About the NEF

1

BRIEFING ON THE NEF STRATEGY AND

ANNUAL PERFORMANCE PLAN 2017/18

Presentation to the Portfolio Committee on

Trade and Industry

Ms Philisiwe Mthethwa

09 May 2017

Contents

Section Slide

1 About the NEF 3

2 Strategic Planning Framework & Objectives 5

3 NEF Annual Performance Plan 2017/18 14

4 Life to Date Performance Milestones 26

5 Key Priorities 28

6 Empowering Farmworkers to

Become Entrepreneurs

39

7 Organisational Structure 49

About the NEF

3

NEF Mandate…

Established by the

National Empowerment FundAct No. 105

of 1998, the NEF is a driver and

a thought-leader in promoting and

facilitating black economic participation

through the provision of financial and

non-financial support to black owned and managed

businesses, as well as by promoting

a culture of savings and investment

among black people.

The NEF is an agency of the dti and is the

only DFI exclusively mandated to grow

B-BBEE

4

Broad Based Black Economic Empowerment

The Codes of Good Practice

55

The Strategic

Planning Framework…N

EF

Ac

t:

Ob

jec

tive

s

Th

e d

ti

Ob

jec

tive

s Government Priorities:

1) Acceleration of economic growth and transformation,

creating decent work and sustainable livelihoods;

2) Infrastructure development to achieve social and

economic goals and rural development;

3) Skills and human resource development;

4) Build a developmental state and improve public

service.

Sectors

NEF

• Tourism; Biofuels; Construction;

Agri-processing; Transport; ICT &

Media;

Mining services; Franchising

Industrial Policy Action Plan:

• Automotives, components, medium

and

heavy commercial vehicles

• Plastics, pharmaceuticals and

chemicals

• Biofuels

• Strengthening linkages between

cultural

industries and tourism

• Business process servicing

NEF Sectors in line with national industrial objectives

6

NEF MandateGrow black economic participation

Fund Management

1. Fund black-empowered businesses

2. Business plan toolkit

3. Mentorship support

4. Early-stage investments

5. TWR services

Asset Management

1. Investor Education

2. Public Share Offers

3. Enterprise Development

4. BEE Repository

Unpacking the NEF Mandate …

6

Culture of savings & investmentFinancial & non-financial support

7

Challenges/ Market FailuresMARKET FAILURES NEF SOLUTIONS

Limited own capital

Funding of between R250 000 and R75 million for start-up, expansion

and equity transformation purposes as well as use of concessionary

facilities. Non-descriptive on % of own contribution.

Limited management skills,

including financial, marketing

and technical expertise

Entrepreneurship Development tools and dedicated mentorship

support.

Access to affordable capital

Competitive cost of finance with a higher risk appetite as well as

requirement for operational involvement (sweat-capital) reduces the

need for collateral payment.

Lack of accurate and reliable

financial information

Dedicated pre-investment mentorship support and technical assistance

with our partners.

Poor Quality Business Plans Collaboration with other Government agencies like seda, incubation,

entrepreneurial training and general pre-investment support and NEF

Online Business Plan-Tool Kit.

Lower bargaining and strong

competition power from

established businesses with

entrenched market dominance

Linkages and emphasis on the implementation of the codes of good

practice (B-BBEE).

Wholesale Franchisor Facilities (Engen, Nandos, etc.)

Lack of access to local and

international markets

Linkages with off-takers. Relationships with franchisors and corporates

for access to markets.

8

8

SEDA to provide NFS to co-ops

Land Bank – Agri focused

Sefa – Overlap R250k to R5mil

Other DFI’s & banks as above

SETAs

As above

Department of Labour

IDC – Higher value threshold

Sefa – Lower value threshold

DBSA – Infrastructure focused

Land Bank – Agri focused

Banks – Security focused

OTHER DFI’s & BANKS

Rural & Community Development Funding

- “Contribution Beneficiaries”

Start up and Expansion Capital:

Procurement Contracts Funding

Start up and Expansion Capital establishes

“Beneficiary Entity”

Indirect: All products via approval process

Acquisition Finance

Indirect: Capital Markets; Start up;

Expansion Capital

Acquisition Finance

Capital Markets Fund

Liquidity and Warehousing Fund

Strategic Projects Fund

Indirect: Start up; Expansion Capital

NEF FUNDING PRODUCT

Socio-Economic Dev.

