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Home , Asset management, Bear Stearns, Castle Harlan, Citibank Bahrain, Investcorp, National Bank of Bahrain

INVESTCORP SENIOR TEAM Set out below is certain information regarding the members of ’s senior management team, including dates of joining the company, relevant and experience.

Name Joined Principal responsibility/experience/education

Managing Director, Corporate Management Ramzi AbdelJaber joined Investcorp in 2004. He leads Corporate Development firm-wide. Before joining Investcorp, Ramzi was the founder and of an online/wireless firm serving institutions and consumers in the Middle East/North Africa region. Ramzi has also worked with McKinsey & Ramzi AbdelJaber 08/08/2004 Co.'s Silicon Valley Office in Palo Alto, CA. During his tenure at McKinsey, Ramzi worked mostly with financial services clients in the United States. Ramzi has also worked with Accenture in the Middle East and Booz Allen & Hamilton in the US. Ramzi holds an MBA from the MIT Sloan School of Management, and a BSc in Computer Information Systems from the Kelley School of at Indiana University, Bloomington.

Managing Director, Head of Corporate Communications Firas El Amine joined Investcorp in 2007 from Dubai Holding where he was the Corporate Communications Director. Prior to this, he worked with Alsalam Holding, Beirut as a Firas El Amine 02/04/2007 Communications and Public Relations Director and with Impact & Echo, Kuwait as a Public Relations Director. Firas holds a Master’s degree in Political Science from Lebanese American University and a bachelor’s degree in Communication Arts from Beirut University College.

Vice Chairman, Corporate Investment - Post Acquisition Management Gary Appel joined Investcorp in 2013 as Vice Chairman of Corporate Investment-North America Gary retired in 2012 as Vice Chairman of Castle Harlan, Inc. Prior to that he was Vice Chairman of Glencoe Capital, Ltd. In the late 1990's he served as a Senior Managing Director of Bear Stearns. For the 17 years prior to that he was with Donaldson, Lufkin & Jenrette, Inc. serving as a Managing Director and a founding Gary Appel 01/10/2013 partner of DLJ Merchant Banking. He was a member of DLJ Merchant Banking's and its Investment Committee. Gary currently serves on the board of directors of Polyconcept Investment B.V., Archway Marketing Services and Fishnet , Inc. He also serves as an Executive in Residence of the Columbia University Graduate School of Business and as a member of the of its Program. Gary earned his BA with honors from Vassar College and his MBA from Columbia University.

Name Joined Principal responsibility/experience/education

Managing Director, Placement & Relationship Management Yasser Bajsair joined Investcorp in 2010 from Global Investment House in Jeddah where he was a Team Leader Western Division. Prior to this, he worked with Al Kabeer Merchant as a Senior Vice President. He also previously worked for Arab National , and spent more than five years Yasser Bajsair 28/03/2010 each with SAMBA and National in Jeddah in the capacity of a Senior Corporate Officer. Yasser holds a BA in Marketing and an MBA in Finance from Oklahoma City University. He has also completed an Entrepreneurial Masters Program at the Massachusetts Institute of Technology.

Head of Corporate Investment Europe Hazem Ben-Gacem is head of Corporate Investment - Europe as well as Corporate Investment - Technology. Hazem has been with Investcorp since 1994 and is currently a board director of Ceme, CSIDentity, eviivo, Georg Jensen, GL Education Group, kgb, Hazem Ben-Gacem 18/07/1994 N&W, Skrill and Tyrrells. Prior to joining Investcorp, Hazem was a member of First 's team in . Hazem holds a BA (Hons) in from Harvard University. He also serves on the Dean's Council for the Harvard Kennedy School of Government.

