Impact through Food Investing October 2012

PRIVATE & CONFIDENTIAL This presentation contains confidential information that should not be shared with

other persons without the written permission of Silk Invest Limited

3

Africa’s Relevance & Convergence Drivers

Source: African Alliance; IMF; World Bank; Silk Invest Note: Average FDI in ‘00-’10; Population and GDP as of 2011

4% 4%

16%

5%

2%

17%

11%

6%

20%

0%

5%

10%

15%

20%

25%

Share of World GDP

Share of Average World

FDI

Share of World Population

Share of World

Africa India China

oGDP - Africa is one of the fastest growth regions in the world

oForeign Direct Investments - Africa attracts twice the level of FDI of India

oPopulation - 16% of world’s population with a deep consumer base

1 Rise of Africa’s Entrepreneurs

Convergence Is Being Driven by 4 Factors

2 Africa’s Rising Consumer Base

3 FDI and Remittances instead of Aid

4 Better Institutions

Africa is Relevant

4

Aliko Dangote (Dangote Cement)

Food & Cement

Sawiris Family (Orascom)

Construction, Telecom, Fertilizer

Mike Adenuga (Conoil, Globalcom)

Telecom, oil

Anas Sefrioui (Addoha)

Housing & Cement

Jim Ovia (Zentih Bank)

Financial Services

Raymond Ackerman (Pick n Pay Group)

Retailing

Africa’s Entrepreneurs 1

5

Source: World Bank; IMF; Silk Invest

194 272 322 293 230 181

264 340

456 654

911 1,051

35

43

63

105

152 185

-

200

400

600

800

1,000

1,200

1,400

1,600

1980 1990 2000 2010 2020 2025

Popu

latio

n in

mill

ions

Below Poverty Line Above Poverty Line & Below 5k GDP per capita Above 5K GDP per capita

Africa’s rising consumer base 2

From 300m consumers above poverty line in 1980 to over 750m today (2.5x since 1980) and over 1.2 billion in 15 years (1.5x from today)

FDI & remittances drive growth

6

Source: UCTAD; World Bank; Silk Invest

-

5

10

15

20

25

30

35

40

1980 1985 1990 1995 2000 2005 2011e

FDI flows (x Billion, USD)

North Africa Sub-Saharan Africa

-

5

10

15

20

25

30

35

40

1980 1985 1990 1995 2000 2005 2011e

Remittances (x Billion, USD)

North Africa Sub-Saharan Africa

3

7

Better Institutions

Source: IMF; BMCE; World Economic Forum Note: Debt is total of public and private debt; Reserves are IFS Reserves ex. Gold

235 224 218

50

20 20 1 3

39

18

-

50

100

150

200

250

Japan US EU Emerging Asia

Africa

Debt & Reserves as % of GDP

Debt as % of GDP Reserves as % of GDP

6.1

4.1

4.7

5.3

6.0

6.3

6.4

6.6

- 2.0 4.0 6.0 8.0

Brazil

Russia

Nigeria

Kenya

Ghana

Morocco

Ethiopia

Egypt

WEF rating of Property Rights

4

Still limited access to capital for companies

1%

3%

8%

9%

11%

11%

14%

20%

UK

Morocco

Egypt

South Africa

Ethiopia

Ghana

Nigeria

Kenya

0% 10% 20% 30%

Interest Rate Spread (%)

Source: World bank; Silk Invest Note: Interest Rate spread is defined as lending rate minus deposit rate

212%

96%

78%

172%

38%

33%

27%

40%

UK

Morocco

Egypt

South Africa

Ethiopia

Ghana

Nigeria

Kenya

0% 100% 200% 300%

Credit provided by banks (% of GDP)

8

9

The Food Sector is key

Africa’s most attractive growth opportunity

10

1 7

38 35

57

48 64

36

14

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

100%

Sub-Saharan Africa North Africa South Africa

Breakdown of Food sales channels

Supermarkets Grocery shops Open Markets

Source: Various sources; Silk Invest

Development of modern retail sector will act as a significant catalyst

•Only African fund focusing exclusively on value added food sector, not primary agriculture

•Potential targets in high added value food and beverages products and retail outlets

Target 25%+ IRR with focus on highest margin growth areas

•6 initial focus countries with 7 in second wave and maximum investment of 20% per country

•15-20 companies across sectors with focus on companies with clear competitive advantages

Diversified country and investment strategy

•Companies with strong management, established cash flows and solid organization

•High growth potential leveraging competitive positioning and trusted brands

Growth capital enabling companies to scale up

• Influential minority stakes, with legal protection on decision-making and exit

•Each firm will be managed by a dedicated director and supported by the investment committee

Active management and influential minority stakes

•Fund will contribute to improvement of Environmental, Social and Corporate Governance standards in Africa

•Food sector has a high development impact with a tax impact multiplier of 0.5 and a GDP multiplier of 1.5 of total sales

High ESG and development impact

Silk African Food Fund

11

12

PE challenges and Silk Invest’s approach Country Region Pan-Regional Political Risks

• Diversification but deeper infrastructure is necessary

One sector One theme Multi-sector Execution Risks

• Full economies of scope but may limit universe

Local Mix of local & HQ Distant HQ Team Dynamics

• Mix of central guidance and local management

Passive Active Minority Active Majority Partnership Model

• True partnership built on trust and adding value

Commodities Infrastructure Local Economy Investment Thesis

• Bias to consumer and limiting government risk

Venture SME Large Universe

• Deep universe but need for many transactions

13

Current Portfolio Companies

El Asly Egyptian Confectionary

Sundry Foods Nigerian QSR

NAS Foods Ethiopian Biscuits

14

Strong development impact

1.0

3.4 3.9

14.3

22.6

-

5.0

10.0

15.0

20.0

25.0

Direct Suppliers Suppliers of

Suppliers

Induced impact

Total Impact

Total Employment Impact of Unilever’s SA Operations •Study by Unilever in South Africa has quantified:

