F UND N ATIONAL E MPOWERMENT Growing Economic Participation F UND N ATIONAL E MPOWERMENT Growing Economic Participation PRESENTATION TO THE PORTFOLIO COMMITTEE

FUND

NATIONALEMPOWERMENT

Growing Economic Participation

FUND

NATIONALEMPOWERMENT


PRESENTATION TO THE PORTFOLIO COMMITTEE

ONTRADE AND INDUSTRY

4 MARCH 2005

Nchakha Moloi

Acting CEO

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CONTENTS

1. Who is NEF?

2. What does NEF do and why?

3. How does NEF do it?

4. What are the resource requirements?

5. How can performance be measured?

6. Challenges.

7. Questions.

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NATIONAL

EMPOWERMENT

FUND

(NEF)

NATIONAL

EMPOWERMENT

FUND

(NEF)

NEF TRUST

NEF VENTURES

In terms of the NEF Act Capitalisation from National

Treasury and share-set-aside Specific product offerings in

terms of June 2004 product relaunch

In terms of the NEF Act Capitalisation from National

Treasury and share-set-aside Specific product offerings in

terms of June 2004 product relaunch

Joint Fund between IDC and the NEF

Separate investment criteria and fund mandate

Transactions between R3m to R10m Minimal overlap with NEF Trust

Transformer product only NEF screens and processes

applications as Fund Manager Capitalisation on a 50/50 basis

between both organizations Fund Size R170m, with initial

expectations of an additional R30m to be earmarked for a smaller Fund

Management fees paid by IDC and NEF respectively

Joint Fund between IDC and the NEF

Separate investment criteria and fund mandate

Transactions between R3m to R10m Minimal overlap with NEF Trust

Transformer product only NEF screens and processes

applications as Fund Manager Capitalisation on a 50/50 basis

between both organizations Fund Size R170m, with initial

expectations of an additional R30m to be earmarked for a smaller Fund

Management fees paid by IDC and NEF respectively

WHO IS NEF?

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WHAT DIFFERENTIATES NEF?

Exclusive generalist funding for BEE

Not focused on personal credit worth/ security

Focused on the “Hurt Factor” (livelihood dependent)

Appetite for risk with a development focus

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CONTENTS

1. Who is NEF?





6. Challenges.

7. Questions.

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Main objective

To be a catalyst in facilitating economic equality and transformation

New focus Maximise the empowerment dividend

Driven by

- Current market needs- Broad-based empowerment charter- Government policy and other sectoral

charters- Addressing past failures of BEE

structures

WHAT DOES NEF DO AND WHY?

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THE NEF IS A DFI OPERATING UNDER THE UMBRELLA OF THE dti

The NEF’s product offerings address the NEF’s objectives and are aligned with government’s

NEF’s objectives as per the NEF Act Government and dti’s objectives addressed

• Providing HDPs with the opportunity of….acquiring shares or interests in state owned commercial enterprises that are being restructured or in private business enterprises;

• Encouraging and promoting savings, investments and meaningful economic participation by HDPs;

• promoting and supporting business ventures pioneered and run by HDPS;

• promoting the universal understanding of equity ownership among HDPs;

• encouraging the development of a competitive and effective equities markets inclusive of all persons in the Republic;

• contributing to the creation of employment opportunities

• Increasing the contribution of small enterprises to the economy

• Significantly advancing broad-based black economic empowerment

• Increasing the level of direct investment in the economy and in specific priority sectors

• Contributing towards providing accessible, transparent and efficient access to redress for economic citizens

• Partially fulfilling

- Contributing towards building skills, technology and infrastructure platforms in the economy from which enterprises can benefit

- Repositioning the economy in higher value-added value matrices in manufacturing and services

• Contributing towards building a single economy that benefits all and bridging the divide between first and second economies.

• Building an efficient, effective and accessible organisation to achieve these outcomes in a sustainable and economical manner.

