Actis in review 2013 The positive power of capital

Contents

03 Where we are now

08 Portfolio at work Banque Commerciale du Rwanda

10 Portfolio at work Garden City

13 Actis at a glance

14 Portfolio at work Bellagio

17 Portfolio at work Globeleq Mesoamerica Energy

20 Portfolio at work Asiri Group

23 Portfolio at work AGS

26 Regions and sectors

28 Investments

29 Investors

30 Portfolio companies

34 The team

São Paulo, Brazil Welcome

This report summarises the events and achievements of Actis in the last twelve months. Whether we are sharing the story of the Rwandan bank in which we invested nearly a decade ago, or the ATM chain rolling out across India, the tale we tell is of strong businesses, in attractive sectors, in some of the most populous and dynamic parts of the world. Our goal is to give you a sense of the breadth of our work, and the depth of our expertise. Providing insight into the energy and promise of those high growth markets which have already begun to define this century. I hope you enjoy reading this year’s annual review.

Paul Fletcher Senior Partner Accra, Ghana Where we are now

If the financial meltdown corporate governance, health and safety, labour law, and environmental and social practices. of August 2008 taught They must also be highly profitable. us anything it is that Our investment professionals have this in mind everything connects. The from the first dollar and day of the investment. Everything they do is focused on creating value. fortunes of a Manhattan Their work is supplemented by a dedicated team of in-house consultants who do nothing but headquartered bank, a implement best practices, and share what they know works from their past experiences in the string of late night phone same sectors. calls, a rumour of lost We think of the stewardship of Xiabu Xiabu, the confidence and the status immensely popular Chinese hot pot chain, which grew from 60 outlets at the point of our US$52m quo collapsed. investment in 2008, to over 300 in four short years. The strategy was replicable success, the introduction With it went the assumption of easy growth, of of a central kitchen and higher standards of food soaring revenues, inflation-beating house prices, safety and staff training, resulting in a business that salary rises and abundance. Growth must now be was snapped up when we sold it in December 2012. earned steadily and painstakingly over time. Or XP, the largest independent securities brokerage This is no less true in emerging market private firm in Latin America with US$3.5bn assets under equity. The heady days of buying cheap and selling custody as at October 2012, and a growth rate of high are over. If you can’t find growth you must 150% since Actis invested US$58m in 2010. With create it. Consultants call this ‘value creation’. Actis’s backing XP has more than doubled in value, What it means to us is taking nothing for granted diversified into new product lines, and made five and engaging a team of diverse professionals acquisitions; client numbers have increased twofold dedicated to generating superior returns. to 70,000 active customers. Actis partially exited XP at the end of last year, returning money We begin by identifying, scrupulously and over to investors while remaining an active partner in time, the right business, in the right sector. the business. We are not generalists. Instead we concentrate our efforts on six industries – Consumer, Energy, When we invest in a business, we see it afresh, Financial Services, Healthcare, Industrials and Real aided by assessments made during a thorough Estate. The businesses are frequently family-owned. due-diligence process. We often adopt a view from We seek fundamentally well-run companies that a new angle. In the case of Vlisco Group, our need the capital, experience, global network and fashion fabrics company, we could see when we counsel that a professional business partner can invested US$151m in 2010 that its distinctive bring. When we begin this journey we work hard product, tradition with a twist, would appeal to the to ensure alignment with the founder; we strive growing community of sophisticated African towards the same goal and share a common consumers. Nostalgic for the vivid and distinctive understanding of success. Our partners need to patterns worn by their mothers and grandmothers, benefit at least as much as we do. customers liked the contemporary designs coming out of the Dutch design headquarters. By stretching Ultimately, to be attractive to a global the product range to include seasonal designs, multinational (Actis’s preferred route for exit) bespoke handbags, luxury silk scarves and domestic companies, full of energy, innovation accessories, the Vlisco Group brand has evolved. and resilience must be polished, rationalised Its development has enchanted the media, as part and reformed to comply with global standards in of a story of urban growth, and the emergence of a

