Silk Invest Frontier Focus Local Presence Institutional Set-up

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2 Investing in Africa

3 Silk Invest 3 Frntier Fcus Funded in 08 t prvide access t Africa, Middle East and Frntier Asia Lcal Presence Deep lcal investment pl cvering markets In Regin Institutinal Set-up Custmized t frntiers with 7 ffice and regulated ut f UK & UAE

4 African Equity Team Daniel Brby - CIO Public Markets & Deputy CEO 25+ Yrs experience United Kingdm Funmi Akinluyi Investment Directr Sub-Saharan Africa and Lead Fund Manager 10+ Yrs experience Nigeria Hesham Saad Investment Directr MENA 10+ Yrs experience Egypt Chris Muller - Investment Directr Suth Africa 30+ Yrs experience Suth Africa Yussef Lahlu - Prtfli Manager Maghreb regin & GCC 5+ Yrs experience Mrcc Mhamed Abdeen - Prtfli Manager Nrth Africa & GCC 5+ Yrs experience Egypt 4 Adele Gikny - Investment Analyst Sub-Saharan Africa 5+ Yrs experience Kenya

5 Welcme t Africa 54 Cuntries 23 Stck Exchanges 1 Billin Peple Abundant Resurces / Agriculture Mre Develped Stck Market 5 Less Develped Stck Market N Stck Market

6 Africa s place in the wrld 25% 20% Share f Wrld 20% GDP Africa has been ne f the fastest grwth regins in the wrld Many cuntries achieved GDP grwth f 6% annually in last 10 years 15% 17% 16% Freign Direct Investments 10% 5% 4% 5% 11% 4% 2% 6% Africa has attracted twice the level f FDI f India Africa s FDI was diversified acrss sectrs ranging frm cmmdities t M&A transactins 6 0% Share f Wrld GDP Share f Average Wrld FDI Africa India China Share f Wrld Ppulatin Surce: African Alliance; IMF; Wrld Bank; Silk Invest Nte: Average FDI in 00-10; Ppulatin and GDP as f 2011 Ppulatin 16% f wrld s ppulatin lives tday in Africa By 2030, Africa will accunt fr 23% f wrld s ppulatin

7 Africa s grwth engines 10 Year annualized grwth (%) 43.0% 32.0% 24.8% 2.5% 2.8% 4.9% 7.5% Ppulatin Labr prductivity GDP per capita Ttal GDP Stck price f tp 40 African firms FDI Mbile Phne Subscribers 7

8 Japan Italy USA UK Germany Egypt Mrcc Mauritius Kenya Ghana Tunisia Suth Africa Nigeria Lw debt levels Grss Natinal Debt as % f GDP 230% 120% 103% African debt levels are nt a prblem 82% 82% 76% 54% 51% 49% 43% 42% 39% 18% 8 Surce: IMF

9 Cvered by FX Reserves & Resurces Debt & Reserves as % f GDP Africa s share f wrld resurces % 80% 78% % % 50% 57% Japan US EU Emerging Asia Africa 40% 30% 20% 10% 0% 22% 9% 8% Platinum Diamnds Gld Cpper Oil 9 Debt as % f GDP Reserves as % f GDP Surce: IMF; BMCE Nte: Debt is ttal f public and private debt; Reserves are IFS Reserves ex. Gld

10 Bad perceptin is nt reality Institutinal Strength Ratings Crruptin Prtectin f minrity sharehlders interests Judicial Independence Ghana Mrcc Egypt Nigeria Kenya Russia 10 Surce: Wrld Bank; WEF; IMF; Silk Invest Nte: 1 is bad and 10 is extremely strng

11 Ppulatin in millins Africa s Rising Cnsumer 1,600 1,400 1, , , Belw Pverty Line Abve Pverty Line & Belw 5k GDP per capita Abve 5K GDP per capita 11 Surce: Wrld Bank; IMF; Silk Invest

12 Fcus n Cnsumer and Prductivity Cmmunicatins & Technlgy + Demgraphics + Urbanizatin + Cnsumer Patterns + Educatin Mre Cnsumers & Prductivity

13 Africa s Entrepreneurs Alik Dangte Fd & Cement Sawiris Family (Orascm) Cnstructin, Telecm, Fertilizer Mike Adenuga (Cnil, Glbalcm) Telecm, il 13 Milhud Chaabi (Ynna Hlding, Aswak Assalam) Cnstructin, htels, Reatil, Renewable energy. Jim Ovia (Zentih Bank) Financial Services. Raymnd Ackerman (Pick n Pay Grup) Retailing

14 Cmpany examples Nigeria & Kenya Largest cement cmpany in Africa. Market capitalisatin f N1.86bn ($13 billin). Jewel in Alhaji Alik Dangte s $20bn cmmercial empire. Merger between Benue Cement and Dangte Cement. Cmbined 70% f Nigerian market. Als in Suth Africa, Zambia, Senegal, Ethipia and Sierra Lene. Plans t raise Nigerian capacity fivefld by 2015, gaining sales frm imprts and expanding market PE 6.0x 2012 Div Yield 10.0% With ver 5.7 millin accunts, accunting fr ver 57% f all bank accunts in Kenya, Equity Bank is the largest bank in the regin in terms f custmer base It perates als in Uganda and Suthern Sudan. Micr-lender with rural distributin and technlgy edge (MPESA). Kenyan remittances tripled in 2010 t $ 1.9 bn EPS up 52% 2012 PE Dividend Yield 5.0% 14

