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Investor Relations

& Financial
Communications
October 2022
About Teneo

2
Firm Overview

The Global CEO Advisory Firm

Teneo is the global CEO advisory firm. We partner with our


clients globally to do great things for a better future.

Drawing upon our global team and expansive network of


senior advisors, we provide advisory services across our
five business segments on a stand-alone or fully integrated
basis to help our clients solve complex business challenges.
Our clients include a significant number of the Fortune 100
and FTSE 100, as well as other corporations, financial
institutions and organizations.

Our full range of advisory services includes strategic


communications, investor relations, financial transactions
and restructuring, management consulting, physical and
cyber risk, organizational design, board and executive
search, geopolitics and government affairs, corporate
governance, ESG and DE&I.

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Firm Overview

Integrated Service Model

Our Business Segments

Strategy & Communications


Global strategic advisory and communications business focused on
helping clients achieve major business objectives, manage their
reputations and enhance stakeholder value.

Management Consulting
Providing expertise and leadership that companies need to
drive strategic change at critical inflection points that demand CEO
focus and cross functional attention.

Financial Advisory
Advising clients on strategies and actions to create, protect and
realize value across the full spectrum of transactions and industries.

Risk Advisory
Anticipating and mitigating risks associated with geopolitics, physical
security and cybersecurity to ensure business continuity and resiliency.

People Advisory
Assessing current organizational needs and identifying what and who is
needed in the future to build thriving, sustainable organizations.

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Firm Overview

Partnering with our


clients globally to do
great things for a
better future.
Every leader needs a trusted team
of advisors as they navigate a rapidly
changing world. Drawing upon our
global team and expansive network, we
provide fully integrated advisory services
to help clients solve complex business
challenges and achieve their goals.

41 1,500+ 1,200+
Offices People Clients

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Firm Overview

Global Reach: Middle East

Teneo is an established regional firm with an


office network across the region for over a
decade, with professionals based in Riyadh,
Abu Dhabi, Dubai and Doha.

Full Arabic language Pan-regional clients, Committed global leadership,


capabilities, local team across GCC & MENA with Saudi Arabia at the top
of 18 nationalities of our agenda
Doha Dubai

On-the-ground partner network across Rapidly growing local team, doubling Riyadh Abu Dhabi
Emerging and Frontier Markets – regional headcount in 2022
unrivalled breadth

4 100+ 10+
Offices People Years in
Middle East

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Team &
Experience

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Team & Experience

Select Regional IR, Financial


Communications & Transaction Experience

Team members' other experience

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Team & Experience

Our MENA Financial Comms & IR Team Our regional team is made up professionals with deep, direct, prior financial
and capital markets experience – including former sell-side analysts, asset
Has an Unmatched Track Record managers, IR professionals and financial journalists, and has advised on
1 of 2 some of the region’s highest-profile clients and transactions.

Nicholas McDonagh Andy Parnis Laurence Cook George Allen Bassem El-Shawy
Senior Managing Director Managing Director Managing Director Senior Vice President Senior Vice President (AR)

• Leads Teneo in the MENA region • Investor relations, financial • Over 35 years’ experience in strategic • Financial communications, • Saudi Arabia-based investor
communications and transaction and financial communications transaction and investor relations relations, financial communications
• Advising on corporate, financial, IR, specialist with 18 years’ experience specialist and crisis communications specialist
political and crisis communications • Experience in strategic advisory,
• Nine years’ strategic communications across banking, insurance, rail, (21 years' experience)
• Former Head of Middle East at experience advising on complex infrastructure, aviation and hospitality • Nine years’ capital markets
Finsbury capital markets transactions (IPOs, communications experience in the • Multi-sector experience, including
M&A, fundraising) across MENA, • Leads the NEOM account and is GCC telco, real estate, financial services,
• Significant MENA capital markets actively involved in water and
Europe and US automotive and manufacturing
track-record energy sector activity, including the • Formerly Partner, Head of Capital
• Former fund manager and Managing • Nine years prior finance experience creation of ENOWA Markets at Instinctif Partners MENA, • Prior career in securities brokerage
Director with a UAE-based private including six years as a sell-side advising clients on investor relations, and asset management
equity analyst at UBS/Lehman • Clients include Almarai, Bupa Arabia,
equity group focusing on investments Fly NAS, ING Group, American transaction communications, issues
across the Middle East region Brothers management and special situations • MBA qualified and a certified IR by
Express, Visa, BNP Private Bank,
• Qualified Chartered Accountant Savola, Hyatt, and the Govt. of Abu IRS UK
• Former private equity manager and
investment banker at Deutsche Bank (ACA) Dhabi • Active member of Middle East IR
NYC/London/Asia-Pacific Association, regularly speaking at
industry events