Managing Directors, General Counsel and Head of Compliance Stephanie Bess joined Investcorp in 2005 as Investcorp's senior legal advisor and is now General Counsel and Head of Compliance. Stephanie spent the previous eight years as a partner of the law firm Gibson, Dunn & Crutcher where, as well as Stephanie R. Bess 06/04/2005 managing their London office for several years, she worked on a wide range of transactions for Investcorp. Prior to joining Gibson, Dunn & Crutcher, Stephanie was a partner of the law firm Dechert. Stephanie holds a Juris Doctor degree from Harvard Law School (cum laude) and a BA in Political Science from the University of Pennsylvania (magna cum laude).

Name Joined Principal responsibility/experience/education

Managing Director, Corporate Investment - MENA Tristan de Boysson joined Investcorp in 1998, initially as a member of the private equity team. He moved to Corporate Investment - MENA in 2007. Tristan joined Investcorp from McKinsey & Company's Paris office where he spent six years as a Senior Engagement Manager. He previously worked for the Tristan de Boysson 07/09/1998 French chemical and pharmaceutical company Rhone-Poulenc where he held various positions in sales, marketing and corporate planning, in France and in Asia. Tristan holds a diploma from Ecole Superieure des Sciences Economiques et Commerciales (ESSEC) and an MBA from INSEAD.

Managing Director, Corporate Investment - North America & Europe Maud Brown joined Investcorp in 2001. Previously, she was an Associate in having spent four years in the Mergers & Acquisitions departments of Lynch and Salomon Maud Brown 10/04/2001 Brothers.

Maud holds a degree in Business and Finance from ESCP (Paris Graduate School of Management) and a law degree from Paris Law School.

Managing Director, Funds Franklyn Chang joined Investcorp in 2014 from Eaton Partners, a placement agent based in Connecticut, where he spent over eight years as a Partner raising for a variety of firms. Over the course of his tenure, he represented many alternate products including , hedge funds, and Franklyn Chang 01/15/2014 private equity. Prior to Eaton Partners, Frank spent six years as a Managing Director at Farrell Marsh & Company raising assets for illiquid strategies. Frank holds a Bachelor of Science in Finance from College and an MBA from the University of Chicago, Graduate School of Business.

Name Joined Principal responsibility/experience/education

Managing Director, Hedge Funds David Cranston rejoined Investcorp in 2012 to handle related to the seeding business. Previously, he was a Partner at North Creek Advisors, an independent hedge fund seeder. Between 2005-2010, David was a Managing Director at Investcorp leading the business development activities with fund of hedge funds and family offices. Prior to Investcorp, he raised capital for hedge fund products at David Cranston 30/07/2012 Channel Capital Group, a firm owned by Capital Z Investments. David also spent 10 years managing derivatives sales desks and selling derivatives to the largest macro hedge funds and proprietary bank trading groups while at JPMorgan & Co, Inc., Capital, and in the United States and London. David holds a BA in Economics from the University of North Carolina at Chapel Hill. He also holds FINRA Series 7 and 63 licenses.

Head of Corporate Investment North America & Real Estate Jonathan Dracos joined Investcorp in 1995, before which he was on the Executive Committee of the $1.2 billion George Soros Quantum Realty Fund, where he was Head of Disposition and Management. He also previously served as a Senior Vice President for Jones Lang Wootton Realty Advisors, overseeing a $500 million portfolio of real estate assets, and as a real estate lending officer for . He has served on the Investcorp Management Committee for 8 Jonathan Dracos 28/04/1995 years, as well as serving on the Committee and the Financial & Committee. He has been head of the Real Estate business for 8 years. He is presently the Co-Chair of Project A.L.S., a member of the NYU Schack School of Real Estate Advisory Board, and on the Columbia University Medical Center Board of Advisors and is involved in a number of other charities. Jonathan holds a BA in Economics from Duke University, North Carolina and an MBA from The Wharton School of the University of Pennsylvania.

