Imara Corporate Finance Profile2011

Mission Statement

“To become the leader in African wealth management by providing first class

d t d i t t i tit ti l d hi h t th li t ”products and services to corporate, institutional and high net worth clients”.

Imara’s Presence

OverviewA Botswana listed Investment Banking Group with a regional network of offices.

Extensive Expertise in Africa - a pioneer in the development of African capitalp p p pmarkets in the past twenty years.

Securities Trading4 An active participant in region’s markets, strong research coverage of regional equitiesact ve pa t c pa t eg o s a ets, st o g esea c cove age o eg o al equ t es

— In excess of US$165m of client funds under management and US$1.77 billion of client assets underadministration.

Corporate Finance – raises capital and provides strategic advice for both large andll i Af ismall companies across Africa.

Investment Management – in excess of US$434 million invested in Africa andGlobally for Institutional and Private Clients.

Independent with a wide shareholder base – significant management and staffstake.

BackgroundgFormation of S P Reid (Pty) Ltd in SA 1938

Formation of Edwards & Co in Harare 1954

Stockbrokers Botswana and Botswana Stock Exchange est 1989

Imara listed on the VCM of the Botswana Stock Exchange 2006

IAOF registered and granted local asset status in Botswana 2006

Launch of the Imara Africa Series umbrella fund– sub funds included 2007

Acquisition by Robert Fleming UK of 50% of Edwards & Co 1994

Stockbrokers Malawi Ltd and Malawi Stock Exchange est 1996

Sale of Robert Fleming UK to JP Morgan 2000

MBO of Edwards & Co from JP Morgan 2002

Nigeria Fund

Zimbabwe Fund

MOU signed with MacCapital Dubai 2007

Launch of Imara Africa Securities 2007

Formation of Imara in Botswana 2002

Acquisition of S P Reid & Mackeurtan (Pty) Ltd in SA 2003

Acquisition of The Janus Corporation (Pty) Ltd in SA 2003

Acquisition of the Anglo African Global Fund : rebranded Imara Global Fund 2003

Imara Capital SA / Zingwenya BEE transaction 2007

Launch of the Imara East Africa Fund 2008

Launch of the Imara Equity Fund in SA 2008

Launch of Imara Trust Company (Mauritius) Limited 2008

Launch of Asset Management businesses in Botswana & SA 2003

International Financial Services Centre status granted 2004

Acquisition of Rice Rinaldi broking book in SA 2004

MOU signed with Stockbrokers Zambia & Namibia Equity Brokers 2005

MOU signed with Chapel Hill Denham in Nigeria 2008

Launch of the Imara African Resources Fund 2009

MOU signed with NIC Capital Limited in Kenya 2009

Launch of Imara Securities Angola SCVM in Luanda 2009

Acquisition of interest in Stockbrokers Zambia 2009Launch of the Imara African Opportunities Fund (“IAOF”) 2005

Acquisition of interest in Imara Capital Zimbabwe 2006

Imara listed on OTC market of the Botswana Stock Exchange 2006

IAOF listed on Dublin Stock Exchange 2006

Acquisition of interest in Stockbrokers Zambia 2009

Imara Beresford International Limited formed in Mauritius 2009

Acquisition of interest in Capital Securities (Pty) Limited in Botswana 2009

Our Core Services

Corporate FinanceCorporate Finance Asset ManagementAsset Management Securities TradingSecurities Trading

Leading Team10 professionals-5 in ZimbabweLocated in 3 Offices region-wide

13 professional investment managers,including 5 in our Zimbabwe associate,covering Africa as well as emerging andglobal markets.

Sales34 sales/portfolioprofessionals, including 3 in Zimbabwe, covering the region

Corporate FinanceMergers and AcquisitionsStrategic AdviceCorporate RestructuringPrivatisations

US$44m under management includingUS$110m with our associate inZimbabwe.

Private wealth management in SouthAfrica and Botswana.

Research9 equity research analysts,including 3 in Zimbabwe, covering over 400 regional companies

Private Equity

Capital Markets Equity IssuesConvertible IssuesD b I

Imara Global Fund, Imara Africa Series &Imara African Opportunities Fund,registered in BVI, advised by FSA licensedImara UK.

Establishment of trusts, administrationf ff h

p

Trading2 Prop Traders2 Fund ManagersUS$165m client funds under

Debt Issues services, incorporation of offshoreentities, opening and administeringoffshore bank accounts; approved by theFSC and licensed as Imara Trust Company(Mauritius) Limited

managementUS$1.77 billion client assets under administration

Corporate FinanceOverview

OverviewActive in African markets – executed over 200transactions across 12 countries, with acombined transaction value in excess of US$10billion; UAE

Branch networkbillion;

Regional network of offices securing a premierposition in sub-Saharan Africa.

C

SOUTH AFRICABOTSWANA ZIMBABWE

UAE

Contacts:

Africa: Rod Macleod+27 11 550 6006rod.macleod@imara.co

Gaborone: Dave Stone267 318 8009

•United Kingdom•Nigeria

+267 318 8009dave.stone@imara.co

Johannesburg: Mike Burrell+27 11 550 6001mike.burrell@imara.co

Harare: Nick Ralph(associate) +263 4 701 320

•Ghana•Guinea•Uganda•Kenya•Tanzania•Malawi(associate) 263 4 701 320

nick.ralph@imara.coDubai: Gerhard Hametner(representative) +971502892935

sgh@mac-sharaf.com

•Zambia•Zimbabwe•Botswana•Swaziland•South Africa

Execution experience

Core Services

Category Services Sectors

Capital Markets IPO’sCap ta a etsRights Offers and Claw Backs

UnderwritingBond and Debt Issues

Telecommunications,Banking, Real Estate, Mining 

M&A Origination and Researchand Metals, Financial Services, Food, Beverages and Manufacturing, Commercial Agriculture and Down Stream Processing (Tobacco Sugar Grains

M&A Origination and ResearchValuations (including fair and reasonable opinions)

StructuringFund Raising

Controlled Disposal Processes‘

(Tobacco, Sugar, Grains, Protein), Information Technology, Motor Industry, Industrial Holdings, Engineering, Marine, Logistics.

