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Information Memorandum For INFORMATION MEMORANDUM FOR MAKERERE UNIVERSITY HOLDINGS (MAK HOLDINGS) Based on the Property Development Projects At Makerere, Kololo, Makindye, Bwaise, Kubiri and Katalemwa 2 DISCLAIMER dŚŝƐ /ŶĨŽƌŵĂƟŽŶ DĞŵŽƌĂŶĚƵŵ ;/DͿ ŚĂƐ ďĞĞŶ ƉƌĞƉĂƌĞĚ ďLJ E^ĨƌŝĐĂ ŽŶ ďĞŚĂůĨ ŽĨ DĂŬĞƌĞƌĞ hŶŝǀĞƌƐŝƚLJ ,ŽůĚŝŶŐƐ ;DĂŬ,ŽůĚŝŶŐƐͿǁŚŽĂƌĞƚŚĞŽŶƚƌĂĐƟŶŐƵƚŚŽƌŝƚLJĨŽƌƚŚĞ WƌŽũĞĐƚ͘dŚĞĚŽĐƵŵĞŶƚŝƐŝŶƚĞŶĚĞĚŽŶůLJƚŽĨŽƌŵƚŚĞďĂƐŝƐ ĨŽƌĚŝƐĐƵƐƐŝŽŶƐŽŶƚŚĞWƌŽũĞĐƚǁŝƚŚƉƌŽƐƉĞĐƟǀĞƉĂƌƟĐŝƉĂŶƚƐͬ ƉĂƌƚŶĞƌƐ͘ ĐĐŽƌĚŝŶŐůLJ͕ ƚŚŝƐ /D ĚŽĞƐ ŶŽƚ ƉƵƌƉŽƌƚ ƚŽ ďĞ ĂůůͲŝŶĐůƵƐŝǀĞ ŶŽƌ ƚŽ ĐŽŶƚĂŝŶ Ăůů ŽĨ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ƚŚĂƚ Ă ƉƌŽƐƉĞĐƟǀĞƉĂƌƟĐŝƉĂŶƚŵĂLJĐŽŶƐŝĚĞƌŵĂƚĞƌŝĂůŽƌĚĞƐŝƌĂďůĞ ŝŶŵĂŬŝŶŐŝƚƐĚĞĐŝƐŝŽŶƚŽƉĂƌƟĐŝƉĂƚĞŝŶĂŶLJĨƵƚƵƌĞƚĞŶĚĞƌĨŽƌ ƚŚĞWƌŽũĞĐƚ͘ dŚŝƐĚŽĐƵŵĞŶƚŝƐĂŶŝŶĨŽƌŵĂƟŽŶĚŽĐƵŵĞŶƚǁŚŝĐŚŵĂLJďĞ ƵƉĚĂƚĞĚ͘/ŶĨƵƌŶŝƐŚŝŶŐƚŚŝƐ/D͕DĂŬ,ŽůĚŝŶŐƐŽƌĂŶLJŽĨŝƚƐ ĂŐĞŶĐŝĞƐƵŶĚĞƌƚĂŬĞŶŽŽďůŝŐĂƟŽŶƚŽƉƌŽǀŝĚĞƌĞĐŝƉŝĞŶƚƐǁŝƚŚ ĂĐĐĞƐƐ ƚŽ ĂŶLJ ĂĚĚŝƟŽŶĂů ŝŶĨŽƌŵĂƟŽŶ͕ Žƌ ƚŽ ƵƉĚĂƚĞ͕ Žƌ ƚŽ ĐŽƌƌĞĐƚĂŶLJŝŶĂĐĐƵƌĂĐŝĞƐǁŚŝĐŚŵĂLJďĞĐŽŵĞĂƉƉĂƌĞŶƚŝŶƚŚŝƐ /DŽƌĂŶLJŽƚŚĞƌŝŶĨŽƌŵĂƟŽŶŵĂĚĞĂǀĂŝůĂďůĞŝŶĐŽŶŶĞĐƟŽŶ ǁŝƚŚ ƚŚĞ WƌŽũĞĐƚ ƉƌŝŽƌ ƚŽ ƚŚĞ ĂĐƚƵĂů ƚĞŶĚĞƌ͘ ĚĚŝƟŽŶĂů ŝŶĨŽƌŵĂƟŽŶƐŚĂůůďĞƉƌŽǀŝĚĞĚĂƚĂƉƉƌŽƉƌŝĂƚĞƟŵĞƐĚƵƌŝŶŐ ƚŚĞĨŽƌŵĂůƚĞŶĚĞƌƉƌŽĐĞƐƐ͘ EŽ ƉĞƌƐŽŶ ŚĂƐ ďĞĞŶ ĂƵƚŚŽƌŝƐĞĚ ƚŽ ŐŝǀĞ ĂŶLJ ŝŶĨŽƌŵĂƟŽŶ ŽƌŵĂŬĞĂŶLJƌĞƉƌĞƐĞŶƚĂƟŽŶŶŽƚĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐ/DĂŶĚ͕ ŝĨ ŐŝǀĞŶ Žƌ ŵĂĚĞ͕ ĂŶLJ ƐƵĐŚ ŝŶĨŽƌŵĂƟŽŶ Žƌ ƌĞƉƌĞƐĞŶƚĂƟŽŶ ŵĂLJŶŽƚďĞƌĞůŝĞĚƵƉŽŶĂƐŚĂǀŝŶŐďĞĞŶĂƵƚŚŽƌŝƐĞĚďLJDĂŬ ,ŽůĚŝŶŐƐŽƌĂŶLJŽĨŝƚƐĂŐĞŶĐŝĞƐ͘ dŚŝƐŵĞŵŽƌĂŶĚƵŵĚŽĞƐŶŽƚĐŽŶƐƟƚƵƚĞĂƐŽůŝĐŝƚĂƟŽŶŽĨďŝĚƐ ĨŽƌĂŶLJĂƐƉĞĐƚŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƌĞĂůĞƐƚĂƚĞƉƌŽũĞĐƚƐ ĂƚDĂŬĞƌĞƌĞ͕<ŽůŽůŽĂŶĚDĂŬŝŶĚLJĞ͘^ŽůŝĐŝƚĂƟŽŶƐŽĨďŝĚƐĂŶĚ ďŝĚĚŝŶŐŐƵŝĚĞůŝŶĞƐǁŝůůďĞĚŝƐƚƌŝďƵƚĞĚĂƚĂůĂƚĞƌĚĂƚĞ͘ 3 INFORMATION MEMORANDUM Mak Holdings Real Estate Development Projects FOREWORD ǁŝƐŚ ƚŽ ŝŶĐƵƌ ĐĂƉŝƚĂů ŝŶǀĞƐƚŵĞŶƚ ĐŽŵŵŝƚŵĞŶƚƐ Žƌ ŽƚŚĞƌ DĂŬĞƌĞƌĞhŶŝǀĞƌƐŝƚLJǁŝƐŚĞƐƚŽŝŵƉƌŽǀĞŝƚƐĮŶĂŶĐŝĂůƉŽƐŝƟŽŶ ĮŶĂŶĐŝĂůĐŽŵŵŝƚŵĞŶƚƐ;ĐƵƌƌĞŶƚĂŶĚͬŽƌĨƵƚƵƌĞͿŝŶƌĞůĂƟŽŶ ĂŶĚƚŚĞŶĂƚƵƌĞĂŶĚĞdžƚĞŶƚŽĨƚŚĞƐĞƌǀŝĐĞƐŽīĞƌĞĚďLJŝƚƚŽŝƚƐ ƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚƉƌŽĐƵƌĞŵĞŶƚŽĨĂŶLJWƌŽũĞĐƚ͖ƚŚĞ ƐƚƵĚĞŶƚƐĂŶĚƉĞƌƐŽŶŶĞů͕ƚŚƌŽƵŐŚ͗ DĂŬĞƌĞƌĞ hŶŝǀĞƌƐŝƚLJ ;ĂŶĚ ďLJ ĞdžƚĞŶƐŝŽŶ DĂŬ ,ŽůĚŝŶŐƐͿ ;ĂͿdŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ĂĚĚŝƟŽŶĂů ĨĂĐŝůŝƟĞƐ ĨŽƌ ƚŚĞ ǁŝƐŚĞƐƚŽůĞǀĞƌĂŐĞƚŚĞǀĂůƵĞŽĨĞĂĐŚWƌŽũĞĐƚ^ŝƚĞ͘ hŶŝǀĞƌƐŝƚLJ͕ĂŶĚ ;ďͿdŚĞĐŽŵŵĞƌĐŝĂůŝƐĂƟŽŶŽĨůĂŶĚƚŚƌŽƵŐŚĐŽŵŵĞƌĐŝĂů dŽ ĚĂƚĞ Ă ĨĞĂƐŝďŝůŝƚLJ ƐƚƵĚLJ ĨŽƌ ƚŚĞ WƌŽũĞĐƚ ŚĂƐ ďĞĞŶ ƉƌŽƉĞƌƚLJĚĞǀĞůŽƉŵĞŶƚ͕ŝŶĞĂĐŚĐĂƐĞƵƉŽŶƵŶĚĞƌƵƟůŝƐĞĚ ƵŶĚĞƌƚĂŬĞŶ ĂŶĚ ĚĂƚĂ ĐŽůůĞĐƚĞĚ ƚŽ ŝŶĨŽƌŵ ĂŶLJ ĨƵƚƵƌĞ ĂŶĚͬŽƌ ƵŶŽĐĐƵƉŝĞĚ ůĂŶĚ ǁŚŝĐŚ ŝƐ ŽǁŶĞĚ ďLJ ƚŚĞ ƉŽƚĞŶƟĂůƚƌĂŶƐĂĐƟŽŶ͘ DĂŬĞƌĞƌĞhŶŝǀĞƌƐŝƚLJ͘ dŚĞĞdžƉĞĐƚĂƟŽŶŝƐƚŚĂƚĂŶLJƉĂƌƟĐŝƉĂƟŽŶďLJƉƌŝǀĂƚĞƐĞĐƚŽƌ /Ŷ ďŽƚŚ ŝŶƐƚĂŶĐĞƐ ƚŚĞ ƉƌŽƉĞƌƚLJ ĚĞǀĞůŽƉŵĞŶƚ ŝƐ ƚŽ ďĞ ŝŶ ƚŚĞ ƉƌŽũĞĐƚƐ ŽƵƚůŝŶĞĚ ĂďŽǀĞ ƐŚĂůů ƚĂŬĞ ƚŚĞ ĨŽƌŵ ŽĨ Ă ƵŶĚĞƌƚĂŬĞŶ ďLJ ŵĞĂŶƐ ŽĨ ƉƌŝǀĂƚĞ ƐĞĐƚŽƌ ƉĂƌƟĐŝƉĂƟŽŶ ĞǀĞůŽƉŵĞŶƚ >ĞĂƐĞ ʹ ƚŚĞ ůĞƫŶŐ ŽĨ ƚŚĞ ƌĞůĞǀĂŶƚ WƌŽũĞĐƚ ĂŶĚŝŶǀĞƐƚŵĞŶƚĂŶĚDĂŬ,ŽůĚŝŶŐƐ ŝƐĚƵůLJŵĂŶĚĂƚĞĚĂŶĚ ^ŝƚĞ ďLJ DĂŬ ,ŽůĚŝŶŐƐ ƚŽ Ă WƌŝǀĂƚĞ ^ĞĐƚŽƌ WĂƌƚLJ ǁŚŽ ǁŝůů ĂƵƚŚŽƌŝƐĞĚ ƚŽ ĞǀĂůƵĂƚĞ͕ ƉƌŽĐƵƌĞ͕ ŝŵƉůĞŵĞŶƚ ĂŶĚ ŽǀĞƌƐĞĞ ĐŽŶĐůƵĚĞĂůŽŶŐƚĞƌŵĐŽŵŵĞƌĐŝĂůůĞĂƐĞǁŝƚŚDĂŬ,ŽůĚŝŶŐƐ͕ ƚŚĞWƌŽũĞĐƚƐ͘dŚĞWƌŽũĞĐƚƐ͕ƐŚĂůůĐŽŵƉƌŝƐĞ͗ ĂƐĂƉƉůŝĐĂďůĞ͕ǁŝƚŚĂǀŝĞǁƚŽƵŶĚĞƌƚĂŬŝŶŐƚŚĞĚĞǀĞůŽƉŵĞŶƚ ;ĚĞƐŝŐŶŝŶŐ͕ ĮŶĂŶĐŝŶŐ͕ ƉƌŽĐƵƌĞŵĞŶƚ͕ ĐŽŶƐƚƌƵĐƟŽŶ͕ • Project 1:ŽŶĨĞƌĞŶĐĞĞŶƚƌĞĂŶĚ'ƵĞƐƚ ŽƉĞƌĂƟŽŶĂŶĚŵĂŝŶƚĞŶĂŶĐĞͿŽĨƚŚĞƌĞůĞǀĂŶƚWƌŽũĞĐƚĨŽƌŝƚƐ ĐĐŽŵŵŽĚĂƟŽŶĂƚƚŚĞĐƵƌƌĞŶƚDĂŬĞƌĞƌĞ ŽǁŶĂĐĐŽƵŶƚ͘ hŶŝǀĞƌƐŝƚLJ'ƵĞƐƚ,ŽƵƐĞ • Project 2:ϱ^ƚĂƌ>ƵdžƵƌLJ,ŽƚĞů͕ŽŵŵĞƌĐŝĂůĞŶƚƌĞ tĞĂƌĞĚĞƐŝƌŽƵƐƚŽƐĞĞWƌŽũĞĐƚƐƚŚĂƚĂƌĞƌĞƐƉŽŶƐŝǀĞƚŽƚŚĞ ĂŶĚhƉŵĂƌŬĞƚƉĂƌƚŵĞŶƚƐʹ<ŽůŽůŽ ŶĞĞĚƐŽĨDĂŬ,ŽůĚŝŶŐƐͬDĂŬĞƌĞƌĞhŶŝǀĞƌƐŝƚLJĂŶĚŵĞĞƚƚŚĞ • Project 3:>ƵdžƵƌLJ,ŽƚĞůĂŶĚhƉŵĂƌŬĞƚƉĂƌƚŵĞŶƚƐ ŽďũĞĐƟǀĞƐƐĞƚŽƵƚĨŽƌƚŚĞWƌŽũĞĐƚĂĐƌŽƐƐƚŚĞĚŝīĞƌĞŶƚƐŝƚĞƐ͘ ʹDĂŬŝŶĚLJĞ &ŽƌƚŚŝƐƚŽŚĂƉƉĞŶ͕ǁĞŶĞĞĚĂƉĂƌƚŶĞƌǁŝƚŚĂǀŝƐŝŽŶ͕ĂůŽŶŐͲ • Project 4:^ƚƵĚĞŶƚĐĐŽŵŵŽĚĂƟŽŶĂƚDĂŬĞƌĞƌĞ ƚĞƌŵŽƵƚůŽŽŬ͕ƚŚĞďĞƐƚƚĞĂŵƚŽĚĞůŝǀĞƌŽŶƚŚĞWƌŽũĞĐƚǁŝƚŚ hŶŝǀĞƌƐŝƚLJDĂŝŶĂŵƉƵƐ ƚŚĞĮŶĂŶĐŝĂůĐĂƉĂĐŝƚLJĂŶĚĞdžƉĞƌŝĞŶĐĞ͘ • Project 5:^ƚƵĚĞŶƚĞŶƚƌĞĂƚDĂŬĞƌĞƌĞhŶŝǀĞƌƐŝƚLJ DĂŝŶĂŵƉƵƐ tĞǁĂŶƚƚŽĞŶĐŽƵƌĂŐĞĐƌĞĂƟǀŝƚLJĂŶĚĂŵďŝƟŽŶŝŶĚĞǀĞůŽƉŝŶŐ • Project 6:hŶŝǀĞƌƐŝƚLJdĞĂĐŚŝŶŐ,ŽƐƉŝƚĂů ƚŚĞ WƌŽũĞĐƚ͕ ĂŶĚ ĂƌĞ ůŽŽŬŝŶŐ ƚŽ ďŝĚĚĞƌƐ ƚŽ ďƌŝŶŐ ĨŽƌǁĂƌĚ ŝŶŶŽǀĂƟǀĞƉůĂŶƐĨŽƌĮŶĂŶĐŝŶŐĂŶĚŝŵƉůĞŵĞŶƟŶŐƚŚĞWƌŽũĞĐƚ͕ DĂŬĞƌĞƌĞhŶŝǀĞƌƐŝƚLJ;ĂŶĚďLJĞdžƚĞŶƐŝŽŶDĂŬ,ŽůĚŝŶŐƐͿůĂĐŬƐ ŝŶĐůƵĚŝŶŐŝŶǀĞƐƚŵĞŶƚŽĨƚŚĞŝƌŽǁŶŽƌŝŶĐŽůůĂďŽƌĂƟŽŶǁŝƚŚ ŽƌĚŽĞƐŶŽƚǁŝƐŚƚŽĐŽŵŵŝƚŝƚƐŽǁŶĮŶĂŶĐŝĂůƌĞƐŽƵƌĐĞƐƚŽ ŽƚŚĞƌƐ͕ƚŽŵĂdžŝŵŝnjĞƚŚĞWƌŽũĞĐƚďĞŶĞĮƚƐ͘ ƵŶĚĞƌƚĂŬĞƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨĞĂĐŚWƌŽũĞĐƚĂŶĚĚŽĞƐŶŽƚ 4 tĞǁŽƵůĚĞdžƉĞĐƚĞīĞĐƟǀĞƌŝƐŬĐŽŶƚƌŽůƚŚƌŽƵŐŚƚŚĞƉƌŽũĞĐƚ ĚĞǀĞůŽƉŵĞŶƚƉƌŽĐĞƐƐ͕ĚĞƐŝŐŶ͕ĐŽŶƐƚƌƵĐƟŽŶŵĞƚŚŽĚ͕ĂŶĚ ĐĂƉŝƚĂůĂŶĚŽƉĞƌĂƟŽŶƐĐŽƐƚƐĂƐƐĞƐƐĞĚŽǀĞƌƚŚĞŝŶǀĞƐƚŵĞŶƚ ǁŚŽůĞůŝĨĞ͘ ƐǁĞĂǁĂŝƚĂĨŽƌŵĂůůĂƵŶĐŚŽĨƚŚĞƉƌŽĐƵƌĞŵĞŶƚƉƌŽĐĞƐƐ͕ /ůŽŽŬĨŽƌǁĂƌĚƚŽƚŚĞĐŽŵŵĞŶƚƐƌĞĐĞŝǀĞĚƚŚĂƚǁŝůůĂƐƐŝƐƚ DĂŬ,ŽůĚŝŶŐƐƌĞĮŶĞŝƚƐƉůĂŶƐŝŶŽƌĚĞƌƚŽŐĂŝŶŵĂdžŝŵƵŵ ǀĂůƵĞĨƌŽŵƚŚĞƉƌŽũĞĐƚƐ͘ Dr. Charles Mbire ŽĂƌĚŚĂŝƌŵĂŶ͕DĂŬ,ŽůĚŝŶŐƐ Right: Dr. Charles Mbire. 5 INFORMATION MEMORANDUM Mak Holdings Real Estate Development Projects MAKERERE UNIVERSITY HOLDING COMPANY BOARD OF DIRECTORS 2014 Mr. Charles Mbire is a Dr. William Bazeyo is an ďƵƐŝŶĞƐƐŵĂŶ͕ ĞŶƚƌĞƉƌĞŶĞƵƌ ƐƐŽĐŝĂƚĞ WƌŽĨĞƐƐŽƌ ĂŶĚ ĂŶĚ ŝŶĚƵƐƚƌŝĂůŝƐƚ ŝŶ hŐĂŶĚĂ͘ ƚŚĞ ĞĂŶ ŽĨ ƚŚĞ DĂŬĞƌĞƌĞ ,Ğ ƐƚƵĚŝĞĚ ďƵƐŝŶĞƐƐ ĂŶĚ hŶŝǀĞƌƐŝƚLJ ^ĐŚŽŽů ŽĨ WƵďůŝĐ ĞĐŽŶŽŵŝĐƐĂŶĚŐƌĂĚƵĂƚĞĚǁŝƚŚ ,ĞĂůƚŚŝƐĂŶƐƐŽĐŝĂƚĞWƌŽĨĞƐƐŽƌ ,ŽŶŽƌƐ ĨƌŽŵ ƐƐĞdž hŶŝǀĞƌƐŝƚLJ ŽĨ KĐĐƵƉĂƟŽŶĂů DĞĚŝĐŝŶĞ͘ ŝŶ ŶŐůĂŶĚ͘ ,Ğ ǁĞŶƚ ŽŶ ƚŽ ,Ğ ŝƐ Ă DĞĚŝĐĂů ŽĐƚŽƌ ĨƌŽŵ ŽďƚĂŝŶ Ă DĂƐƚĞƌ ŽĨ ƵƐŝŶĞƐƐ DĂŬĞƌĞƌĞ hŶŝǀĞƌƐŝƚLJ ĂŶĚ ĂŶ ĚŵŝŶŝƐƚƌĂƟŽŶ ;DͿ ĨƌŽŵ D͘DĞĚŝŶKĐĐƵƉĂƟŽŶĂů,ĞĂůƚŚ >ĞŝĐĞƐƚĞƌ hŶŝǀĞƌƐŝƚLJ͕ ĂůƐŽ ŝŶ ƚŚĞ hŶŝƚĞĚ <ŝŶŐĚŽŵ͘ ,ŝƐ ŐƌĂĚƵĂƚĞ ĨƌŽŵ hŶŝǀĞƌƐŝƚLJ ŽĨ ŝŶǀĞƐƚŵĞŶƚƐ ƌĂŶŐĞ ĨƌŽŵ ƚĞůĞĐŽŵŵƵŶŝĐĂƟŽŶƐ͕ ĮŶĂŶĐĞ͕ ^ŝŶŐĂƉŽƌĞ ŝŶ ^ŝŶŐĂƉŽƌĞ͘ ,Ğ ŚĂƐ ŽǀĞƌ ϮϬ LJĞĂƌƐ ƚĞĂĐŚŝŶŐ ĞŶĞƌŐLJ͕ ƌĞĂů ĞƐƚĂƚĞ͕ ƉŚĂƌŵĂĐĞƵƟĐĂůƐ͕ ĂŐƌŝďƵƐŝŶĞƐƐ ĂŶĚ ĞdžƉĞƌŝĞŶĐĞ ŝŶ DĂŬĞƌĞƌĞ hŶŝǀĞƌƐŝƚLJ͘ ,Ğ ǁĂƐ ƚŚĞ ĂŵŽŶŐ ƚƌĂŶƐƉŽƌƚĂƟŽŶ͘KŶĞŽĨhŐĂŶĚĂ͛ƐŵŽƐƚƌĞǀĞƌĞĚďŽĂƌĚƌŽŽŵ ƚŚĞŬĞLJƉŝůůĂƌƐŽĨdŚĞ,>d,ůůŝĂŶĐĞ;,ŝŐŚĞƌĚƵĐĂƟŽŶ ŐƵƌƵƐĂŶĚŝŶǀĞƐƚŽƌƐ͕DďŝƌĞŝƐŽŶĞŽĨƚŚĞůĂƌŐĞƐƚŝŶĚŝǀŝĚƵĂů ůůŝĂŶĐĞ ĨŽƌ >ĞĂĚĞƌƐŚŝƉ dƌĂŝŶŝŶŐ ĨŽƌ ,ĞĂůƚŚͿ ǁŚŝĐŚ ǁĂƐ ƐŚĂƌĞŚŽůĚĞƌƐŝŶŵŽďŝůĞƉŚŽŶĞŶĞƚǁŽƌŬŐŝĂŶƚDdEhŐĂŶĚĂ͛Ɛ ĨŽƌŵĞĚ ŝŶ ϮϬϬϱ ǁŝƚŚ ĨƵŶĚŝŶŐ ĨƌŽŵ h^/ ƚŚĂƚ ďƌŽƵŐŚƚ ŽƉĞƌĂƟŽŶƐ͘,ŝƐŽŵŝ,ŽůĚŝŶŐŽŵƉĂŶLJŽǁŶƐĂϭϱйƐƚĂŬĞ ƚŽŐĞƚŚĞƌϳƐĐŚŽŽůƐŽĨWƵďůŝĐ,ĞĂůƚŚŝŶ^ŝdžŽƵŶƚƌŝĞƐ͘,Ğ ŝŶƚŚĞZŝŌsĂůůĞLJZĂŝůǁĂLJƐ͘,ĞĂůƐŽŽǁŶƐƐƚĂŬĞƐŝŶĂŶĚƐŝƚƐ ŝƐ ƚŚĞ WƌŝŶĐŝƉĂů /ŶǀĞƐƟŐĂƚŽƌ ŽĨ ǀĂƌŝŽƵƐ ƉƌŽũĞĐƚƐ ƐƵĐŚ ĂƐ͕ ŽŶ ƚŚĞ ďŽĂƌĚƐ ŽĨ ĐŽďĂŶŬ hŐĂŶĚĂ͕ ƐŬŽŵhŐĂŶĚĂ ĂŶĚ ^ƚƌĞŶŐƚŚĞŶŝŶŐĂŶĚdžƉĂŶƐŝŽŶŽĨKŶĞ,ĞĂůƚŚĞŶƚƌĂůĂŶĚ /ŶǀĞƐĐŽhŐĂŶĚĂ>ŝŵŝƚĞĚ͘,ĞŝƐĂDĞŵďĞƌŽĨdŚĞhŐĂŶĚĂ ĂƐƚĞƌŶĨƌŝĐĂEĞƚtŽƌŬĨƵŶĚĞĚďLJh^/͕DŽŶŝƚŽƌŝŶŐĂŶĚ WƌĞƐŝĚĞŶƟĂů/ŶǀĞƐƚŵĞŶƚZŽƵŶĚdĂďůĞ͘,ĞƐƚĂŶĚƐŽƵƚĂƐĂ ǀĂůƵĂƟŽŶdĞĐŚŶŝĐĂůƐƐŝƐƚĂŶĐĞĂWƌŽŐƌĂŵƚŚĂƚŽīĞƌƐ ĚŝƐƟŶŐƵŝƐŚĞĚďƵƐŝŶĞƐƐƉĞƌƐŽŶĂůŝƚLJĂŶĚĨŽƌǁŚŝĐŚŚĞŚĂƐ D Θ ƐƵƉƉŽƌƚ ƚŽ ƐƵƉƉŽƌƚĞĚ ŝŶƐƟƚƵƟŽŶƐ ĂŶĚ ĂůƐŽ ǁŽŶƐĞǀĞƌĂůĂĐĐŽůĂĚĞƐ͘,ĞŝƐĂŶĐŽŶŽŵŝƐƚĂŶĚƵƐŝŶĞƐƐ ƚŚĞŝƌĞĐƚŽƌŽĨƚŚĞĞŶƚƌĞĨŽƌdŽďĂĐĐŽŽŶƚƌŽůŝŶĨƌŝĐĂ džĞĐƵƟǀĞ͘ ĨƵŶĚĞĚ ďLJ ŝůů ĂŶĚ DĞůŝŶĚĂ 'ĂƚĞƐ &ŽƵŶĚĂƟŽŶ ƚŚƌŽƵŐŚ t,K ĂŝŵŝŶŐ Ăƚ ƌĞĚƵĐŝŶŐ ƚŚĞ ĐŽŶƐƵŵƉƟŽŶ ŽĨ ƚŽďĂĐĐŽ ďLJ ƐƵƉƉŽƌƟŶŐ ŐŽǀĞƌŶŵĞŶƚƐ ŝŶ ŝŵƉůĞŵĞŶƟŶŐ ĞǀŝĚĞŶĐĞͲ ďĂƐĞĚƚŽďĂĐĐŽĐŽŶƚƌŽůƐƚƌĂƚĞŐŝĞƐŝŶĨƌŝĐĂ͘,ĞŝƐĂůƐŽƚŚĞ >Ăď ŝƌĞĐƚŽƌͬŚŝĞĨ ŽĨ ƉĂƌƚLJ ĨŽƌ h^/ ,ŝŐŚĞƌ ĚƵĐĂƟŽŶ EĞƚǁŽƌŬͲZĞƐŝůŝĞŶƚĨƌŝĐĂ>ĂďǁŚŝĐŚŝƐĂĐŽŶƐŽƌƟƵŵŽĨϮϬ ĨƌŝĐĂŶhŶŝǀĞƌƐŝƟĞƐůĞĚďLJDĂŬĞƌĞƌĞhŶŝǀĞƌƐŝƚLJ^ĐŚŽŽůŽĨ WƵďůŝĐ ,ĞĂůƚŚ ƚŽŐĞƚŚĞƌ ǁŝƚŚ ^ƚĂŶĨŽƌĚ hŶŝǀĞƌƐŝƚLJ͕ dƵůĂŶĞ 6 hŶŝǀĞƌƐŝƚLJ ĂŶĚ ĞŶƚĞƌ ĨŽƌ ^ƚƌĂƚĞŐŝĐ ĂŶĚ /ŶƚĞƌŶĂƟŽŶĂů ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƌĂŶŐĞ ŽĨ ďƵƐŝŶĞƐƐ ƐƵƉƉŽƌƚ ƐĞƌǀŝĐĞƐ ĨŽƌ ^ƚƵĚŝĞƐ;^/^ͿǁŚŝĐŚƉƌŽǀŝĚĞƐŝŶƐŝŐŚƚŝŶŚŽǁƉƌŽŐƌĂŵŵŝŶŐ ^DƐƵƐŝŶŐĂŚĂŶĚƐͲŽŶĂƉƉƌŽĂĐŚ͘ ĂīĞĐƚƐƚŚĞƌĞƐŝůŝĞŶĐĞŽĨƉŽƉƵůĂƟŽŶƐ͘,ĞŝƐĂůƐŽƚŚĞƵƌƌĞŶƚ ŚĂŝƌŽĨƚŚĞKŶĞ,ĞĂůƚŚĞŶƚƌĂůĂŶĚĂƐƚĨƌŝĐĂůůŝĂŶĐĞ Ms. Ruth Biyinzika Musoke h^/ŝŶƚŚĞWdƉƌŽŐƌĂŵƚŚƌŽƵŐŚZ^WKE͘ǁďĂnjĞLJŽΛ ŝƐ ƚŚĞ ŝƌĞĐƚŽƌ͕ DĞŵďĞƌ ŵƵƐƉŚ͘ĂĐ͘ƵŐ͖ǁďĂnjĞLJŽΛŐŵĂŝů͘ĐŽŵ ^ĞƌǀŝĐĞƐ Ăƚ ƚŚĞ WƌŝǀĂƚĞ ^ĞĐƚŽƌ &ŽƵŶĚĂƟŽŶ hŐĂŶĚĂ͘ ZƵƚŚ Mr. Charles Ocici:Ͳ džĞĐƵƟǀĞ ŝLJŝŶnjŝŬĂ DƵƐŽŬĞ ƌĞŶŽǁŶĞĚ ŝƌĞĐƚŽƌ ŽĨ ŶƚĞƌƉƌŝƐĞ hŐĂŶĚĂ tŽŵĂŶ ŶƚƌĞƉƌĞŶĞƵƌ͕ Ă &ŽƵŶĚĂƟŽŶ >ƚĚ ƐŝŶĐĞ ŝƚƐ ƵƐŝŶĞƐƐ ŽĂĐŚ͕ DŽƟǀĂƟŽŶĂů