Managing Director, Operations and Internal Controls Ebrahim Hussain Ebrahim joined Investcorp in 1985 from Banque Paribas where he spent three years as manager, letter of credits Ebrahim Hussain and guarantees. 20/04/1985 Ebrahim Ebrahim holds an Advanced Diploma in Finance from the Institute of Banking and Finance. He also studied data design and computer languages at Bahrain University and took part in the Gulf Executive Development Program

Name Joined Principal responsibility/experience/education

Managing Director, Dominic Elias joined Investcorp in 2010. and is Director of Human Resources. Previously, he worked at and as a consultant at Towers Perrin where he focused on Alternative Investments client . Dominic also worked Dominic Elias 08/11/2010 at for 11 years, first in the Corporate Compensation group, before going on to manage the compensation function for the Investment Banking, Private Equity and Global Capital Markets Divisions. Dominic holds a BSc from the University College of Swansea, UK and a Masters degree from Cornell University, New York.

Head and Chief Investment Officer of Hedge Funds Lionel Erdely joined Investcorp in 2013 as the Head and Chief Investment Officer of Hedge Funds. Prior to this, Lionel held the dual position of Chief Investment Officer since 2004 and Chief Executive Officer of Lyxor Inc. since Lionel Erdely 19/11/2013 2009, and previously with its corporate parent Société Générale Group. During his tenure at Lyxor, he was instrumental in expanding the firm's alternative investment business globally, including the Middle East, and growing its roster of large U.S.- based institutional . Lionel has his MBA from the École Supérieure des Sciences Économiques et Commerciales (ESSEC) in Paris.

Chief Operating Officer of Hedge Funds John Franklin joined Investcorp in 1997 and is currently of its hedge funds business responsible for operations, business strategy, product development and conduct of investment and sales processes. Prior to this role, John was head of asset allocation, responsible for portfolio construction and performance benchmarking of customized accounts and commingled funds. John Franklin 31/03/1997 Prior to his tenure at Investcorp, John worked at Citicorp for four years implementing securities custody systems at locations in Eastern Europe. John holds an MBA from XLRI Jamshedpur, India with specialization in Finance and Systems, and an degree from Mangalore University, India. He is a CFA Charter holder.

Name Joined Principal responsibility/experience/education

Managing Director, Corporate Investment - North America & Europe Carsten Hagenbucher joined Investcorp in 2005 from JPMorgan where he worked as an analyst in the Leveraged Finance team. Carsten Hagenbucher 14/02/2005 Carsten graduated from the European Business School Schloss Reichartshausen in Germany with a degree in and Economics. He also holds a MBA from the Katz Graduate School of Business, Pittsburgh.

Managing Director, Hedge Funds Rebecca Hellerstein joined Investcorp in 2014 from the Global Multi-Asset Group at JP Morgan Asset Management, where she served as a Global Strategist since 2012. Prior to that, Rebecca spent nine years as a Senior Economist in the International Research Group at the Bank of New York. A former Adjunct Associate Professor at the Stern School of Rebecca Hellerstein 02/09/2014 Business, Rebecca graduated Magna Cum Laude from Harvard College and obtained her Ph.D. in Economics from the University of California at Berkeley. In her role as Hedge Funds Cross Asset Strategist, Rebecca is primarily responsible for fundamental cross asset and alternative risk factors research. Rebecca also focuses on enhancing our capabilities in liquid alternative strategies and is a member of the Hedge Funds Strategic Outlook and Investment Committees.

Managing Director, Real Estate Investment Chris Hoeffel joined Investcorp in 2008 and has senior level responsibility for sourcing, structuring, financing, underwriting, and closing new debt investments for the group. Chris joined Investcorp from JP Morgan / Bear Stearns & Co. where he was a Christopher Hoeffel 14/10/2008 senior managing director and global co-head of Commercial Mortgages. Prior to that he was a vice president at Eastdil Realty and the mortgage banking firm of Walker & Dunlop. Chris holds a BS in Business Administration from Georgetown University and an MBA from the Wharton School of The University of Pennsylvania.