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NEF POSITIONING IN ADDRESSING MARKET FAILURE

• Identification of market failures particularly regarding participation of HDPs in economy

• Avoid duplication of other DFI offerings

• Positioning of NEF to complement other DFIs and financial institutions

Examples of market failure NEF product Complementary to other DFIs / Banks

Limited access to finance for HDSA entrepreneurs with no collateral GeneratorAccelerator

Places new businesses in bankable positionsKhula & IDC

Enter buy-in / buy-out transactions from position of weakness Transformer / NEF Ventures

Banks provide debt funding

Lack of equity funding for rural & community infrastructure projects (longer term lower return)

Rural & Community Support

Leverages debt fundingDBSA, IDC & CPPP

Institutional Fund managers focus on large listed companies >R1bn market capitalisation

Capital Markets Fund Assists with exitsIDC

Dilution of broad based BEE shareholdings through second round capital raising

Liquidity & Warehousing Fund

Limited market liquidity to enable Black entrepreneurs to sell some/all of their businesses


Over-geared historic BEE funding structures, potentially unwind out of the money


Rescue & restructure

Lack of BEE funding for large strategic (greenfield & brownfield) projects


Co-invest with IDC, DBSA

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CONTENTS

1. Who is NEF?





6. Challenges.

7. Questions.

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Established BEE companies and Government departments requiring equity warehousing for BEE

Entrepreneurs & Rural communities

Government Departments & Sectoral Charters

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KEY QUALIFYING CRITERIA

Entrepreneur Support

• Operational involvement at senior management level

• Financial commitment (relative to the individual and not the size of the transaction)

• Demonstrate sustainability of the business

• NEF investment into operating companies

• Compliance with laws and regulations(e.g. Income tax, Employment Equity)

Rural & Community Support

• Community involvement at all levels

• Strong social upliftment benefits

• Co-funding with other investors (NEF will not be the sole investor)

• Projects must be undertaken in conjunction with a recognised partner

Market Making

• Track record of operational involvement

• Established businesses

• No dilution of management capacity

• Compliance with laws and regulations (e.g. Income tax, Employment Equity)

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Generator Accelerator Transformer

• R250 000 to R1m • R1m to R3m • R3m to R10m Size of investment

• Create new HDP-owned and managed enterprises

• Grow and develop existing HDP-owned and managed enterprises

• Transformation of enterprises at the ownership, decision-making and control levels

Principal goal

• Close corporations) and private (Pty) Ltd companies.

• CCs and (Pty) Ltd companies

• Unlisted limited companies

Types of organisations supported

• Acquisition of equipment

• Financing of working capital

• Bridging finance• Acquisition of

licenses/franchises• Rehabilitation, lease

and performance bonds

• Primarily to fund business expansion, either by acquisition or organically

• Management buy-outs

• Management buy-ins• Employee buy-ins,

Employee share ownership plans

Principal use of investment capital

• Debt (secured and unsecured)

• Equity

• Secured debt• Convertible debt• Preferred equity • Equity

• Secured debt• Convertible debt• Preferred equity• Equity

Types of investment

• 3 – 7 years • 3 – 7 years • 3 – 7 yearsTerm of investment

• >75% • >50% • >25%

HDP equity thresholds (including NEF stake)

DETAILED INVESTMENT CRITERIA –

ENTREPRENEUR SUPPORT

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EVALUATION FRAMEWORKTHE FRAMEWORK TRACKS THE DEAL FLOW PROCESS THROUGH THE FOLLOWING GENERIC STAGES:

1. Eligibility screening;

2. Assessment of commercial viability (including historic analysis) and sustainability of financial forecasts, incorporating review of the business plan;

3. Evaluation of management’s ability to implement the business plan;

4. Proposed investment structure and capacity of business to service/ bear the required cost of funding;

5. Identifying risks inherent in the business, formulating the due diligence investigation plan and setting due diligence materiality limits;

6. RECOMMENDATION TO EXCO (PRE DUE DILIGENCE);

7. Performance of due diligence and evaluation of results;

8. Final review of due diligence and comparison to investment structure;

9. FINAL RECOMMENDATION TO EXCO AND IC

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INVESTMENT PROCESS: TRANSACTIONS > R5m Application Form / Screening /

Business PlanPreliminary Investment

ReportInvestment Committee Due Diligence Final Investment Report

PIDSA

Total Applications Received

(01/06/04 – 21/02/05)

185

1. E & B CitrusR10,000,000 (EC)

2. EHD Components

R9,940,000 (GP)

R19,940,000

Pending Applications

(01/06/04 – 21/02/05)

70

(Pre-Investment Business Support required to

accelerate transactions)

1. ListcoR50,000,000 (GP)

2. E & B Conservancy R10,000,000 (EC)

3. Solar SystemsR7,000,000 (GP)

4. Vac Air Technology

R10,000,000 (GP)