Weighting 5 points

Enterprise & Supplier

Development

Weighting 40 points

Skills Development

Weighting 20 points

Management Control

Weighting 15 points

Ownership

Weighting 25 points

CODE OF GOOD PRACTICE

NEF Positioning

as a B-BBEE Funder…“The NEF provides the funding solutions for the implementation of the B-BBEE Codes of Good Practice.”

Funding Across the Economic Spectrum

5

specialist

funds

9

Fund Focus Threshold

1 iMbewu Fund

(SMEs)

SME Fund providing

Entrepreneurship,

Procurement & Franchise

Finance

R250 000 –

R15 million

2 Women

Empowerment

Fund (WEF)

Achieve minimum 40% of

enterprises owned and

managed by black women

R250 000 –

R75 million

3 Rural &

Community

Development

Fund

Supporting rural economic

development through New

Ventures,Acquisition,

Expansion & Greenfields

Finance

R1 million –

R50 million

4 uMnotho Fund Funding of New Ventures,

Acquisition, Project Finance,

Expansion, Capital Markets,

Liquidity & Warehousing

R2 million –

R75 million

5 Strategic

Projects Fund

Early-stage investment in

industrial / manufacturing

transactions

Up to R75

million

Non-Financial SupportPre-investment

As the first-point-of-contact the unit provides product advisory services, manages the online business-plan solution, manages the administration of applications, incubation and entrepreneurial training.

Socio Economic Development

Empower black people in existing NEF transactions and other broad based groups through various social development interventions such as social facilitation, entrepreneurial training, investor education, corporate governance training and market access for the acceleration of meaningful participation.

Post-investment support

Monitor investments, provide ongoing portfolio management, manage mentorship support and collections as well as legal compliance

Turnarounds, Workouts and Restructuring

Rehabilitate distressed transactions and reduce impairments Through a combination of measures including balance sheet restructuring, equity and /or working capital injection, operational restructuring, introduction of a strategic equity partner and / or turnaround specialist and business rescue.

10

11

Key Strategic Objectives…

• Promote and support business ventures established and managed by black people;

• Promote the understanding of equity ownership among black people;

• Provide black people with direct and indirect opportunities to acquire share interests in State Owned and private business enterprises;

• Encourage and promote investments, savings and meaningful economic participation among black people.

12

1. To provide finance to business ventures established and managed by black people.

2. Invest in black empowered businesses that have high employment creating opportunities

3. Support the participation of black women in the economy

4. Facilitate investment across all provinces in South Africa

5. Encourage and promote savings, investment and meaningful economic participation by black people

6. Advance black economic empowerment through commercially sustainable enterprises

7. Establish the NEF in the South African economy as a credible and meaningful DFI

8. Establish the NEF as a sustainable DFI.

12

The NEF’s strategic outcome

oriented goals are to:

13

“The Empowerment Dividend”

• Broad Based Black Economic Empowerment

• Ownership, management control, employment equity etc.

• Black Women Empowerment

• Job Creation

• Growth Sectors

• Geographic Spread

• Investment Return

The assessment of impact is not driven only by financial returns

but by measurement in terms of “The Empowerment Dividend”

made up as follows:

NEF’s Performance

and Investment Criteria…

NEF Annual

Performance Plan

2017/18

14

NEF Strategic Plan 2017/2018

Growing Black

Economic Participation

Advance B-BBEE

Approval Targets:

2017/18 = R0.950bn

2018/19 = R1.046bn

2019/20 = R1.331bn Maximise Empowerment Dividend

New & existing jobs to be supported:

2017/18 = 4 064

2018/19 = 5 629

2019/20 = 7 170

Fund a Woman,

Fund a Nation

40% of funding to be disbursed each year to women led enterprisesPromote a Culture of

Savings & Investment

Host 32 Investor Education seminars per

year countrywide, in villages & townships, on

shares, dividends, bonds, property & money

markets etc

Creating Black Industrialists

Commercialise strategic projects geared to support

over 85 000 jobs

Financial Efficiency & Sustainability

Impairment Provisions 18%

ROI between 9% – 10%

Collections ratio up to 80%

Other Imperatives

Objective Outcome

1Geographic

SpreadGrow investments across all provinces

2

Sustainable

Black

Businesses

Provide ongoing business-planning &

mentorship support, business &

corporate governance training &

incubation support

3Reputation

management

Entrench commitment to integrity among

staff, investees and suppliers 15

Strategic Objective 1:

Provide finance to business ventures established and managed by black people

16

Approvals & Disbursements

17

Targets over strategic Period in Rm

Year Approvals Commitments Disbursements

2017/18 950 745 660

2018/19 1,046 839 915

2019/20 1,331 1,065 1,165

Moratorum

749 749

1162

1332

418

895

1248

1067

0

200

400

600

800

1000

1200

1400

NEF Approvals by Value (R million)

424377

597

704636

562

819

699

0

100

200

300

400

500

600

700

800

900

NEF Disbursements by Value (R million)

18

Strategic Objective 2: Invest in black empowered businesses that have high employment creating opportunities.

Maximizing the

Empowerment Dividend

18

Job-Creation since inception

19

31 March

2011

25 500 jobs

31 March

2012

28 624

jobs

31 March

2013

44 179

jobs

31 March

2014

47 800

jobs

31 March

2015

81 618

jobs

Targeted number of jobs expected to be created or supported

Year No. of jobs

2017/18 Support 4 064 new or existing job opportunities



31 March

2016

86 859

jobs

31 March

2017

92 189

jobs

20

Strategic Objective 3: Support the participation of black women in the economy

Maximizing the

Empowerment Dividend

Targeted women ownership

Year Percentage of (Annual)

Portfolio Disbursed

2017/18 40%

2018/19 40%

2019/20 40%

2016/17

Performance

34% of portfolio

disbursed is owned

by women

21

Strategic Objective 4: Facilitate investment across all provinces in South Africa

21

Maximizing the Empowerment

Dividend

Targeted Disbursements in under-

represented provinces (NC, NW, FS,

LP, MP &EC)

Year Percentage of Annual

Disbursements

2017/18 25%

2018/19 25%

2019/20 25%

EC8%

FS2%

GP44%

KZN16%

LP6%

MP5%

NC2%

NW4%

WC13%

NEF Invested Portfolio by region by value

since inception - 31 March 2017

22

Strategic Objective 5: Encourage & promote savings, investment & meaningful economic participation by black people

22

Optimising Non-Financial

Support

Targeted number of investor education

seminars held across the country

Year No. of Seminars per year

2017/18 32

2018/19 32

2019/20 32

2016/17 Performance

48 investor education

seminars were held

23

Strategic Objective 6: Black economic empowerment is advanced through commercially sustainable enterprises


Support

Indicators 2016/17

Performance

2017/18 2018/19 2019/20

6.1 Number of Business

Today Training Sessions

provided

21 18 18 18

6.2 Number of

entrepreneurs who

successfully complete

business incubation

30 15 15 15

6.3 Number of Social

Facilitation sessions for

NEF investees

42 18 18 18

24

Strategic Objective 7: Establish the NEF in the South African economy as a credible and meaningful DFI


Support

Targeted brand awareness levels (*biennial survey)

Year Brand awareness levels

2017/18 N/A*

2018/19 75%

2019/20 N/A*

2014/15 Performance

81% Brand awareness

2016/17 Performance

Target = 70%

86% Brand awareness

25

Strategic Objective 8: Establish the NEF as a sustainable DFI.

Financial Efficiency And

Sustainability

Indicators 2016/17

Performance

2017/18 2018/19 2019/20

8.1 Percentage of

Portfolio Impaired

17.60% 18% 18% 18%

8.2 Targeted ROI 8.03% 9%-10% 9%-10% 9%-10%

8.3 Collections

Ratios

101.79% 80% 80% 80%

Life to Date Performance Milestones

Output Achievements

1 Approvals Benefited black entrepreneurs through approval of 852 transactions worth

more than R8.6 billion across the country.

2 DisbursementApproximately R5.8 billion has been disbursed to these companies since

inception.

3 Integrity Secured unqualified external audit opinions for 11 years running.

4 Supporting jobs To date the NEF has supported in excess of 92 189 jobs (new jobs 63 989 ).

5 Industrialisation 27 strategic and industrial projects worth R28.67 billion, with the potential to

support over 85 000 jobs.

6A culture of savings

& investment

In a transaction worth over R1 billion the NEF Asonge Share Scheme made

available more than 12 million MTN shares to over 87 000 investors

comprising black individuals and groups. 49% of investors were women.

7 Investor education

Reached over 30 000 people in villages and townships through 138

community seminars on how to save and invest, personal financial discipline,

shares, dividends, bonds, the property and money markets.

8Entrepreneurship

training / incubation

Business skills training provided over 2 898 potential entrepreneurs who

attended 109 seminars from 2012 to date.