ŝŶĐĞƉƟŽŶ ƚĞŶ LJĞĂƌƐ ĂŐŽ ŚĂƐ ^ƉĞĂŬĞƌ ĂŶĚ ƚŚĞ ŝƌĞĐƚŽƌ ŽĨ ǁŝĚĞ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ďƵƐŝŶĞƐƐ DĞŵďĞƌƐŚŝƉ Ăƚ W^&h͘ ^ŚĞ ŝƐ ĚĞǀĞůŽƉŵĞŶƚĂŶĚŵĂŶĂŐĞŵĞŶƚ ƉĂƐƐŝŽŶĂƚĞĂďŽƵƚŚĞůƉŝŶŐƉĞŽƉůĞƚŽďƵŝůĚƚŚĞŝƌĮŶĂŶĐŝĂů ĂƐ ǁĞůů ĂƐ ŝŶǀĞƐƚŵĞŶƚ ĂŶĂůLJƐŝƐ ďĂƐĞ͕ƐĂǀĞĂŶĚŝŶǀĞƐƚǁŝƐĞůLJ͘ƐƉĂƌƚŽĨŚĞƌŝŶƐƉŝƌĂƟŽŶ͕ ǁŝƚŚ ĨƵŶĚƌĂŝƐŝŶŐ ƐŬŝůůƐ͘ ƐŚĞŚĂƐƚŚŝƐƚŽƐĂLJ͕͞ǁŽŵĂŶŝƐĞŵƉŽǁĞƌĞĚǁŚĞŶƐŚĞ ŶƚĞƌƉƌŝƐĞ hŐĂŶĚĂ &ŽƵŶĚĂƟŽŶ ŚĂƐƐŽĐŝĂůĂŶĚĞĐŽŶŽŵŝĐƐĞĐƵƌŝƚLJ͘dŚŝƐŝƐǁŚĞŶƐŚĞŝƐĂďůĞ >ŝŵŝƚĞĚŝƐƉƵďůŝĐͲƉƌŝǀĂƚĞŝŶƐƟƚƵƟŽŶĚĞƐŝŐŶĞĚƚŽƐƵƉƉŽƌƚ ƚŽĐŽŶƚƌŝďƵƚĞƚŚĞƐĂŵĞĂŵŽƵŶƚŽĨĮŶĂŶĐĞƐŝŶĂŚŽŵĞĂƐĂ ƚŚĞ ŐŽǀĞƌŶŵĞŶƚ ŝŶ ƌĞĂůŝnjŝŶŐ ŝƚƐ ŽďũĞĐƟǀĞ ŽĨ ƉƌŽŵŽƟŶŐ ŵĂŶ͘^ŚĞƐŚŽƵůĚďĞĂďůĞƚŽďĞŶĞĮƚƚŚĞŚŽŵĞŵŽƌĂůůLJĂŶĚ ƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨ^ŵĂůůĂŶĚDĞĚŝƵŵ^ĐĂůĞŶƚĞƌƉƌŝƐĞƐ ƐŽĐŝĂůůLJ͘ŶĞŵƉŽǁĞƌĞĚǁŽŵĂŶƐŚŽƵůĚďĞĂŐŽŽĚůĞĂĚĞƌ ;^DƐͿ ƚŽ ďĞĐŽŵĞ ƚŚĞ ŵĂŝŶ ǀĞŚŝĐůĞ ĨŽƌ ĞdžƉĂŶĚŝŶŐ ŝŶ ƐŽĐŝĞƚLJ͘ KŶĞ ǁŚŽ ůĞĂĚƐ ďLJ ĞdžĂŵƉůĞ ĂŶĚ ĞŵƉŽǁĞƌƐ ƉƌŽĚƵĐƟŽŶ͕ ƉƌŽǀŝĚŝŶŐ ƐƵƐƚĂŝŶĂďůĞ ũŽďƐ ĂŶĚ ĞŶŚĂŶĐŝŶŐ ŽƚŚĞƌǁŽŵĞŶƚŚĂƚƐŚĞůĞĂĚƐƚŽƐŚŽǁĐĂƐĞƚŚĞŝƌĂďŝůŝƟĞƐ ĞĐŽŶŽŵŝĐ ŐƌŽǁƚŚ͘ ŶƚĞƌƉƌŝƐĞ hŐĂŶĚĂ ƉƌŽǀŝĚĞƐ ƐƵƉƉŽƌƚ ĂŶĚƚĂůĞŶƚƐƌďŵƵƐŽŬĞΛƉƐĨƵŐĂŶĚĂ͘ŽƌŐ͘ƵŐ ƚŽ ƚŚĞ ƐŵĂůů ĂŶĚ ŵĞĚŝƵŵ ƐĐĂůĞ ĞŶƚĞƌƉƌŝƐĞƐ ;^DƐͿ ƚŽ ĞŶŚĂŶĐĞƚŚĞŝƌƉƌŽĚƵĐƟǀŝƚLJ͕ŐƌŽǁƚŚĂŶĚĐŽŵƉĞƟƟǀĞŶĞƐƐ͘ Mr. Dan Kasirye ũŽŝŶĞĚ ƚŚĞ /ƚ ǁĂƐ ĞƐƚĂďůŝƐŚĞĚ ƵŶĚĞƌ Ă ĨƌĂŵĞǁŽƌŬ ŽĨ ƚŚĞ hEW tŽƌůĚĂŶŬ'ƌŽƵƉ ŝŶϭϵϵϴ͕ĂƐ ŶƚĞƌƉƌŝƐĞ ĨƌŝĐĂ ƌĞŐŝŽŶĂů ŝŶŝƟĂƟǀĞ͘ ĐŽŶƐŽƌƟƵŵ ŽĨ /& WƌŽũĞĐƚƐ ŽĸĐĞƌ ƉƌŽŵŽƟŶŐ ůŽĐĂů ĂŶĚ ŝŶƚĞƌŶĂƟŽŶĂů ĚŽŶŽƌƐ ŝŶĐůƵĚŝŶŐ hEW hŐĂŶĚĂ͕ ŝŶǀĞƐƚŵĞŶƚƐ ƵŶĚĞƌ ƚŚĞ ĨƌŝĐĂ ŶƚĞƌƉƌŝƐĞ ĨƌŝĐĂ͕ hEd͕ EŽƌǁĂLJ͕ ^ǁĞĚĞŶ ĂŶĚ ƚŚĞ ŶƚĞƌƉƌŝƐĞ &ƵŶĚ ƉƌŽũĞĐƚ͘ /Ŷ 'ŽǀĞƌŶŵĞŶƚ ŽĨ hŐĂŶĚĂ ŝƐ ƉƌŽŵŽƟŶŐ ŝƚ͘ /ƚƐ ĐŽŶĐĞƉƚ ŝƐ ϮϬϬϯ ŚĞ ŵŽǀĞĚ ƚŽ EĂŝƌŽďŝ ĂƐ ďĂƐĞĚŽŶhEdΖƐŵƉƌĞƚĞĐWƌŽŐƌĂŵŵĞDŽĚĞůĐƵƌƌĞŶƚůLJ ŽƵŶƚƌLJ /ŶǀĞƐƚŵĞŶƚ KĸĐĞƌ ŽƉĞƌĂƟŶŐ ŝŶ ϯϮ ĐŽƵŶƚƌŝĞƐ ŝŶ ĨƌŝĐĂ͕ ĂƐƚĞƌŶ ƵƌŽƉĞ ĂŶĚ ƉƌŽŵŽƟŶŐ /& ŝŶǀĞƐƚŵĞŶƚƐ >ĂƟŶŵĞƌŝĐĂ͘dŚĞŵƉƌĞƚĞĐŵŽĚĞůŝƐĚĞƐŝŐŶĞĚĂƐŽŶĞͲ ŝŶ hŐĂŶĚĂ͕ <ĞŶLJĂ͕ ZǁĂŶĚĂ ƐƚŽƉ ƉƌŽŐƌĂŵŵĞ͕ ǁŚŝĐŚ ƉƌŽǀŝĚĞƐ ĂŶ ŝŶƚĞŐƌĂƚĞĚ ĂŶĚ ĂŶĚ ƵƌƵŶĚŝ͘ ,Ğ ŚĂƐ ƉůĂLJĞĚ Ă ƐŝŐŶŝĮĐĂŶƚ ƌŽůĞ ŝŶ 7 INFORMATION MEMORANDUM Mak Holdings Real Estate Development Projects ƐƚƌƵĐƚƵƌŝŶŐ ĂŶĚ ĞdžĞĐƵƟŽŶ ŽĨ /& ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ƉŽǁĞƌ͕ ;^ƚĂŶĨŽƌĚͿ͕ :^ ;^ƚĂŶĨŽƌĚͿ͕ ^W/>^ &ĞůůŽǁ ;^ƚĂŶĨŽƌĚͿ͕ ŝƉ͘ ƚĞůĞĐŽŵŵƵŶŝĐĂƟŽŶƐ͕ ŵĂŶƵĨĂĐƚƵƌŝŶŐ͕ ƚŽƵƌŝƐŵ ĂŶĚ >͘W͘;>Ϳ͕<ĂŵƉĂůĂĂŶĚƐŚĞĐĂŶďĞŐŽƚŽŶǁƚĂƌŝŶLJĞďĂΛ ĮŶĂŶĐŝĂůŵĂƌŬĞƚƐŝŶƚŚĞƌĞŐŝŽŶ͘,ŝƐŵŽƐƚƌĞĐĞŶƚĂƐƐŝŐŶŵĞŶƚ ŐŵĂŝů͘ĐŽŵ͘ ŝƐWƌŝŶĐŝƉĂů/ŶǀĞƐƚŵĞŶƚƐKĸĐĞƌĂŶĚŽƵŶƚƌLJ>ĞĂĚŝŶƚŚĞ /& ^ƵďͲ ^ĂŚĂƌĂŶ ĨƌŝĐĂ ĞƉĂƌƚŵĞŶƚ͘ ,Ğ ŚĂƐ ŽǀĞƌƐĞĞŶ ƌ͘ 'ŽƌƌĞƫ EƐƵďƵŐĂ ĂŶĚƐƵƉƉŽƌƚĞĚƚŚĞĚĞǀĞůŽƉŵĞŶƚΘĚĞĞƉĞŶŝŶŐŽĨĂƉŝƚĂů EĂďĂŶŽŐĂ ŝƐ ĂŶ ƐƐŽĐŝĂƚĞ DĂƌŬĞƚƐŝŶĐůƵĚŝŶŐƚŚĞůŽŶŐƚĞƌŵďŽŶĚƐŽŶƚŚĞĐŽŶƟŶĞŶƚ͘ WƌŽĨĞƐƐŽƌĂŶĚĞƉƵƚLJWƌŝŶĐŝƉĂů
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