03 Where we are now self-confident Africa. This is precisely the sort rotten network with failing conductors and of opportunity that Actis is able to identify, and wooden poles weakened by an unremitting to develop, by building a market strategically, invasion of termites, vegetation and humidity. rather than simply serving what is already there. The disruption of education during the turbulent years of 1980-1990 meant that many adults didn’t In other instances value creation comes from understand the dangers of touching fallen efficiency. Actis owns a network of higher conductors. The customer database was full of education colleges in China. Rising student ghost consumers: billing was sporadic and often numbers were growing revenues, but that was inaccurate. The investment manager, in partnership not necessarily translating to the bottom line. with Actis’s Responsible Investment team, set about In Chinese culture, where education is culturally a root-and-branch review of the Environmental the most important investment, and state Social and Govemance (ESG) systems. The IPO provision cannot keep pace, secondary and symbolises the progress they made. college education is a high growth sector. But high growth companies in high growth These examples demonstrate an engrained habit: sectors do not always translate into high profit, take what is there, review it, refine it, invest in it, or high returns, without smart management. strengthen it, demand more from it, and consider every aspect of its operations. Seek to do what is We found that by sharing teaching materials, creative; a new product line, an updated strategy, lectures and expertise between the colleges, while keeping an eye focused on cost, and returns. introducing a single management board, group Engage fully in managing the company, call on Chief Executive, and applying a common set of in-house consultants, listen attentively, and standards across all the colleges, China Post- act decisively. Secondary Education (PSE) was able to expand its student numbers to 52,000 and in parallel And so, everything connects. Well run energetic lower its fixed costs. Meanwhile, the expertise companies pump high-quality products into a acquired from our management at PSE has market place, bringing with them employment, equipped us to do other deals in the Chinese innovation, and a higher quality of life. Their value is education space. Elsewhere in Brazil, our backing accretive. One successful company is more likely to of Universidade Cruzeiro do Sul Educacional in spawn another. Standards rise inexorably, and the 2012 led to a subsequent investment in English value that has been steadily created transfers from language training provider, CNA. owner to employees, from founder to investor, from suppliers to customers, and back again.

Take what is there, This is what Actis will continue to do. It is what we review it, refine it, invest have always done. in it, strengthen it, demand more from it.

No discussion of value creation is complete without reference to responsible investment. It is, rightly, impossible to IPO a company without absolute adherence to world-class environmental and social responsibility standards. This is what we did with the Ugandan electricity distribution company, Umeme, which listed on the Ugandan and Kenyan stock exchanges in 2012. When Actis invested in 2005, Umeme’s physical assets were in a sad state of disarray: years of underinvestment had created a

04 Where we are now Beijing, China Mumbai, India

Portfolio at work Banque Commerciale du Rwanda

There are some investments that are, intuitively, Actis investments. They may be the first of their kind in their market, in a country where others fear to tread, or demand a level of sustained portfolio management which some fund managers might baulk at. Banque Commerciale du Rwanda (BCR) is one such investment.

In 2003/4, Rwanda was a post-conflict society with a financial services sector that was largely undeveloped and in need of capital. The vast majority of the population was unbanked. Actis took an 80% stake in the national Rwandan bank, BCR in 2004, with the Rwandan Date of investment Government retaining a 20% shareholding. 2004 Location Established in 1963 and headquartered in Kigali, Actis built on BCR’s Rwanda strong heritage to grow both its corporate and retail provision; Sector recruiting and training Rwandan professionals to create a centre of Financial Services excellence within the country’s banking sector. Actis broadened BCR’s Deal type range of services with a particular focus on SMEs, mortgage finance, Control and innovative leasing and savings products. Investment amount US$5m Actis partnered with the BCR management team to improve corporate governance, develop its staff and improve systems and controls. A new Corporate Social Responsibility strategy swung into action: supporting seedling small and medium-sized enterprises by providing grass roots education and accounting skills to local communities. From due diligence, through portfolio management to exit, Actis’s sector knowledge and ability to source senior management and experienced bankers for the board were critical to this investment.