9 National footprint

Regional offices in all provinces. Approximately 65% of the number of

approved transactions emanated from the regional offices and Pre-Investment

Unit, year to date as at 31 March 2017.

10 Collections Over R2.3 billion has been repaid by investees.

26

Cash Collected

27

Over R2.3 billion collected cumulatively from loans disbursed across

the country, in black-owned and managed businesses across virtually

all sectors of the economy.

Portfolio Receipts (Rm)

Key Priorities

28

1. RECAPITALISATION:

• IDC

o The business combination process with the IDC has been approved by the

Minister of Trade & Industry and the Minister of Economic Development. The

process is now moving through the requisite legal and regulatory processes.

o As part of the business combination process, the Ministers have recommended

that the IDC grants the NEF a bridging facility effective 1 April 2017 to continue

its operations pending finalisation of the business combination process. The IDC

has since granted a facility of R500 million. However the terms of the facility are

still being negotiated.

• PIC

o An application for a PIC facility of R1 billion is currently in progress. The PIC has

concluded a due diligence process and the application is going through to its

relevant approval structures.

• UIF

o The NEF has applied for subsidies for non-financial support. An application for

R50 million has been submitted to UIF’s Labour Activation Programme which

promotes programmes that create/preserve jobs.

Projected unencumbered cash position

29

Notes:

• Actual cash at 31

March R1.35 billion

• R369 million

uncommitted cash at

hand

• To discharge 2017/18

strategy, at least R500

million would be

required as cash

injection

Key Priorities (cont…)

2. CREDIT RISK:

• Due to the high-risk mandate of the NEF, credit risk is considered a

critical-to-high exposure area.

• The tough economic conditions and low growth rates have negatively

impacted on businesses supported by the NEF, subsequently resulted in

an increasing number/value of transactions in distress. The recent

downgrade in credit ratings could aggravate economic conditions

• Initiatives to ensure the sustainability of the portfolio include:

o Enhanced screening, due diligence and credit risk assessment

processes.

o Increased focus on distressed clients through closer Post-Investment

monitoring and portfolio management.

o Improved credit collection processes.

30


3. CONTINUED ALIGNMENT TO NATIONAL PRIORITIES:

• Harnessing economic growth potential & job creation – Explore growth

sectors and identify possible opportunities for the NEF.

• Black Industrialists Programme – to continue the development of black

industrialists through the Strategic Projects Fund.

• A lack of funding will negatively impact on the successful implementation of the

mandate.

4. PEOPLE RISK:

• The NEF could lose key personnel and specialist skills due to uncertainty

regarding the impact of the business combination processes.

• Interventions may be required in order to quell uncertainty and stabilise attrition

levels.

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32

5. Advocacy:

Alignment with government objectives – support is required to

promulgate legislation to effect new industries, allowing us to invest in

strategic sectors in support of key government initiatives and job

opportunities creation (See Mabele and Kenako Medical Case

Studies)


33

Alignment with government Objectives –

Mabele Fuels Case Study:

Location Bothaville, Free State

Project Development Stage Pre-Financial Close

NEF Investment to date R62.35 million

NEF Equity 20.22%

Project Promoter Mabele Fuels Pty Ltd

Projected Financial Close Requirement R2.2 billion

Jobs 16 700

• The project intends to develop a circa 154 million litre per annum fuel

grade bioethanol plant in Bothaville, in the Free State Province.

• The plant feedstock is grain sorghum and the production methodology

involves a process utilising grain milling through starch conversion to

sucrose as well as fermentation and drying that ultimately culminates in

the production of saleable bioethanol.

Mabele Fuels Case Study /cont…

Development impact of the project:

• A high job creator with an estimated cost per job relatively low at

approximately R149,700;

• Use of agricultural outputs in project creates opportunities for

community ownership through community trusts and/or

employee ownership schemes;

• Opportunity for rural socio-economic development;

• A green environmentally friendly alternative to the conventional

use of fossil fuels;

• Provides for greater fuel security in countries such as South

Africa with no oil reserves.

34

34

Mabele Fuels Case Study /cont…

Support needed for the project:

• Financial close was reached in late 2012 with the expectation for fund

drawdown in 2013; plant should have been operational by October 2015.

• A key Condition Precedent to fund drawdown post Financial Close was the

finalisation of the Government’s Biofuels sector subsidy mechanism, which

unfortunately currently remains oustanding.

