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COMPANY INTRODUCTION

Introduction

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• Athena Capital was established in 2003

• Founded by Jonathan Heinamann and Tom Priday, chaired by Tom Boardman

• Based in Cape Town, Johannesburg and London

• Team of 7 professionals, including 4 CA’s

• Financial advisory business raising debt and equity finance

• Facilitated private equity transactions for SMEs

• Sole investment advisor to investment company seeking opportunities in sub-Saharan Africa

• Current and past investment portfolio includes assets in the renewable energy, commodities, infrastructure and packaging sectors.

Countries visited by Athena Team

Africa is Now

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PEACAP Investments is positioned to convert Africa’s opportunities into superior returns

“The first skill you need to do Business in Africa is to see the Opportunities“

Christo Wiese Pepkor Chairman E & Y –African attractiveness Survey 2011

Opportunities

PEACAP Investments converts opportunities in Sub-Saharan Africa into returns to investors by:

• Enabling small and medium enterprises to capitalise on expanding consumer base and disposable incomes

• Leveraging the northwards expansion of successful Southern African businesses

• Supplying sectors which benefit from government and DFI support

• Partnering with skilled operators in high growth markets

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13 Countries

7 Countries

Telecommunications FMCG Retail Brewing Retail Banking Clothing Retail Fast Food

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“So the point really [...] is not whether you should be doing business in Africa, but rather how.”

Leslie Rance, British American Tobacco (E & Y –African attractiveness Survey 2011)

Investment Strategy

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Invest in Africa

Not invest in Africa

Maintain operationsin Africa

Strategic OpportunitiesMinority positions in large investments where Athena Capital identifies significant value but which exceed our investment mandate

Early Stage OpportunitiesInvest in businesses where there are few or no potential acquisition targets in attractive or under-served industries or geographies

Mid-market Growth Opportunities

Majority positions in existing, successful businesses that present opportunities to leverage our resources and skills to drive growth

Value Drivers Rationale

Sub-Saharan expansion opportunities

• Leverage established platform companies to access high growth sub-Saharan markets

• Partner with skilled operators to execute the Company’s strategy

Services to high growth sectors

• Benefit from direct exposure to growth sectors (e.g., resource extraction and infrastructure development) without investing in underlying riskier operations

• Favour preferred sectors including manufacturing and processing, retail and consumer goods, agri-business and food processing, financial services and renewables and water

Consolidation and integration opportunities

• Extract value through revenue growth and cost synergies• De-risk investments by reducing customer and geographic concentration

and controlling supply chains

Underlying asset value • Reduce capital at risk by targeting businesses with explicit or inherent underlying value

Defendable barriers to entry • Achieve sustainably higher margins with lower market risk• Provide expansion opportunities and attractive exit options

“Investment prospects in Africa are favourable right now. Africa is the last uncharted territory on the investor's map and opportunities abound.”

Source: Olaf Meyer, African Development Bank

Agribusiness Considerations

• Investment horizons and alignment of interests – equity provider vs operator

• Primary production

• Greenfield vs Brownfield

• Capturing the agribusiness value chain

• Local market dynamics and Country dynamics

• Import Substitution vs Export Production

• Land rights

• Local relationships and access to agribusiness skills

• Platform / Holding Co approach vs Direct Investment

• Lack of visibility on investment returns

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What are we looking for?

• Agribusiness expertise

• Investment opportunities - $3m - $20m (R25m – R150m)

• SA and SSA focus

• Local relationships

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C o n t a c t D e t a I l s:Cape Town

2nd Floor, Bridge HouseBoundary Terraces1 Mariendahl LaneNewlands7700

Phone: +27 (0) 21 657 3810

London

14 Cork StreetLondonW1S 3NS

Phone: +44 (0)207 408 7089

Johannesburg

2nd Floor, North Tower3 Sandown Valley Crescent Sandton2196

Phone: +27 (0) 11 217 4800