Today, BCR is Rwanda’s second largest commercial bank with a market share of circa 25% and a reputation for outstanding customer service. On 18 July 2012, it was bought by Kenyan bank I&M and French and German development finance institutions, Proparco and DEG. The degree of interest the sale generated both locally and internationally is indicative of both Rwanda’s, and East Africa’s, growing reputation as an attractive destination for foreign direct investment. The purchase by I&M represents the natural next stage in BCR’s journey to become a leading East African financial institution.

The story of BCR is the story of Rwanda’s success. There has been extraordinary progress in the past eight years with the creation of a growing and competitive financial services industry at the heart of a thriving economy. Actis is proud to have played its part.

08 Portfolio at work – Banque Commerciale du Rwanda Banque Commerciale du Rwanda, Kigali Portfolio at work Garden City

For forty years a visitor to Nairobi mostly didn’t need a map. The odd road might roll out across the horizon, or new buildings appear, but broadly speaking, the street plan stayed the same.

Today, it’s a different story. Nairobi is a city on the rise. General Electric, IBM and Google have all recently set up their African headquarters in the city. Oil companies are scrambling for office space. As local businesses expand, and the population grows, demand for quality, well-designed and efficient retail, office and residential space is at an all time high. Date of investment 2011 Garden City is a mixed use greenfield development that has the Location scale and scope to serve at least some of this demand. The site is Kenya located on a 32-acre plot of land adjacent to the recently upgraded Sector Thika Road. It will host the largest retail centre in East Africa with Real Estate retail stalwarts, Game and Nakumatt recently confirmed as anchor Deal type tenants. The retail space will also support local food and arts markets, Control providing a secure and accessible location for trade. Investment amount US$40m Best practice engineering and construction, innovative architecture and a green-by-design approach incorporating sustainability measures from the very beginning make Garden City Kenya’s premier real estate development, serving a catchment area of 1.5 million people. Green measures will include water recycling and rainwater harvesting, solar collectors on the roof, natural ventilation and thermal water heating. Parking at ground level and half basements will negate the need for excavation and reduce mechanical ventilation requirements.

The development is being tackled in three phases. The retail centre will open its doors next year. This will be followed by 420 apartments and town houses and then up to 10,000 m2 of office space.

One of the most distinctive features will be the inclusion of an extensive central park, landscaped with shade from indigenous trees and a central stage for concerts and community events. Fringed by dining verandas and terraces, with play areas for children and picnic areas for families, it is hoped Garden City will live up to its name: offering a lush escape from Nairobi’s hustle and bustle.

In September 2012, Actis announced the close of its second Africa Real Estate Fund with total commitments of US$278m. The fund is focused on developing institutional quality assets in cities such as Accra, Lagos, Nairobi and Lusaka; we are confident Garden City will be one of its most prestigious assets.

10 Portfolio at work – Garden City Garden City, Kenya Mumbai, India Actis at a glance

US$

4.8bn US$

Total invested since 2004 5.2 bn

Total funds under management¹ 104,170

66 Number of employees in Actis 160 portfolio companies¹ Number of portfolio companies²

Number of Limited Partners invested in Actis funds² 250160 US$

m Actis staff employed in 37 ten offices¹

Amount of money Actis staff have invested over the last eight years¹ ¹ Figures as of 31 December 2012 ² Figures as of 20 February 2013 Portfolio at work Bellagio

Smart private equity uses sector insight to spot the value that others miss. The investment Actis made in Bellagio in 2012 typifies this approach.

Over the past four years, Actis’s Beijing based team has worked intensively to understand the Chinese food service sector. As Chinese consumers work longer hours, make more money and seek out relaxing leisure time with friends and family, the appetite for high quality, good value dining experiences grows. Responding to this trend, Actis invested in hot pot chain, Xiabu Xiabu in 2008. Date of investment Actis brought consistency to the Xiabu Xiabu offering; increasing 2012 efficiency, improving health and safety and boosting the Location customer experience. China Sector The knowledge and contacts built up during the Xiabu Xiabu Consumer investment led to Actis backing kitchen equipment manufacturer Deal type Vesta in 2011, and then restaurant chain Bellagio in 2012. Control Investment amount Bellagio was founded in 2001 by the Lin family; it has 23 restaurants US$146m located in Beijing, Shanghai, Nanjin and Wuhan with three outlets in Macau and the Philippines. Admired for its tasty Taiwanese style dishes and shaved ice desserts, Bellagio is also known for the signature ‘pixie’ haircut of its waitresses and its rapid service – an average meal takes just 45 minutes from breaking open your packet of chopsticks, to settling the bill.

