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www.theannualdebate.com The Annual Debate 2018 Thank you to all those who attended The Annual Debate 2018...

This year’s The Annual Debate was a huge success and we are grateful to all who attended for making it such an enjoyable and productive day. As our fourth edition, The Annual Debate 2018 was our most ambitious yet, with more speakers, guests and a day-long line up of debates and networking opportunities.

Much has changed since our last edition of The Annual Debate, with the last twelve months bringing considerable change to the Continent. For many countries in Africa - particularly South Africa, Zimbabwe, Ethiopia and Angola - this has brought about an overwhelming sense of new optimism. Indeed this was reflected in the lively discussion at The Annual Debate, and was brought to life in the words of Honourable SB Moyo (Minister of Foreign Affairs and International Trade, Zimbabwe), and Paul Mashatile (Treasurer General, ANC), giving insight into the renewal of their respective nations.

It was similarly fantastic to hear the innovative thinking of panels such as Inclusive Financing and Entrepreneurship in Africa, on how Africa can solve its challenges like unbanked populations and talent retention. Given the Continent’s exploding population, growing middle-class and increasingly young workforce, the future of business in Africa is more dynamic than ever, and we’re excited to watch it develop over the coming year.

I must personally thank our speakers, who fuelled a fascinating day of discussion; our sponsors, who made the event possible, and of course The Law Society, for once again hosting us at their beautiful venue.

Finally, I would like to express my sincere thanks to all those who joined us as guests on the day. We’ve already begun our preparations for next year’s event, and we’re looking forward to once again gathering the biggest names in African business together for equally relevant and topical discussion. If you would be interested in attending, I strongly recommend to get in touch as soon as possible: The Annual Debate is growing with each edition, and this year’s event faced a considerable waiting list. Given its unrivalled opportunities to forge valuable connections with Africa’s most innovative business figures, we expect The Annual Debate 2019 to be more influential - and in demand - than ever before.

I look forward to seeing you there!

Karen Taylor CEO Invest Africa

www.investafrica.com Thank you to our speakers Ada Osakwe, Chief Executive Officer, Agrolay Ventures Lanre Akinola, Editor, African Business (Chair of Proceedings) Akinwale Goodluck, Head of Africa, GSMA Manji Cheto, Business Development Manager - Alain Nsiona Defise, Head of Emerging Corporates, Africa, London Stock Exchange Group Pictet and Company Obi Ejimofo, Director of Operations, Asoko Insight Alec Russell, Editor, FT Weekend Paul Mashatile, Treasurer General, African National Alexandre Tavazzi, Global Strategist, Pictet and Congress Company Philippe Valahu, Chief Executive Office, Private Ana Hadjuka-Shields, Chief Executive Officer, Africa Infrastructure Development Group GreenCo Richard Abadie, Global Infrastructure Leader, PwC Atiku Abubakar, Former Vice President of Richard Morgan, Head, Government Relations, Christopher Marks, Managing Director and Head of Africa, Anglo American Plc Emerging Markets, MUFG Rt Hon Liam Fox MP, Secretary of State for Douglas Rowlings, Vice President – Senior Analyst, International Trade, UK Dept. for International Trade Corporate Finance Group, Moody’s Investors Service Rt. Hon Mark Simmonds, Former Minister for Africa, Gareth Penny, Non-Executive Chairman, Norilsk Nickel UK Government Geoffrey White, Chief Executive Officer, Agility Africa Rt. Hon The Lord Boateng PC DL, Baron of Akyem Giles Hedley, Investment Relations Officer, Barak Fund and Wembley Grant Brooke, Chief Executive Officer, Twiga Foods Sanjeev Gupta, Executive Director, Financial Hal Hess, President, Latin America and EMEA, Services, Africa Finance Corporation American Tower Corporation Souleymane Ba, Partner, Helios Investment Partners Hardy Pemhiwa, Group Managing Director and Chief Tonye Cole, Co-Founder, Sahara Group Executive Officer, Econet Venkataramani Srivathsan, Managing Director and Honourable SB Moyo, Minister of Foreign Affairs and Chief Executive Officer Africa & Middle East, Olam International Trade, Zimbabwe Wayne Hennessy-Barrett, Chief Executive Officer, Ibukun Awosika, Chairman, First Bank Nigeria 4G Capital Joe Egan, President, The Law Society Yvonne Ike, Managing Director, Head of Sub Saharan Joel Jackson, Chief Executive Officer & Founder, Africa, Bank of America Merrill Lynch Mobius Motors Zemedeneh Negatu, Global Chairman, Fairfax Africa Kuseni Dlamini, Chairman, Massmart Fund

