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EMERGE CAPITALOUR CAPABILITIES

Private and Confidential

WHO WE ARE

Emerge Capital is an independent investment and advisory group that provides investors, companies and governments with independent advice on strategy, transactions and capital in the major projects, infrastructure and real estate sectors. Our experienced team brings sector expertise and market knowledge, backed by strong commercial judgement, integrity and technical excellence.

Emerge Capital also targets institutional, private equity and special-situation investment opportunities in the Australian, Asian and the Middle Eastern capital markets.

Emerge Capital’s Credentials 2

WHATWE DO

We provide specialist services to the Real Estate sector to augment our clients’ business in supporting senior management and boards to make the right decisions for their organisations. We provide our clients with a range of services focused on:


ADVISORY

We help companies make decisions

TRANSACTIONS

We facilitate investment

PRIVATE EQUITY

We create innovative investment products

OURCLIENTS

Our clients are all well known industry leaders that align to Emerge Capital’s strategy.


WHY OUR CLIENTSCHOOSE EMERGE CAPITAL

1. STRENGTH IN

RELATIONSHIPS

2. PRAGMATIC

CULTURE & ATTITUDE

3. STRATEGICALLY

LEAD

4. WE TAKE THE

INITIATIVE

5. OUR TRACK

RECORD

6. COST

EFFECTIVE

We are proud of the extensive relationships we have

developed through consistently exceeding client

expectations. We demonstrate that we have the ability to

build relationships quickly in the international markets.

We are all about delivering pragmatic and customised

advice to our clients. We also pride ourselves on our

friendly can-do approach that enables us to integrate

quickly with clients.

Everything we do starts with putting the right strategic

framework in place. This gives our clients confidence and

often leads to investment opportunities.

Our firm is calibrated to constantly identify emerging

trends and capitalise on those opportunities with speed

and agility.

Our track record is evidenced by our clients’ choice to

continue to re-engage us.

We pride ourselves on being cost effective for our clients

due to our pragmatic approach. We always endeavour to

deliver the right outcomes, quickly and efficiently.


WHY OUR CLIENTSCHOOSE EMERGE CAPITAL

OUR APPROACH

Emerge Capital has a bespoke approach of proactively sourcing and matching investment with Asian investors at an institutional and private level.

This approach is to assist buyers and/or sellers to understand exactly what they want. It is from our experience that most Asian investors have not carefully thought through their investment strategy prior to engaging the market.

We leverage our management consulting expertise to prepare concise strategic investment plans that are underpinned by objective market, economic and financial analysis. This confirms the client brief and provides a tailored approach to matching investment.

We then tap on our extensive network to source the right investment opportunities for our clients. This process also facilitates greater opportunities and leads to innovative investments.

OUR SERVICES

ADVISORY• Corporate Strategy• Fund Strategy• Cross Border Strategy• Business and Investment Case Development• Organisational & Governance Structuring• Portfolio Analysis & Optimisation• Funding Analysis & Strategy• Distressed Asset Work Outs

TRANSACTIONS• Transaction Strategy• Acquisitions• Divestments• Complex Bid Management• EOI Divestment Shortlisting• Wholesale Capital Raising• Major Project Proponent Prequalification• Development & Asset Management

PRIVATE EQUITY• Private Equity Transaction Origination• Principle Investment • Asset Syndication• Fund Structuring & Securitisation• Privatisations


Strategic Advice• Strategic Planning• Business Case Development• Feasibility Studies• Market Entry Analysis• Financial Modeling and Valuation Services• Organisational Benchmarking• Valuation Driven Initiatives

M&A and Advisory• Foreign Direct Investment• Mergers and Acquisitions• Transaction Support• Capital Raising and Divestitures• Currency Overlays• Independent Expert Valuations• Post-Merger Integration

Managed Funds• Distribution Channels and Capital Sourcing• Funds and Product Structuring• Cross Border Investment• Emerging Market Entry• Venture Capital and Private Equity• Currency Hedging Strategies


OUR REAL ESTATE

PARTNERS

TIM FROGLEY, MANAGING PARTNERTim is the Managing Partner of Emerge Capital. He has provided advice to global real estate companies on real estate strategy, capital market strategy, property market research, real estate financial analysis, and broader strategic advisory services.

Over the past decade, Tim has practiced corporate finance and strategy, advising on transactions globally. He has worked with a number of private and government clients with revenue in excess of US$3 billion including providing real estate and investment advice throughout Asia, North America, the Middle East and Europe.

