eA ae Lapa Ae fll 480 pad lle) gs GS LAL Sloe] ity diay pina anigag «Standard VC) gab! JWI sind dealt ytd - jal 3b as ol Rie Oy (ule y jell AAS! Gy) GIS CISA apa oe Uathe Mayall Ui bain) aay idle Ah cis uss ay Ay lye! ge Golly Ag9) ilps) Gulu ie (Standard VC) jbidall Juul Gah) Laban Lilly putt ay wtisya gb Aca yall LAL ye tad 1 (Income Jia gels toupee Ga gl uk co Lei! li ges iy (Exit Valuation) gash dnd yi -1 (Market Approach) iy! geis 3! Approach) (SM) Gagiull gst) salt is .(M Target Multiple of Money) sei! JAAN) iets pif -7 VP a sal at Wes gaye eat HYP POR HT gust HYP FOE: cigaatt ° WYW.FRA.GOV.EG Building Bridges rat Wa Sal yp alGea ee ao. AKG IATORY AUTHORITY Ag dy — ali GSS Guiat! Aglha! (Retention Percentage) Busy! dui psi -¢ Flin! SLA) CNgadl JUS patna Lean sia) GenkStth oleae 5 (gS se Lapa Saigiall gall Shay gilly ALELD ASE giles) pl pst -2 « (M) (igi! uta {Proposed Percentage) jtiull Assia Asli) dust yaad —1 a) pul) yi -¥ (percentage) {SM 4, (Successful B clas / Buby proposed jtiuall dati Lua) * Aspti quit tes] (Partial Valuation) Investment Recommendation) Huy! duesi ine} —A 2 255 sla Hoge ba Hyak CABG lady ic lyh Glad ily ARAN Gay NG AS AN pall Laie My a ay (Modified VC) plalik! JWI gaipl Adak! dig lall -° BAY) GY Guna) AED ae oo Lagi abn oe (Modified VC) Usui bial Jls Gul) Mig catiasy ial Geling digas Lalit Abt 255 5h (Carried Interest) Asal sipill (management fees) FES CAG A Gb CLAN pyiill ais (uutia Modified VE ola) Shall uit Asmat! Aipalt placid sayy «(M) ia A GSS) CHL Mala SUM) MS oe Leta ASL Gucle Blea oh Fale GS ally BAD La aay Gna PAIN ilps pd ity Asya (Exit Valu: 45 sal) ie fe gua =! ion) GSS) Aad yt -1 (M Target Multiple of Money) Gisgiwall ta) cielo it -T (Successful Exit) esti g)155 jst) Lyla (Retention Percentage) agi Bisa! at st +t Hab Asya asl aga gat 2 (Proposed Percentage) ptisall da pial! 4st) Quai ayia = (Partial Valuation) =a» ¥ (Proposed Percentage) petal! is sia) Gull * 26,211 pas Spans TT ee ASI Ayah Bullding Bridges not Walls Ve galt ell Sale aid peel GH ANSP PORVAT cgufld HPAP YOFEOROs cat WWW.FRA.GOV.ESAy iLi Ayla Dalal hag FINANCIAL RESULATORY AUTHORITY —— Bag dy spe ol) al pall at Ay Uy (General Partner) abitiel ot) nats Galitt putt (I) plane OGY silly AS BI) Sle Gul ood aaleaall ec gay (Limited partner) agin) ttle oli! axial (44) sth aay p53 Lgl Sybil Jataou Aullaay) dais) Jha ts (Limited Partner Costs) sjsvall Audit Aalst! Ailsit) ysis -A Sil) ola oe Syl) A dias Jaks) (LPs) ssa!) a RAEN Ag & (bakin Stat Gul, fpsbetl Jlad Gal) = (LP) agonal! a ta Ailes yal ayy LP Costs = Committed Capital/ Investment