• The project is therefore still on hold pending a response from the

Department of Energy regarding the subsidy mechanism to be adopted for

the Biofuels Industry.

35

36

Kenako Medical Case Study

Location Coega IDZ, Eastern Cape

Project Development Stage Financial Close

NEF Investment to date R75 million

NEF Equity 70%

Project Promoter Kenako Medical Pty Ltd

Projected Financial Close Requirement R180 million

Jobs 108

• Kenako intends to develop the sole manufacturing plant of normal and safety syringes

in the SADC region.

• The plant will initially produce a total of 250 million syringes and 200 million

hypodermic needles per annum.

• The NEF commenced with a R7.2 million feasibility study funding in 2013 and gave a

hands on approach in assisting the Black Industrialist in bringing the project to

bankability.

• Earlier this year the NEF made a further commitment towards the construction of the

plant bringing the NEF’s total investment to R75million.

Kenako Medical (cont…)

37

Development impact of Project

Specialised skills transfer for the operation and maintenance to

Kenako staff;

Import Replacement: Kenako will be the sole manufacture of

syringes and needles in South Africa replacing 20% of imports into

the South African and SADC syringe markets;

NEF’s equity to be warehoused for the future benefit of B-BBEE

entities; Kenako is currently 100% black owned;

Strategic Sector Alignment with IPAP2, NGP etc. Furthermore

the investment will be supporting a capable black industrialist;

Geographic Diversification: The project will be based at the

Coega IDZ in the Eastern Cape, increasing investment in this

economically depressed region.

Support needed for the Project

• Partial Designation of government procurement of syringes by

Department of health in order to secure sales for Kenako;

• Allow for exceptions to the generic requirements for designation by

ITAC in projects of strategic nature such as Kenako;

• Expedite SAHPRA Regulation for medical devices in particular

syringes to lower influx of poor quality imports;

• Assistance in obtaining grant funding for international product

certifications i.e. FDA, CE etc.

38

Kenako Medical (cont…)

Empowering farm workers

to become entrepreneurs

Background

• The NEF and DRDLR concluded an MOU in January 2016 to partner in

implementing some DRDLR programs.

• The Honourable Minister Nkwinti requested the NEF to pilot 10 projects

under the “Strengthening of Relative Rights” programme (“SRR”) to

benefit mainly farm workers and communities to acquire economic

interests in the agricultural land and businesses where they are

working and/or living.

• The SRR policy entails the farmer acquiring 50% of the business, farm

workers acquiring 50% (of which 5% will be allocated to NEF) to be

operated under NEWCO. The land is then acquired by the state and

leased back to the business for 30 years.

• The NEF and DRDLR concluded a Service Level Agreement in

February 2016 to implement the SRR Pilot projects, which pilot, as

outlined below, was successful.

• DRDLR handed 30 SRR projects to the NEF for implementation by 31

March 2017.

40

Background Cont…

41

• The NEF scope of work is to:

o Undertake high level due diligence investigations after

receiving valuation reports from the Valuer General;

o Negotiate business and asset prices on behalf of DRDLR;

o Propose commercially sound transaction structures;

o Draft investment reports for submission to the Ministerial

Technical Task Team (MTTT) and the Ministerial Co-

ordinating Committee (MCM);

o Conclude legal agreements;

o Disburse committed funds;

o Facilitate the establishment of NEWCO’s and B-BBEE

structures;

o Act as an implementing agent for SRR on behalf of DRDLR;

o Provide social facilitation and Post Investment support.