Following Actis’s investment, Bellagio has been expanding its restaurant network in top-tier Chinese cities such as Beijing and Shanghai, and also second-tier cities, including Tianjin, Fuzhou and Xiamen, where spending patterns are quickly catching up with those of the first tier.

The founding family remains in place as shareholders and Actis has backed former Yum! China COO and industry veteran, Joseph Han, as Bellagio’s Chairman and CEO. Actis and the management team have prioritised employee welfare during the first year of investment. Centralised training for waiting staff and chefs has been introduced along with clear career progression plans to minimise staff turnover; Bellagio has purchased commercial insurance for all its workers, believed to be a first in the restaurant industry in China.

14 Portfolio at work – Bellagio Bellagio, Beijing PESRL, Costa Rica Portfolio at work Globeleq Mesoamerica Energy

Globeleq Mesoamerica Energy (GME) develops, owns and operates renewable energy assets in Central America. Actis invested for a controlling stake in 2009 and GME currently has three power generation plants in operation: Eolo in Nicaragua (44MW), Cerro de Hula in Honduras (102MW), and Plantas Eólicas SRL (23MW) in Costa Rica.

Honduras sees wind speeds averaging eight metres a second; the faster the wind blows the more electricity is produced. A single wind turbine in Honduras generates up to twice the electricity it would Date of investment were it spinning in Germany. The windy season in Central America is 2009 complementary to the rainy season which means when the wind is Location blowing the system can save power in hydroelectric plants. Central America Sector Cerro de Hula is Honduras’s first wind farm. It’s also one of the Energy largest in Central America with 51 turbines punctuating the 16,000 Deal type acre site. Located 17km south of Tegucigalpa, it began producing Control electricity in December 2011. With a capacity of 102MW, it generates Investment amount some 6% of the country’s power, and does so more cheaply and US$76m cleanly than the alternative thermal generation. The authorities have asked GME to consider an expansion to this plant which is expected to close financing during 2013.

On the shores of Lake Nicaragua, 125km south of the capital Managua, stands Eolo, made up of 22 2MW wind turbine generators which began supplying electricity to Nicaragua’s national grid in late 2012. Nicaragua is reliant on expensive thermal electricity generation, so Eolo is a commercially and environmentally attractive option, a win-win for the authorities, the private off-taker, and GME.

Plantas Eólicas SRL (PESRL) is a 23MW operating wind farm in Costa Rica. The project was the first utility-scale wind farm built in Latin America starting operations in 1994, and until recently was the largest wind farm in Costa Rica. PESRL sells 100% of its output under a long term Power Purchase Agreement with the state-owned utility, Instituto Costarricense de Electricidad.

The work being undertaken by GME has the power to make a tangible difference to the energy security of this region and a queue of future projects is forming. The team joke is that when it comes to GME, the sky really is the limit.

17 Portfolio at work – Globeleq Mesoamerica Energy São Paulo, Brazil

Portfolio at work Asiri Group

While you may be willing to compromise on many things when it comes to value versus quality, the exception is usually healthcare. Securing the best possible treatment for yourself and your loved ones is paramount, with most people paying as much as they can afford.

Unsurprisingly, this impulse is universal and when combined with rising access to insurance, and the growing incidence of lifestyle diseases, creates an inexorable demand for high quality healthcare in the emerging markets. Date of investment Asiri exemplifies this trend. It is Sri Lanka’s premium private hospital 2012 chain located across three tertiary hospitals in Colombo and two Location secondary care centres in the southern city of Matara. The private Sri Lanka hospital sector in Sri Lanka grew at more than 20% over the last four Sector years. The country’s government and private sector healthcare already Healthcare compares well with its emerging market peers and Asiri is the clear Deal type leader with a reputation for best-in-class doctors, staff and Minority infrastructure. Investment amount US$32m Actis invested in Asiri in October 2012 and is helping strengthen its market leading position, bolstering its senior management team and further improving internal controls and management information systems. Asiri currently has 604 beds and is looking at opportunities to expand across the island nation. It is also constantly adding and developing its service offerings in line with the latest advances in medical treatment and technology.

