EAST AFRICA FINACIAL REVIEW OUR SPONSORSHIP PARTNERS: FEBRUARY 2016

PART I: KEY MARKET INDICATORS Burbidge Capital Limited Head Office: Key Africa & Global Equity Indices Performance 4th Flr, Nivina Towers, Westlands Road, London Office: Nairobi, Kenya i4 Albany, Piccadilly Tel: +254 (0) 20 2100 102 London, W1J 0AX Tel: +44 (0) 207 099 1452 Equity Index 2/01/2016 2/01/2016 31/01/2016 % Ch. m/m % Ch. YTD Office: [email protected] Suite FC6 NSE 20 (KE) 4,040.75 4,040.75 3,773.17 -6.6% -6.6% 1st Floor, Crown House FTSE NSE Kenya 25 186.30 186.30 173.45 -6.9% -6.9% 4a Road, P.O . BOX 3331Kampala, Uganda. DSEI (TZ) 2,334.00 2,334.00 2,291.12 -1.8% -1.8% TEL: + 256 (0) 794 476 967 ALSIUG 1,764.00 1,764.00 1,760.00 -0.2% -0.2% www.burbidgecapital.com NGSEINDEX 28,642.25 28,642.25 23,916.15 -16.5% -16.5% EGX 30 7,006.01 7,006.01 5,992.72 -14.5% -14.5% CONTACTS OF THE EDITORIAL TEAM JALSH (SA) 50,693.76 50,693.76 49,141.94 -3.1% -3.1% S&P 500 2,043.94 2,043.94 1,940.24 -5.1% -5.1% FTSE 100 6,242.32 6,242.32 6,083.79 -2.5% -2.5%

Edward Burbidge, CFA Chief Executive Officer PICTURE OF THE MONTH [email protected] Burbidge Capital was Transaction Adviser & Placing Agent to the fully subscribed Prime Bank $10m 5 Year Bond. Vimal Parmar, CFA Head of Equities and Debt [email protected]

Nicholas Kiprotich Head of IT & Social Media [email protected]

Gerald Njugi Senior Analyst - Corporate Finance [email protected]

Lello Halake From left to right: Peter Kabi of Prime Bank, Edward Burbidge of Burbidge Capital, Research Analyst Bharat Jani of Prime Bank, Paras Shah of Coulson Harney and Vijay Kantaria of [email protected] Prime Bank during the signing of bond holders’ certificates.

ADVISORY SERVICES: A corporate finance firm licensed by the Capital Markets Authority and a Originating and structuring Equity and Debt capital raising, IPOs, M & A transactions, licensed Nominated Advisor by the Nairobi Securities Exchange creating long Strategic Options advisory, PE advisory and Independent Research services. term advisory relationships & solutions across Eastern Africa. NAIROBI KAMPALA DAR –ES SALAAM ADDIS ABABA KIGALI LONDON PART II: MONTHLY COMMENTARY

The year is in full swing now with 15 corporate deals with a combined value of c. $200m having been done already. The deals are primarily private M&A and private equity deals, with one or two public markets transactions coming through as markets stabilise a little and another election is done in the region.

In private equity 7 investment deals were announced in the information technology (2), renewable energy and insurance sectors in Kenya while Ethiopia recorded two deals in the diary and manufacturing (pharma) sectors with Tanzania recording one deal in the renewable energy sector. In M&A we saw 6 deals in the manufacturing (pharma and consumer goods), real estate, banking and logistics sectors in Kenya while one deal was reported in the insurance sector in Uganda. BC’s deal of the month was Kenya's Prime Bank USD 10 million private placement of 5.5 year USD denominated notes representing 100% subscription rate. The second-tier lender will spend some of the funds on expansion into southern Africa and to grow lending to SMEs. BC acted as the arranger & placing agent for the issue. (see Deals on page 4).

In the energy sector, the Tanzanian government announced plans to offer a 49% of its stake in Tanesco through listing on the DSE (after restructuring) to increase local participation in the ownership of public companies.

In the mining sector, NSE listed ARM Cement announced that it was still in negotiations with an international institutional investor for a proposed equity investment of USD 125 million in the form of convertible preference shares although the finalisation of the proposed investment is subject to several conditions such as due diligence findings and regulatory approvals.

