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Stanlib Infrastructure Investments

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Stanlib Infrastructure Investments STANLIB INFRASTRUCTURE INVESTMENTS August 2021 AGENDA INTRODUCTION AND OVERVIEW STANLIB INFRASTRUCTURE TEAM STANLIB INFRASTRUCTURE FUNDS CURRENT INVESTMENTS WHY STANLIB INFRASTRUCTURE CONCLUSION APPENDIX INTRODUCTION AND OVERVIEW INTRODUCTION AND OVERVIEW • STANLIB Infrastructure Fund II (Fund II) was established in 2016 with seed assets of approximately R1bn to provide institutional investors with a platform to invest in a diversified range of South African infrastructure projects • At the beginning of 2020 STANLIB actively began a capital raise process to raise an additional R6bn through the STANLIB Infrastructure Fund of Funds (FoF). The Team’s intention was to create a significant competitive advantage through scale and diversification S T A N L I B Infrastructure • The FoF was launched in July 2020 and to date has successfully raised R6.7bn of new Fund of Funds commitments • R5.9bn of these commitments have been drawn for investments with the remaining R800m pending deal execution • Given the strength of the pipeline and the opportunities the team sees in the market we have decided to extend the capital raise beyond our original R6bn target • Our new target fund size is R10-12bn 4 INTRODUCTION AND OVERVIEW (continued) • Given budgetary constraints faced by the South African government, STANLIB Infrastructure firmly believes that private sector capital will play an increasing role in funding the upgrading and maintaining South Africa’s infrastructure base as well as have a significantly positive impact on surrounding local communities • Building on the above, STANLIB Infrastructure actively engages around environmentally S T A N L I B sustainable business practices, corporate governance and has a specific focus on social Infrastructure impact initiatives in local communities F u n d I I • This presentation provides an overview of STANLIB’s Infrastructure capability 5 INVESTING IN INFRASTRUCTURE INFRASTRUCTURE AS AN ASSET CLASS AIRPORTS TELECOMMUNICATIONS • Air & ground services • Voice (mobile & fixed line) • Commercial & parking • Data networks (FTTH, cables, towers) ROADS SOCIAL INFRASTRUCTURE • Toll roads • Healthcare • Toll bridges • Education and Government facilities RAIL WATER • Concession operators • Waste water treatment • Rolling stock • Desalination PORTS POWER • Port operations • Generation IPPs • Container terminals • Distribution RENEWABLES LOGISTICS, OIL AND GAS • Wind • Pipelines • Solar • Terminals & storage facilities 7 STANLIB INFRASTRUCTURE STANLIB ASSET MANAGEMENT BACKED BY A FORMIDABLE PARENT STRUCTURE Standard Bank 53.65% Industrial and Commercial UGANDA Bank of China 20.1% stake in Standard Bank Group since 2008 100% GHANA KENYA NIGERIA DRC ZAMBIA Other ANGOLA Shareholders MALAWI 37.34% NAMIBIA MAURITIUS BOTSWANA ZIMBABWE LESOTHO SOUTH AFRICA BEE ESWATINI Partners 9.01% Standard Bank and/or Liberty STANLIB 9 AUTONOMOUS INVESTMENT TEAM WHAT THIS MEANS FOR OUR CLIENTS 1 Independent philosophy INVESTMENT 2 Independent process T E A M ALIGNED TO Investment team determines risk C L I E N T 3 tolerance OUTCOMES Investment team accountable for 4 outcomes 10 STANLIB INFRASTRUCTURE TEAM KEY INVESTMENT WORKING AS A TEAM FOR PROFESSIONALS 1 1 Y E A R S Greg Babaya Andy Louw BCom, Bcompt (Hons), MBA BCom, DipAcc, CA(SA), Experience – 23 years CFA Experience – 18 years ANALYSTS Marisa Bester Kim Brown Muhammed Munshi Kimone Maharaj B.Acc, B.Com (Hons) BCom, CA(SA), CFA BAccSci(Hons) (with BBusSci(Hons) Experience – 16 years Experience – 7 years distinction), CA(SA), CFA Experience – 3 years years Experience – 5 years OPERATIONS Welile Masondo BCom, CA(SA) 11 Experience – 5 years KEY INVESTMENT PROFESSIONALS GREG BABAYA MANAGING PRINCIPAL BCom, Bcompt (Honours), MBA Industry experience – 23 years Greg joined STANLIB in 2012 bringing more than 18 years of experience in energy financing, project finance and infrastructure investing in Africa, North America and Latin America. He also has a proven track record in private equity investing and, in the establishment, and capital raising of Infrastructure Funds. Prior to joining STANLIB as head of Infrastructure Investments Greg spent 12 years at Standard Bank, 9 years in the Project Finance business as head of Power and Infrastructure and the last 3 years as head of Infrastructure Equity managing a captive private equity portfolio. Before joining Standard Bank he spent 5 years with ABN Amro’s Integrated Energy and Project Finance group based in Chicago. Greg has 13 years experience on various funds governing boards and investment committees including the South African Infrastructure Fund (SAIF), African Infrastructure Investment Fund (AIIF), STANLIB Infrastructure Private Equity Fund 1 and