The South Asia team at work on Asiri is able to draw on significant experience in the healthcare sphere from work with the largest hospital chain in Gujarat, Sterling Add-Life and clinical research company, Veeda. Healthcare is a growing area of interest for Actis as demonstrated by our January 2013 investment in China’s leading medical consumables company, Nanjing Micro-Tech. Asiri embodies the opportunity the team see in the sector: two Actis investment professionals sit on the Asiri board, helping bring their prior experiences to this new investment.

Sri Lanka, with increasing FDI, sustained GDP growth of over 7% and growing infrastructure, is a tempting investment destination and one where Actis hopes to pursue further transactions in the years to come.

20 Portfolio at work – Asiri Group Asiri Group, Sri Lanka Mumbai, India Portfolio at work AGS

A plastic card, slim enough to slip into your back pocket, is a passport to participate in today’s world of commerce and financial transaction. It’s how you get your cash out of the ATM, and pay for anything, from breakfast to the first instalment on a new motorbike.

In India, access to electronic payment cards lags. Customers need safe and easy access to their money and that can be difficult when the nearest functioning ATM lies many miles away. In the US, the ratio of ATMs to population is 1:700, in India it is 1:15,000. The number of ATMs in India is forecast to increase from approximately Date of investment 95,000 in 2012 to at least 200,000 in 2015. The growth in ATMs 2012 has coincided with banks moving towards an outsourced model, Location as well as a supportive regulatory environment. Today, 85% of India ATMs in India are outsourced in some way. Sector Financial Services AGS is one of India’s top ATM outsourcing and payments companies. Deal type Founded in 1992, AGS manages a network of around 10,000 ATM Minority machines across India for banking clients. It also supplies specialised Investment amount equipment and automated solutions for major retailers, petroleum US$40m and paint companies.

In August 2012, Actis backed the AGS founder to help expand the ATM outsourcing business and win new contracts. Ensuring that ATMs and debit cards are widely available promotes financial inclusion, making a positive impact on quality of life and the broader economy. Actis brings significant experience in the payment processing sector having built Emerging Markets Payments Holdings (EMPH) into a pan-continental payments processing business operating across 40 countries in Africa and the Middle East.

Since Actis’s investment AGS has continued to roll out more machines; Actis is also helping AGS to refine its ATM site selection strategy and to enhance its reporting and information systems. AGS customers include financial institutions such as Axis Bank, ICICI Bank, HDFC Bank and State Bank of India. With Actis’s help, AGS hopes to champion new initiatives in the white labelling and the mobile payments space.

23 Portfolio at work – AGS Accra, Ghana

Actis data Regions and sectors

Regions

London

Beijing Cairo

Mumbai

Lagos Singapore Nairobi

São Paulo Johannesburg

26 Actis data – Regions and sectors Principal sectors

Consumer — Education — Healthcare — Home and personal care — Restaurants — Retail including food

Energy — Power generation (renewables and non-renewables) — Distribution — Transmission

Financial — Banks — Consumer credit Services — Financial services distribution — Payments and specialist process outsourcing

Healthcare — Healthcare delivery — Pharma — Medical services

Industrials — Power and construction equipment — Construction materials — Manufacturing — Services

Real Estate — Industrial — Office — Residential — Retail

27 Actis data – Regions and sectors Actis data Investments

Investments by sector 30% 18% 17 % 15% Consumer Industrials Financial Energy Services 8% 6% 6% Real Estate Healthcare Other

Value of investments South by region East Asia % Africa 4 % 3 China 8 14%

South Asia 23% Latin America Global EM 11% 10%

Average deal size US$ (private equity)

$ $ $ 13m 25m 75m

Actis 1 Actis 2 AEM3 1998* 2002* 2007*

* The year the fund opened

28 Actis data – Investments Actis data Investors

Investors by region 55% 21% 14% 10%

US, Canada & UK & Europe Asia & Australia Africa & Latin America Middle East

Investor by type (percentage %)

DFI

Public Pension Fund of Funds and and Corporates Family Offices and Financial Institutions Endowments Funds Private Foundations Insurance Companies Investment Managers Sovereign Wealth Funds

All data as at 20 February 2013

Investments: includes all current investments in Actis 4, Actis Emerging Markets 3, Actis Fund 2s, Actis Africa Agribusiness Fund, Actis Infrastructure 2, Actis India Real Estate Fund and Actis Africa Real Estate Fund.