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Team & Experience

Our MENA Financial Comms & IR Team


Has an Unmatched Track Record
2 of 2

Stephen Smith Shady Hamid Theodora Gabrah Rahul Ravisankar


Senior Vice President Vice President (AR) Vice President (AR) Vice President

• Financial, corporate and media • Deep Investor Relations and financial • Media relations specialist and Arabist with • Financial communications, transaction and
communications specialist, with experience in communication expertise working on a deep experience in strategic and financial investor relations specialist
UAE, UK, NZ and Australia over 14 years number of the region’s most significant communications across the Middle East and
transactions North Africa • Four years of strategic communications
• Led significant transformation, M&A, crisis and experience in the GCC, advising a range of
brand positioning activity in in-house positions • Holds a Bachelor of Science in Foreign • Advised on a number of regional capital clients on investor relations, cross border
Service from Georgetown University, market and M&A transactions transactions and special situations
• Former IRO in New Zealand specializing in International Economics
• Developed risk mitigation and crisis • Three years of prior experience as a financial
• Former broadcast business journalist; MBA • Client experience across listed communications plans for large private and auditor, covering multiple sectors in the GCC
qualified companies and capital markets in Qatar, listed organizations in the region
UAE, Saudi Arabia • Certified Investor Relations Officer with the
Middle East Investor Relations Association

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Team & Experience

Senior Advisors Teneo’s team of dedicated Senior Advisors offers our clients unique insights and expertise
1 of 2 because of their in-depth sector or subject matter knowledge on the global stage. From activist
investing, corporate governance, cyber security, financial regulation, government affairs, and
international relations – our Senior Advisors work closely with our clients on a day-to-day basis
advising them on the issues that have the greatest impact on their business.

Senator George J. Lord Hague of Ginni Rometty The Rt. Hon. Brian Senator Christopher Andrew N. Liveris Lord Davies of
Mitchell Richmond Former Executive Chairman, Mulroney, P.C. J. Dodd Former Chairman and CEO Abersoch
Former U.S. Senate Majority Former British Foreign Secretary President and CEO of IBM Canada’s 18th Prime Minister Former Senator of of The Dow Chemical Former Minister for Trade,
Leader and U.S. Special Envoy and Leader of the UK Conservative Connecticut Company Investment and Small
for Middle East Peace Party Business, and Infrastructure

Patricia F. Russo Mark A. Sir Oliver Letwin Monica Frassoni Harvey Pitt Van Jones Victor Cha
Chairman of Hewlett Packard Weinberger Former Member of Former member of European Former Chairman of the U.S. CNN host, political Former Director for Asian
Enterprise and former CEO of Former Global Chairman and Parliament for Dorset Parliament and former co- Securities and Exchange commentator, Emmy Award- Affairs at the National
Alcatel-Lucent CEO of EY President of the European Commission winning producer and Security Council
Green Party bestselling author

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Team & Experience

Senior Advisors
2 of 2

Russell Chambers Andrew Ballheimer Jerome Hauer Ph.D Juliette Kayyem Brian O'Driscoll Sally Osman Calin Rovinescu
Former Managing Director with Former Global Managing Former Global Managing Faculty chair of the Homeland Former professional Irish Rugby Former Director of Royal Former President and CEO
Merrill Lynch, Investec and UBS Partner of Allen & Overy LLP Partner of Allen & Overy LLP Security and Global Health Football Union player Communications at Buckingham of Air Canada
Projects at Harvard’s Kennedy Palace and former BBC Director
School of Government of Communications

Rhea Siers Dr. Ed Amoroso


Former NSA Deputy Associate CEO of TAG Cyber LLC
Director for Policy and Senior
Representative to the FBI

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Our Investor
Relations,
Transaction &
Financial
Communications
Offering

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Investor Relations & Financial Communications

Delivering World-Class IR, Financial


Communications & Transaction Advisory

Advisor to the world’s Global, integrated Extensive GCC IR, Experienced, Differentiated approach
leading companies offering with Arabic Financial Comms networked, connected & unparalleled
at core and IPO experience knowledge