Capital * Required Investment. agi Sissy (General Partner-GP) Galicia day) uly Lolth Aaa) ysis -8 ag) gl plan) [Lordy slg malta yy das Slag) gall eka / (JLal aly len gh glean Stal Gul, * Alea) git) iin) * Alea stip das (Bath Slat by * (patel) Shall cul) [ lagj sth pilea!) yp Adley) Aull elon © GP % =Carry Percentage * (GVM* Investment Capital ~ Carry Basis)/ GVM * Investment Capital (LPs Valuation) asssa} oll J Aub ost 1 spin aad * (Cabal) Lay) %-1) = agin yt gyi = GS gj Lead Lay dipia agonal) Ay) atl Lb pu Ale IDS Go LA Ag kd 1) Opt Gai Ahk yo Sad Lo ill aS pal pdt a all i shad dd og ysl algae IS gh Delay ALA Slee ay) lad Aaya JU Mayas MAL CLG EI SLA) pel ale 93 2 caus Jae Ae) gall path At) Sle Unt) ay gle ale St Auacitl Qual) GDGAY als Ua Jot datall alg as sg Sekine Lsyall CLM Gad le ASA) HS le gy alt Jae Aga Ge alge os fi Rats ey ASA Gas =" plat is gay -¥ pene SjagST NTT ie B88 ya uldng Bridges not Walle Nes pagal th ala Haale Srey PORvesTT igasla +P TOPECYO™ scgdats v WWWLFRA.GOV.EGeen as Bg ata ‘FINANCIAL REGULATORY AUTHORITY —— Bt ots — chant) Gah CDLajay LE ob gia SY Betis 1 hy Lah Sally Rail yaSlaailly AGB Hy pad gill geld whass sh dade olen eal) Galas -? HU clip Hsia Lays -¥ Rey gp 9 3 Capt aye oA SAG) MiG AS, Ly dag Jay al add 3 Uh aaag Jal! oe Gales sey Ss financing ) dust Any BGS! g) SHU ony cS) ig] Fele ge CALS algal) alt dag Gf lucy! A jst REAM) SAS EN ans Gh ye Mec Nin SB) algal gle geil Aaa) ne Gye alge Ges Gali Goll ga a (stage sis SLO ph 38s oh ai lay algal Gly Ge Sl Mayas isl gf Gales ita iad! Baldy ABN SAS A pu gaghal iat Abad rads () Gale Al} Lal) Ye NV Adal () oy Adal ha) Gale bs By wcilaggall Gb Ls — SN) Gules Jd Mayor usa Baldy op Gas IC asl Ge Ay daly yal Ley saly Ring) pig ASl¥l ebgall ey Appeal! eGslh pA Va 28h Aspen! eile gy Sylal Galawo sandy eal cl pd halt at Gale aig ate o : ‘ ‘ é pai jae NT oie cagS0 gat Bulg res not Wats Vy eal gall Fla ypu AVS FOPVeIT afl HY YTOFEOTO® ctgtuts s WWW.FRA.GOV.EGA= gw) As w aalads Riugt HNANCALREGUATORY AUTHORITY FE Ba penta eh py Gade anna ad bo — afl Gals Jad Lo Aba po” Rill IS al nd Gah dn tel cla Jal Shee eh Ags EAL Guyana) tal cE yy sale panda gale (1+) HE Gigs lla le dy disu 49,4 *¢ Auale pg Jail AMG jliee ages Cigna (0) 236 Ge Ege Main yale (1) ahaa clsf Mayas Agta 6b pital epee Cigale (09) 236 agai ses aged) a3e leah cased! {seca 5B Ags) Sigh (2) ane gy Abate (H+) Laat (P) (ef) ASA Chal Aataia) all gists {( Investment Recommendation) jidia¥! duos pb let PAM cilpbaat ELS apy ase Goo LET ps slg) gat AML AS GB da gale (1) Billy epllnall GLAS) Gln ast Ath Gghst) ysis) AHS Ab) Gt