NATHAN PARRIS, HEAD OF REAL ESTATENathan is a real estate professional with 18 years’ experience at international real estate firms, Lend Lease, Morgan Stanley, CapitaLand and Taubman Centres. He has spent more than half his career living and working in Asia.

Nathan has developed extensive experience in the commercial, retail, residential and mixed use sectors through a comprehensive track record across key real estate disciplines, including funds management, asset management, development and property management. He has worked on many high-profile and complex real estate projects involving development, financing, construction and governance / stakeholder management.





OUR REAL ESTATE

TEAM

MICHAEL GIBSON, DIRECTORMichael is responsible for supporting the Advisory practice and advises clients in undertaking financial, strategic and operational reviews of their business and portfolio companies. His experience includes real estate and corporate strategy, capital market strategy, and major urban regeneration and mixed-use development.

Prior to joining Emerge Capital, Michael was a Management Consultant in the United Arab Emirates working for Accenture to advise leading Banks, Financial Institutions, Healthcare Consortiums, Construction Groups and Governments in the region. Michael has advised on complex projects including the redevelopment and extension of the new Abu Dhabi International Airport and the workout strategies for a number of complex portfolios for banks in the region.

JOHN FITZSIMONS, ASSOCIATE DIRECTORJohn provides technical expertise in financial and economic analysis. His expertise includes feasibility analysis, business case development and due diligence studies.

John has worked for a range of private and public sector clients throughout Australia, Asia and the Middle East. His has particular expertise in retail and large mixed-use developments. Previously in the international property economics business for Urbis, John has performed analysis and given advice on some of Asia’s highest profile shopping centre assets. John matriculated from Cambridge University with a Masters of Economics.





OUR REAL ESTATE

TEAM

ALEXANDER HE, SENIOR ANALYSTAlexander is experienced in conducting financial and strategic analysis for real estate businesses across Australia and Asia. His experience includes real estate strategy with a focus on urban regeneration and mixed-used developments, financial analysis, business case assessments and real estate transactions.

With a background in Science combined with a Master degree of Commerce with specialisations in finance and economics, Alexander brings an interdisciplinary approach to tackling challenges.

KATHERINE HUANG, SENIOR ANALYSTKatherine has a background in economics, financial mathematics and statistics. Her language abilities include fluent English and conversational Mandarin.

Prior to joining Emerge Capital, Katherine worked in Macquarie Bank’s Specialised Investment Solutions division. She also has international experience, having worked and studied in the Americas, as well as Australia.

The team is supported by other members in the firm.



OURVALUE

PROPOSITION

OFFSHORECAPITAL &

DISTRIBUTION

FOCUS ON DEAL MERITS

NOT SIZE

WILLINGNESSTO TAKE

EXPOSURE

GENUINESECTOR

EXPERIENCE

WILLINGNESSTO PARTNER

LOCAL MARKET& ASSET

EXPERTISE

Expertise in assessing

mainland China

Alignment of interests via partnership

Opportunitysourcing, valuation

and execution

Working with, notagainst trustedadvisors

In-depth knowledge of Real Estatesectors

Asset roll-upcapabilities


Date Type Transaction Description Value

2015 Transactions Financial Advisor to an ASX50 listed developer on the largest M&A transaction in the Australian Retirement Industry in 5 years. Emerge Capital’s advised our client on acquiring a premium portfolio of retirement villages in Australia from an international Sovereign Wealth Fund and a consortium of investment banks and hedge funds.

AUD 150m

2014 Advisory Strategic Advisor to an ASX50 listed developer on the optimal delivery model for its Apartments business. Through consultation with key internal and external stakeholders the strategy considered a range of potential delivery options and provided a recommendation on the best model to enhance the speed and cost competitiveness for the delivery of a $6 billion residential apartments pipeline.

AUD 6b

2014 Advisory Advisor to a Queensland Local Government on the strategy for attracting investment from Australian and International investors into the region. Provide high level strategic advice, and a review and preparation of an investment prospectus for the region, encompassing; a regional airport expansion, a healthcare and hospital development precinct, and a major urban renewal city redevelopment.

AUD 200m

2014 Advisory Strategic Advisor to an ASX50 listed developer on alternative capital models for outer urban master planned community land development. The strategy quantified the impact of offshore developers and superannuation capital is having on the outer urban sector, and identified opportunities for the business to leverage these changes to replenish and grow its pipeline in using alternative capital sources.

N/A

2014 Transactions Valuation advisor to an Australian State Government on divestment valuation and divestment strategy for a portfolio of Government owned and occupied commercial real estate assets.

