1. NOT FOR PUBLICATION OR DISTRIBUTION COMPANY INTRODUCTION

2. Introduction 1 Athena Capital was established in 2003 Founded by Jonathan Heinamann and Tom Priday, chaired by Tom Boardman Based in Cape Town, Johannesburg and London Team of 7 professionals, including 4 CA’s Financial advisory business raising debt and equity finance Facilitated private equity transactions for SMEs Sole investment advisor to investment company seeking opportunities in sub-Saharan Africa Current and past investment portfolio includes assets in the renewable energy, commodities, infrastructure and packaging sectors. Countries visited by Athena Team

3. Africa is Now 4 PEACAP Investments is positioned to convert Africa’s opportunities into superior returns “The first skill you need to do Business in Africa is to see the Opportunities“ Christo Wiese Pepkor Chairman E & Y –African attractiveness Survey 2011

4. Opportunities PEACAP Investments converts opportunities in Sub-Saharan Africa into returns to investors by: Enabling small and medium enterprises to capitalise on expanding consumer base and disposable incomes Leveraging the northwards expansion of successful Southern African businesses Supplying sectors which benefit from government and DFI support Partnering with skilled operators in high growth markets 14 Countries 16 Countries 15 Countries 17 Countries 13 Countries 7 Countries TelecommunicationsFMCG RetailBrewingRetail BankingClothing RetailFast Food 5 “So the point really [...] is not whether you should be doing business in Africa, but rather how.” Leslie Rance, British American Tobacco (E & Y –African attractiveness Survey 2011)

5. Investment Strategy 9 Invest in Africa Not invest in Africa Maintain operations in Africa Strategic Opportunities Minority positions in large investments where Athena Capital identifies significant value but which exceed our investment mandate Early Stage Opportunities Invest in businesses where there are few or no potential acquisition targets in attractive or under-served industries or geographies Mid-market Growth Opportunities Majority positions in existing, successful businesses that present opportunities to leverage our resources and skills to drive growth Value DriversRationale Sub-Saharan expansion opportunities Leverage established platform companies to access high growth sub- Saharan markets Partner with skilled operators to execute the Company’s strategy Services to high growth sectors Benefit from direct exposure to growth sectors (e.g., resource extraction and infrastructure development) without investing in underlying riskier operations Favour preferred sectors including manufacturing and processing, retail and consumer goods, agri-business and food processing, financial services and renewables and water Consolidation and integration opportunities Extract value through revenue growth and cost synergies De-risk investments by reducing customer and geographic concentration and controlling supply chains Underlying asset value Reduce capital at risk by targeting businesses with explicit or inherent underlying value Defendable barriers to entry Achieve sustainably higher margins with lower market risk Provide expansion opportunities and attractive exit options “Investment prospects in Africa are favourable right now. Africa is the last uncharted territory on the investor's map and opportunities abound.” Source: Olaf Meyer, African Development Bank

6. Agribusiness Considerations Investment horizons and alignment of interests – equity provider vs operator Primary production Greenfield vs Brownfield Capturing the agribusiness value chain Local market dynamics and Country dynamics Import Substitution vs Export Production Land rights Local relationships and access to agribusiness skills Platform / Holding Co approach vs Direct Investment Lack of visibility on investment returns 9

7. What are we looking for? Agribusiness expertise Investment opportunities - $3m - $20m (R25m – R150m) SA and SSA focus Local relationships 14

8. C o n t a c t D e t a I l s: Cape Town 2 nd Floor, Bridge House Boundary Terraces 1 Mariendahl Lane Newlands 7700 Phone: +27 (0) 21 657 3810 London 14 Cork Street London W1S 3NS Phone: +44 (0)207 408 7089 Johannesburg 2nd Floor, North Tower 3 Sandown Valley Crescent Sandton 2196 Phone: +27 (0) 11 217 4800