APAX SELLS MAJORITY STAKE IN TRAVELEX TO SHETTY, CENTURION

     (The following press release from Apax was received by e-mail. The sender 
verified the statement.) 
London, 23 May 2014 - Funds advised by private equity firm Apax Partners ("Apax 
Funds") today announced the sale of their majority ownership stake in Travelex 
(“Travelex”), the world’s leading foreign exchange specialist, to Dr. B. R. 
Shetty (“Dr Shetty”) together with equity partners associated with Centurion 
Investments (“Centurion”).                                                       
Travelex is the world’s leading independent retail foreign exchange business. 
Over the past 38 years, it has built the world’s largest retail network of 
specialist foreign exchange stores and has developed Travelex as a trusted and 
widely recognised brand in foreign exchange.                                     
Dr Shetty’s principal investment portfolio includes significant holdings in UAE 
Exchange, nmc Health plc, and Neopharma, as well as investments in hospitality, 
food and beverage businesses. UAE Exchange is a leading global money transfer 
and foreign exchange provider headquartered in the UAE. UAE Exchange was 
founded in 1980 and has a fast-growing international presence which today spans 
32 countries with over 700 offices. Dr Shetty is the Founder and Chief 
Executive Officer of nmc Health plc, the UAE’s largest private sector 
healthcare provider, which is listed on the London Stock Exchange and is part 
of the FTSE-250 index. Neopharma is the first company of its kind to engage in 
pharmaceutical manufacturing in Abu Dhabi, with state-of-the-art facilities.     
Centurion is an investment vehicle based in Abu Dhabi, owned and controlled by 
His Excellency Saeed Bin Butti Al Qubaisi, with a range of business interests.   
Apax Funds purchased a controlling stake in Travelex in 2005. During Apax 
Funds’ ownership period, the company committed substantial investment to enable 
significant growth, both geographically and through innovative product 
expansion.                                                                       
Andrew Sillitoe, co-CEO at Apax Partners, said: "This is a very exciting 
opportunity for Travelex’s management, employees and other stakeholders to 
leverage the growth and success the company has achieved in recent years. Since 
Apax Funds took an ownership stake in 2005, we have worked closely with Lloyd 
Dorfman and the management team to transform Travelex into a stronger company, 
expanding the business through new markets and product offerings, and improving 
operational performance. The team has accomplished a great deal and we have 
every confidence in the business’s long-term prospects.”                         
The proposed acquisition will be effected through BRS Ventures & Holdings 
Limited, a company owned by Dr Shetty and equity partners associated with 
Centurion. The acquisition is subject to customary regulatory and other 
approvals and consents. The acquisition will not result in additional debt 
being incurred by Travelex in connection with the financing of the acquisition 
and, other than in respect of the reorganisation of existing shareholder 
interests as a consequence of the transaction, it is intended to maintain the 
existing capital structure of Travelex. The commercial terms of the proposed 
transaction are confidential.                                                    
Advisers                                                                      
Standard Chartered Bank and Evercore (Financial Advisers to Dr Shetty), MENA 
Financial Partners (Advisers to Dr Shetty on financing matters), Linklaters 
(Legal Advisers to Dr Shetty).                                                   
Goldman Sachs, J.P. Morgan Cazenove and Smith Square Partners (Financial 
Advisers to Travelex), Freshfields and Berwin Leighton Paisner (Legal Advisers 
to the Company), Macfarlanes (Legal Advisers to the Travelex management), 
Steinfeld Law (Legal Advisers to Lloyd Dorfman).                                 
Bank of America Merrill Lynch and Barclays (Financial Advisers to Apax 
Partners), Freshfields Bruckhaus Deringer LLP and Simpson Thacher & Bartlett 
LLP (Legal Advisers to Apax Partners).                                           
About Apax Partners                                                       
Apax Partners is one of the world's leading private equity investment groups. 
It operates globally and has more than 30 years of investing experience. Apax 
Partners has advised funds that total over $40 billion around the world in 
aggregate. Funds advised by Apax invest in companies across four global sectors 
of Consumer, Healthcare, Services and Tech & Telco. These funds provide 
long-term equity financing to build and strengthen world-class companies. For 
further information about Apax, please visit www.apax.com.                       
About Travelex                                                                   
Travelex is the world’s leading independent retail foreign exchange business. 
Over the past 38 years, it has built the world’s largest retail network of 
specialist foreign exchange stores and has developed Travelex as a trusted and 
widely recognised brand in foreign exchange. The Group’s mission is to help its 
customers spend and send money around the world.                                 
Travelex operates across the entire value chain of the retail foreign exchange 
industry and its retail operations span 27 countries. As at 31 March 2014, it 
operated stores in 9 of the world’s top 20 international airports by 
international passenger numbers as well as in major transport hubs, premium 
shopping malls, high street locations, supermarkets and city centres. The Group 
has developed a growing network of over 1,300 ATMs at both on-airport and 
off-airport locations around the world, and has built a growing online and 
mobile foreign exchange platform. It also processes and delivers foreign 
currency orders for major banks, as well as for travel agencies, hotels and 
casinos. In addition, the Group sources and distributes large quantities of 
foreign currency banknotes for customers including central banks and 
international financial institutions. The Group is also active in the 
remittances and payments space and in the travel insurance brokerage business 
in the United States.                                                            
The Core Revenue and Core EBITDA of Travelex for the twelve months ended 31 
December 2013 were £695.0 million and £80.1 million, respectively.               
About Dr. B. R. Shetty                                                           
Dr. Bavaguthu Raghuram Shetty was born in 1942 in the state of Karnataka, 
India. He moved to UAE in 1972 where, once he had attained his degree in 
pharmacy, he began his entrepreneurial career. Dr Shetty’s portfolio of 
businesses includes interests in healthcare, financial services, pharmaceutical 
manufacturing and distribution of pharmaceuticals, FMCG, scientific and medical 
equipment and foodstuffs. Within this portfolio, the three flagship ventures 
are:                                                                             
UAE Exchange – established in 1980, UAE Exchange is a money transfer and money 
exchange global operator with operations in 32 countries and over 700 direct 
offices. The business has a customer base of 6 million and over 400,000 
customers walk into a UAE Exchange store on a daily basis. www.uaeexchange.com   
nmc Health plc – established in 1975, nmc Health was the first company in the 
UAE to provide private healthcare services. nmc Health has grown into a group 
of two principal divisions: nmc Healthcare, which is the largest healthcare 
provider in the private sector with a UAE presence and nmc Trading, which is 
one of the leading distribution businesses in the UAE. nmc Health plc is listed 
on the London Stock Exchange and is a constituent of the FTSE-250 index. 
www.nmc.ae                                                                       
Neopharma LLC – established in 2003, neopharma is a pharmaceutical 
manufacturing facility which manufactures both generic and specialised drugs. 
The facility is based in Abu Dhabi. www.neopharmauae.com                         
Centurion has an established and proven association with Dr Shetty, having been 
a strong supporter and investor in a number of Dr Shetty’s businesses.          
 
 
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