Investors: figures exclude CDC Group plc. CDC Group plc is the anchor investor in each of Actis’s funds and represents approximately 37% of total commitments to those funds.

29 Actis data – Investors Actis data Portfolio companies

Sector Region Investment company

China 7 Days Inn Group Consumer China Ambow China Bellagio China China Post-Secondary Education Latin America CNA Latin America CSD China EIC Latin America Gtex China Nanjing Micro-tech South Asia Nilgiri’s South Asia Super-Max Africa Tracker Latin America Universidade Cruzeiro do Sul Educacional Africa Vlisco Group

Latin America Energuate Energy Global EM Globeleq South Asia GVK Energy Limited Africa Umeme

South Asia AGS Financial Africa Alexander Forbes Services Africa CIB Africa DFCU Africa Diamond Bank Africa EMPH South Asia IDFC South Asia Integreon South Asia National Stock Exchange of India Latin America XP Investimentos

South Asia Anthelio Healthcare Healthcare South Asia Asiri Group South Asia Sterling Add-Life South Asia Veeda

30 Actis data – Portfolio companies Sector Region Description Location Deal type Investment date

China Budget hotel chain China Expansion Oct 2008 China Personalised education and training China Expansion Sep 2008 China Casual dining chain China Replacement Mar 2012 China Education service provider China Expansion Jan 2010 Latin America English language training services Brazil Expansion Sep 2012 Latin America Supermarket/retail chain Brazil Expansion Sep 2010 China Education service provider China Replacement Aug 2011 Latin America Cleaning products Brazil Expansion Oct 2010 China Medical equipment China Expansion Sep 2012 South Asia Convenience stores India Buy-in Oct 2006 South Asia Manufacturer and marketer of shaving blades and toiletries India Replacement Feb 2011 Africa Stolen vehicle tracking and recovery South Africa Replacement Oct 2011 Latin America Education service provider Brazil Expansion Feb 2012 Africa Fashion fabrics Sub-Saharan Africa Buy-in Sep 2010

Latin America Electricity distribution and transmission Guatemala Replacement May 2011 Global EM Power generation developer and owner Global EM Replacement Sep 2009 South Asia Power generation India Expansion Dec 2010 Africa Electricity distribution Uganda Replacement Nov 2009

South Asia ATMs and retail automation solutions India Expansion Aug 2012 Africa Diversified financial services South Africa Buy-out Jul 2007 Africa Bank Egypt Replacement Jul 2009 Africa Bank Uganda Replacement Jan 2003 Africa Bank Nigeria Expansion Apr 2007 Africa Payments processing Africa & Middle East Buy-out Jul 2010 South Asia Infrastructure finance India Expansion Aug 2010 South Asia Professional services outsourcing India Expansion Feb 2010 South Asia Stock exchange India Expansion Apr 2007 Latin America Retail broker dealer Brazil Expansion Nov 2010

South Asia Hospital operations outsourcing India Expansion Oct 2010 South Asia Multi-specialty tertiary care hospital chain Sri Lanka Expansion Aug 2012 South Asia Hospital owner and operator India Expansion Jun 2006 South Asia Clinical research organisation India Expansion Feb 2007

31 Actis data – Portfolio companies Actis data Portfolio companies

Sector Region Investment company

Africa Actom Industrials South Asia AVTEC South Asia Dalmia Cement South Asia Endurance South Asia Halonix South East Asia KS Distribution South Asia LMKR Africa Mouka Africa RTT Group Africa Sinai Marble South East Asia Teknicast South Asia TEMA China Vesta