Managing Director, Investment Administration Grahame Ivey joined Investcorp in 1988, and is the co-head of Investment Administration. Prior to his current role, he was a principal with Investcorp's Real Estate team in London and New York. Prior to joining Investcorp he was with Touche Ross, both in Grahame Ivey 30/08/1988 the United Kingdom and Spain, for seven years, and with John Laing Developments for two years. Grahame holds a BA (Hons) in Business Finance from the University of Westminster and is a Member of the Institute of Chartered Accountants in England & Wales. Name Joined Principal responsibility/experience/education

Chief Financial Officer As Investcorp's , Rishi Kapoor oversees the Firm's balance sheet investments, strategic development, treasury activities, risk management, , operations and IT.

Rishi Kapoor 06/06/1992 Rishi joined Investcorp in 1992 from Citicorp and has held several positions at Investcorp over the last 20 years including internal audit, IT, , planning and reporting, and financial management. Rishi holds a BTech in Electrical and Computer Engineering from the Indian Institute of Technology in Kanpur, India, and an MBA from Duke University, North Carolina.

Founder, Executive Chairman & CEO founded Investcorp in 1982. He began his banking career in 1969, and following two years of internal credit training, he covered South East Asia and Japan for Allied Bank International in New York. In 1974, he joined Chase Manhattan Bank as Vice President and, between 1976 and 1981, he was posted to the Middle East to direct Chase’s activities in the Gulf. Nemir Amin Kirdar 07/01/1981 Nemir graduated in Economics from the University of the Pacific in California and holds an MBA from Fordham University in New York. He also completed Harvard Business School’s Senior Management Program. He has been awarded an honorary Doctor of Humane Letters degree from Georgetown University, Washington D.C., a Doctor of Laws degree from the University of the Pacific, California and an honorary Doctor of Economics degree from Richmond, the American International University in London.

Managing Director, Strategy Development Richard Kramer joined Investcorp in 2011 and is responsible for strategic development. Richard joined from Credit Suisse where he was a Managing Director. Having started as an analyst in 1997 in the CS First Boston M&A department, Richard worked in M&A, equity and debt capital markets in London and and Richard Kramer 18/09/2011 most recently in the Regional Management team of Credit Suisse in London as Head of Strategy and Corporate Development for EMEA. Richard holds an MSc from the London School of Economics, a BA from Tufts University and a CEP diplome from Sciences Po, Paris.

Name Joined Principal responsibility/experience/education

Managing Director, Corporate Investment - North America & Europe Daniel Lopez-Cruz joined Investcorp in 2005. Prior to joining Investcorp, Daniel held several positions at Morgan Stanley in New York and London, where he spent seven years originating Daniel Lopez-Cruz 07/02/2005 and executing a broad range of leveraged finance and high yield transactions. Before Morgan Stanley, Daniel worked for UBS Warburg in New York for three years. Daniel holds an MBA from the MIT Sloan School of Management and a dual degree in Business Administration and Law from the Universidad Pontificia de Comillas - ICADE, in Madrid.

Managing Director, Corporate Investment – MENA Walid Majdalani joined Investcorp in 2007 from ABN AMRO Bank NV, where he spent close to ten years, mainly in private equity. In his last role, he was an Investment Director in a €1.1 billion third party infrastructure fund where he was involved in sourcing and Walid Majdalani 16/08/2007 closing a number of transactions globally. Prior to this, Walid worked with in the UAE where he set up the office. Walid holds a BBA in Management Information Systems from the University of Texas and an MBA from Harvard University.

Managing Director, Placement & Relationship Management Timothy Mattar joined Investcorp in 1995 from Banque Indosuez, where he spent five years in a variety of senior management positions in the Gulf. Timothy previously worked for Arthur Andersen in Bahrain providing auditing and consulting services to Timothy Mattar 15/07/1995 the financial sector and before that in London with Grant Thorton Chartered Accountants, working with a wide variety of industries. Timothy holds a BA (Hons) in History from London University and is a member of the Institute of Chartered Accountants in England and Wales.