• A trusted advisor to some of • Fastest growing multi- • Unmatched team • Highly experience team • Our finance and media
the world’s and region’s discipline advisory firm in members' experience in with backgrounds in backgrounds ensure we
leading companies and the region with more than the GCC across Investor investment banking, bring a differentiated
institutions 100 consultants in the Relations, financial private equity, equity approach to
• ADNOC (CEO advisory, GCC, including communications and research, IR and financial communications built
transactions), Coca-Cola permanent teams and IPOs: PIF, ADNOC, journalism around a deep
(government), Dow offices in Riyadh, Dubai, Yahsat, Dr. Sulaiman Al- • Networked and understanding of what
(corporate communications), Abu Dhabi and Doha Habib, Almarai, Mobily, connected senior team matters for investors
McDonalds (ESG), • Our team includes best- Borouge, Fawaz are the day-to-day and senior journalists to
Mondelez (Investor in-class Arabists and Alhokair / Arabian contacts – in the deliver successful
Relations), UBS (Crisis) country specific experts, Centres, Fertiglobe, Kingdom, across the outcomes
with expertise anchored in Amanat, Amlak region and
digital comms International, SISCO internationally
and Tanmiah

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Investor Relations & Financial Communications

How We Support Our Clients in the GCC

• Set-up and capacity building • Corporate/executive profiling • Equity story development • End-to-end deal cycle
strategy
• IR calendar management • Reputation management • Media strategy
• Transaction narrative
• Financial media relations • Senior management training • Digital and social media
• Internal communications
• Digital and social media • Digital and social media • Senior management training
• Media, social and digital
• Buy-side and sell-side • Crisis/issues management • Post-listing IR readiness strategy
engagement
• Issues management
• Intelligence and reporting

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Investor Relations & Financial Communications

Core IR Services

Teneo’s Middle East investor relations team has unrivalled experience and
expertise and includes English and Arabic speaking professionals with prior
career experience in equity research, in-house IR and private equity.

Deep-dive investor Equity story Investor engagement Earnings


perception studies & development & strategy & activation communications
reports refinement support & execution

Capital Markets Day Senior executive, Transaction Market intelligence &


concept, content & presentation & media communications shareholder ID &
support coaching support & execution targeting

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Investor Relations & Financial Communications

Fully Integrated Investor Relations Teneo’s financial communications and IR specialists provide clients with a
fully integrated offering. We work closely with the issuer to build the IR
and Financial Communications function and put in place the processes and materials that are required to
achieve international best practice standards. If the function is already
established, we will strengthen it and bring it up to the next level.

Enterprise Value
Analysis
Market Investor Perception
Intelligence Studies

Quarterly Special Situations


Shareholder • Shareholder activism
Analysis • Preparing for remote earnings processes
• Leadership transition
• Special calls
IR & Financial • Communicating to special investors and calls on
reputational issues
Investor Communications Capital Flows
Engagement
Analysis
Program

Investor Equity Story


Targeting Development

Earnings Investor Day


Support Support

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Investor Relations & Financial Communications

Approach to Investor Relations


Teneo employs an analytical approach to IR to help clients ensure that they achieve best practice
investor communication and engagement, garnering the support of their financial stakeholders
both on an ongoing basis and through major transformations and special situations.

Understand whether a company is properly Leverage analyses to identify proactive Work alongside clients to execute the
valued within the context of their actions that will enhance the support and engagement and communications program
performance and the market environment confidence of financial stakeholders in the (earnings, conferences, investor days,
company’s business strategy and roadshows, etc.)
Assess the level of support a company has management team
from their financial stakeholders Prepare the company management and
Develop / refresh the company’s spokespeople for IR outreach
Identify the drivers behind any gaps in positioning, investment thesis and
valuation and market perceptions, as well strategic narrative Analyze quarterly shareholder movements
as any impediments to achieving fair value and capital flows to measure investor
Create a strategic engagement and sentiment toward the company’s stock
Review the company’s messaging and communications program for financial
investor outreach programs to evaluate the stakeholders to remedy any mispricing Continuously monitor market developments
effectiveness of its communications and IR in the market and analyst opinion within the competitive
efforts landscape

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Investor Relations & Financial Communications

Transaction Communications: Objectives


Our transaction communications strategy will highlight your growth potential, build
your reputation, generate excitement around the deal, handle issues/challenges and
engage employees to ensure a well-supported deal.

