Private Equity 8

Kuibyshev HPP, 1955

Group Overview Moscow, 2020 2

Contents

Olympia Capital Group Overview 3

Partners 6

Private equity 8

Investment banking 12

Contacts 15 3

Construction of Moscow State University on Lenin Hills, Moscow, 1950’s

Olympia Capital Group Overview 4 Group Overview

1 Olympia Capital is an asset management and merchant 3 The group was joined in 2012 by Denis Pakhomov to co-head banking group specializing in three distinct lines of business: Olympia Investments, the quantitative/algorithmic trading business, and in 2013 - Olympia Merchant Banking started work as a separate transaction-oriented business vertical ◆ Private equity investments (Olympia Capital)

◆ Quantitative trading (Olympia Investments) ◆ M&A advisory and capital raising (Olympia Merchant 4 In our private equity practice, we primarily focus on the Banking) following industries, in which we have amassed significant expertise:

◆ Agriculture, mining and retail/consumer 2 Olympia Capital was formed in 2011 by Denis Tsesarenko and Vladimir Pakhomov, both senior investment professionals previously at Access Industries (Leonard Blavatnik’s holding Our advisory business is pillared on our partners’ long and company) and ONEXIM (Mikhail Prokhorov’s holding 5 successful deal making track record company), respectively ◆ We have been involved in over 50 buy/sell side ◆ The firm’s founding partners have worked together or transactions totaling over $20 billion side-by-side for 17 years ◆ …including (but not limited to) transactions in the ◆ They jointly have over 40 years of transaction and private consumer sector, pharmaceuticals, telecommunications, equity experience agriculture and IT 5 Business Line Overview Olympia Capital Group’s activities are divided into three business lines:

Headed by Co-Headed by Headed by Denis Tsesarenko Vladimir Pakhomov and Denis Pakhomov Evgeniy Michurin

Investment of our partners’ and co- Investment of capital on discretionary basis Provision of broad spectrum of services to investors’ capital into unique private equity client companies from capital raising to ◆ Quantitative/algorithmic trading of assets with a view on obtaining deal execution to strategic development primarily US-listed public securities a meaningful equity stake and operating Preparation of target companies for future role for Olympia Capital in such cases ◆ Team of 8 mathemati-cians/physicists, transactions – business restructuring, with 3 Ph.D.’s Various hands-on functions involving review of strategic alternatives, etc. operations and development of the ◆ 7 years in development, 6 years of Blend of investment banking and private portfolio companies trading equity management functions with equity- Long term strategic planning to maximize linked compensation tied to long term value and exit options success of client companies, where applicable All assets were created from scratch (greenfield) and brought to the stage of operational activities with the subsequent attraction of financial and / or strategic investors 6 assets in portfolio 6 Partners

Denis Tsesarenko Vladimir Pakhomov Head of Olympia Capital Co-Head of Olympia Investments

Former Director of Investments at Access Industries for Russia and CIS. Former Director of Investments at ONEXIM Group. While at Access Industries, Mr. Tsesarenko executed numerous buy and While at ONEXIM, Mr. Pakhomov was responsible for a number of buy sell side transactions and was a member of the Board of Directors of side transactions, including the well publicized acquisition and debt several portfolio companies including Amedia, Digital Access, IpoTek restructuring of RBC InfoSystems. He also represented the Group on Bank and Media City. the Board of Directors of Renaissance Capital, TGK-4, RBC InfoSystems and Soglasie Insurance. Prior to that, Mr. Tsesarenko held various roles in the Mergers & Acquisitions groups at Alfa Bank in Moscow and Credit Suisse First Prior to ONEXIM, Mr. Pakhomov held various roles at Aquila Capital Boston in New York. and Alfa Bank’s Mergers & Acquisitions group. While working in the investment banking industry, Mr. Tsesarenko was Over his career Mr. Pakhomov was involved in CIS transactions worth involved in cross-border, North American and CIS transactions totaling more than $10 billion. more than $6 billion. Graduated magna cum laude from Moscow Institute of International Graduated magna cum laude from NYU Stern School of Business with a Relations and is a CFA charterholder. BS in Finance and International Business. 7 Partners

Denis Pakhomov Evgeniy Michurin Co-Head of Olympia Investments Head of Olympia Merchant Banking