Scope of NEF Work

• Due Diligence

• Price negotiations

• Transaction agreements

• Employee lists

• Warehousing

• Implementation

• Social facilitation

• NEF 5% shareholder

• Monitoring and mentorship

42

Milestones to dateName of

FarmProvince Number of

beneficiariesAmount

ApprovedIndustry Status

Dubchick Limpopo 6 R21 000 000 Game Farming Partly Disbursed

Kleinmonden

Rivier

Eastern Cape

40 R10 500 000 Pineapple farming & Processing

Fully Disbursed

Sun Orange Farms

Eastern Cape

58 R38 067 000 Citrus Farm Agreements to be signed

Solms Delta Eastern Cape

45 R65 000 000 Vineyards for wine production

Fully Disbursed

Birbury

Farming

Eastern

Cape

29 R5 320 903 Pineapples Fully Disbursed

Westcliffe Farm

KwaZulu-Natal

55 R33 000 000 Vegetables, sugar cane, Timber

Partly

Disbursed

Hoogland Western Cape

18 permanent180 Seasonal

R 75 100 000 Table Grapes, vegetables slice &dice

PartlyDisbursed

Louie Meyer North West 10 R55 238 000 Cattle farming PartlyDisbursed

Marolien Gauteng 102 R30 433 000 Herb Farm Agreementssigned

Saamstaan Western Cape

56 R160 492 000 Wine Grape Farming Agreements to be signed

Jurgens

Boedery

Limpopo 42 R44 000 000 Game Farm Agreements to be signed

Gannahoek Free State

253 R52 444 310 Nuts, Sheep, Crop &

game

Approved

Zuurefontein WC 12 employees R 59 296 935 Potatoes & Onions Approved

Total R649 892 148

43

Milestones

Better prices negotiated

Going concern principle

Unlocking hidden value

30 farms worth over R1 bn

13 transactions approved R649 million

44

Milestones cont…

Strict disbursement terms

Retention of IP, trademarks, markets & goodwill

Pioneering a new approach in land restitution

45

Negotiations in progressName of

FarmProvince Beneficiaries Amount Industry

Bergstroom KZN 192 employees R 360 000 000 Maize, Cattle Farming

Bos Blanco FS 80 employees R 400 000 000 Game, cattle, grains

Masisweni EC 56 employees TBC Livestock, crop, processing

Morgenzon FS TBC TBC Cattle, sheep, game

Slagterskop NC 3 employees R 8 500 000 Sheep farming

Fremax Farms MP TBC R 410 000 000 Potato, maize, feedlot

Siyakhathamela KZN TBC TBC Sugar, Tannery, livestock

Thumamina KZN TBC TBC Sugar, Tannery, livestock

Seven Oaks KZN 100 employees TBC Sugar, timber, livestock

Mikon Farming MP 187 employees R 62 000 000 Poultry

Karsten Group NC TBC TBC Table grapes

TOTAL R 1 240 500 000

46

Developmental Impact

Social cohesion

Revitalisingrural economy

Security of tenure

OneHousehold

One Hectare

Farmworkers are

entrepreneurs

47

Plan Going Forward• To ensure the sustainability and efficient operation of all these business by

actively monitoring progress.

• To establish corporate governance structures.

• To promote more similar transformation partnerships with other

interested farmers in all provinces.

• To empower through skills development, and capacity building of the

workers for active participation in the operation and management of

these business.

• To develop Social development & empowerment plans from spin off

opportunities.

• To Link the businesses to more international markets and create

market linkages amongst them.

• To ensure the land tenure rights are realised by the beneficiaries.

• To ensure that proper housing structures are built for the beneficiaries.

• Implement the one household one hectare programme for more

economic activities.

• Create smaller businesses on the household hectares and link them to

market.

48

Organizational Structure …

Executive (member of Exco)

Senior manager

Manager

STRATEGY & PLANNING

SYSTEMS & IT

CHIEF FINANCIAL OFFICER

FINANCE

SUPPLY CHAIN MANAGEMENT

COMPLIANCE & RISK

INTERNAL AUDIT

SECRETARIAT

CHAIRMAN

BOARD OF TRUSTEES

AUDIT COMMITTEE

RISK MANAGEMENT COMMITTEE

HUMAN CAPITAL & REMUNERATION COMMITTEE

BOARD INVESTMENT COMMITTEE

CHIEF EXECUTIVE OFFICERCHIEF EXECUTIVE OFFICER

LEGAL SERVICES

DIV EXECSMEs and Rural Development

iMBEWU FUND

PRE-INVESTMENT BUSINESSSUPPORT

EXEC CORPORATE SERVICES

HUMAN RESOURCES

FACILITIES MANAGEMENT

MARKETING & COMMS POST-INVESTMENT BUSINESSSUPPORTRURAL & COMMUNITY DEV.

STRATEGIC PROJECTS

FUND

UMNOTHO FUND

DIV EXEC :Venture Capital and

Corporate FinanceGENERAL COUNSEL

REGIONAL OFFICES

SOCIO-ECONOMICDEVELOPMENT UNIT

& ASSET MANAGEMENT

TURNAROUND, WORKOUTS &

RESTRUCTURE UNIT

SOCIAL AND ETHICS COMMITTEE

Headcount: 157

Optimal/budgeted headcount: 195

49

50

Thank you

www.nefcorp.co.za

Documents

About the NEF