R77,000,000

Receipt of Investment Application Form & Business Motivation

Assessment of application for eligibility

Investment Associate perform assessment for commercial

viability, incorporating business plan

Communication with applicant: decline application or proceed with

evaluation

Completeness of Business Plan

Evaluate Financial forecasts

Internal Team Approval

Prepare Investment Report for pre-due

diligence & proposed Term sheet Approval by

EXCO Investment Committee (INCOM)

Present Pre Due Diligence Report to

EXCO INCOM Perform Due Diligence (DD) Final

Investment Report

EXCO INCOM Submission for

Approval

Presentation to the NEF INCOM / Ventures IC for Final Approval

(FICA)

Interim Investment Committee for

transactions above R5m approved

PIDA

Total WIP:R96,7 mill

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INVESTMENT PROCESS: TRANSACTIONS UP TO R5m

Application Form / Screening / Business Plan

Due DiligenceFinal Investment

ReportPreliminary Investment

ReportInvestment Committee

Receipt of Investment Application Form & Business

Motivation

Assessment of application for eligibility

Investment Associate perform assessment for commercial

viability, incorporating business plan

Communication with applicant: decline application or proceed

with evaluation

Completeness of Business Plan

Evaluate Financial forecasts

Internal Team Approval Prepare Investment Report for pre-due diligence & proposed Term sheet

Approval by EXCO Investment Committee

(INCOM)

Present Pre Due Diligence Report to

EXCO INCOM

Perform Due Diligence (DD)

Final Investment Report

EXCO INCOM Submission for Final Approval

Invested Portfolio

PIDAPIDSA

Total Applications Received

(01/06/04 – 21/02/05)

1174

1. Something FishyR390,000 (GP)

2. Makarapa HeadwearR400,000 (GP)

R790,000

1. Greisen Finance (Pty) Ltd.

R3,990,000 (GP)

2. Izazi Support Systems R300,000 (MP)

3 JC Backhoe Spares R2,000,000

(GP/PE/KZN)

4. Khanya Plastic R1,800,000 (WC)

5. Ogwini Bakery R1,167,367 (GP)

6. Platinum Koi R900,000 (WC)

7. Quality Frozen Food R2,950,000 (GP)

8. Speedy Umtata R415,000 (EC)

9. Steel Metal & Tools CC R3,374,700 (GP)

R16,897,067

Pending Applications

(01/06/04 – 21/02/05)

553

(Pre-Investment Business Support required to

accelerate transactions)

1. Amsterdam T/D ‘65 CC R680,000 (GP)

2. Semaku R1,345.000 (GP)

R2,025,000

NEF VENTURES –

5 Transactions(As per attached Report)

1. Exotic BreadsR1,700,000 (KZN)

2. Isibane Safety R1,000,000 (WC)

3. Kuzuko R5,000,000 (EC)

4. Notae R960.000 (KZN)

5. National Trans. & Ind. R1,500,000 (WC)

6. Secretarial UnlimitedR450.000 (KZN)

7. Theme-U-Snack CCR1,000,000 (WC)

8. Tilt Tango CC

R820,000 (WC)

R12,430,000

NEF TRUST –GES & MARKET MAKING

6 Transactions (As per attached Report)

Total WIP:R32,1 mill

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NEF TRANSACTION WIP SCHEDULELast Updated: 21 February 2005

Company name Company DescriptionCapital

RequiredPotential

JobsCurrent

JobsProvince

EHD Components Engine Spares 9,940,000 76 Gauteng

Greisen Finance (Pty) Ltd. Financial Services 3,990,000 15 Gauteng

Solar Systems Electrical Goods 7,000,000 8 8 Gauteng

Vac Air Technology Industrial Vacuum Products Mnf. 10,000,000 105 Gauteng

TOTAL: 30,930,000

Amsterdam Trading '65 CC Transportation 680,000 3 Gauteng

Exotic Breads Bakery 1,700,000 20 KZN

Isibane Safety Protective Equipment 1,000,000 14 Western Cape

Izazi Support Systems Harvesting & Distribution of thatched grass 300,000 Mpumalanga

Makarapa Headwear Headwear 400,000 4 Gauteng

Notae Entertainment 960,000 8 KZN

Ogwini Bakery Bakery 1,167,367 Gauteng

Platinum Koi Breeds Fish 900,000 0 8 Western Cape

Secretarial Unlimited Printing Services 450,000 5 KZN

Semaku Plasma Screen Adverts 1,345,000 4 Gauteng

Something Fishy Food Franchise 390,000 8 Gauteng

Speedy Umtata Automotive Services 415,000 7 Eastern Cape

Theme U Snack CC Novelty Gifts 1,000,000 5 Western Cape

Tilt Tango CC Transportation 820,000

TOTAL: 11,527,367

VENTURES

GENERATOR

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NEF TRANSACTION WIP SCHEDULE cont.

Company name Company DescriptionCapital

Required

Potential

J obs

Current

J obsProvince

J C Backhoe Spares CC Heavy Duty Equipment Spares 2 000 000 18 10 GP/ PE/ KZN

Khanya Plastic Recycling CC Recycles Waste Plastic 1 800 000 20 Western Cape

National Transmission & Ind. CC Imp. & Dist. Conveyor & Trans. belts 1 500 000 20 11 Western Cape

Quality Frozen Food Frozen Food Distributors 2 950 000 20 Gauteng

Steel Metal & Tools CC Imports Steel & Aluminum 3 374 700 9 8 Gauteng

TOTAL: 11 624 700

0

TOTAL: 0

E&B Citrus Citrus Farming 10 000 000 114 7 Eastern Cape

E&B Conservancy Game Farming 10 000 000 40 Eastern Cape

Kuzuko Game Lodge & Bush Camp 5 000 000 40 Eastern Cape

TOTAL: 25 000 000

Datacentrix IT Services 50 000 000 Gauteng

TOTAL: 50 000 000

GRAND TOTAL 129 082 067 615 280

Note:

This report is for internal deal flow management purposes

There is no certainty that all the abovementioned deals will be concluded

ACCELERATOR

TRANSFORMER

RURAL & COMMUNITY DEVELOPMENT

MARKET MAKING

PIDSA - Pre Internal Deal Screening Approval Requested / PIDA - Post Internal Deal Approval Received / DD - EXCO Committee

Approval / FICA - Final Investment Committee Approval Received

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The following calculations provide a sum-of-the-parts breakdown of the NEF’s required returns:

Rate p.a.Inflation rate 3% – 6%Real return required 3% - 4%Risk factors 2% - 8%Operating costs 2% - 3%Taxation (income tax & CGT) 2% - 3%Subtotal12% - 24%Less: empowerment benefit concessions achieved(0% - 5%)Total return required 12% - 19%

INVESTMENT PRODUCT PRICING cont.

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Gauteng43%

Mpumalanga5%

Eastern Cape4%

Limpopo4%

Northern Cape3%

Incomplete Data3%

Kwa Zulu Natal7%

Email 1& Email213%

Western Cape9%

International0%

North West Province5%Free state

2%Cellphone Enquires

2%

Gauteng

Western Cape

Email 1& Email2

Kwa Zulu Natal

Mpumalanga

Incomplete Data

Limpopo

Northern Cape

Eastern Cape

Cellphone Enquires

Free state

North West Province

International

GEOGRAPHICAL ANALYSIS OF TOTAL ENQUIRIES RECEIVED (1 JUNE 2004-28 FEBRUARY

2005)

Totals Gauteng 3878Western Cape 866Email 1 & Email 2 1192Kwa Zulu Natal 654Mpumalanga 445Incomplete Data 288Limpopo 340Northern Cape 287Eastern Cape 341Cellphone Enquires 137Free state 223North West Province 464International 8Total 9123

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Gauteng50%

Western Cape13%

KwaZulu-Natal8%

Limpopo4%

North West4%Mpumalanga

7%

Eastern Cape8%

Northern Cape2%

Free State4%

Gauteng

Western Cape

KwaZulu-Natal

Free State

Eastern Cape

Northern Cape

Mpumalanga

North West

Limpopo

GEOGRAPHICAL ANALYSIS OF TOTAL APPLICATIONS RECEIVED (1 JUNE 2004-28

FEBRUARY 2005)

Geographical analysis of applicationsGauteng 747Western Cape 202KwaZulu-Natal 128Free State 59Eastern Cape 126Northern Cape 33Mpumalanga 103North West 65Limpopo 64Total 1527

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CONTENTS

1. Who is NEF?





6. Challenges.

7. Questions.

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NEF Board

Chief Executive Officer

Chief Financial Officer

BE

E R

etai

l E

qu

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Man

ager

Gen

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or

Acc

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ato

r

Tra

nsf

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Fin

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al A

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Man

agem

ent

Acc

ou

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ng

Audit CommitteeHuman Capital & Remuneration

Risk Management Committee Investment Committee

Executive - Group Entrepreneurial

Schemes

Executive - Market MakingVacant

Support Services Executive

Risk / Internal Auditor Vacant

Ru

ral

& C

om

mu

nit

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up

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Pro

cess

an

d P

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Co

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Secretarial & Compliance Officer