15 Cmpany examples Egypt & Mrcc Leading emerging markets industrial cmpany with slid business lines in cnstructin, cement, fertilizers and energy Funded by ne f Africa s mst impressive and successful crprate leaders Emplys currently 80 thusand persns acrss Africa, Middle East, Asia, Nrth America and Africa Active grwth strategy cmbining rganic grwth and strategic acquisitins 2012 PE 9.5x 2012 Div Yield 5.3% Mrccan leader in the Real Estate sectr, with fcus n lw cst husing segment Innvative apprach by prviding a cmplete slutin frm financing t husing Hlds ne f the largest land reserves at strategic lcatins all ver the cuntry estimated at mre than 63 millin square meters Dubled revenues in 2010 and is targeting a further grwth spurt in PE 9.3x 2012 Div Yield 5.9% 15

16 Silk African Lins Fund Cuntry Breakdwn Sectr Breakdwn Btswana 0.41 Banks Basic Materials Egypt Building Materials Ghana 5.98 Cnglmerates Cnstructin & Kenya Cnsumer Services 1.16 Mauritius 2.84 Diversified Energy Mrcc Fds & Beverage Nigeria Husehld Industrials Suth Africa Insurance 3.73 Tunisia 3.67 Retail Telecmmunicati Cash 2.32 Transprtatin Luxemburg UCITS Fund with Daily Liquidity Diversified Prtfli fcused n cnsumers and key African cuntries

17 N benchmark...fcus n African pprtunity 17 Fcus African cuntries which make up 80% f ppulatin and 90% f FDI

18 Perfrmance Track Recrd Jan Feb Mar Apr May Jun Jul Aug Sep Nv Oct Dec Ttal % 5.81% 2.57% 2.27% 0.62% 1.98% -0.75% -1.77% 3.05% 18.45% % 2.30% 5.62% 2.43% 0.94% -0.90% -2.30% 1.00% -3.01% 1.61% 6.08% 1.13% 22.64% % -3.03% -4.09% -1.45% 3.54% -3.74% -1.85% -9.61% -5.77% 0.32% -1.21% 2.87% % % 2.94% -0.16% 7.71% Fund perfrmance (in Eurs) / / / / / / / / / / / / /2012

19 Bttm-up target returns f clse t 58% Dividend Yield 2012 (%) PE rati 2012 Fund 6.7% Fund 9.4 Btswana 11.2% Nigeria 12.7 Nigeria 10.7% Suth Africa 11.2 Egypt 8.9% Tunisia 10.9 Mrcc 7.5% Kenya 10.1 Ghana 6.5% Mauritius 9.9 Kenya 6.1% Mrcc 8.7 Tunisia 5.7% Ghana 7.7 Mauritius 2.6% Egypt 6.2 Suth Africa 2.0% Btswana % 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% % 100.0% Bttm-up Ptential Returns (%) 91.8% 94.5% 105.5% 80.0% 60.0% 57.5% 65.2% 57.8% 40.0% 31.2% 33.5% 37.6% 20.0% 18.1% % Suth Africa Tunisia Kenya Mauritius Nigeria Ghana Egypt Mrcc Btswana Grand Ttal

20 Disclaimer Silk Invest Limited is regulated by the Financial Services Authrity. All infrmatin herein must be treated as cnfidential r legally privileged infrmatin that is intended fr the addressee(s) nly. Yu are advised t exercise cautin in relatin t its cntents. If yu are in any dubt abut any f the cntents f the dcument, yu shuld btain independent prfessinal advice.this dcument des nt cnstitute an ffer fr sale f any security r fund mentined herein and is fr infrmatin purpses nly n Silk Invest funds. Silk Invest has a number f funds ( funds ) n its platfrm. Infrmatin n these funds shuld be read in cnjunctin with the Offering Memrandum r Prspectuses. Silk Invest funds may invests in speculative investments and invlve a high degree f risk An investr culd lse all r a substantial prtin f his/her investments in frntier markets An investment in the frntier markets is nt suitable fr all investrs. Sme Silk Invest funds may be leveraged and perfrmance culd be vlatile. Silk Invest funds may execute a substantial prtin f trades n prly regulated emerging market stck exchanges as well as OTC prducts. Silk Invest funds may be illiquid and there may be significant restrictins n transferring interests in such the funds. Silk Invest s fees are higher than fees fr mutual funds as they include a perfrmance incentive. The cntents f this dcument have been apprved by Silk Invest s cmpliance fficer. This summary is nt a cmplete list f the risks and ther imprtant disclsures invlved in investing in any Silk Invest fund, details f which can be fund in the Offering Memrandum r prspectus. This dcument relates t a financial prduct which is nt subject t any frm f regulatin r apprval by the Dubai Financial Services Authrity ( DFSA ). The DFSA has n respnsibility fr reviewing r verifying any prspectus r ther dcuments in cnnectin with this financial prduct. Accrdingly, the DFSA has nt apprved this dcument r any ther assciated dcuments nr taken any steps t verify the infrmatin set ut in this dcument, and has n respnsibility fr it. The financial prduct t which this dcument relates may be illiquid and/r subject t restrictins n its resale. Prspective purchasers shuld cnduct their wn due diligence n the financial prduct. If yu d nt understand the cntents f this dcument yu shuld cnsult an authrised financial adviser 20 *The Suth Africa address is the private address f the Investment Directr Chris Muller and is fr investment research nly, it is nt fr Suth African investrs. The address is nt an ffice r branch f Silk Invest.