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C ontents2 Who we are

2 What we do

2 Where we operate

3 Who we work with

4 Detailed Description of our Services

10 Our experience across sectors and geographies

12 Meet the team

Mergers & Acquisitions

Corporate Finance

Advisory

threet o

We are sector-agnostic and have successfully completedmandates in multiple sectors from Agriculture to FMCG toReal Estate to Technology. For a complete list of our sectorexperience, please see page 10.

We work on both the buy-side and sell-side of transactions.Our clients include private businesses, family investmentoffices, multi-nationals, private equity, insurance and pensionfunds.

Who we work with

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Who we areHorizon Africa Capital is a boutique financialadvisory firm based in Nairobi, Kenya.

Our range of services arecovered in four broad areas:

From our offices in Nairobi, we offer our servicesto clients across the East and Southern Africanregion.

We have successfully completed assignments acrossKenya, Uganda, Tanzania, Rwanda and DemocraticRepublic of Congo.

What we do

Where we operate

Our client focus is onbusinesses that areshaping the economiesof the countries inwhich we operate.

gMer ers &Acquisitions

Advisory

Corporate Finance

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Advisory

Detailed description of our services

Mergers &Acquisitions

• Business review and planning• Corporate strategy• Market research on sectors and regions• Identify potential buyers & targets• Organise, supervise & manage the deal process• Transaction structuring

• Determine optimal capital structure(s)• Use our network to identify potential investors• Prepare an info memorandum for marketing• Negotiate terms and recommend best offer

• Capital and balance sheet restructuring• On and off-shore structuring• Financial Due Diligence• Financial Modelling• Valuation Analysis

Evaluate the direction todrive your business towards:Should you grow organicallyor via acquisitions? Does itmake sense to diversify intonew markets or expand the

existing product range?

We are able to provideclients with a clear

understanding of theopportunities and threatspresent when considering

market entry into newsectors or geographies.

Corporatestrategy

Marketresearch on

sectors and regions

Mergers &Acquisitions

How are you measuringbusiness performance? Needto prepare realistic budgetsand forecasts? We can workwith you to put together arobust business plan and

financial model.

Businessreview

and planning

Corporate Finance

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Whatever your requirement for obtaining funds, we are able to provide a systematic approach to raising capital.

Corporate FinanceMergers & Acquisitions (cont’d )Whether buying or selling, we have the ability to tap in to our broad and deep network of financial and strategicinvestors to match the right partner for the transaction. Our versatility to tailor our advice extends to the type oftransactions that we have experience in.

Size and Type of Companies we work with

Family-run businesses Local diversifiedgroups

Investment companiesincluding pension funds,insurance companies and

private equity

Acquisitionfinance

Assetfinance

Bridgefinancing

Corporatefinance

Dividendrecapitalisation

Growthcapital

Partialexits

Projectfinance

Structuredfinance

solutions

Workingcapital and

trade finance

Subsidiaries of foreign-ownedbusinesses and multinationals

At the outset, we get an understanding of the optimal capital structure for the business /project.

This lays the foundation for the type and amount of funding sources that would beconsidered most appropriate and could include any combination of debt, mezzanine financeand/or equity.

Our team includes a number of experienced bankers which, together with our track record atHorizon, gives us an edge in crafting bankable proposals for marketing our clients’ fundraisingrequirements effectively.

Situations we can advise in

• Mergers & acquisitions• Leveraged / management buy outs• Divestitures / spin offs• Joint ventures• Public private partnerships

AdvisoryWe also offer stand-alone solutions to help transform your business. These include:

Capital and Balance Sheet Restructuring

Balancing the right amount of debt and equity in the business can improve the growth rate, reduce the overall costof funding and make the working capital cycle more efficient.

On and off-shore Structuring

For companies looking to expand geographically or setup mergers and/or JVs with third-parties, organising the groupstructure can provide tax efficiencies and clean exit mechanisms.

Financial Due Diligence

When deciding to buy a company, we can perform rigorous analysis of the financial state of the target that wouldcover quality of earnings to key accounting policies to balance sheet reviews.

If you are considering selling part or whole of your company, we work with you to identify and clean up areas ofconcern prior to marketing the business for sale.

Financial Modelling

From cost-benefit analyses to investment appraisals to in-depth business plans, we have the right set of tools todeliver a customised, user-friendly and fit-for-purpose financial model.

Valuation Analysis

Obtaining an independent third-party opinion on the valuation of a business is advisable in a variety of situationsincluding transaction negotiations to legal disputes. We overlay our technical skills with commercial knowledge toprovide a range of realistic and fair values for businesses or divisions of a business across all sectors.