Kn

ow

led

ge

Man

agem

ent

Executive Advisory ServicesVacant

BE

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ion

Str

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Un

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wri

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or

IPO

Off

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Ad

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Hu

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Res

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Mar

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& C

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Leg

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Ser

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Info

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Tec

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PAVacant

Minister

NEF ORGANISATIONAL STRUCTURE

Total number of employees: 42

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CONSOLIDATED BUDGET

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NEF CAPITAL DRAW-DOWN SCHEDULE FOR YEARS ENDING

31 MARCH 2009

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DESIGNATED SOCE’s

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OPERATIONAL HIGHLIGHTS Constitution of Board Sub-Committees including

Investment Committee completed in October 2004.

Executive and management positions stabilised pending final appointments.

Disbursements on transactions approved, following launch of new products, commenced in November 2004.

Further disbursements in the IT, wine making and transport business sectors took place between November 2004 and January 2005.

Compliance and internal control procedures and processes fully implemented and transactions are closely scrutinised to ensure full compliance prior to disbursement.

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CAPITALISATION

Investments

R150 million has been earmarked for investment capital to the NEF for the current financial year which has partly been received following the successful signing of the Shareholder Performance Agreement.

The NEF has cash reserves at present (January 2005 – R152 million) to funds its operations and investment activities and will be essentially fully invested through its current funding work in progress (R129 million).

The first tranche of the R2 billion allocation is expected in the first quarter of the next financial year and this is understood to be in the order of R410 million based on the NEF business plan capitalisation draw downs and discussions with National Treasury.

The DG’s and the DPE are currently working on the transfers of the remaining allocation of SOCE equity investments. Significant impact on the balance sheet.

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CONTENTS

1. Who is NEF?





6. Challenges.

7. Questions.

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NEF TRUST – INVESTMENT PORTFOLIO

TotalUrban / Male &Rural Female

CAPITALISATION OF FUND 150,000,000

FUNDS COMMITTEDName of Investment:MUKS Business Enterprise CC 250,000 G Other Services Gauteng 3 1 100% 1 1Wax Works 650,000 G Manufacturing W / Cape 18 1 100% 1 1

All Joy 5,000,000 MMOther Services (Food)

Gauteng 230 6 86% 1 5 1 14% 1 7

Banra Enterprises CC 430,800 A Manufacturing Gauteng 9 1 100% 1 1Golden Falls Trading (Misho) 900,000 G Manufacturing Gauteng 18 1 100% 1 1Kula's Tissue Products CC 250,000 G Manufacturing Gauteng 8 1 100% 1 1

TOTAL 7,480,800 Undrawn Commitments 450,000 Disbursed 7,030,800

Undrawn Capital 142,519,200

No. of Transactions 6Total Value of Transactions 7,480,800 Employment Positions 286 286 10 5 5 2 2 12

Target CurrentSECTORS Target Current REGIONS Current Male 50% 83%Manufacturing 25% 1.5% Gauteng 4.6% Female 50% 17%Information Technology (IT) 20% Western Cape 0.4%Financial Services 20% Kwa Zulu Natal Non HDP 25% 42%Tourism 15% Mpumalanga HDP 75% 58%Other Services 10% 3.5% LimpopoPrinting 5% Northern CapeSmall scale mining 5% Eastern CapeTotal 100% 5.0% Free state

North West Province* NEF PRODUCT Key Target Current 5.0%Generator G 20% 1.4%Accelerator A 20% 0.3%Transformer T 20%Rural & Community R&C 20%Market Making MM 20% 3.3%

100% 5.0%

No. Percentage HDP NON HDPNo. Percentage HDP Non HDPValue ( R ) Sector Province EmployeesNEF

Product

Male FemaleShareholders

NEF TRUST INVESTMENT PORTFOLIO - GES & MARKET MAKINGas at 4 February 2005

Investment Portfolio

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TRANSACTION HIGHLIGHTS

• MUKS Business Enterprise CC– 5 year Term loan for R250 000– Repayment per loan schedule (fixed IRR)– Structured finance product with Standard

Bank Asset Finance

Std Bank

Trucks

MUKS NEFR250K

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• Kula Tissue Products CC– 5 year Term loan R250 000 – Repayment per loan schedule (fixed IRR)– Secured by negative pledge over assets