www.theannualdebate.com Event Analysis Attendee Sectors Anaysis

Financial Sector Attendee Analysis

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Senior, ManagementAttendee and Job Function Analysis Associate 28% Senior, Management and Associate Business Development and Commercial 48% Government and Ambassadors Consultants Business C-Suite and Partners Development and Commercial 9% 8% 7%

www.investafrica.com Organisations in attendance 4G Capital EBCAM NABA AAN Solutions Econet Nigeria High Commission ABAX Equatorial Guinea Embassy Nordgold Abraaj Ethiopian Airlines Norilsk Nickel Africa Alert ETK Group Novitas Capital Advisors Africa Business EWI Capital Limited Olam Africa Capitalworks ExWorks Capital Ophir Energy Africa Finance Corporation EXX AFRICA Orion Resource Partners Africa GreenCo Fairfax Africa Fund Partners Group African Capital Investments FCMB PraxisIFM Trust Limited Afrocet Montgomery UK Foreign and Commonwealth Office Private Infrastructure Development Group Agility First Bank of Nigeria PwC Agrolay Ventures Forum Properties Africa Quantum Power Alain Charles Publishing The Financial Times RA International American Tower Corporation FT Weekend Raitt Orr & Associates African National Congress FTI Consulting Renaissance Capital Anglo-American G3 - Good Governance Group Rendeavour AON Gabon Embassy Royal Africa Society Asempa Limited Genesis Investment Management Royal Air Maroc Asoko Insight GKB Ventures Sahara Group Aspire Africa Government of Nigeria SAO Capital BACB Government of Zimbabwe Sard Verbinnen Bank of America Merril Lynch GSMA Sedenco Africa Banque Pictet & Cie GTR Review Senegal Embassy Barak Fund Guinea Embassy Sephira Baybridge Investments Gulfstream Shell BBC World Service Helios Silverbird Group Bishop and Sewell Hogan Lovells International Simmons & Simmons Boston Consulting Group House of Lords SMS Group GmbH BP ILFA Sofunde, Osakwe, Ogundipe & Belgore Law Brand Communications Inspired Minds Solai Holdings British Expertise International INTL FCStone Ltd Sovereign Risk Insurance Capital Works Invest in Africa Standard Chartered Bank Cass Business School/BPG K2 Intelligence Stephenson Harwood Central Bank of KPMG Stonehage Fleming Centum Investments Kroll Sumitomo Mitsui Banking Corp. Europe CIAN Legacy Hill Capital Swisscham Africa Cluff Africa Lekela Advisors Limited The Africa Report Concord Ltd Liberty Peak The Economist Conduit Ventures Ltd. Lintel Capital The Haskell Company Congo Invest Consulting London Advertising The Law Society Control Risks Group Limited London Stock Exchange Group TIA Capital Ltd Credit Suisse Longitude Finance Trippi Associates Crown Agents Bank Manokore Attorneys TTRO Dangote Global Services Masawara Twiga Foods De La Rue Massmart UBA Capital (Europe) Limited Debtwire MEH Family Holdings UBA Group DEG Meridiam UBS AG Wealth Management Deloitte Ministry of Foreign Affairs, Zimbabwe UK Parliament Dept. for International Development Mischon de Reya Validus Specialty Dept. for International Trade MobiCash Vectorcide International Diamond Bank Mobilitas Vodafone DLA Piper UK LLP Mobius Motors Winston & Strawn LLP Dubai Chamber of Commerce & Industry Montgomery Zambia High Commission EMFC Loans Moody’s Zimbabwe High Commission Eastern Africa Association MUFG Bank

www.theannualdebate.com Summary of Sessions 09.15-09.30: The Global Economy and Insights on Investing in African Capital Markets