Chief Administrative Officer Michael Merritt is one of the founders of Investcorp. He joined Investcorp in 1981 from Chase Manhattan Bank where he had spent 13 years in several positions, the last of which being Senior Credit and Marketing Officer for the company's Gulf division. Michael spent 15 years at Investcorp before leaving Investcorp in Michael M. Merritt 09/02/2011 1996 to become a self-directed trader of equities and financial futures. At the time that he left Investcorp, Michael was a Co- Chief Operating Officer. Michael returned to Investcorp as Chief Administrative Officer in 2011. Michael holds an MBA in Finance and a BSc in Management, both from New York University.

Name Joined Principal responsibility/experience/education

Managing Director, Head of Financial Management Jonathan Minor joined Investcorp in 2005 and is Head of Financial Management. Jonathan has more than 30 years of experience in the financial services with roles in bank capital markets and debt funding, corporate treasury management and Jonathan Minor 11/10/2005 relationship management. He was previously Managing Director, Debt Origination at Daiwa Securities SMBC Europe and before that Global Head of Funding for Westpac Banking Corporation. Jonathan is a member of the UK Association of Corporate Treasurers and The Institute of Chartered Accountants in England and Wales.

Managing Director, Placement & Relationship Management Fahad Murad joined Investcorp in 1996 from Chase Manhattan Bank, where he began his career in 1984. Having completed the nine month Chase credit training program, he worked in the credit department and the corporate and institutional department as a Fahad Murad 08/07/1996 marketing officer until he became Vice President in the division of the bank. In 1990, Fahad joined the Chase Manhattan Private Bank where he spent the remainder of his Chase career, most recently being based in Switzerland. Fahad holds a BBA in Finance and an MBA from the University of .

Managing Director, Real Estate Investment Herbert Myers joined Investcorp in 2000 from JP Morgan Asset Management in New York where he spent four years as a vice president in the real estate acquisitions and asset management departments. Previously, he was an associate in real estate H. Herbert Myers 03/04/2000 investment sales at Eastdil Realty Company and a senior associate in real estate leasing at Peter R Friedman Ltd. Herbert holds a BA in Organizational Management from the University of Michigan and an MBA in Real Estate and Finance from Columbia University.

Managing Director, Corporate Investment - North America & Europe Kevin Nickelberry joined Investcorp in 2003. Prior to joining Kevin Nickelberry 06/02/2003 Investcorp, Kevin worked for JP Morgan Partners and Goldman, Sachs & Co. Kevin holds a BA in Business Administration from Morehouse College, and an MBA from Harvard University.

Name Joined Principal responsibility/experience/education

Managing Director, Real Estate Investment Michael O'Brien joined Investcorp in 2007 from ING Clarion Partners where he had been a director in their New York office for the past 12 years. Michael worked on ING's $200 million development fund, was an assistant for several Michael O’Brien 26/02/2007 separate account clients, and ran its CMBS special servicing group. Prior to ING, Michael was at Reichmann International/Quantum Realty Fund and Equitable Real Estate . Michael holds a BS in Business Administration with a major in Finance from Georgetown University.

Managing Director, Administration Mufeed Rajab joined Investcorp in 2003 from JP Morgan where he worked for 24 years, 16 of which were spent in their Bahrain office as Vice President - head of operations, human resources, finance, technology and administration. The remaining Mufeed Rajab 06/02/2003 eight years were spent in their Toronto office as Vice President - head of operations, technology and general administration. Mufeed holds a Bachelor of Commerce in and from the University of Karnataka, India and a Diploma in Banking Studies from the Bahrain Institute of Banking and Finance.

Managing Director, Placement & Relationship Management Mohamed Sammakia joined Investcorp in 2012 from UBS where he spent 21 years in a variety of positions, most recently as CEO for Saudi Arabia. Prior to that, Mohamed was a Managing Director and President, Middle East Region for UBS in London. Mohamed Sammakia 01/04/2012 Mohamed has more than 30 years' experience in the Middle East and North Africa including time with SBC Warburg, Greenwich Capital, Swiss Bank Corporation and Citibank. Mohamed holds a BA in Accountancy from the University of Alexandria, Faculty of Commerce.

