1. Kiriga Kunyiha Aureos East Africa 22 nd March 2006 Providing Private Equity Solutions

2. 50% Aureos Inception Aureos Capital is a 50:50 joint venture between Norfund and CDC Aureos is a leading private equity fund manager investing in the SME sector in emerging markets around the world

3. The Aureos Global Network COSTA RICA EL SALVADOR LONDON SOUTH AFRICA NIGERIA MOZAMBIQUE ZIMBABWE ZAMBIA TANZANIA KENYA SRI LANKA MAURITIUS GHANA PAPUA NEW GUINEA Over US$ 500m under management globally, with US$ 72m in EA (AEAF, ACACIA and FEDHA) DOMINICAN REPUBLIC THAILAND INDIA CHINA VIETNAM PHILLIPINES AUSTRALIA (PACIFIC ISLANDS) UGANDA SENEGAL

4. Our African Presence Close to half our committed capital has been allocated for investment opportunities across Sub-Saharan Africa Aureos East Africa Fund (US$ 40 million) Target countries: Kenya, Tanzania, Uganda Other countries: Ethiopia, Rwanda. Aureos Southern Africa Fund (US$ 60 million) Target countries: RSA, Zambia, Mozambique, Zimbabwe. Other countries: Botswana, Namibia, Angola, Mauritius. Aureos West Africa Fund (US$ 50 million) Target countries: Nigeria, Ghana, Côte d’Ivoire, Senegal. Other countries: Mali, Gambia, Benin, Togo, and other ECOWAS

5. Representative Investments Aureos has made a number of investments across in different sectors across the region

6. What is Private Equity “PE” PE is medium to long-term risk capital provided in return for an equity stake in potentially high growth unquoted companies Sponsors Equity Institutional equity capital Quasi- equitySubordinated debt Secured bank debt PE fills the gap between sponsors injection of their own cash and bank debt. Risk capital packages often tend to be a blend of equity and debt

7. PE Around the world PE industry well established in the US and Europe with funds under management in excess of US$ 250 billion In 2004 according to EVCA, PE firms in Europe invested over US$ 50 billion into 10,000 potential high growth companies. The current European portfolio stands at over US$ 200 billion (at cost) Studies have found that PE backed companies tend to outperform their counterparts

8. Advantages of PE Funding Provision of Capital – PE investors provide medium to long term capital to facilitate growth and/ or enabling Management participation through buy outs/ buy ins. Improved corporate governance – PE investors help their investee companies transition from informally run businesses to professionally managed organisations with the commensurate benefits of better management control and focus Access to third party capital – PE investors have extensive contacts with financiers to mobilise external sources of capital for their Investees. Companies with PE investors attain the appropriate credibility to access the financial markets (debt or equity).

9.  Experienced management teams with track record of success  Regional growth ambitions  Adherence to Aureos’ corporate governance standards  Alignment with AEAF on exit rights and shareholder protections  AEAF risk capital package includes blend of equity and debt  AEAF will commit between US$0.5 million to US$4 million of risk capital per investment AEAF partners with experienced, successful management teams to build strong regional companies in East Africa Aureos Investment Criteria Aureos tends to invest in businesses with the following characteristics

10. AEAF Target Transaction Type  Expansion of profitable businesses, often regional  Working with large family groups to hive off and institutionalise independent business units  Industry consolidations / mergers & acquisitions  Change of control transactions  Management Buy Outs (MBOs)  Management Buy Ins (MBIs)  Co-investment opportunities with strategic investors Expansion / MBO transactions are most preferred deal types

11. Why Aureos?  Partnering philosophy  Strong track record of private equity transactions in East Africa  Focus on helping skilled managers build world-class companies  On ground local presence  Backed by a blue-chip investor base Provide more than just Capital