In the oil and gas sector, Zarara a fully-owned subsidiary of Midway Resources International (MRI), announced plans to drill its Lamu block within a year after it secured an extension of its licence from the Kenyan government while TSX-V listed Simba Energy announced the completion of its private placement in which it raised USD 2.1 million for exploration of its northern Kenya block.

The NSE 20 Share Index registered a -6.6% drop in January to close at 3773.17 points. Equities turnover stood at USD 126.92 m a decline of -8.5% from December’s USD 138.68 m. The Large Caps dominated trading with KCB, EABL, Safaricom and Equity Bank registering a turnover of USD 35.84 m, USD 23.98 m, USD 18.32 m and USD 17.97m respectively. The bourse registered a net foreign inflow of USD 3.64 m with EABL (USD3.03 m) and CFC Stanbic (USD1.65 m) recording the largest inflow driven by investors taking advantage of the stocks’ current prices trading at near 52 week lows. KCB on the other hand recorded the single largest foreign offload yet again of USD2.16 m (4Q15 outflows USD 16.5m). The top gainers of the month were small caps Eveready (13.0%) and Longhorn Kenya (10.0%) while the top loser was Uchumi (-31.1%).

Edward Burbidge, CFA Chief Executive Officer, & BC EA Review Team

OTHER KEY MARKET INDICATORS Key Africa & Global Currency Performance Key Events & Press – East Africa

Currency 2/01/2015 2/01/2015 31/01/2016 % Ch. m/m % Ch. YTD  Ethiopia okays NSE-listed Atlas’ glass factory plans  Centum lines up KES 510m funding for start-ups KES / USD 102.20 102.20 103.07 -0.85% -0.85%  Apartment rents in Nairobi decline for the first time in TZS / USD 2,155.00 2,155.00 2,202.84 -2.22% -2.22% 15 years UGX / USD 3,367.00 3,367.00 3,471.98 -3.12% -3.12%  BPR-BRD Commercial merger to be completed in 6 months, Rwanda ETB / USD 21.01 21.01 21.26 -1.19% -1.19%  Tanesco entities to go public after restructuring, Tanzania ZAR / USD 15.46 15.46 15.89 -2.77% -2.77%  Prudential invests USD350m in LeapFrog for Life Insurance NGN / USD 199.00 199.00 198.96 0.02% 0.02% Investments EGP / USD 7.83 7.83 7.83 0.00% 0.00%  Oil explorer Zarara plans to drill Lamu block within a year GBP/USD 0.68 0.68 0.70 -3.27% -3.27%  Canadian firm raises USD 2.1 m for Kenya oil exploration EUR / USD 0.92 0.92 0.92 -0.36% -0.36%

Interest Rates Inflation and GDP growth Country/Region Current Base Rate Previous Base Rate Country / Region Projected GDP Growth Projected Inflation (%) Central Bank of Kenya (Kenya) 11.50% 11.50% 2016 2017 2016 2017 (Uganda) 17.00% 17.00% Kenya 6.8% 7.0% 5.9% 5.1% Bank of Tanzania (Tanzania) 7.58% 7.58% Uganda 5.5% 5.8% 5.5% 5.9% Tanzania 7.0% 7.0% 5.9% 5.1% South African Reserve Bank (RSA) 6.75% 6.25% Nigeria 4.3% 4.5% 9.7% 8.8% Central Bank of Nigeria (Nigeria) 11.00% 11.00% South Africa 1.3% 2.1% 5.9% 5.6% Central Bank of Egypt (Egypt) 9.25% 8.75% Sub-Saharan Africa 4.3% 4.9% 7.3% 6.7% Bank of England (UK) 0.50% 0.50% UK 2.2% 2.2% 1.5% 2.0% Federal Reserve Bank (USA) 0.25% - 0.5% 0.25% - 0.5% USA 2.8% 2.8% 1.1% 1.8% European Central Bank (EU) 0.05% 0.05% Euro Area 1.6% 1.7% 1.0% 1.3%

Source: World Economic Outlook , IMF

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EFG - sailing - 2190.5x254mm - bleed +3mm - quadri - back cover - publication: Burbidge Capital March 2015 issue (20.02.2015) PART III: DEAL STATISTICS

Total number of deals in East Africa - 2016 YTD1

8 7 7 6

6

s l

a 5

e

d

f 4

o .