Former Co-Head of Investments at Rosbank Asset Management where Evgeniy joined the Group in early 2020 after founding his own he was responsible for fixed income, derivatives and investment investment banking boutique, Makers Capital. strategy across all funds and segregated accounts. In 2017-2019 - Director of Strategic Development in the ACINO Prior to Rosbank, Mr. Pakhomov was an investment director and Pharmaceuticals group (Switzerland), where he completed several partner in a hedge fund “Complex” ($50mn NAV). acquisitions and licensing of assets in Russia. In 2001-2003, Mr. Pakhomov was Head of Fixed Income Trading at Prior to that, since 2013, Evgeniy was a director at the investment TRUST Investment Bank. banking firm Aspring Capital with a focus on M&A transactions in the retail/consumer goods, TMT and pharmaceuticals sectors. Mr. Pakhomov started his career in 1996 as a fixed income trader in one of the largest private banks in Russia, National Reserve Bank, that Between 2009 and 2013 - Vice President for Corporate Finance at the managed a $100 mil fixed income portfolio. oldest Russian investment bank SOVLINK. Graduated from the State Academy of Management in Moscow in 1995. He began his career at the ChelPipe Group, where he was responsible for implementing the M&A strategy in metallurgy, mining, oilfield services and mechanical engineering. With the participation of Evgeniy, 6 transactions were closed with a total value of over $600 million and an IPO of a key asset was carried out on the London Stock Exchange. Evgeniy received his Master's degree in Economics from Moscow State University in 2005. 8

Kursk magnetic anomaly. Mikhailovsky Mining and Processing Combine. Kursk region, 1950’s

Private equity 9 Private Equity – General Approach

1 Industrial Expertise: 4 Meaningful Involvement: We need to have a thorough understanding and experience in a Opportunity to invest our partners’ own capital and to bring on particular industry, either in-house or through a co-investor, in additional co-investors, if necessary, in order to obtain both a order to be ready to deploy capital on a given asset significant equity stake in the business, as well as a meaningful role in its future operations and development 2 Solid Industry Fundamentals: Not every industry in which we happened to have gained 5 Strong Management: knowledge over the years is a candidate for investment. We focus Although we take a very active role in overseeing our portfolio only on segments which are healthy, growing and have a companies, they must have strong and independent management sustainable future. In turn, the companies, which we analyze in teams, who are able to carry out our usually ambitious growth and such industries, must be well placed to benefit from such development plans fundamentals, either now or in the foreseeable future 6 Liquidity: Uniqueness of Deal/Asset: 3 There needs to be a clear path to liquidity either through a strong The proposed transaction or investment opportunity must have an and recurring dividend stream or through an ability to exit via a attractive risk/return profile and have a non-market element to it, sale/IPO providing us with an edge over the competition or the general market 10 Private Equity Portfolio (mining industry)

Current projects Completed projects

Alekseevskoe Dyrovatka

Azarga Metals Orsu Metals Alekseevskoe Deposit Dyrovatka Deposit Azarga Metals owns the Unkur Orsu Metals owns the The license was acquired at Deposit of gold-bearing ore with copper-silver deposit in Sergeevskoe gold deposit in state auction jointly with the a resource of 18 tons of gold. Zabaikalsky region of eastern Zabaikalskiy Region of eastern shareholders of the The license was acquired at Russia. Olympia organized an Russia. Olympia organized an Klyuchevskoye gold deposit (Sun state auction. Geological international investor investment consortium, which Group). A stake in the project exploration work was carried consortium, which acquired the acquired the license via a state was sold to the partners ahead out and the resource size was license via a state auction, listed auction, raised additional funds of their deal with China Gold. determined. The license was the license holding entity on the to initiate an exploration sold to a strategic investor - Toronto Stock Exchange (CVE: programme of the deposit and Solway Group. AZR) and has lead 3 additional exchanged the license holding capital raises among Russian, entity into shares of a publicly Asian and North American listed company – Orsu Metals investors to fund the successful (CVE: OSU). In 2020 Orsu Metals exploration programme at successfully began production of Unkur. The company has gold. conducted 2 successful https://www.orsumetals.com exploration campaigns, leading to the conclusion that a world- class asset has been found. https://azargametals.com 11 Private Equity Portfolio (agriculture and consumer industries)

Current projects in agriculture Current and completed projects in consumer industry