Pictet’s Global Strategist, Alexandre Tavazzi, and the company’s Head of Emerging Corporates, Alain Defise, opened The Annual Debate 2018 by delivering a presentation on “The Global Economy and Insights on Investing in African Capital Markets”. The presentation highlighted that African corporate debt space is growing: Africa is a promising market with a wide array of issuers in industries such as telecoms, banking, energy, metals and mining, among other sectors. However, the utilities sector remains absent, as well as issuers from Francophone “There is more opportunity now with the signing of Africa. The main obstacle for investors remains the Continental Free Trade Area ... for Africa to trade the lack of bankable projects: there has been a more with itself and invest in the Continent” sharp expansion of investors and investment - Kuseni Dlamini, Massmart funds interested in Africa in recent years, but this investment has been stalled by a lack of qualified projects available for investment. 10.30-11.15: Zimbabwe: A New Dawn or More of the Same?

Alec Russell, Editor of the FT Weekend, interviewed The Hon. SB Moyo, Zimbabwe’s Minister of Foreign Affairs and International Trade. In a hotly anticipated interview, Alec Russell pushed the Minister to discuss Zimbabwe’s problematic past in terms of electoral legitimacy, and how this affected the upcoming July elections. Economically, the future looks bright for Zimbabwe, with a change in attitude refreshing the nation’s business prospects. SB Moyo stated that, “This is the time to end isolation. We have taken a strategy of re-integration with everyone from the global village so that Zimbabwe can participate in the global economy without any hindrances.” 09.30-10.30: Africa’s Role in the Global Economy

Continuing on the theme of Africa and the global economy, our panel moderator the Rt. Hon Mark Simmonds, was joined on stage by our panellists to discuss Africa’s developing role on the world stage, fueled by its rapidly growing middle-class and expanding young workforce. Delegates were particularly impressed by the thought-provoking words of panellist Zemedeneh Negatu of Fairfax Africa Fund, who made insightful observation on the presence of the state within economies in African countries such as Ethiopia, and how there is an important comparison to be made between their progress, and the progress of private-sector driven development seen in countries such as Nigeria.

www.investafrica.com 11.45-12.00: Building New Trade Partnerships in Vice President of Nigeria, Atiku Abubakar, on Africa building new trade partnerships in Africa. A seasoned businessman and politician, Atiku offered delegates The Rt. Hon. Liam Fox MP, Secretary of State for insight into Nigeria’s economy, and how the impact International Trade at the UK Department for of the commodities cycle came in to play with good International Trade, spoke on building new trade governance. partnerships in Africa, touching on the importance of the UK’s relationships with African nations going 14.30-15.30: Driving Africa’s Industrialisation forward. The Minister also heralded the potential of new technology to empower women economically, This session discussed the African manufacturing drawing attention to the fascinating statistic that sector, agreeing it needs to overcome its challenges whilst four-fifths of traditional businesses are run by in infrastructure, labour forces and government men, four-fifths of online businesses are in fact run regulation to make a global impact. The effect of by women. Africa’s young population again proved relevant, discussed alongside the need for the private sector to equip this population with skills and the consequences of this for the industrialisation process.

Speakers also touched on the predicted explosion in entrepreneurship to combat the jobs gap, and the need for governments to create an enabling environment for business, as well as tackling the effect of the commodities cycle – with a suggestion was even being raised that the commodities crash created new opportunities for African businesses.

“We want to build a better future for the African continent by aligning UK support behind African-led agendas for change” - Liam Fox, Secretary of State for International Trade UK

12.00-13.00: Inclusive Financing

The panel addressed financial inclusion across sectors, rather than focusing on microfinance alone. The debate addressed better investment 15.30-15.45: Leaders in Transformation of Africa’s structures and instruments to mobilise global capital ICT Sector: Presented by Hal Hess into targeted opportunities in Africa, the importance of client-centric product and channel design to For insight from the telecommunications industry, leverage emerging technologies, and the continuing we welcomed Hal Hess, President of Latin America mismatch of risk appetite between investors and and EMEA at American Tower Corportation. ATC enterprises. Questions from the floor addressed operates across the globe, including five African tensions between banks and telecommunications countries. The company facilitates the rapid roll-out of companies, the importance of equality of access wireless infrastructure, and Hal stated ATC’s belief that for women and the relative de-risking of Africa in achieving digital transformation in Africa is possible – comparison to rising risk levels and lower returns in and necessary, given the direct and quantifiable impact other global markets. of internet access on economic development.