Privatisation Pre‐feasibility researchPathway determinationPartnering agreementsTrade sales and/or IPO’s

, g

Advisory Corporate restructurings and general strategic advice to enhance shareholder value

African credentials

African credentials

African credentials

African credentials

The Team

The TeamThe TeamRoderick MacLeod, BCom LLB CAIB (SA) HDip FMiI Head of Corporate FinanceRod MacLeod is a Certified Associate of the Institute of Bankers. He joined Barclays Bank, being promoted to Barclays Merchant Bankin 1982 and then seconded to the London office in 1985. On his return to South Africa in 1988, Rod was appointed as Senior Advisor atFirstCorp dealing with M&A MBO and private equity opportunities In 1990 Rod joined AP&CI responsible for the Group’s acquisitionFirstCorp dealing with M&A, MBO and private equity opportunities. In 1990, Rod joined AP&CI responsible for the Group s acquisitiongrowth strategy. He joined Janus as a director and shareholder in 1995.

Nick Ralph, B Com (UCT), CA (Z) Head of Corporate Finance ZimbabweNick is a chartered accountant who qualified with Deloitte in Zimbabwe and subsequently worked with them in New York and Londonbefore returning to Zimbabwe. He returned to Zimbabwe in 2001 to work as the Finance Director for Mitchell & Mitchell, at the timethe largest horticultural export operation in Zimbabwe Between 2005 and 2008 he ran his own consultancy business before joiningthe largest horticultural export operation in Zimbabwe. Between 2005 and 2008 he ran his own consultancy business before joiningImara as head of corporate finance Zimbabwe.

Mike Burrell, CA, Hons. BCompt – Head of Corporate Finance South AfricaMike was previously an executive director of the New Republic Bank and also held senior positions at Mercantile Bank. He holds aDiploma in Advanced Banking. Mike joined Imara after being self-employed for a number of years and has been involved in numerouscorporate finance and investment banking transactions both from a listed and an un-listed perspective in South Africacorporate finance and investment banking transactions, both from a listed and an un-listed perspective in South Africa.

Shepherd Mahowa, B Acc (Zim), Dip Acc (Zim), CA (Zim), CA (SA)Shepherd qualified as a Chartered Accuountant with KPMG in Zimbabwe before working in commerce with a wide variety of corporates,including TA Holdings and Zimnat Lion where he was the finance director. In 2004 he moved to South Africa where he worked with anumber of financial services firms including Ernst & Young. He joined Imara in 2008.

Markus de Klerk, BA (LLB) (Natal)Markus is a registered legal practitioner in Zimbabwe and has 17 years experience in commercial legal matters, corporate administrationand the financial services sector in SADC. Before joining Imara he was legal counsel for Ecobank Zimbabwe and its parent company,Ecobank Transnational Incorporated, listed in both Ghana and Nigeria. Prior to this he was Group Legal Counsel and Company Secretaryfor BancABC Limited, listed on both the BSE and ZSE. Markus has a well developed network of professional contacts in the SADC regionand has an in-depth knowledge of the legal, social and business issues pertaining to financial institutions.

The Team (cont)( )

Mukudzei-Ishe Zhou, B. Bus.Sc. (UCT)Kudzi joined Imara Corporate Finance in January 2008, and has three years’ experience in corporate finance. Previously he performed work for Standard Bank, Corporate Investment Bank in South Africa. Kudzi’s key areas of competence are valuations techniques, comprehensive financial modelling, and corporate structuring. He graduated from the University of Cape Town (UCT) in December 2006, where he obtained a Bachelor of Business Science degree, with additional majors in Accounting and Economics.

Tawanda Masose, B. Comm (Finance and Banking) Murdoch University (WA) AustraliaTawanda joined Imara Corporate Finance from KPMG Chartered Accountants (Zimbabwe) in August 2010. At KPMG he was part of the Corporate Finance and Transaction Services team as an analyst where he advised international and domestic corporates on

i i f l i d i li li i f i i l d dili i transaction aspects ranging from valuations and investment licence applications to performing commercial due diligence reviews on listed and unlisted Zimbabwean companies. His sectors experience includes; FMCG, Agro – Processing, Telecoms, Insurance and Banking. Tawanda graduated from Murdoch University in February 2006, where he obtained a Bachelor of Commerce with a majors in Finance and Banking

Tinotenda Kambasha, B. Econ (Rhodes)Ti j i d I A M i 2007 P f li M d h d i f P i F d i Tino joined Imara Asset Management in 2007 as a Portfolio Manager and has structured investments for Pension Funds, companies and individuals where he gained wide experience in trading and transaction execution. Tino sat on the investment committee for three years and managed over US$100 million on the ZSE and various money markets instruments. In September 2010, Tino joined Imara Corporate Finance from Imara Asset Management. He graduated from Rhodes University where he obtained a Bachelor of Economics and an Industrial Psychology degree.