South East Asia APEC Other Africa Banro Africa Candax Africa Mineral Deposits Africa Platmin Africa Seven Energy Africa Teranga South Asia TRIL Roads Private Limited

Africa Garden City Real Estate Africa Heritage Place Africa Ikeja City Mall Africa IOREC Africa Jabi Lake Mall Africa Laurus Development Partners Limited Africa Mentor Management Africa Nairobi Business Park Africa One Airport Square Africa The Exchange South Asia Vaishnavi Africa Waterfalls

32 Actis data – Portfolio companies Sector Region Description Location Deal type Investment date

Africa Manufacturer and distributor for electrical engineering industry South Africa Buy-out Aug 2008 South Asia Engine and transmission manufacturer India Replacement Jun 2005 South Asia Cement plant India Expansion Mar 2006 South Asia Auto components manufacturer India Replacement Dec 2011 South Asia Bulb and lamp manufacturer India Buy-in Jun 2006 South East Asia Oil and gas South East Asia Replacement May 2010 South Asia Information management services for oil and gas industry Pakistan Expansion Oct 2007 Africa Foam products manufacturer Nigeria Replacement Jun 2007 Africa Supply chain and logistics services South Africa Buy-out Jun 2007 Africa Commercial marble exporter Egypt Expansion May 2007 South East Asia Aluminium die casting Malaysia Buy-out Aug 2008 South Asia Manufacturer of heat exchangers India Expansion Apr 2005 China Catering equipment and manufacturing China Buy-in May 2011

South East Asia Oil and gas exploration South East Asia Start-up Oct 2007 Africa Gold exploration and development DRC Expansion Oct 2005 Africa Oil and gas exploration Tunisia Expansion Apr 2005 Africa Mineral sands and gold mining Senegal Expansion Nov 2004 Africa Mining and resources South Africa Expansion Oct 2003 Africa Oil and gas production Nigeria Expansion Feb 2007 Africa Gold mining Senegal Expansion Dec 2004 South Asia Toll road developer India Expansion May 2010

Africa Mixed use development Kenya Real estate development Dec 2011 Africa Office development Nigeria Real estate development Sep 2011 Africa Retail development Nigeria Real estate development Apr 2008 Africa Real estate development company Mauritius Real estate development Jan 2009 Africa Retail development Nigeria Real estate development Nov 2011 Africa Real estate development company Mauritius Start-up Apr 2010 Africa Real estate development and project management Kenya Buy-out Jul 2011 Africa Office development Kenya Real estate development Nov 2006 Africa Office development Ghana Real estate development Dec 2010 Africa Mixed use development Ghana Real estate development Jul 2012 South Asia Residential development India Real estate development Jun 2008 Africa Retail development Zambia Real estate development Dec 2011

33 Actis data – Portfolio companies The team

01 02 03 04 05 06 07 08

09 10 11 12 13 14 15 16

17 18 19 20 21 22 23 24

25 26 27 28 29 30 31 32

33 34 35 36

01 Sanjiv Aggarwal 10 Mahesh Chhabria 19 Murray Grant 29 Chu Kong Partner: Energy Partner: Partner: Africa Partner: Co-Head, 02 Beatriz Amary Industrials/Healthcare 20 David Grylls Latin America Director: Consumer 11 Chris Coles Partner: Energy 30 Ritu Kumar 03 Lou Baran Partner: COO, Head, Banking 21 Simon Harford Director: Responsible Director: Head, 12 David Cooke Partner: Financial Services Investment Human Resources Director: Consumer 22 Michael Harrington 31 Tashi Lassalle 04 Nelson Bechara 13 Louis Deppe Director: Energy Director: Head, Director: Value Creation Director: Real Estate 23 Lucy Heintz Communications 05 Ron Bell 14 Ngozi Edozien Director: Energy 32 Patrick Ledoux Director: Head, Operations Director: Healthcare, 24 Adiba Ighodaro Partner: Co-Head, Latin 06 Jonathon Bond West Africa Partner: Investor America Partner: Head, 15 Michael Chu’di Ejekam Development 33 Meng Ann Lim Investor Development Director: Real Estate 25 Amanda Jean-Baptiste Partner: Head, SE Asia 07 Eduardo Bozo 16 Sherif Elkholy Director: Real Estate 34 Max Lin Director: Energy Director: Consumer 26 Mikael Karlsson Director: Consumer/ 08 Sergio Brandão 17 Paul Fletcher Partner: Energy Industrials Director: Energy Senior Partner 27 Danny Koh 35 Tanya Lobel 09  Torbjorn Caesar 18 Mark Goldsmith Director: Financial Services Director: Actis Acts Partner: Co-head, Energy Director: Responsible 28 Natalie Kolbe 36 Vincent Low Investment Partner: Consumer Director: Value Creation