Highlight Growth Build Generate Engage Well-supported


Potential Reputation Excitement Employees Transaction
• Market positioning • Strengths, • Create, maintain buzz • Mitigate regulatory risk • Resonant equity story
opportunities
• Sector opportunity • Connect with • Create ambassadors • Reinforce valuation
• Company, community
• Growth potential management • Set the stage for • Emphasize value
• Interest, understanding change accretion
• Attractive future returns • Issues mitigation
• Purpose, impact • Continuous • Support future liquidity
• Economic contribution engagement

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Investor Relations & Financial Communications

Transaction Communications: Teneo offers all-encompassing investor relations and communications support on a
broad range of transactions, including traditional M&A, hostile takeovers, spinoffs,
Strategy divestitures, LBOs, and other complex financial undertakings. Our experts develop
and execute tailored communication strategies to maximize impact and garner
stakeholder support for the transaction.

• Establish core • Develop transaction • Draft communication materials • Execute announcement plan • Follow-up communications
deal team from rationale and key messages tailored to various stakeholders • Assist with media, to stakeholders
the company’s management, • Build a comprehensive including: shareholder, employee and • Assess opportunities
IR and corporate announcement and • Investors customer outreach to amplify and share
communications teams, as stakeholder communications coverage via digital and
well as legal and financial • Media • Monitor and report
plan stakeholder reaction real- social channels
advisers • Employees
• Assess risks to reaching a time • Transaction milestone
• Define roles and • Suppliers/Vendors
deal and plan for • Adjust strategy, as needed, communications and change
responsibilities and develop • Business partners
contingency scenarios, based on day-of events and management (i.e., regulatory
a work plan
including a potential leak • Customers unforeseen developments and shareholder approvals,
• Establish protocols for governance decisions,
communications and rapid • Regulators that might require additional
actions integration planning,
response • Rating agencies transaction closing)
• Quarterback the deal team • Prepare management and • Integration execution,
and coordinate company spokespeople for IR and communications
communications with third- investor and media engagement support
parties • Alignment of messages and
communications with
counterparty (e.g., acquisition
target)

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Investor Relations & Financial Communications

Initial Public Offerings Partner with companies to ensure a successful entry into the public markets and a best-practice IR
program once public.
(IPOs)

Initial Registration Roadshow Begins


Statement Filing
Effective Date

Price Offering

Close / Listing

Preparation Execution Post-IPO

• Listing day preparation and execution • Build awareness through stakeholder outreach
• Narrative development/Input for Registration
• Manage communications around milestones • Continued refinement of corporate positioning and
Statement/Q&A
• Establish peers/investor targeting • Message development and presentation coaching investment thesis
• Training for 'life as a public company’ • Preparation for first quarterly earnings cycle
• Public company infrastructure development
• Develop IR website and materials • Implement IR strategy
• IR policy development
• Establish financial disclosure and guidance • Implement media strategy
• Media relations audit
protocols, develop investor materials templates • Engagement with government stakeholders
• Assessment of management roles, responsibilities
and conduct earnings rehearsals • Ongoing message refinement
and positioning
• Audit of government relationships, assessment of • Recruit new directors
policy risks, scenario planning • Develop and execute listing day media strategy
• Establish governance polices / begin to identify • Select engagement with government stakeholders
Board

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Investor Relations & Financial Communications

Differentiated Shareholder Activism


Defense Offering
We partner with companies to evaluate their business model
from an internal and external perspective to help them define
and articulate their value proposition, to proactively identify
vulnerabilities and mitigate risks, and to protect the company’s
reputation and best interests throughout an activist threat. Deep understanding of activists’ playbooks and ability to help anticipate
1 their next moves

Unique Integrated Offering


2 Have advised on many of the most high-profile activist situations
• Financial Communications
• Investor Relations
Significant experience supporting companies in all stages and intensity of
• Media Relations 3 activism preparedness and engagement
• Strategy Advisory
• Corporate Governance & Board Advisory Corporate Governance team, led by former Head of Global Research at ISS,
4 with expertise in proxy advisor and investor views
• Narrative Enhancement
• Digital & Social Media Advisory
Ongoing monitoring of activists’ whereabouts and market and company-specific
• Creative Services 5 commentary

Close relationships with activist and M&A reporters to stay abreast of what
6 they’re hearing and help shape the narrative

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Investor Relations & Financial Communications

Teneo’s Integrated ESG Offering


Our holistic view of the ESG landscape can assist companies with either a specific aspect of
their ESG program or can help develop a comprehensive ESG strategy and implementation plan.
Our approach is tailored to directly align with the client’s long-term goals and will take into
careful consideration the industry and business environment relevant to the organization.

Board & Corporate Business Strategy & Campaigning & Crisis Management Talent Acquisition Operations &
Governance Transformation Digital Strategy & Preparedness & People Strategy Supply Chain

Investor Political Public & Stakeholder Research Security & Stakeholder


Relations Risk Government Affairs & Analytics Physical Risk Engagement

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Our Work

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Our Work

Selected IPO & M&A Experience


in the GCC

M&A Communications IPO Communications IPO Communications IPO Communications*


M&A communications including local IPO communications on 4 subsidiary Sole IPO communications advisor on IPO communications support and
and international transactions. listings on ADX – ADNOC Drilling, $2.9 billion listing on ADX, largest senior management counsel,
Retained PR and IR advisor. private company listing since 2011. secondary market IR support.
Fertiglobe, Borouge and ADNOC
Distribution.

M&A Communications M&A Communications M&A Communications* Debt Restructuring


Sole advisor to TAQA on acquisition Sell-side communications counsel and SABB’s merger with Alawwal Bank. Sole communications advisor to
of Schlumberger MENA drilling. support for acquisition by China Three Tabreed on $1.3 billion debt
Gorges (cross-border). restructuring.

Issues Advisory* M&A Communications IPO Communications* M&A Communications*


Executive communications and risk Sole advisor and end-to-end Sole communications advisor to Sole communications advisor to
and communications advisory. execution on the merger between two Tanmiah Food Company during IPO Alhokair and sister company Arabian
Tadawul-listed petrochemical on Tadawul, sole advisor to Centres during acquisition of joint
companies. management on investor roadshow majority stake in international
delivery. ecommerce platform Vogacloset.

IPO Communications* IPO Communications* IPO Communications


IPO communications counsel on £2.3 Comprehensive IPO communications Sole communications advisor to IDH on
billion listing on London Stock and management counsel and its IPO & listing on the London Stock
Exchange. Retained post-listing. training. First post-Covid IPO in the Exchange.
GCC. Secondary market IR support. *Includes team client experience prior to Teneo.

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Our Work

Selected Investor Relations


Experience
GCC

IR and Corporate Reporting IR Build and Management* IR Management IR and Financial Comms IR Capacity Build* IR Management
Ongoing senior counsel to Full IR strategy, set-up, Counsel on general strategy, Restructuring Counsel on IR strategy, Counsel on IR strategy, equity
senior management, Finance processes and procedure, earnings management, peer communications across processes and procedure, story, earnings management,
and IR department on IR, organizational structure, policy, analysis, financial Public Relations, Investor organizational structure, peer analysis, financial
policy, disclosure principles,
Financial PR, corporate disclosure principles, announcements, issues Relations, management announcements, issues
management training.
reporting. Including deep-dive management training. Ongoing management and media. counsel and issues/crisis management, transaction
capital markets perception IR delivery and senior mgmt. management. communications and media.
study. counsel.

International

IR Management IR Management IR Management IR Management IR Management IR Management


Counsel on general strategy, Counsel on general strategy, Counsel on general strategy, Counsel on general Counsel on general strategy, Counsel on general strategy,
earnings management, peer earnings management, peer earnings management, peer strategy, earnings earnings management, peer earnings management, peer
analysis, financial analysis, financial analysis, financial management, peer analysis, financial analysis, financial
announcements, issues
announcements, issues announcements, issues announcements, issues analysis, financial announcements, issues
management and media.
management and media. management and media. management and media. announcements, issues management and media.
management and media.

*Includes team client experience prior to Teneo. 26


Our Work

Selected Transaction Experience


in International Markets

M&A Communications Hostile M&A Bid M&A and Profiling M&A Communications
Woodside Petroleum’s $28B United Technologies successful Corporate and Executive Televisa’s $3.75B merger with
merger with BHP’s petroleum defense of Honeywell hostile Profiling for Engie around their Univision.
business. M&A bid of $90.7B. META assets and also M&A
activity

IPO Communications M&A Communications IPO Communications IPO Communications


Advised Prudential Financial, Centene’s $2.2B acquisition of Advised Moncler S.P.A on its Advised First Data Corporation
Inc. on its $3 billion IPO and Magellan Health. €2.6 billion IPO and listing on on its $2.56 billion IPO and
listing on the NYSE. the Milan Stock Exchange. listing on the NYSE; the largest
IPO of 2015.