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Sectors we have proven experience in Our experience across the geographies

Real EstateFMCG

AgricultureOil & Gas

MiningManufacturing

Power & InfrastructureTransport & Logistics

Telecoms & media

UgandaAgricultureManufacturingFMCGReal Estate

Rwanda & BurundiReal Estate

TanzaniaAgricultureFMCGOil & GasReal Estate

DemocraticRepublic ofCongoAgricultureMiningReal Estate

KenyaAgricultureFMCGHealthcareManufacturingOil & GasPowerReal EstateTechnologyTransport

ZambiaManufacturing

EthioipiaManufacturingReal Estate

Meet the team

Charles OmangaManaging Principal

Shanif DewanyManaging Principal

Background : Shanif is a seasoned invest-ment banker with an established track recordin structuring and advising on complex M&Atransactions and corporate finance across East and sub-Saharan Africa. Before joining Horizon,Shanif held senior positions in the Corporate& Investment banking arms of Barclays BankKenya and Citibank NA mainly covering Kenyaand the East African region.

Academic s: Shanif holds a MBA from theUniversity of Chicago’s Booth School ofBusiness.

Sector Coverage: Agro-processing, FMCG,Heavy & Light Manufacturing, Real Estate.

Service Coverage: M&A, CorporateFinance, Capital / Tax Structuring.

Background: Charles is a career corporateand Investment banker with provenexperience and capability in driving businesses’profitability, executing complex corporate andproject finance transactions across severalmulti-national banking institutions. During histime at Horizon, Charles has executedtransactions in Power, Oil & Gas, Real Estateand FMCG businesses. Charles has significantexperience in Corporate & Project Financehaving served as Head of Corporate Bankingat CFC Stanbic Bank as well as Head of PublicSector & Trade Finance Barclays Bank Kenya.

Academics: Charles holds a MBA from theUniversity of Leicester.

Sector Coverage: All sector coverage.

Service Coverage: Structured Debt &M&A Advisory.

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Pareet ShahNyokabi ManguyuHead of M&A

Background : Nyokabi was previously anAssociate with Goldman Sachs in New Yorkwhere she worked in a team focused onvaluation, revenue and balance sheetsubstantiation and reporting, as well asaccounting policy for private equity.

Academics: Nyokabi graduated magna cumlaude with a BSc. in Applied Economics fromIthaca College, New York. Nyokabi is a CFA®

Charterholder.

Sector Coverage: FMCG, Manufacturing,Real Estate.

Service Coverage: M&A, CorporateFinance, Advisory, Equity Raising.

Head of Corporate FinanceBackground: Pareet began his career with the firm in 2010 as an Associate. Since joining Horizon, he has advised clients on the structuring & execution of complex financing transactions across East Africa. As Head of Corporate Finance of the firm, Pareet manag-es a team that helps clients raise the capital required to finance expansions, greenfield projects, mergers, acquisitions & corporate restructurings. Academics: Pareet graduated with a BSc. (Hons) in Mathematics, Operational Research, Statistics and Economics (MORSE) from the University of Warwick and is a member of ACCA. Sector Coverage: Agro-processing, Manufacturing & Industrials, Energy, Real Estate. Service Coverage: Corporate Finance, Structured Debt, Leveraged buyouts.

Kenrick KamboAssociate

Background: Prior to Joining Horizon,Kenrick worked in the Consulting departmentat PKF East Africa as a Corporate FinanceAnalyst. His roles and responsibilities includeddeveloping business plans, conducting feasibilitystudies, due diligence, financial modelling andvaluation advisory.

Academics: Kenrick has an MSc. inAccounting and Financial Management fromHenley Business School, The University ofReading and a BSc. (Hons) in FinancialMathematics from Coventry University.

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Patrick MwangiAnalyst

Background: Patrick previously worked as ananalyst within the Corporate & InvestmentBanking department at Citibank N.A (Kenya)where he worked on a team focused onstructuring deals both in the private and publicsector space.

Academics: Patrick holds a Bachelor ofBusiness Science in Finance from theUniversity of Cape Town, South Africa.

Clara MwangolaAnalyst

Background: Prior to joining Horizon Africa, Clara worked as a debt analyst in the Corpo-rate and Investment Banking Division of Barclays Bank. In this role she was involved with structuring and executing debt transac-tions across multiple industries in East Africa.

Academics: Clara holds a MSc in Investment Management (with merit) from Cass Business School and a BSc (Hons) in Finance and Investment Banking from ICMA Centre, University of Reading. She is also a CFA Level III candidate.

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GlossaryAcquisition finance Debt funding provided to buyers during a leveraged buy-out

Bridge finance A short-term loan that is used until a company secures permanent financing orremoves an existing obligation

Divestiture The partial or full disposal of assets or a business unit through sale, exchange,closure or bankruptcy

Dividend recapitalisation A dividend payment to shareholders by raising new debt rather than pay fromretained earnings

FMCG Fast Moving Consumer Goods

Leveraged buy out A transaction where the buyer purchases a company, its assets or a single asset using significant amounts of borrowed money

Partial exits Payment made to existing shareholders by new investors to sell a part of their shares while retaining an on-going interest

Spin off The creation of an independent company through the sale or distribution of new shares of an existing business/division of a parent company

Structured finance Involves complex tailor-made solutions including tax / off-shore structuring forcompanies with very unique financing needs

Horizon Africa Capital Limited

P.O. Box 103646 - 00101, Nairobi, KenyaTel: +254 (20) 3742614 / 5www.horizonafrica.com

Apollo Centre, 2nd Floor, Ring Road Parklands