3 No 2 1 1 1 0 PE deals M&A deals Corporate bonds Joint ventures

Investment type

Total number of deals per month in East Africa - 2016 YTD

Feb 7

th

n

o M

Jan 8

0 1 2 3 4 5 6 7 8 9 10

Number of deals

Deal values (USD mn) in East Africa - 2016 YTD3 No. of deals per sector - 2016 YTD2

140 1; 7% 118 2; 14% 4; 29% 120

100

80 65 2; 14% 60

40 3; 22% 20 10 2; 14%

- M&A PE Corporate bond Financial services Manufacturing Real estate Energy ICT Agribusiness

1Based on deals as calculated by Burbidge Capital 2The top sectors which recorded the highest number of deals 3Based on deal values disclosed to the public or as estimated by Burbidge Capital Source: Burbidge Capital Research BC EA REVIEW | 4 PART IV: SELECTED DEALS (1/2)

Investment Date Buyer Seller Investment size Sector type Country Synopsis 6th January 2016 54 Capital Addis USD 42 million Manufacturing PE Ethiopia London-based PE firm 54 Capital has acquired a 40.7% stake in Pharmaceutical Ethiopia’s pharmaceutical company Addis Pharmacutical Factory Factory PLC PLC (APF) for USD 30 million with an option to invest a further USD 12 million to increase the stake to 49%. APF manufactures various therapeutic categories to primarily supply it to the Ethiopian market.The investment will be used to improve its production capacity and product portfolio. 7th January 2016 TED, MKS BRCK USD 3 million IT VC Kenya Kenyan startup BRCK has secured USD 3 million funding from a Alternative group of international investors for research and expansion. BRCK Investments & manufactures routers and modems that enable users to access Wi- Synergy Energy Fi Internet, especially in remote areas. Some of the investors included TED, MKS Alternative Investments, Synergy Energy and former AOL executives Jean and Steve Case. 14th January 2016 Old Mutual Two Rivers KES 6.4 billion (USD Real Estate M&A Kenya UK-based Old Mutual Group has made a KES 6.4 billion investment Property (OMP) Lifestyle Centre 63.8 million) in Kenya's NSE-listed Centum's Two Rivers Lifestyle Centre (TRLC), Limited the holding company for the Two Rivers Mall, through its real estate arm Old Mutual Property (OMP). The investment was made via subscription for 10% shareholding in newly issued stock and loan convertible into additional 40% shareholding in TRLC.

18th January 2016 FEP Holdings Credit Bank KES 4 billion Banking M&A Kenya Kenya's Investment firm Fountain Enterprises Programme (FEP) is Limited (USD 40 million) set to acquire a 75% stake in Kenya's third-tier bank Credit Bank for KES 4 billion subject to approval by the Central Bank of Kenya (CBK). FEP will raise its shareholding in the bank from the initial 5% it acquired last year. The lender will use the entire KES 4 billion for expansion. 22nd January 2016 Schulze Global M.B. PLC (Family Dairy PE Ethiopia American private investment firm focused on the world’s most Investments Ltd Milk) dynamic frontier markets Schulze Global Investments Limited has completed the acquisition of a 45% equity stake in MB PLC (producer of 'Family Milk'), a leading dairy processor in Ethiopia, for an undisclosed amount. Founded in 2001, Addis Abeba-based Family Milk is one of the leading milk brands and among the fastest growing dairy processors in Ethiopia. 25th January 2016 Prelude Powerhive USD 20 million Renewable VC Kenya Powerhive, an energy solutions provider for emerging markets, Ventures, Total energy announced that it has closed a USD 20 million financing round to Energy Venture support its expansion into new markets in Africa and the Asia- & others Pacific, as well as continued growth in Kenya where the company has operated rural microgrids since 2012. Prelude Ventures led the round, which also included participation from Caterpillar Ventures, Total Energy Ventures, Tao Capital Partners, Pi Investments, and select other private investors. 28th January 2016 Kingdom Hotel Crane USD 300 million Real estate JV Uganda Uganda's Ruparelia Group Limited through its real estate arm Crane Investments & Management Management Services Limited has entered into a joint venture Abland Pty Services Limited with South Africa's Kingdom Hotel and Abland Africa to build a USD 300 million shopping mall. The complex will house a 200 bedroom 4-star hotel, 40,000 square metre office space and a 16,000 square metre rentable space. 29th January 2016 Liberty Holdings Madhavani Group Insurance M&A Uganda South Africa's Liberty Holdings has entered the general insurance Ltd Ltd, East African market in Uganda by acquiring a controlling stake (51%) in Underwriters Madhvani Group's short-term insurer East African Underwriters Ltd Limited (EAUL) for an undisclosed amount as it pursues its strategy of expanding on the African continent. The acquisition will bulk up Liberty's position in the East African market, where it already has a presence in Kenya and Tanzania.