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• Banra Furniture Manufacturers CC– 5 year Term loan R430 800 – Interest at prime + 2%– 1% royalty on turnover– Secured by personal surety

FUND

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• Wax Works (Pty) Ltd– 5 year Term loan R650 000– Interest rate at prime + 2%– Secured by personal surety

FUND

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• Platinum Koi– Term loan R1 000 000 at 13%– Repayable over 5 years after 6 month “holiday”– Secured by cession of shares, trade accounts, bank

balances and a General Notarial Bond over stock with personal surety

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NEF VENTURES – INVESTMENT PORTFOLIO

TotalUrban / Male &Rural Female

CAPITALISATION OF FUND 170,000,000

FUNDS COMMITTEDName of Investment:Clickrite 4,911,991 ME Printing Gauteng 60 Urban 4 100% 4 0 0 0% 0 4Blink 3,500,000 S Media Gauteng 9 Urban 5 100% 5 0 0 0% 0 5Emergia 3,100,000 S Financial Services Gauteng 3 Urban 2 100% 2 0 0 0% 0 2Lindiwe 3,075,000 S Marketing & Dist. Western Cape 8 Urban 4 80% 4 0 1 20% 1 5Nucleus Administrators 3,400,000 S Financial Services Gauteng 4 Urban 3 100% 1 2 0 0% 0 3

TOTAL 17,986,991

Undrawn commitments 8,589,920 Disbursed 9,397,071

NEF Funded 50% 4,698,536 IDC Funded 50% 4,698,536

Undrawn Capital 152,013,009

No. of Transactions 5Total Value of Transactions 17,986,991 Employment Positions 84 84 18 16 2 1 1 0 19

Target CurrentSECTORS Prudential limits Current REGIONS Current Male 50% 95%Marketing & Dist. 30% 1.8% Gauteng 8.8% Female 50% 5%Financial Services 30% 3.8% Western Cape 1.8%Media 30% 2.1% Kwa Zulu Natal White 11%Printing 30% 2.9% Mpumalanga PDI 89%

LimpopoTotal 10.6% Northern Cape

Eastern Cape* STAGE OF INVESTMENT Key Target Current Free stateSeed capital, Start-up, Early stage S 50% 7.7% North West ProvinceMBO / MBI / Expansion ME 50% 2.9% 10.6%

100% 10.6%

NEF VENTURES - INVESTMENT PORTFOLIOas at 4 February 2005

Investment PortfolioShareholders

Male Female

Value ( R ) Sector Province EmployeesStage of

InvestmentNo. Percentage HDP Non HDP No. Percentage HDP Non HDP

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• Blink Magazine– 40% equity, senior secured shareholders

loan and senior debt facility: R3 500 000 over 3-5 years

– Interest on senior debt at prime + 2%– Put option on equity on loans settlement

• Lindiwe Wines– KWV supported– 49% equity, term loan facility:

R3 075 000 exit in 5 years

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ENTERPRISE GOVERNANCE

Statutory Compliance:

Emphasis of matter in terms of PFMA / Treasury Regulations were raised in the March 2004 External Audit Report.

These are being dealt with and will be fully cleared by March 2005

Ongoing PFMA / NTR compliance is being fully adhered to as described alongside.

31 Jan 2005 (done)

31 March 2005 (in progress)

10 Feb 2005 (presented to AC)

31 March 2005 (in progress)

31 Jan 2005 (done)

31 Jan 2005 – IA Manager1 Jan 2005 – IA Co-source

15 Oct 04 extension (done)

15 Oct 04 extension (done)

24 Sep 04 (done)

• Dti Performance Agreement

REQUIREMENT

• Risk Assessment

• Materiality Framework

• S38 Certificate

• Q3 Report

• Internal Audit

• Corporate Strategy/ Business Plan

• Budget 2006

• Annual Report

DUE DATE

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CONTENTS

1. Who is NEF?





6. Challenges.

7. Questions.

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NATIONAL EMPOWERMENT FUND DELIVERING ON ITS MANDATE

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NATIONALEMPOWERMENT


CONTENTS

1. Who is NEF?





6. Challenges.

7. Questions.

FUND

NATIONALEMPOWERMENT


Documents

F UND N ATIONAL E MPOWERMENT Growing Economic Participation F UND N ATIONAL E MPOWERMENT Growing Economic Participation PRESENTATION TO THE PORTFOLIO COMMITTEE