STANLIB Infrastructure Fund II. He sits on numerous boards of fund investee companies. Greg holds a Bachelor of Commerce from University of Cape of Town, a Bachelor of Commerce Honours degree from the University of South Africa, and an MBA from the Kellogg Graduate School of Business at Northwestern University (USA). A N D Y L O U W PRINCIPAL BCom, DipAcc, CA(SA), CFA Industry experience – 17 years Andy joined STANLIB in 2013 after having spent the past 13 years in mergers and acquisitions, project finance advisory and infrastructure investing in Africa. Andy has extensive deal making experience and a proven track record in infrastructure investing. He started his career at Standard Bank, where he was a mergers and acquisitions advisor on a number of transactions involving South Africa’s top 40 listed companies. He subsequently joined Macquarie, where he headed up Macquarie's Africa Infrastructure Advisory practice. After Macquarie, Andy re-joined Standard Bank and spent 3 years at Standard Bank as a Director of Infrastructure Investments. The team moved within the group to STANLIB, where they now manage assets on behalf of their clients. Andy holds a Bachelor of Commerce and Diploma in Accountancy from University of Kwa-Zulu Natal. He previously qualified as a Chartered Accountant and Chartered Financial Analyst. INVESTMENT COMMITTEE The STANLIB Infrastructure Fund Investment Committees have been established with the mandate to approve all Fund investments and divestments. The committees consists of the following members: FUND II COMMITTEE ZODWA MBELE TLHABELI RALEBITSO MARK LOVETT FRED TEELING - SMITH JOHAN MARNEWICK Independent investment professional Independent investment professional STANLIB Head of investments STANLIB Equity analyst STANLIB Head of credit alternatives FUND OF FUNDS COMMITTEE HENRY MUNZARA CHRIS LISTER - JAMES PETER VAN DER ROSS ARNOLD GAIN STANLIB Deputy Head of Investments Independent Investment Professional STANLIB Portfolio Manager: Absolute Returns Independent Investment Professional INVESTMENT PROCESS Financial structuring, Investment analysis, corporate governance due diligence and and commercial development negotiation Investment recommendation and approval New investment opportunities Deal documentation preparation and execution, conditions precedent Investment management L i f e C y c l e Exit strategy execution Performance monitoring and input to commercial management and corporate governance Continual Ongoing financial assessment of upside management and potential optimisation 14 STANLIB INFRASTRUCTURE: INTERGRATING ESG FACTORS INTO THE INVESTMENT PROCESS Responsible exits, e.g. job security for DUE DILIGENCE INVESTMENT DECISION INVESTMENT AGREEMENT OWNERSHIP employees EXIT SCREENING ENGAGEMENT • ESG objectives shared • ESG considerations • Due diligence with the portfolio • Collaborate with portfolio company included in investment questionnaire to screen for company to set up an ESG programme high-level ESG risks committee discussions • Formal commitment • Leverage portfolio company board • ESG findings from due • Exclusions and restricted sought from portfolio to implement ESG initiatives diligence included in lists for high-level checks company by • Leverage ESG expertise and investment paper incorporating ESG issues experience across the portfolio • ESG considerations built in project agreements • Conduct periodic site visits DETAILED DUE into valuations and DILIGENCE financial models • Detailed due diligence MONITORING questionnaire to identify and address ESG risks • Ensure ESG considerations are on the portfolio company’s board agenda • Monitor ESG developments in internal portfolio management meetings REPORTING TO LPs • Annual ESG report 15 WHY STANLIB INFRASTRUCTURE WHY STANLIB INFRASTRUCTURE • Experienced team with deep complementary industry, technical and geographic investment experience T R A C K and a proven track record across the capital structure RECORD AND TRUSTED TEAM • Longstanding industry relationships with key decision makers across all stages of the process which provide unique sourcing, due diligence and post investment management • Top quartile track record – SIPEF 1 has delivered 2.4 times money back and an IRR of greater than 25% after fees and carry • Backed by STANLIB, Liberty and the Standard Bank Group • Strong corporate governance culture DIVERSIFICATION • Fund managers representing investors in the South African infrastructure asset class are primarily THROUGH SCALE focused on new build investment opportunities due to management fees and carried interest opportunities • This has resulted in a significant number of investment platforms, few of which have managed to achieve meaningful scale or diversification across infrastructure asset classes • These platforms require asset exits within specific time frames,
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