AUD 100m

2014 Advisory Strategic Advisor to an ASX50 listed developer on an Urban Regeneration Retail Strategy. The strategy identified and articulated the opportunity to deliver innovative place creation through the introduction of best in class retail.

N/A

2014 Advisory Strategic Advisor to an ASX50 Listed Real Estate Developer to identify opportunities and pathways to increase exposure to thegrowing Asian international residential real estate investment market.

N/A

2014 Transactions Financial Advisor to an ASX50 listed developer on a development strategy, financial analysis and joint venture renegotiation for a major mixed use urban renewal development project.

AUD 2.5b

2014 Transactions Independent financial review to an ASX50 Listed Infrastructure Fund Manager on divestment and realisation strategy for a complexinfrastructure fund whose investments include minority interests in Airports and Stadiums in Australia.

AUD 50m

2014 Advisory Strategic Advisor to an ASX50 Listed Real Estate Developer providing an International Buyers Report identifying the opportunities and pathways to increase exposure to the growing Asian international residential real estate investment theme.

N/A

Select Past Client Engagements



2014 Transactions Financial Advisor to an ASX50 listed developer on structuring options for Airport development and surrounding airport and general aviation infrastructure development.

N/A

2014 Advisory Strategic advisor to an ASX50 Listed Real Estate Developer and Fund Manager on organisational design considerations across theirCommercial and Investment Management departments.

N/A

2014 Transactions Conducted detailed analysis and insight into the commercial performance of An ASX50 listed developer’s Urban Regeneration portfolio.

AUD 15b

2014 Advisory Strategic Advisor to an ASX50 listed developer on the development of a global strategy to utilise an innovative new environmentally friendly construction material.

N/A

2014 Advisory Strategic Advisor to an ASX50 listed developer on their bid to secure the development rights for an integrated resort in Australia. Bid strategy to Government and client representation to international gaming operators.

AUD 3b

2014 Advisory Strategic Advisor to an ASX50 Listed Real Estate Developer and Fund Manager on entering the Medium Density Residential Apartments market in Australia.

N/A

2014 Transactions Financial Advisor on business model and transaction structuring for an ASX50 listed developer to enter into the Chinese retirement real estate development industry, through a 350,000 sqm pilot development in Shanghai, China.

CNY 3.2b

2013 Transactions Financial Advisor to an ASX50 listed developer for the divestment of Australia’s largest hotel, the Sydney International Convention Centre Hotel in Darling Harbour.

AUD 350m

2013 Transactions Financial Analysis and insight into the addressable civil infrastructure spend of an ASX50 listed developer's master planned communities development business.

AUD 400m

2013 Advisory Financial Advisor to a leading Middle Eastern real estate company on a financial review and funding restructuring of a mixed usedevelopment in Muscat, Oman.

OMR 1.1b




2013 Advisory Financial Peer Review to a leading Middle Eastern real estate company on a AED 3.2 billion residential island development in theArabian Gulf.

AED 3.2b

2013 Transactions Financial Advisory to Middle Eastern real estate company on financial restructuring of a portfolio of residential, commercial, hotel assets across the Middle East.

AED 730m

2013 Advisory Strategic Advisor to an ASX50 listed developer on M&A and Divestment Strategy across their Australian retirement portfolio. AUD 900m

2013 Private Equity Fund Structuring and Financial Advisor to a US based Private Equity Fund on the purchase of a Mixed Use Real Estate Development in China.

USD 2b

2013 Private Equity Fund Structuring Advisor for a large Chinese Private Bank on the positioning of a Global Luxury Equities Fund. N/A

2013 Private Equity Fund Structuring for a Global Commodities Trading House for an Australian Soft Commodities Fund for the purpose of reducing portfolio volatility and increasing risk adjusted returns.

AUD 50m

2013 Private Equity Financial Advisor to Australian UHNW investors on the establishment of an Opportunistic Australian Mining Fund for exploration projects and discounted assets.

AUD 100m

2013 Transactions Financial Advisor to Offshore UHNW investors on the strategic acquisition of a 5 Star trading Hotel Asset in central Sydney. AUD 320m

2013 Advisory Strategic Advisor to an ASX50 listed developer on their Australian Apartments Strategy and the Internalisation of their Construction Capability.

N/A

2013 Advisory Strategic Advisor to an ASX50 listed developer on their Australian Residential Development Portfolio Work Out Strategy. AUD 400m




2013 Advisory Strategic Advisor to an ASX Listed Furniture Retailer on their Investor and ASX Market Communications Strategy. N/A

2013 Transactions Financial Advisor to an ASX Listed Furniture Retailer on the divestment of their non-core Retail Assets. <AUD 20m

2013 Advisory Strategic Advisor to an ASX 200 Real Estate Developer on their Offshore Capital Model and Sales Strategy for their expansion into Asia.