BC EA REVIEW | 5 PART IV: SELECTED DEALS (2/2)

Investment Date Buyer Seller Investment size Sector type Country Synopsis 1st February 2016 Prime Bank Limited USD 10 million Banking Private Kenya Kenya's Prime Bank has raised USD 10 million through a private Bond placement of 5.5 year USD denominated notes representing 100% subscription rate. The second-tier lender will spend some of the funds on expansion into southern Africa and to grow lending to SMEs. Burbidge Capital acted as the arranger & placing agent.

3rd February Centum Blissful.co.ke IT VC Kenya Kenya's Centum Foundation has invested an undisclosed amount Foundation in Blissful.co.ke, a website that connects businesses in the weddings and events industry to prospective clients. The deal marks the first investment by Centum Foundation from its recently launched USD 5 million fund dedicated to investing in startups.

4th February 2016 Godrej Canon Chemicals Manufacturing M&A Kenya Mumbai-based BSE-listed consumer goods company Godrej Consumer Limited Consumer Products Limited (GCPL) has entered the East African Products market by acquiring a majority equity stake (75%) in Kenya's Canon Limited Chemicals Limited, a manufacturer and distributor of personal and home care products. This acquisition helps GCPL in further building its presence in Sub Saharan Africa. 4th February 2016 Total Energy Off Grid Electric Renewable VC Tanzania French energy company Total has acquired interest in Off Grid Ventures energy Electric via its venture capital fund Total Energy Ventures, which invests in start-ups. Off Grid Electric, which is based in Arusha (Tanzania) and San Francisco (California) develops distributed generation solar systems for the home and battery-based energy storage systems to power LED lights and other electronic appliances. 8th February 2016 Strides Shasun Universal USD 14 million Manufacturing M&A Kenya Bombay Stock Exchange-lised Pharma Strides Shasun has signed Limited Corporation definitive agreements to buy a majority stake (51%) in Kenyan- Limited based drug manufacturer Universal Corporation Limited (UCL) for USD 14 million in an all-cash deal. The total consideration will consist of initial pay out of USD 11 million and a performance- related earning capped at USD 3 million. 9th February 2016 Panalpina Airflo, Dutch Transport & M&A Kenya Swiss logistics giant Panalpina has completed the buyout of a Flower Group logistics majority stake (75%) in Kenya’s second largest air freight forwarder Airflo from Dutch Flower Group for an undisclosed amount. Airflo specialises in the world-wide export of freshly cut flowers, plant cuttings and vegetables with a focus on the Netherlands and the UK. The new entity will be known as Airflo Palpina.

15th February 2016 Capital Alliance Continental Insurance PE Kenya, Private equity fund backed by African Capital Alliance, Capital Private Equity Reinsurance Plc, SSA Alliance Private Equity IV, has acquired a 49% stake in Nigerian IV Limited Saham Finances SA Stock Exchange-listed pan-African reinsurance group Continental Re from Saham Finances SA (the insurance arm of Saham Group), which previously held a 100% stake in the reinsurer. The deal is expected to boost its strategic objectives and market position as the continent’s largest reinsurer outside South Africa. Continental Re has operations in 44 African countries, with its main offices in Nigeria, Kenya, Cameroon, Côte d’Ivoire, Tunisia and Botswana.

BC EA REVIEW | 6 PART V: OTHER NEWS (1/2)

Ethiopia okays NSE-listed Atlas’ glass factory plans Nairobi Securities Exchange (NSE) listed Atlas Development & Support Services (ADSS) says it has acquired a licence to build a glass manufacturing plant in Ethiopia. The company, which is dual-listed on the London Stock Exchange (LSE), said the Ethiopian government has granted it a 13.5-acre land lease for 100 years. ADSS said it plans to supply Ethiopia’s growing beverage industry that currently imports substantial quantities of glass bottles. The firm estimates the factory to cost USD 42 million (KES 4.2 billion), with the funds to be raised from a mix of debt and equity transactions. Shareholders of ADSS at its December AGM voted to allow for the issuance of up to 500 million shares, a move that is expected to raise funds at the cost of diluting existing shareholders. The company currently has 392.3 million on the LSE and 40.7 million on the Nairobi bourse, bringing the total to 433 million.

