Private Equity Alternative Asset Management and Advisory Services

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2 Focused on Long Term Growth Current Net Asset Value Per Share of $0.86 Projected to Increase to $1.97 Per Share by the 30 th June 2017 Changing Global Marketplace will Create Exceptional Opportunities in the Underserved Growth Markets on which DWF is focused 2015 DWF Partners All rights reserved. www. dwfpartners.com 2

3 Introduction DWF Partners Limited DWF believes the time is right to build upon its profitable base business to create a substantial private equity, alternative asset management and advisory business. DWF is expanding its product offering and geographical footprint to take advantage of current significant market opportunities. DWF is on a path to increase net assets per share over the next 24 months from current $0.86 per share to $1.97 per share by the 30th June DWF is implementing it s plan to increase assets under management AUM from current $2.1 billion of AUM to over $5 billion of AUM within 24 months. DWF combination of private equity, alternative asset management and advisory business, along with a focus on underserved growth markets, enables DWF to consistently make superior returns at all stages of the investment cycle. DWF is listing on the Australian Securities Exchange ASX as it is one of the leading global markets for financial services with 41% of ASX companies by value being in the financial services sector DWF Partners All rights reserved. www. dwfpartners.com 3

4 DWF Partners Business Alternative Asset Management Provides Specialist Wealth Management & Investment Products Private Equity Utilises Global Network with deep pool of contacts & expertise Advisory Strategic Advisory, M & A Focused on Growth Markets & Natural Resources 2015 DWF Partners All rights reserved. www. dwfpartners.com 4

5 Shareholder Return of 112% in Last 15 Months Growth In Net Asset Value Per Share Over The Last 15 Months 1 $0.86* 0.8 $0.69* $0.41* * Share price on a pro-forma fully diluted basis 2015 DWF Partners All rights reserved. www. dwfpartners.com 5

6 DWF has successfully implemented the initial phase of its growth strategy over the last 15 months Income Growth over 300% * EPS Growth over 275%* $27.1m $112.8m $0.14 $ months to 31st March months to 30th June Months to 31st March Months to 30th June Balance Sheet Growth over 110%* $92m $197m months to 31st March months to 30th June 2015 *15 month performance to 30 th June 2015 annualised on a pro-forma basis post distribution and exchange 2015 DWF Partners All rights reserved. www. dwfpartners.com 6

7 Projected Performance Current Key Statistics * Ordinary shares* 430,000,000 Net Assets per share as at 30 th June 2015* $0.86 Third Party Assets Under Management** Total Assets Under Management** Net Assets per share as at 31 st December 2015*** $1.11 $2.13 billion $2.47 billion *Audited assets as at , shares outstanding of DWF Partners on a fully diluted basis post distribution. **Assets under management as at *** Projected. John Lister David Sutton David Clarke James Odier Edmund Newton Directors & Management Co-Chairman & Senior Management Co-Chairman & Senior Management Director & Senior Management Director & Senior Management Senior Management Financial Projections for the Five Year Period Ending 30 th June th June Net Income $389.64m $468.80m $648.40m $886.62m $1, Net Assets $458.03m $731.45m $1,078.27m $1,552.51m $2,105.72m Shares Outstanding 326,605, ,332, ,832, ,332, ,832,000 Earnings Per Share $1.19 $1.32 $1.77 $2.33 $2.64 Net Assets Per Share $1.34 $1.97 $2.84 $4.00 $5.28 Assets Under Management $3.25 billion $5.4 billion $8.5 billion $12.1 billion $15.8 billion All DWF Financial Performance Metrics in AUD: Conversion rate used USD $1 to AUD $ DWF Partners All rights reserved. www. dwfpartners.com

