1. 1 Riservato & Confidenziale SUMMARY PRESENTATION Spring 2012

2. 2 Riservato & Confidenziale GEM GROUP AT A GLANCE  The GEM Group is a US$ 3.4 billion alternative investment firm focused on emerging markets. It leverages intricate local and global expertise, an extensive network and an ability to attract world- class executives to make and manage high value added investments.  The Group has an investment track record of over 20 years in Emerging Markets with in-depth local knowledge of financial services, real estate, consumer, renewable energy, infrastructure, telecommunications and natural resources sectors.  The Group currently has nine investment funds, seven being Private Equity Funds, one Public Company Investment Fund, and one Mezzanine Debt Fund.  GEM adds value by restructuring operations, identifying and implementing value-enhancing strategies, financial engineering, and advising and running management teams.  GEM was founded in 1991 by Harpal S. Randhawa and has since made hundreds of investments in over 75 countries around the world.

3. 3 Riservato & Confidenziale GEM GROUP AT A GLANCE San Paulo

4. 4 Riservato & Confidenziale GEM AT A GLANCE & TRACK RECORD

5. 5 Riservato & Confidenziale E xchanges’ Importance to Effective Capital Markets  Efficient Capital Allocation  Price Signalling  Liquidity  Transparency  Investor Protection  Financial Centre

6. 6 Riservato & Confidenziale Drivers of an Economic Winter  US and EU (customers)  Demographics  Balance Sheet Recession  Impaired Bank Capital  China/Asia (manufacturers)  Follow customers  China factories ↓↓ for 5 straight months  Australia/Brazil (suppliers)

7. 7 Riservato & Confidenziale Growth is Critical to Escape the Economic Winter  Capital allocation to growth opportunities is vital in an Economic Winter  Investing in high growth is speculative for the investor  Companies that lack confirmed access to capital pay an uncertainty tax whose incidence is borne by existing shareholders  Regulatory environments should provide the flexibility for growth investments  Regulators should encourage a long bias in stock ownership  Exchanges can compete based upon providing access to capital and supporting growth companies

8. 8 Riservato & Confidenziale Example of Working Relationship with an Exchange

9. 9 Riservato & Confidenziale Contact information Mr. Franco Scalamandre Managing Director The GEM Funds W. +1 818 710 7650 C. +1 323 252 9200 fs@gemny.com