BC Analysis The lease granted to the firm serves a significant impetus to the development of the glass manufacturing plant. With the building of this facility, ADSS is set to diversify its operations into the promising industrial sector and away from Natural resources sector. Presently Ethiopia’s high demand for locally manufactured glass bottles remains largely unmet with the country forced to resort to expensive imports and Atlas purposes to bridge the gap. This high level of demand by locals stems from favourable demographics; a youthful population and increasing consumer demand. To date over USD 500 million has been invested by international beverage companies into this market with beer production growing at a CAGR of 14.3% over the past 14 years with the local market operating at only 47% capacity currently under construction.

(Source: Business Daily, BC Research)

Prudential invests USD 350 million in partnership with LeapFrog for Life Insurance Investments Private equity firm LeapFrog Investments has secured USD 350 million (KES35.7 billion) funding from Prudential Financial Inc., a US-based insurer, part of which will be used to acquire a stake in life insurance firms in the country. The New Jersey-based Prudential Financial Inc (PFI) announced the partnership with LeapFrog, saying the cash will be spent on deals across Kenya, Nigeria and Ghana over the next three to five years. LeapFrog, which in February 2015 bought a majority stake in Kenya’s Resolution Health for KES 1.7 billion, says it is already in negotiations with some local firms and hopes that the first deal will be announced by the end of 2016. Doug Lacey, a partner at LeapFrog, said that the firm may be open to general insurance in future. He noted that the population base in Kenya is large but the life insurance penetration levels remain low and that that coupled with the enabling digital space and good labour skills make Kenya an attractive market. PFI, which has operations in US, Asia, Europe and Latin America, deals in life insurance, annuities, retirement-related services, mutual funds and investment management. PFI is not related to UK-based Prudential Plc which operates in Kenya as Shield Assurance. BC Analysis

Prudential’s partnership with LeapFrog Investments comes at an opportune time for the African insurance market, at a period of low penetration rates and rising incomes. Insurance penetration is low at 2.9% for Sub-Saharan Africa (SSA) and an astonishingly low 0.9% when South Africa is excluded. In 2013 insurance penetration stood at 2.8% in Kenya and 0.3% in both Nigeria and Ghana indicating tremendous potential for growth in line with the rise in incomes. Ghana and Kenya attained middle income status in 2011 and 2014 with Income per capita rising to above USD 1500 and USD 1200 respectively. The pace has already been set in the market with growth in the SSA insurance market at 8.1% p.a. between 2010 and 2013 which outstrips global growth of 2.0% in the same period. Both global and local insurance firms are all jostling for entry into these markets largely via mergers and acquisitions as well as joint ventures. There has been an average 5 deals p.a. between 2013 and 2015 in Eastern Africa with 2014 seeing the most activity with 11 deals in the insurance sector.

(Source: Reuters, BC Research)

Tanesco entities to go public after restructuring The government of Tanzania will consider listing at the DSE entities that will be formed after restructuring of power utility firm, Tanzania Electric Supply Company by 2024. It plans to form a power generation company by 2017 to manage electricity generation activities and a number of distribution companies by early 2021 under its Electricity Supply Industry Strategy and Roadmap (2014/25). In a statement issued by the Tanzania Electric Supply Company Limited (TANESCO) the aim of the roadmap is to increase locals’ participation in the ownership of public companies through the DSE as well as enabling the companies to raise capital for investment particularly in electricity infrastructures.

BC Analysis

The move to restructure state owned power utility firms is not new in Africa, especially in Kenya if we were to look at an example closer home. Kenya went through restructuring its former state-owned power company KPLC after the enactment of the Electric Power Act in 1997 that saw the formation of KENGEN and its eventual listing on the Exchange in 2006. The government maintained majority shareholding as well as gave the public a chance to participate in the ownership of state corporations. The planned listing of the Tanzanian entities is expected to give the utilities companies access to capital just as in Uganda and KENGEN and KPLC in Kenya who have both raised significant amount of capital in both equity and debt form since they were both listed on the NSE.

