NOT FOR PUBLICATION OR DISTRIBUTION

1. COMPANY INTRODUCTION NOT FOR PUBLICATION OR DISTRIBUTION

2. Introduction Countries visited by Athena Team • 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.

3. Africa is Now “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 PEACAP Investments is positioned to convert Africa’s opportunities into superior returns

4. Opportunities “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) Telecommunications FMCG Retail Brewing Retail Banking Clothing Retail Fast Food 14 Countries 16 Countries 15 Countries 17 Countries 13 Countries 7 Countries 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

5. Investment Strategy Early Stage Opportunities Invest 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 Strategic Opportunities Minority positions in large investments where Athena Capital identifies significant value but which exceed our investment mandate “Investment prospects in Africa are favourable right now. Africa is the last uncharted territory on the investor's map and opportunities abound.” Maintain operations in Africa Invest in Africa Source: Olaf Meyer, African Development Bank Not invest in Africa

6. Agribusiness Considerations Investment horizons and alignment of interests – equity provider vsoperator Primary production Greenfield vsBrownfield 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

7. What are we looking for? Agribusiness expertise Investment opportunities - $3m - $20m (R25m – R150m) SA and SSA focus Local relationships

8. C o n t a c t D e t a I l s: Cape Town London 14 Cork Street London W1S 3NS Phone: +44 (0)207 408 7089 2nd Floor, Bridge House Boundary Terraces 1 Mariendahl Lane Newlands 7700 Phone: +27 (0) 21 657 3810 Johannesburg 2nd Floor, North Tower 3 Sandown Valley Crescent Sandton 2196 Phone: +27 (0) 11 217 4800