9 Market Opportunity in Growth Markets Despite immediate short term volatility, growth markets such as China, India and Africa, are the engine for global growth and growth markets GDP has now overtaken developed markets and accounts for more than 50% of global GDP. Growth markets currently account for 22% of global equity market value, this is forecast to grow to 39% by The global population has grown from 3.6 billion in 1970 to 7.3 billion in 2014 and is forecast to grow to over 9.5 billion by 2050 (over two thirds of whom will be in developing markets). The global middle class population was 1.8 billion at the end of 2009, and is projected to grow to 3.2 billion by 2020 and 4.8 billion by Urbanisation will continue to drive growth, between now and 2050, it is predicted that the 3.5 billion people currently living in cities around the world will increase to over 6 billion. DWF is specifically focused on growth markets in Asia and Africa which make up 18 of the 20 fastest growing economies globally DWF Partners All rights reserved. www. dwfpartners.com 9

10 Urban Growth 1.45 Million People Per Week Between 1990 and 2015 approximately 1.1m people per week urbanised, between 2015 and 2050 approximately 1.45m people per week are projected to urbanise. Between 1990 and 2015 of the 1,427m people who urbanised 471m were in China, 630m were in the rest of Asia and 272m were in Africa. Between 2015 and 2050 of the 2,638m people who are projected to urbanise 291m are in China, 596m in the rest of Asia and 759m in Africa. Asian Urban Growth African Urban Growth ROW Urban Growth ,012m 2,113m 3,000m m 471m 1,230m ,062m 1,116m 2,108m DWF Partners All rights reserved. www. dwfpartners.com 10

11 Top 20 Countries by GDP 2014, 2030 & 2050 Global GDP projected to grow by over 240% between Country GDP at MER GDP at MER Country Country (2014 US$bn) (2014 US$bn) GDP at MER (2014 US$bn) 1 United States 17,416 China 26,667 China 53,553 2 China 10,355 United States 25,451 United States 41,384 3 Japan 4,770 India 7,304 India 27,937 4 Germany 3,820 Japan 5,994 Indonesia 8,742 5 France 2,902 Germany 4,734 Brazil 8,534 6 United Kingdom 2,848 Brazil 4,065 Japan 7,914 7 Brazil 2,244 United Kingdom 3,908 Mexico 7,087 8 Italy 2,129 France 3,663 Russia 6,610 9 Russia 2,057 Russia 3,323 Nigeria 6, India 2,048 Mexico 2,881 Germany 6, Canada 1,794 Indonesia 2,660 United Kingdom 5, Australia 1,483 Italy 2,638 France 5, South Korea 1,449 South Korea 2,557 Saudi Arabia 4, Spain 1,400 Canada 2,391 Turkey 4, Mexico 1,296 Spain 2,077 South Korea 4, Netherlands 880 Saudi Arabia 2,048 Italy 3, Indonesia 856 Australia 2,009 Canada 3, Turkey 813 Turkey 1,822 Spain 3, Saudi Arabia 778 Nigeria 1,756 Australia 2, Nigeria 594 Poland 1,161 Egypt 2,896 Total 61,932 Total 109,109 Total 214, DWF Partners All rights reserved. www. dwfpartners.com 11

13 Market Opportunity in Natural Resources Between now and 2050 global GDP is forecast to treble, the global population is forecast to increase to 9.7 billion people and urbanisation is forecast at 1.45 million people per week. The above factors mean that the overall need for natural resources is going to increase significantly in the medium and long term. The current price outlook for certain commodities with short term over supply is forecast to be at least constant between now and 2025, with commodities without oversupply forecasting solid price growth over the same period. It is inevitable that the current sell off in certain commodities caused by recent volatility will create exceptional opportunities for advisory firms and private equity investors over the next 24 months. DWF global network and long term outlook enables DWF to take advantage of opportunities in the natural resources market throughout all stages of the market cycle. There is no independent franchise that has the same sector focus and geographical footprint in the key natural resource sectors and underserved growth markets on which DWF is focusing DWF Partners All rights reserved. www. dwfpartners.com 13