14.00-14.30: Building New Trade Partnerships in Discussing the youthful population of the Continent Africa and its historic lack of infrastructure, Hal emphasised ATC’s role in providing capital investment and the The audience gathered for the second political company’s commitment to ‘digital villages’ providing interview of the day, featuring our Chair Lanre rural communities with connectivity. Akinola hosting the conversation with the Former

www.theannualdebate.com 15.45-16.45: The Digital Dividend - Leveraging the Regarding the pressure to continue to innovate ahead Power of ICT of the competition, the panellists felt that every business, whether a startup or a well-established A robust and erudite discussion touched on some key venture, must continuously endeavour to remain themes shaping Information Communication and ahead of the competition – whether through Technology (ICT) in Africa. Capital provision will play a innovation or through changing its business model. critical role in leveraging the digital dividend. The key point that was highlighted by the panel as a In order for investment to flow certain criteria will challenge for businesses – as they continue to grow – need to be met. Regulation and stable attractive was the need to retain good management to ensure economic returns will be central to attracting funding. that the business continues to grow sustainably. The ICT potential for Africa is limitless and the sector On this point, the panellists emphasised the critical will continue to play an important role in developing need for founders to continue to receive mentorship, African economies. ICT has the ability to leapfrog as well as support in finding a suitable management traditional business models especially when it team to grow the companies. The discussion ended comes to banking, medical services, agricultural and with a view that every entrepreneur in Africa must education. This will allow for many of these sectors think very clearly about which of Africa’s “grand to move up the development and quality curve more challenges” his or her business is solving, and that this rapidly. In ending panelists shared one key lesson should be the guiding vision for how their respective learnt operating in the African ICT space. Educating companies should grow and evolve. end users will be central to driving demand to take up the capacity already available in terms of the supply of Gala Dinner ICT infrastructure. Speakers Rt. Hon Lord Boateng, Chairman, Africa Enterprise Challenge Fund and Paul Mashatile, 17.15-18.15: Entrepreneurship in Africa - Beyond Treasurer General, ANC the Hype

The panel began with a discussion on the factors that led our panellists – the entrepreneurs – to start their business ventures. They stated that they either identified a need in the market that was not being met, and/or they were frustrated by the status quo in the sectors in which they operate and hence decided to disrupt the industry. For those who saw a unmet need in the market, there was a general agreement that more competition was needed due to the size of the opportunity, which required more players to create an industry structure. With the evening drawing to a close, one final but Concerning the “hype” surrounding entrepreneurship crucial item remained on the agenda: our dinner in Africa, the panellists stated a belief that the issue is speakers, the Rt. Hon. The Lord Boateng interviewing not about hype per se, but about people recognising Paul Mashatile, Treasurer General of South Africa’s the scale of the challenges and identifying strategies African National Congress. to create opportunities from these challenges – so as to solve them and to meet the current needs on the As our guests enjoyed the dining, beverages and Continent. networking, Lord Boateng discussed the future of South Africa with Mr Mashatile, and the “new dawn” and optimism of the nation. Touching on South Africa’s recent slow down in economic growth, Mr Mashatile described his ambitions for South Africa to return to a 5% growth rate, and to solve the skills shortage not just by throwing money at the problem, but by implementing thoroughly considered, quality skills training and development.

www.investafrica.com Delegate Testimonies “Optimism about great business opportunities in Africa was palpable at this year’s Annual Debate. We talked about Africa’s demographic dividend and how it can and will translate into higher business opportunity growth across Africa.”

- Ana Hajduka, Founder and CEO, Africa GreenCo “Speakers were subject matter experts with different, interesting and often conflicting perspectives. The audience was interactive and moderators had clearly done their homework. All the essentials of a great debate.”