34 Actis data – The team These pages show investment professionals, from Director level and above alongside their main specialism, as well as key members of the firm’s global support services platform.

37 38 39 40 41 42 43 44

45 46 47 48 49 50 51 52

53 54 55 56 57 58 59 60

61 62 63 64 65 66 67 68

69 70 71 72 73

37 Nick Luckock 46 Funke Okubadejo 56 G Rathinam 65 Kevin Teeroovengadum Partner: Financial Services Director: Real Estate Partner: Industrials Director: Real Estate 38 Alistair Mackintosh 47 Peter Olds 57 Mark Richards 66 Michael Till Partner: Chief Director: Legal Partner: Head, Partner: Co-Head, Energy Investment Officer 48 John Opubor Financial Services 67 JM Trivedi 39 Alasdair Maclay Director: Consumer 58 Asanka Rodrigo Partner: Head, South Asia Director: Investor 49 Angus Or Director: Industrials 68 Michael Turner Development Director: Value Creation 59 Ivy Santoso Director: East Africa 40 Jonathan Matthews 50 Paul Owers Director: Financial Services 69 Jaideep Wadhwa Director: Industrials Partner: General Counsel 60 Fash Sawyerr Director: Value Creation 41 David Morley 51 Homer Paneri Director: Value Creation 70 Ramon Walsh Partner: Head, Real Estate Director: Healthcare 61 Peter Schmid Director: Debt Financing 42 Hossam Abou Moussa 52 Denis Pedreira Partner: Head, 71 John van Wyk Director: Financial Services Director: Financial Services Private Equity Partner: Head of Africa 43 Shomik Mukherjee 53 Rick Phillips 62 Joe Sinyor 72 Jason Zhang Partner: Consumer Partner: Head, Consumer Partner: Head, Value Director: Healthcare 44 Marc Nahum 54 Gautham Radhakrishnan Creation & Industrials 73 Dong Zhong Director: Investor Director: Financial Services 63 James Smith Partner: Consumer Development 55 Mark Ransford Director: Value Creation 45 64 Arjun Oberoi Director: Financial Services/ Prabir Talati Denotes Executive Director: Head, Healthcare Industrials Director: Consumer Committee member

35 Actis data – The team São Paulo, Brazil Actis invests exclusively in the emerging markets. Beijing +86 10 6535 4800 With a growing portfolio of investments in Asia, Africa and Latin America; we currently have US$5.2bn funds Cairo under management. +202 2792 9220

Through our work in these markets Actis brings financial Delhi – Operations and social benefits to investors, consumers and communities. +91 11 6615 7200 We call this the positive power of capital. www.act.is Johannesburg +27 11 778 5900

Actis is a signatory to the United Nations Principles for Lagos Responsible Investment (UNPRI), an investor initiative +234 1 448 5700 developed by the UNEP FI and the UN Global Compact. www.unpri.org London +44 20 7234 5000

Mumbai +91 22 6146 7900

Nairobi This annual review forms the basis of Actis’s compliance +254 20 2219 952 with the Walker Guidelines for Disclosure and Transparency in Private Equity. Actis has reported on a São Paulo ‘comply or explain’ basis as detailed by the guidelines. +55 11 3844 6300 walker-gmg.co.uk Singapore +65 6416 6400 Actis LLP is a Limited Liability Partnership registered in England and Wales (registered number OC305927). A list of the members of Actis LLP is open to inspection at its registered office, 2 More London Riverside, London SE1 2JT, England. Actis LLP is regulated by the Financial Conduct Authority.

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