•Employment multiplier of close to 23 •Multiplier of total economy wide output is close to 3x sales

•Tax contribution of 50% and GDP impact is 150% of sales

Economic Impact

•Focus on locally produced products with strong competitive advantage in their home markets

•Result is an increased substitution of products which are currently imported from outside Africa

Local Added Value

•The fund will play an active role in the management of the portfolio companies

•Special focus on strengthening environmental, social, safety, and corporate governance standards

Knowledge Transfer

•Fund will help companies to enter other African countries and facilitate regional trade

•Focused sector fund will benefit from synergies between portfolio companies and will transfer of know-how and technology

Regional Synergies & Trade

Impact Examples

15

Impact

Direct Employment

Indirect Employment

GDP Impact

Tax Revenues

Typical Portfolio Company with $5-10m investment supports:

500 employees

5000 employees assuming 10x multiplier

Revenues of $10m translate into $30m GDP impact

$10m sales means $5m direct taxes and $15m indirect taxes

Conclusions

16

o Africa is relevant for global growth and sustainability

o Its all about the entrepreneurs

o Foreign investment will accelerate growth and

formalization

o The food industry is the foundation of consumerism

o Investing in the food industry has a strong

development impact

Thank you

United Kingdom 4 Lombard Street EC3V 9HD London Tel: +44 207 933 8610 www.silkinvest.com

17

South Africa* 37 Kingfisher Drive 0240 Hartebeespoort Tel: +27 122 441 110 www.silkinvest.com

Egypt 24 Iskandar Al-Akbar Street 11341 Heliopolis, Cairo Tel: +202 2417 6826 www.silkinvest.com

Morocco Imm. TAYA. Lottissement les Arènes, Rue N2 3eme, Bureau N12, MAARIF 20100, Casablanca Tel: +212661249239 www.silkinvest.com

United Arab Emirates DIFC Gate Village 4, Level 3 Dubai, UAE Tel: +971 4 4019789 www.silkinvest.com

Kenya Eden Square, Chiromo Road Nairobi, Kenya Nairobi Tel: +254 20 367 3000 www.silkinvest.com

Disclaimer Silk Invest Limited is regulated by the UK Financial Services Authority. Silk Invest Limited is a registered investment adviser with the U.S. Securities and Exchange Commission. This presentation is for informational purposes only and is being furnished on a confidential basis to a limited number of eligible investors. This presentation is not an offer to buy or sell or a solicitation of an offer to buy or sell any interests or to participate in any trading strategy. Any such offering may be made only by a private placement memorandum ("Memorandum") or Prospectus related thereto and the information contained herein will be superseded in its entirety by such Memorandum or Prospectus. The information contained herein is confidential and may not be reproduced or distributed in whole or in part. All information herein must be treated as confidential or legally privileged information that is intended for the addressee(s) only. You are advised to exercise caution in relation to its contents. If you are in any doubt about any of the contents of the document, you should obtain independent professional advice.This document does not constitute an offer for sale of any security or fund mentioned herein and is for information purposes only on Silk Invest funds. Silk Invest has a number of funds (“funds”) on its platform. Information on these funds should be read in conjunction with the Offering Memorandum or Prospectuses. Silk Invest funds may invests in speculative investments and involve a high degree of risk. An investor could lose all or a substantial portion of his/her investments in frontier markets. An investment in the frontier markets is not suitable for all investors. Silk Invest funds may execute a substantial portion of trades on poorly regulated emerging market stock exchanges as well as OTC products. Silk Invest funds may be illiquid and there may be significant restrictions on transferring interests in such the funds. Silk Invest’s fees are higher than fees for mutual funds as they include a performance incentive. The contents of this document have been approved by Silk Invest’s compliance officer. This summary is not a complete list of the risks and other important disclosures involved in investing in any Silk Invest fund, details of which can be found in the Offering Memorandum or prospectus. This material is for information purposes only. It does not constitute an offer to or a recommendation to purchase or sell any shares in any security. Investors should consider the investment objectives, risks and expenses of any strategy or product carefully before investing. Past Performance: The performance data quoted represents past performance. Past performance is not an indication of future performance, provides no guarantee for the future and is not constant over time. The value of an investment may fluctuate and may be worth more or less than its original cost when redeemed. Current performance may be lower or higher than the performance data quoted. Specific product cited represent Luxemburg registered and audited UCIT funds which are unavailable to U.S. investors. This document relates to a financial product which is not subject to any form of regulation or approval by the Dubai Financial Services Authority (“DFSA”). The DFSA has no responsibility for reviewing or verifying any prospectus or other documents in connection with this financial product. Accordingly, the DFSA has not approved this document or any other associated documents nor taken any steps to verify the information set out in this document, and has no responsibility for it. The financial product to which this document relates may be illiquid and/or subject to restrictions on its resale. Prospective purchasers should conduct their own due diligence on the financial product. If you do not understand the contents of this document you should consult an authorised financial adviser *The South Africa address is the private address of the Investment Director Chris Muller and is for investment research only, it is not for South African investors. The address is not an office or branch of Silk Invest.

18