a gh NAG Ae Cigale (++) lay (Exit Valuation) ¢ isa 48 Galil pais JUS Se gh Leng gals AS ,20 Cyl Gals, (Cis Laaall Linjhs Aapeodall A040 ght Aad clad Allialy (20) Auudy RVC pbidall fle Gul) 4S ales Golsily (M) agineall jiu! eine justi des) Cis Atlas / iyi ase (RVC Stal Gal, Ras Galas +5) = (M) Target Multiple tags Utes! Geto. AP) S28) Bate re 8 (ret) = pease pg ATT ghee ASN Ay a! Bualsing Bridges not Wa Vet eae lll HPP TOPVST yale FY TOEOFO® scat 4 WWW.FRA.GOV.ESd= Bagby Lad gt GANGAL GUTATORY AUTHORITY ~ Bag guy — Aah! pha) bes alas JMS Gu (i) pana lad le sLGeL allly (7/2 +) As (Retention Percentage) bital 4.0 Jali) hawaii Sb (Gogh ACN) Gio tine [MAN ual) * LR ale Layee dad glad Lgl = Asp lant all ual Ag, yila TVS (LY foe) # Sige ee sss Spas (Proposed Percentage) jiu! da,siali Ast 4, Sls Baal age) Sagas any (EG I) AGE) agasl ose laa) | LED lg) dad) agesl ose IYI = ages Ca gale V2 fags Cigale 9 = haga) igh patil Layo Asal) Rad * Ast pul llna] = jal ull ats dyin Cygle VitT = ZY eat yale HTS = saat Shit) (Investment Recommendation) tatu! Luas inal gala (8) RUtly ASST LARLY Glad Aan Casale (VEN) UL AS 20 a pull glad Ce (eo) Asa Jay age (got) Ashe seetiaou yh) Jal Yl cAale Ogdla (V0) ly gD Ganade Je aly ial pes pam goign St ya Bulding Slges not Walls vs eal Bl jal aul yp al i SYOY TOYS auld HAY TOVEORO® scsgauis WW.FRA.GOV.EGmn E gM yt Dalal ag >. SM NANGAL REGULATORY AUTHORITY LS! gba (16) Baal (JY) dain gale (+) Ghee ghana) thes! dala Sila (No) be LEO ct Jad PAaulSl Sled = (Limited Partner Cost) sysaa} ohail Lola ditssi) sis cag tye JUAN Ad * (jtelane Cc Lball SLall Gal) / LAD Genel flat oul = gia Casale (0) = ai Cigale (1) * (Main Casale Ae / Ain Cigale 1 +) sEplal) Sglaatt sgh Lh ills (General Partner — GP) jes! by20 Grats Lela Leal ysis Shag ll) / Leena sig = ptt yt es Betis | (udu BI Jl Ga ig Lay Slat Gu flea) Ayal) Giekag) * Leal sigh dat = tal) Jl) Gul) * ag Lagat EDI ctl atl a yl) JULI anal) Lal gal f Hayial gil lag) = HLasal (Gptialt Lele ey Asie Cigale (16+) fate Gla (T+) = Bye (1.0) gp Qala) Agtl Jalee Gall ~ fais ale (A)2(T.2))" (008) = opt tls a oy aes (Us) = 4s oggle (Ne) (4.8) f (Aaa Cigale (V6 Hyde Gata Syed) (LPs Valuation) ass) eaybi) Ut Ag sit ol pal * (pl) hy haa % =) = Baising Bigs not Was VY eagappal Sala aI el he HST YOR agaib HT FOFEOPO® sgaat 4 WWWWFRA.GOV.EGRl yet — sila Gye (VN) * (I= Ne psa all LAY AC Asie gale VV QUbtly sgl) dtl jl) gd Ape ay oy Ley Anas lane] SAN aad Outs Maley LAY) Lyd jhe AiG lb a Gay Ogale V2 Elly pate Spada 4S 2 Buti Bion ot Whe Vrs saya ga! Sales pall i AVY YOR IT gst ereT OREO. opal WIWFRAGOVES