N/A

2013 Private Equity Fund Structuring Advisor to an ASX 200 Real Estate Developer for their Offshore Residential Apartments Fund. AUD 20m

2013 Private Equity Fund Structuring for a Global Chinese Private Bank for an Australian Residential Apartments Fund satisfying requirements for theSignificant Investor Visa.

>AUD 100m

2013 Private Equity Fund Structuring for an Australian based Aquaculture Private Equity Fund to capture opportunities in evolving seafood technologies. AUD 50m

2013 Transactions Financial Advisor to a Chinese State Owned Enterprise on their M&A Strategy for an Australian Wine Industry Investment. AUD 100m

2012 Transactions Financial Advisor to an Australian Beef Company on a joint venture partnership with an Asian Capital and Distribution Partner. AUD 20m

2012 Advisory Panel Advisor for the Australian Department of Foreign Affairs and Trade's International Real Estate Office regarding their domestic and overseas real estate portfolio.

N/A

2012 Advisory Strategic Advisor to an ASX50 listed developer on Strategy and Communications plan for a new incoming CEO. N/A


EMERGE CAPITALCASE STUDIES

WE HELP COMPANIES

MAKE DECISONS

ADVISORY

Emerge Capital provide real estate and infrastructure advisory services to corporate, government and institutional clients. We help our clients develop and execute strategy at a corporate, fund, portfolio and project level. Our advisory approach is underpinned by technical analysis to provide pragmatic implementable advice for our clients.

CASE STUDY: MAJID AL FUTTAIM PROPERTIES, UAE

Emerge Capital was requested by Majid Al Futtaim to provide strategic advice and management consulting to their Communities Development Business.

Our advice has included strategic reviews for major projects, in addition to annual business planning, detailed portfolio reviews, financial analysis and organisationalcapability analysis. We work closely with our client’s management to leverage and complement their sector experience and skills with our independent expertise.

WE HELP COMPANIES

MAKE DECISONS

ADVISORY


CASE STUDY: URBANGROWTH NSW

Emerge Capital was engaged by UrbanGrowth NSW, the NSW Government’s urban transformation delivery organisation, to support in the development of a Higher Education Engagement Strategy to investigate the potential to include these Institutions as part of an urban regeneration project to achieve place activation.

Our advice included a detailed analysis of the Australian higher education sector, market sounding to solicit feedback and strategic reviews of UrbanGrowth’s major projects most suitable for implementing the proposed strategy. The engagement identified a pragmatic approach for UrbanGrowth to actively engage with Higher Education Institutions to achieve design outcomes.

WE HELP COMPANIES

MAKE DECISONS

ADVISORY


CASE STUDY: SUNSHINE COAST COUNCIL

Emerge Capital was engaged by the Sunshine Coast Council to provide an independent review of their Investment Marketing Prospectus which highlighted potential investment opportunities across the Sunshine Coast.

Our independent review considered the degree to which the prospectus articulated our client’s overall vision, including their Regional Economic Development Strategy, the underlying market conditions and the extent to which the document promoted the Sunshine Coast to differentiate from other competitor regions. The quality of our work and close working relationship we forged with the client has enabled Emerge Capital to be reengaged for more engagements since.

WE HELP COMPANIES

MAKE DECISONS

ADVISORY


CASE STUDY: LISTED AUSTRALIAN REAL ESTATE COMPANY

Emerge Capital was requested by Lend Lease to provide strategic advice and management consulting to their Australian Development Business.

Our advice has included strategic reviews for major projects and their Apartments, Communities, Retirement and Commercial businesses, in additional to annual business planning, detailed portfolio reviews, financial analysis and organisational capability analysis. We work closely with our client’s management to leverage and complement their sector experience and skills with our independent expertise.

WE HELP COMPANIES

MAKE DECISONS

ADVISORY


CASE STUDY: ROSE ROCK GROUP, CHINA

Emerge Capital has been engaged by the Rockefeller Family’s Private Equity Fund (Rose Rock) to facilitate the development process and capital raise of a multi-billion dollar mixed used project located in Tianjin, China’s newest Special Economic Zone.

Our advice includes undertaking strategic planning and financial analysis for the iconic Rose Rock International Financial Centre and the surrounding premium residential precincts. We work closely with Rose Rock’s project team to combine their project resources with our in-depth real estate expertise.