M&A Communications IPO Communications M&A Communications IPO Communications


eBay’s $9.2B sale of its Advised Aston Martin on its IPO Just Eat Takeaway.com $7.3B Advised Enel Green Power
Classifieds business unit to which valued the company at acquisition of Grubhub. S.p.A. on its €8 billion IPO and
Adevinta. $5.6 billion. listing on the Milan and Madrid
stock markets.

M&A Communications
M&A Communications IPO Communications M&A Communications
UTC and Raytheon’s $120B
London Stock Exchange Group Advised AXA Equitable Life AbbVie Inc. $63B acquisition of
merger. UTC $30B acquisition
$27B acquisition of Refinitiv. Insurance Company on its Allergan.
of Rockwell Collins. UTC
$2.75B IPO and listing on the
successful defense of Honeywell
NYSE.
hostile M&A bid of $90.7B.

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Our Work

Selected Shareholder Activist


Defense Experience

Interaction with Dan Loeb’s Interaction with David Interaction with Dan Loeb’s Interaction with Keith
Third Point. Tepper’s Appaloosa Third Point. Meister’s Corvex
Management. Management.

Interaction with Bill Ackman’s Interaction with Politan Interaction with Dan Loeb’s Interaction with Paul Singer’s
Pershing Square. Capital Management. Third Point. Elliott Management.

Interaction with activist Interaction with Paul Singer’s Interaction with Jeff Ubben’s Interaction with Dan Loeb’s
investor Carl Icahn. Elliott Management. ValueAct. Third Point.

Interaction with Interaction with Interactions with Larry Interaction with David
activist investor Carl Icahn. Knight Vinke Asset Robbins’ Glenview Capital Winters’ Wintergreen
Management.​ Management.​ Advisors.​

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Our Work

Advising Blue Chip Clients


Across Major ESG Issues
Environmental Social Governance

Ongoing counsel to inform Ongoing advisory on energy Developed a renewed company Counsel on client’s Support for executive Advised them at a board level
development of new strategy including long-term purpose centred on the community investment compensation and on policy and political issues,
environmental targets, including vision, sustainability goals, inclusive application of strategy. Development of shareholder engagement risk management and
benchmarking, stakeholder transition narrative and technology, Produced white major community program following a low Say on Pay reputation and have helped
result, working with key
analysis, review of ESG ratings, communications strategy to paper with policy in alignment with White them draw up their offshore
stakeholders to present to the
and identification of potential strengthen positioning among recommendations alongside House priorities. wind strategy to deliver net
board and outline key factors
high-impact partnerships. key stakeholders. CEO positioning & for consideration. zero in the UK.
communication strategy.

Advised client on its strategy & Positioned client’s Helped client assess risks Support client with a broad Provided information and Governance and board
communications for climate sustainability programs as a associated with its facial range of services including insights around shareholder support for a non-profit
commitments and conducted strategic advantage by recognition technology in strategic advice to senior engagement and additional association, with a focus on
research on the corporate demonstrating the impact of different markets, including the leadership on positioning aspects of governance, board refreshment best
including board matters,
sustainability landscape. the initiatives to both the evolving political and social the company as a thought practices, board elections, and
executive compensation,
environment and improved considerations around privacy. leader in the areas of ESG conversion to a virtual annual
ESG, and shareholder
business performance. and wider social impact engagement. meeting in 2020.
initiatives.

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Contact

Nicholas McDonagh Andy Parnis


Senior Managing Director Managing Director

Tel: +971 50 457 2394 Tel: +971 58 581 4954


Email: nicholas.mcdonagh@teneo.com Email: andy.parnis@teneo.com

George Allen Bassem El-Shawy


Senior Vice President Senior Vice President

Tel: +971 56 609 6749 Tel: +966 (11) 2656703


Email: george.allen@teneo.com Email: bassem.el-shawy@teneo.com

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Disclaimer

Notice and Disclaimer

© 2022 Teneo. All rights reserved. This material was produced by Teneo for use solely by the recipient. This communication is intended as general background research and
is not intended to constitute advice on any particular commercial investment or trade matter or issue and should not be relied upon for such purposes. The views expressed
here represent opinions as of this date and are subject to change without notice. The information has been obtained from sources believed to be reliable but no guarantees
can be given as to its accuracy, completeness or reliability. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any
means, electronic or otherwise, without the prior consent of Teneo.

Teneo refers to Teneo Holdings LLC and its affiliates.

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