History

Landmark Investments/Exits:

• the build-out of ATF Bank into the 3rd largest bank in Kazakhstan by assets and its subsequent sale to Unicredito Italiano for USD 2.2 billion representing 5.5X book value and a 4.9X multiple of money invested. This was the highest valuation achieved for a transaction of this size in financial services in the former CIS;
• the acquisition of a Kazakh mobile operator in 2005, the subsequent sale of 50% of the company to Vimpelcom of Russia, and the build-out of what has become the largest mobile operator in Kazakhstan. Following the exercise of an option by Vimpelcom to acquire an additional 25% in the company, this partial exit generated USD 562 million in cash for investors in June 2008 representing a 3.2X multiple of money and an IRR of 41.9%. Using the June ’08 exit valuation, the exercise of the option to acquire the remaining 25% by Vimpelcom will generate a multiple of money of 7.2X and an IRR of 72.2%;
• the acquisition of the largest gold deposit in Central Asia, located in Kazakhstan, in 2007 and a sale of 40% to Glencore in 2008 returning USD 299 million in cash representing a 4.5X multiple of money. The sale of the remaining 60% at the Glencore purchase valuation will provide an 11.1X multiple of money.