Sporos Theros Asia Finance Group Burger King Russia Seed production business in the A grain growing enterprise in Asia Finance is a platform in The company is the exclusive Khabarovsk Region, launched in Zabaikalskiy Region with a focus India for microfinance and master franchise holder for 2018. Sporos is engaged in the on exporting its products to investments in the purchase of Burger King restaurants in growth and production of high- China, started in 2018. The overdue unsecured debt. The Russia. The chain currently quality soybean and grain seeds. company grows rapeseed (main project went through several numbers over 700 locations in The company built the largest crop), as well as barley, oats, stages of attracting funding and, Russia, which have been and most modern seed plant in wheat, flax. The current land despite the pandemic, has opened over the past 8 years. the Far East of Russia. The bank exceeds 50,000 ha, of already reached the break-even Olympia held a minority stake in current land bank of the which more than 15,000 ha was point. Olympia worked with the the business, as a result of Company is over 10,000 ha cultivated in 2020, and in the founder from the very having organized the underlying devoted mostly to seed growing. future the Company will beginning, assisting in the transaction between Burger King Sporos closely cooperates with increase its size to 150,000 ha. A strategy development phase Corp., VTB Capital (the financial all research institutes of the Far European investor with and fundraising in each round. investor) and Alexander Kolobov East for sourcing local seed extensive experience in Olympia is also an investor in (the operating partner) in 2012. varities. Former greenfield agriculture co-invested in the the Company and participates in The stake was sold to one of the project successfully carried out Company in 2020. Former its current activities through the company's shareholders in by Olympia Capital from idea greenfield project successfully Board of Directors. 2018. stage to operating business. carried out by Olympia Capital https://asiafinancegroup.com from idea stage to operating https://sporos.ag business. 15

The Telman collective farm of the Stalin Region. Harvest. July 1947

Investment banking 13 Investment banking (Merchant Banking) The total volume of transactions carried out with the direct participation of partners is more than 50 with a total value of more than $ 20 billion.

Our services : Competitive advantages:

Capital raising for business development in different industries Vast experience of our partners with deals both domestically and abroad Origination, structuring and execution of buy-side and sell-side transactions Proven relationships with all major private equity funds, family offices and investors in Russia Distressed assets and special situations transactions Synergy between competencies on the side of the seller and the Business restructuring/reorganization, review of strategic buyer - an investment advisor, a bank and a strategic investor alternatives, etc. Successful track record in securing both senior debt, as well as Mergers and strategic alliances advisory mezzanine financing, from local banks Senior and mezzanine debt raising, structuring and execution of Industrial expertise to help better position our clients’ companies LBO/MBO deals and address market preferences Partners’ Transaction Experience *

Founders PJ Western Acino VolgoDonSelkhozInvest AFK Sistema Shareholders

Company undisclosed

Raising financing for the Sale of 37% stake of the Purchase of pharmaceutical assets Acquisition of all Russian assets of Sale of 100% stake of the Sale of 100% stake of the development of the Company Company to Baring Vostok from Valeant Pharma Black Earth Farming Company Alpharm Company in IT sector Undisclosed Undisclosed Undisclosed US$ 204 000 000 Undisclosed US$ 55 000 000 2019 2018 2018 2017 2016 2016

OTK Group Pharmasyntez VolgoDonSelkhozInvest Shareholders TMM Real Estate Shareholders Development

Acquisition of 55k ha of land Sale of the Company Sale of 100% stake of the and other agro assets in Lipetsk Private placement of stake in (oil refining) Company from Bank of Moscow the Company to UFG Controlling stake sale Significant stake sale Undisclosed Undisclosed Undisclosed US$ 20 000 000 Undisclosed Undisclosed 2015 2016 2015 2015 2014 2014

Pharmacy chain “36,6” Shareholders Shareholders Shareholders Access Industries ONEXIM

Controlling stake acquisition Sale of controlling stake in Rudnya grain elevator asset Private placement of Burger and subsequent development AMEDIA Group debt Controlling stake OJSC «Veropharm» acquisition King (Russia) to VTB Capital funding restructuring acquisition and restructuring US$ 156 000 000 Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed 2013 2013 2012 2012 2009–2011 2010

* Including transactions closed at previous places of employment 14 19

Contacts

Phone: +7 (495) 966 1366 E-mail: [email protected]

Olympia Capital Representative Office in Russia Bronnaya Plaza, 32/1 Sadovaya-Kudrinskaya Street Moscow, Russia 123001