15 The Global Asset Management Industry will be worth over $100 Trillion by 2020 Global investable assets in the wealth management industry have grown from USD $31 trillion in 2002 to USD $74 trillion in 2014 and are forecast to grow to more than USD $100 trillion by Changing markets and investor needs will create significant opportunities for specialist wealth managers between now and 2020 (and beyond). Institutional assets under management in developing markets are projected to grow from USD $5 trillion in 2014 to USD $30 trillion by DWF Wealth Management different specialist offering and geographical focus means it does not compete directly with the core focus of major global banks or the major global investment managers. DWF will expand its current offering and build a portfolio of specialised investment products that will service targeted large market opportunities. Global banks have to offload USD $1.4 trillion of non-core assets due to new regulations causing an unprecedented opportunity for companies like DWF DWF Partners All rights reserved. www. dwfpartners.com 15

17 Private Equity Assets Under Management Have Grown by Over 400% Between 2000 and ,000 3,500 3,000 2,500 2,000 1, ,265 1,204 1,413 1,783 2,029 2,332 2,546 2,644 Unrealised Portfolio Value ($bn) Dry Powder ($bn) 1, ,066 1, , ,074 1,144 Source: Preqin Fund Manager Profiles and Performance Analyst DWF Partners All rights reserved. www. dwfpartners.com 17

18 Alternative Asset Management is Projected to grow to $13.6 trillion* - $15.3 trillion** by 2020 *Base case scenario in USD assuming rise in US and European interest rates and normal market correction. ** High case scenario in USD assuming high performance of capital markets and stable GDP growth DWF Partners All rights reserved. www. dwfpartners.com 18

20 DWF Value Creation DWF Advisory Provides Clients with access to Capital & Market Intelligence. Earns Fees from advisory services with regards to capital raising and M&A. Advisory business will increase geographic footprint as well as distribution and research platforms. DWF Capital Private Equity division of DWF which currently generates over 70% of profits. Manages own portfolio which generates capital gains as network adds value. Will expand research capability and will make strategic accretive acquisitions. DWF Wealth Provides specialist wealth management and investment products. Earns management fees and carry, current assets under management (AUM) of $2.1 billion. Expand distribution platform over the next five years to service the Asian and African markets and to increase AUM to over $5 billion within 2 years DWF Partners All rights reserved. www. dwfpartners.com 20

21 DWF will expand geographic coverage during the current fiscal year Asia and the Pacific Australia - Sydney* Advisory Capital Wealth Singapore** Advisory Wealth Europe Gibraltar* Advisory Capital Wealth England London* Advisory Capital Switzerland Geneva** Wealth Middle East and Africa UAE Dubai* Advisory Capital Wealth Bahrain** Wealth Mauritius** Strategic Partnership * Current Offices ** Planned Offices 2015 DWF Partners All rights reserved. www. dwfpartners.com 21

22 Competitive Landscape Listed below are comparable diversified financial services companies that are publicly trading on the ASX and are useful valuation comparisons for DWF s public listing on the ASX. These companies are valued at an average price earnings ratio PE of (highest 34.17, lowest 2.52). These companies are valued at an average market value of 8.53 times net assets (highest 12.70, lowest 1.35). These companies are valued at an average market value of 15.57% of total funds under management FUM (highest 25.70% and lowest 3.99%). Company Name Symbol Exchange Mkt. Cap. (AUD m) Revenues (AUD m) PE Net Assets (AUD m) Market Value to Net Assets FUM (AUD m) Mkt. Value as a % of FUM Platinum Investment Management Ltd. PTM ASX 4, , % Magellan Financial Group Ltd. MFG ASX 3, , % HFA Holdings Ltd. HFA ASX , % Blue Sky Alternative Investments Ltd. BLA ASX , % K2 Asset Management Holdings Ltd. KAM ASX % DWF Partners Limited* N/A* ASX N/A* 210** N/A* 199 N/A* 2,100 N/A* *N/A = not applicable until re-listed.** Revenues for 15 month period to 30th June ** Excludes minority interest. Note: All above financial info. taken from ft.com/individual company websites as of November 9 th DWF Partners All rights reserved. www. dwfpartners.com 22