(Source: Business Daily, BC Research)

BC EA REVIEW | 7 PART V: OTHER NEWS (2/2)

Apartment rents in Nairobi decline for the first time in 15 years The average rent for an apartment in Nairobi fell slightly in the last quarter of 2015 for the first time since the Hass Property Index was introduced in 2000, the latest real-estate survey shows. The Hass Property Index for the fourth quarter says the asking rents for apartments fell by 2.3 per cent. The index tracks advertised rents and land prices in 18 major suburbs in Nairobi and 14 satellite towns. The fall in asking rents for apartments in the fourth quarter of 2015 resulted in a drop in rental yields or returns which stood at 6.2 per cent as at the end of last year against 7.1 per cent in 2014. Other property players agree rents are not increasing in most suburbs due to overconcentration by developers in these areas.

BC Analysis

We believe this decline in apartment rates is likely attributed to apartments supply outstripping demand in Nairobi’s major suburbs. Rising land prices in Nairobi has compelled developers to substitute standalone houses with apartments. Further, the rise in the number of apartments has also led to a mismatch between demand and supply resulting in reduced occupancy levels that has resulted in either stagnating or falling rental yields.

(Source: Business Daily, BC Research)

Oil explorer Zarara plans to drill Lamu block within a year Oil explorer Zarara Oil & Gas plans to begin drilling an exploratory well in its offshore oil block in Lamu within the next one year after securing an extension of its licence. Zarara, a fully-owned subsidiary of Midway Resources International (MRI), stated in disclosures filed with the London Stock Exchange that it had been given an 18-month licence extension that will run to June 2017 for blocks L4 and L13. Zarara will be prospecting for natural gas in Lamu and if successful, it will seek to use the resource in power generation. Zarara is the main operator on the two blocks with a 75 per cent stake, while Swiss Oil Holdings controls 15 per cent with the remaining 10 per cent being the carried interest by the government. BC Analysis

As the oil and gas industry outlook still looks gloomy over low crude prices, governments are increasingly being reluctant to renew licences of explorers lagging behind in work on oil blocks, prompting the companies to seek alternative sources of funding to carry out exploration work. However, governments have given some renewal exceptions to some exploration companies such as US oil company Erin Energy, Africa Oil Corp as well as Swala Energy in neighbouring Tanzania. These companies are hopeful that given the poor performance of the oil and gas industry, prices will rise once again later on in the year.

(Source: Business Daily, BC Research) Canadian firm raises USD 2.1 m for Kenya oil exploration Canadian firm Simba Energy raised KES 210 million for exploration of its northern Kenya block from the non-brokered private placement announced on November 2, 2015. The proceeds will be used to fund exploration commitments associated with the company’s production sharing contracts in Kenya, and general working capital purposes. Simba Energy is one of a handful of explorer still sticking to exploration plans hoping oil prices will rise in the near future. Several other exploration companies have exited the Kenyan market due to the low price of oil on the international market that has made local production commercially unviable. Tullow and Africa Oil are other firms still carrying out exploration.

BC Analysis

Simba Energy is one of the few oil and gas companies that are still committed to oil exploration in East Africa despite the oversupply of oil in the global market that is pushing global oil prices down affecting the industry’s liquidity. In what would be interpreted as a sign of commitment, Simba Energy recently signed a farmout agreement with Essel Group on Block 2A in Kenya wherein Essel Group Middle East will earn a 60% participating interest in Block 2A by funding 100% of exploration expenses until the completion of drilling of 2 conventional wells on Block 2A. The illiquidity state in the oil and gas sector has forced some exploration companies to exit their exploration blocks or seek alternative ways to fund the exploration work - as last year we saw a stream of private placement transactions in this sector. Simba Energy follows Africa Oil that also recently sold half of its exploration blocks in Kenya to Maersk Oil to support further exploration work.

(Source: Business Daily, BC Research)