WE HELP COMPANIES

MAKE DECISONS

ADVISORY


CASE STUDY: LEND LEASE URBAN REGENERATION

Emerge Capital was engaged by Lend Lease to undertake a review of the RNA Showgrounds project in Brisbane to outline the options available to Lend Lease to maximise future development value.

Our review articulated the issues, opportunities and options available and included a strategic options and recommendations report detailing the various development options open to Lend Lease. This along with the benefits, risks and proposed mitigates associated to those options. A revised valuation model was also developed to support the options analysis and recommendation.

WE FACILITATE

INVESTMENT IN AUSTRALIA

TRANSACTIONS

Our experience and knowledge of capital markets provide a deep understanding of our client’s corporate finance needs. From early stage capital raising through cross border transactions, we provide our clients with corporate finance advice, coupled with full service transaction support, to ensure they successfully achieve their growth or divestment objectives.

CASE STUDY: SYDNEY’S CONVENTION, EXHIBITION & ENTERTAINMENT CENTRE

Emerge Capital was appointed by Lend Lease to support their successful bid for the AUD$2 billion redevelopment of Sydney’s International Convention Exhibition and Entertainment Precinct (‘SICEEP’) at Darling Harbour. Specifically, Emerge Capital advised on the hotel component of the bid that comprises over 600 rooms, which will be one of Australia’s largest hotel. After winning the bid, Emerge Capital was retained to assist Lend Lease to secure an investor to develop and own the hotel.

WE FACILITATE

INVESTMENT IN AUSTRALIA

TRANSACTIONS

Our experience and knowledge of capital markets provide a deep understanding of our client’s corporate finance needs. From early stage capital raising through cross border transactions, we provide our clients with corporate finance advice, coupled with full service transaction support, to ensure they successfully achieve their growth or divestment objectives.

CASE STUDY: ICONIC AUSTRALIAN WINERY

Emerge Capital identified China’s increasing demand for offshore wine assets. We ascertained that the Chinese were interested in the Barossa Valley, and so we conducted a region wide review of the available wine assets. We filtered the wineries against the Chinese requirements, reducing the starting list from 170 wineries down to 6. As a result we were able to successfully secure the exclusive sell side mandate for one of the world’s top wineries. The winery’s shareholders engaged Emerge Capital to find a partner with extensive distribution capability into China’s burgeoning wine market.

PRIVATE EQUITY

Emerge Capital specialises in private equity and special-situation investment opportunities in the Australian, Asian and Middle Eastern real estate and infrastructure capital markets. By focusing only on our specialist sectors and geographies of expertise, we are able to identify and originate private equity investment opportunities for both our clients and our principal investments business, that otherwise may not come to market.

WE CREATE INNOVATIVE

INVESTMENT PRODUCTS

CASE STUDY: AUSTRALIAN APARTMENTS FUND

In response to the Australian Government’s recently introduced Significant Investor Visa program that excluded direct ownership of property, Emerge Capital identified a niche opportunity to develop a property fund mandated to invest in Australian apartment projects. We know that Chinese nationals are the largest overseas acquirers of new apartments, so we approached one of Asia’s largest banks to jointly establish a Fund which will be exclusively offered to private banking clients. This exclusive offer will give clients the opportunity to become eligible for the Significant Investor Visa. One of the Fund’s key attractions is that investors can choose to receive distributions as cash or an in specie distribution of apartments.

PRIVATE EQUITY

Emerge Capital specialises in private equity and special-situation investment opportunities in the Australian, Asian and Middle Eastern real estate and infrastructure capital markets. By focusing only on our specialist sectors and geographies of expertise, we are able to identify and originate private equity investment opportunities for both our clients and our principal investments business, that otherwise may not come to market.

WE CREATE INNOVATIVE

INVESTMENT PRODUCTS

CASE STUDY: AUSTRALASIAN AQUA FUND

The demand for high quality seafood is growing across the globe. This is being fuelled by the expanding middle class in Asia. Due to the diverse range of high quality seafood being produced in Australasia, the region is well positioned to service Asia’s growing demand. As a result of fragmentation of supply across many products and producers, a significant aggregation opportunity exists to stitch together production sources and supply chains to more efficiently service large-scale distribution networks. Given Emerge Capital’s unique expertise in the sector and strong relationships with large F&B companies, we are establishing an Australasian Aqua Fund that is mandated to invest in assets and businesses along the seafood supply chain.

CONTACTUS

Tim Frogley

[email protected]

+61 431 566 790

Nathan Parris

[email protected]

+61 422 628 518

www.emergecap.com

SYDNEY

3 Hickson Road

The Rocks, Sydney, New South Wales

Australia

+61 2 8277 9200

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