23 Key Management David Sutton - Co-Chairman: David Sutton has over 30 years experience in the stockbroking and investment banking industries in Australia and Hong Kong. He was a partner and director of several ASX member firms including MacNab Clarke, which was acquired by Credit Suisse in 1989 to become the equities division of the Australian Investment banking operations. John Lister - Co Chairman: John Lister is the proprietor of Capital Growth Limited which is a licensed financial services provider that has been established for over 20 years and is regulated and licensed by the Financial Services Commission Gibraltar. Predominately, Capital Growth Limited provide advisory and consultancy services to private and corporate clients in the areas of finance, banking, etc., with full offshore corporate administration, trust and foundation services. Through its business relationships Capital Growth Limited have extensive relationships and networks with various Independent Financial Advisors across the world, spreading from Gibraltar and mainland Europe, Russia, through to the U.A.E., the Middle East, to Singapore and the Far East David Clarke - Director & CEO Wealth Management: Mr. Clarke was until the end of the first quarter 2013 the CEO of The First Investor ( TFI ) based in Doha, Qatar. He joined TFI in early TFI is a full service investment banking firm in Qatar regulated by the Qatar Central Bank. It offers investment management, real estate and investment banking services including merchant banking and private equity investments in a range of industries in the MENA region and internationally. Over the past 25 years, David has played a part in many significant acquisitions, investments, and equity and debt offerings. Prior to this, David was Group CFO of Batelco, the incumbent publicly quoted $2bn market capitalised telecom operator in Bahrain. He joined Batelco from Arab Banking Corporation in Bahrain where he was a Managing Director and Head of Corporate Finance. Previously at Deutsche Bank, David was a Managing Director in the Global Corporate Finance Group and Co-Head of Telecoms Investment Banking in Asia Pacific, based in Tokyo. He was also a Principal at Broadview in London and New York, one of the leading technology focused investment banks. James Odier Director: James Odier is a member of the Swiss banking family of Lombard Odier. He spent much of his career as a private banker with UBS. His final position with them was as Managing Director of the Private Wealth Division looking after French and Greek clients. He then left UBS to co-found, Etienne, Pythoud, Odier & Cie, a wealth management company for private clients, which also ran several funds including a Mining & Exploration Fund. Edmund Newton - Wealth Management: Edmund Newton is a former Swiss Banker who spent most of his banking career with UBS, before finishing with their private bank, Ferrier Lullin & Cie. His areas of expertise were client acquisition and relationship management, portfolio management, investment advice, and the management of a portfolio of 1,000 clients. At Ferrier Lullin, he was the manager of the Anglo Saxon, Asian and Middle Eastern group of clients DWF Partners All rights reserved. www. dwfpartners.com 23

24 Current Fiscal Year Value Drivers Prior to the end of the current fiscal year of June 30 th 2016, DWF are projecting achieving the following; Initial Public Offering on the Australian Securities Exchange (ASX). Growth in NAV of over 60% (from 30 th June th June 2016). Complete targeted acquisitions. Increase assets under management to in excess of $3.25 billion. Complete strategic partnerships in key markets. Open offices in Geneva and Bahrain and joint ventures in Singapore and Mauritius. New specialist fund products launched and distribution platform increased. Build out of global advisory board Think Tank prior to Initial Public Offering DWF Partners All rights reserved. www. dwfpartners.com 24

26 Summary Initial phase of expansion successfully implemented over 15 months to 30 th June 2015; 112% shareholder return in line with expectations. Next phase of expansion now in progress; shareholder return of 138% projected over the next 24 months to 30 th June DWF business combination of private equity, alternative asset management and advisory enables DWF to consistently make returns at all stages of the investment cycle. DWF will make accretive acquisitions to expand geographical footprint and product offering to grow existing asset management business from its current AUM of $2.1 billion to over $5 billion in next 24 months. DWF current net asset value per share of $0.86 is projected to grow to $1.34 per share by 30th June 2016, $1.97 per share by 30th June 2017 and $2.84 per share by 30th June DWF s position should improve further once public with additional accretive and strategic acquisitions and with the launch of additional products along with increased distribution capability. It is 2015 DWF Partners All rights reserved. www. dwfpartners.com 26