BC EA REVIEW | 8 PART VI: UPCOMING EVENTS/CONFERENCES

Events Date Venue Theme 6th Annual Outlook Seminar – 24 February Clifford Chance, In its 6th year, this very popular evening seminar pulls together senior private equity executives from Sectors and Strategies 2016 London, UK the industry’s leading firms. Private equity investors will discuss how this is set to impact deal making and fundraising over the next year. Focus will be on sectors and strategies that are set to offer strong opportunities. FT African Infrastructure 25 February Westminster FT African Infrastructure Financing and Development: Powering sustainable African growth draws on Financing and Development 2016 London, UK the success of 2015’s inaugural event to bring together policy makers, regulators and C-level representatives from pension funds, asset managers, investment banks, family offices and multi- family wealth offices – as well as product specialists, economic development thinkers, lawyers and consultants – to debate the potential for sustainable African growth. WCA Executive Investment 15 - 16 March Sheraton, WCA Executive Investment Summit & CEO Forum 2016 is an Executive Summit organised by Wharton Summit & CEO Forum 2016 2016 Addis Ababa, Ethiopia Club of Africa (WCA) and is themed Executive Game-Changers & Africa Investors: Connecting and Closing in 2016. Tanzania International Forum 21 - 22 March Julius Nyerere International The inaugural Tanzania International Forum For Investments (TIFI 2016) is under the theme “Increasing For Investments 2016 Convention Centre, Tanzania private sector participation, public-private partnerships and regional integration”. With confirmed participation from global investors and funding institutions in control of more than US$200 billion, the Tanzania International Forum For Investments will see the biggest congregation of serious investors in Tanzania. 5th Annual East Africa Oil and 27 - 29March Dar es Salaam, Tanzania The 5th East Africa Oil & Gas Summit will explore the industry’s most topical issues through extensive Gas Summit 2016 2016 presentations and in-depth panel discussions, examining areas such as the region’s latest licensing rounds, offshore security, transparency and accountability, operating efficiency and local content. Africa CEO Forum 21 - 22 March Hotel Sofitel Ivoire, A unique platform for thought-provoking discussions, the Africa CEO Forum is an excellent opportunity 2016 Abidjan, Côte d’Ivoire (Ivory Coast) for you to develop your business, shape your strategy and enhance your company’s competitiveness. 2016 will mark the fourth edition of the Africa CEO Forum. Since its inception in 2012, the Africa CEO Forum has established itself as the foremost event devoted to promoting the African private sector. Africa Hotel Investment Forum 06 - 07 May Radisson Blu Hotel, The event will tackle the challenges particular to financing and developing hotels as determined by 2016 Lome, Togo their respective markets. In addition wider topics such as connectivity, infrastructure and economic trends will also be explored. 4th Africa Financial Services 05 - 06 May Park Plaza Riverbank Hotel, Many of Africa’s most significant investors attend AFSIC with the objective of meeting banks, Investment Conference 2016 London, UK insurance companies, microfinance, leasing and other regulated financial services companies from across Africa. This high level event offers African Dealmakers significant business development opportunities on the African continent. The 14th Africa Independents 24 - 26 May London, UK The event gathers together leading independents and corporate players worldwide and from across Forum 2016 Africa, both listed and unlisted, large and small, established and new entrants, and provides enhanced exposure to the wider Africa-wide upstream industry in oil, and gas, exploration and development, including in E&P technologies and financial markets, engaging equity financiers, banks, private equity and investors found on the AIM and LSE, in London, Paris and Frankfurt, as well as related service and supply industry parties and transaction advisors, with specialised Africa analysts and geoscience firms drawn from around Africa, or based in Europe, United States, Australia, Asia and elsewhere. The East Africa GRI 2016 30 - 31 May Nairobi, Kenya A senior real estate meeting focusing on the East African region stretching from Ethiopia to Zimbabwe 2016 and everything in-between. East Africa GRI will bring together real estate investors, developers and lenders with interest in East Africa from all parts of the African continent and globally for a series of closed-door discussions which enable you to interact with everyone in the room. Africa Energy Forum 2016 21 - 24 June The O2 Continental hotel, AEF has established itself as the international marketplace where governments and power utilities of 2016 London, UK Africa unite with the energy industry to focus on delivering power infrastructure projects across Africa. Over 1800 industry stakeholders are expected to attend in June 2016 including; government representatives, utilities, financial investors, power technology providers, power developers, EPC contractors and more. The 14th session of the United 17 - 22 July Nairobi, Kenya The 14th Session of the United Nations Conference on Trade and Development (UNCTAD 14) will bring Nations Conference on Trade 2016 together Heads of State and Government, ministers and other prominent players from the business and Development (UNCTAD 14) world, civil society and academia to tackle global trade and economic development issues. Super Return Africa 2016 29 Nov - 01 Dec The Westin Cape Town, South Africa’s Largest Conference For The Global Private Equity LP & GP Communities. A forum to connect 2016 Africa LPs and GPs while getting a pulse of where opportunities in the continent are and the direction of the PE industry.

BC EA REVIEW | 9 Disclaimer

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