Managing Director, Placement & Relationship Management Harsh Shethia joined Investcorp in 2002 from where he spent two years managing enterprise technology division's European finance function. Prior to that, Harsh spent four years with Deloitte Consulting in their New York practice, specializing in financial process reengineering. At Investcorp, Harsh Shethia 03/03/2002 Harsh worked in the finance team and was co-head of the business analysis & reporting unit until late 2006 when he moved to work in the placement and relationship management team. Harsh holds a BSc, summa cum laude, in Computer Science from Ramapo College of New Jersey and an MBA, with distinction, from Carnegie Mellon.

Name Joined Principal responsibility/experience/education

President, Gulf Business Mohammed Al-Shroogi joined Investcorp in 2009 from where he was Division Executive for the Middle East and North Africa region and CEO for the United Arab Emirates. Mohammed had a 30 year career with Citigroup in Bahrain, London and the UAE. Amongst his many achievements at Citigroup was establishing Citibank Bahrain as a major between Mohammed Al-Shroogi 01/09/2009 Asia and Europe. He is also Chairman of Citi Islamic Investment Bank. Mohammed holds a BA in Commerce from Kuwait University and attended the Executive Program at Harvard Business School. He is a Member of the Bahrain Board, a Member of the Board of Trustees at Bahrain University, a Member of the Board of the National U.S. Arab Chamber of Commerce in Washington D.C. and a Member of the Board of Injaz Al Arab.

Managing Director, Corporate Investment - MENA James Tanner joined Investcorp in 2008. Prior to joining Investcorp, James was Managing Director and a member of the Board of Morley Fund Management, the leading London-based investment house, now Aviva Investors. Previous roles include managing director, Global Markets at HSBC in London for two years and a 19 year career at Morgan James Tanner 07/09/2008 Stanley in London, New York and Hong Kong where his roles included serving as CEO of Morgan Stanley Investment Management, Europe, and COO of International Services. James holds an MBA from Indiana University Graduate School of Business and a BSc in Finance from Indiana University. He is also a Fellow with the Chartered Institute for Securities & Investment in the UK and a member of the Institute of Directors.

Chief Executive Officer, North America Before joining Investcorp in 1984, Savio Tung was a senior banker at Chase Manhattan Bank and worked in its offices in New York, Bahrain, Abu Dhabi and London. He was also a key executive in establishing Chase's Bahrain office and marketing presence in the Gulf. Savio W. Tung 15/08/2011 Savio holds a BS in Chemical Engineering from Columbia University. He is a trustee emeritus of Columbia University and serves on the board of the Columbia University Investment Management Company, an endowment of over $7 billion. He is a member of the Council on Foreign Relations. Savio is also an independent non-executive director of , Hong Kong Limited and a board member of Tech Data Corporation (NASDAQ: TECD).

Name Joined Principal responsibility/experience/education

Managing Director, Hedge Funds Nick Vamvakas joined Investcorp in 2010 from Lyxor Asset Management, a subsidiary of the Societe Generale Group, where he developed and managed hedge fund seeding programs. Nick has more than 16 years of experience in alternative investments. Before joining Lyxor Asset Management, he was President and a Director of BAREP Asset Management USA, Inc. Nick Vamvakas 05/04/2010 and prior to becoming President he established and reinforced Societe Generale's alternative presence in Ireland as Managing Director of Societe Generale Alternative Investment (Ireland) Ltd., a Dublin-based asset management firm. Nick also spent time working with BAM USA, where he was an Executive Vice President and in charge of organizational development. Nick holds a BS in Finance from DePaul University, Chicago and is a member of the National Futures Association.

Managing Director, Placement & Relationship Management Yusef joined Investcorp in October 2005 from Arcapita Bank, where he was Principal serving institutional and private clients in Yusef Al Yusef 05/10/2005 Kuwait and Qatar. Before Arcapita, Yusef worked for and . He has also held positions with Unilever in Saudi Arabia and United Arab Emirates. Yusef holds a BSc in Accounting from the University of Bahrain.