- Akinwale Goodluck, Head of Africa, GSMA

“I liked the size of the event and the composition of the participants – a really good mix of African and European business people. The panel discussions were really high-level – good speakers, well moderated, interesting comments from all parties.” - Franziska Hollmann, Director Corporates Africa, DEG “It was great to be part of the Annual Debate. The event was well organized, there was a good mix of attendees, and the panel topics were diverse and thought-provoking” - Ravi Suchak, Vice President, Public Affairs – EMEA, American Tower Corporation “I thought the Annual Debate was excellent, and has developed into one of the not to be missed annual events on Africa.”

- Geoffrey White, CEO Africa, Agility

“I found the networking opportunities at the event of great benefit, meeting up with a range of impressive and important delegates. Thank you for arranging it so effectively.”

- Gareth Penny, Non-Executive Chairman, Norlisk Nickel

“Beyond a very strong organisation, the structure of the conference ensures lively debates and a very easy access to the speakers, which is extremely valuable ... the debate on the industrialisation of Africa drew on the expertise of people with hands on experience of developing operations with significant scale across the continent.” - Jean Charles Charki, Regional MD, Renaissance Capital

“A great showcase for Africa with lively and informed discussion on a range of topics of crucial importance to the would be investor and the continents future prosperity.”

- Rt. Hon The Lord Paul Boateng PC DL, Chair, Africa Enterprise Challenge Fund www.theannualdebate.com Q1-2 Events Calendar 2018 Jan 17th – Nigeria Economic Outlook 2018 with Razia Khan and Alexander Booth, Standard Chartered, London 24th – Investing in West Africa Briefing with Afsane Jetha, Chesterfield Hotel, London 25th – Japan in Africa Business Briefing with JETRO, 5F MidCity Place, London Feb 05th – Invest Africa Connect 2018, Mining Indaba, Cape Town 06th – Risk Map Africa Briefing, Control Risks, London 08th – US-Africa Relations Briefing with Grant Harris, Squire Patton Boggs, London 21st – Nigeria High Commission Dinner, Mishcon De Reya, London 26th – UK Ambassador to Zimbabwe Roundtable with Catriona Laing, Baker McKenzie, London 27th – Prime Minister’s Trade Envoys for Ghana, Angola, Zambia and Ethiopia, Simmons and Simmons, London March 01st – Mmusi Maimane Roundtable, Leader of the Democratic Alliance (SA), Stonehage Fleming, London 06th – Infrastructure Development in Africa with Geoffrey White of Agility Africa, Hogan Lovells, Dubai 07th – South Africa 2018: UK Investment, House of Commons, London 08th – Lusophone Africa Outlook 2018 with Baroness Northover, Stonehage Fleming, London 13th – The Unlimited Group Investor Meeting with Riel Malan, The Stack Restaurant, Cape Town 16th – Private Equity in Africa with Runa Alam of DPI, Investec Bank, London April 16th – CHOGM Zambia Roundtable with Minister of Finance Margaret Mwanakatwe, London 17th – CHOGM Mauritian Roundtable with Prime Minister of Mauritius, The Dorchester, London 18th – CHOGM Mozambique Presidential Meeting, London 18th – Book Launch with Lord Robin Renwick, Johannesburg 24th – The 4th Annual Debate 2018, The Law Society, London 25th – Nigeria’s Economic Transformation, Institute of Directors, London May 04th – IA-MUFG Briefing at the Japan-Africa Forum, Sandton Sun Hotel, Johannesburg 10th - What it Takes to Raise Capital for a Permanent Vehicle with Nana Sao of Capitalworks, KPMG, London 15th – Family Business in Africa with Zemedeneh Negatu and Charles Russel Speechlys, Mortons, London 21st – Eastern Africa Heads of Mission, British Expertise, London 22nd – Francophone Africa Heads of Mission, SImmons and Simmons, London 22nd – Southern Africa Heads of Mission, British Expertise, London 22nd – Simon Crutchley of AVI Ltd VIP Reception, Hogan Lovells, Johannesburg

June 01st - Debt Financing in Africa with Abebe Selassie of IMF and Ravi Bhatia of S&P Global, DLA Piper, London 05th – Department for International Trade Event, Boston Consulting Group, London 04th – Zimbabwe Investor Mission, Zimbabwe 12th – Department for International Trade Event, Boston Consulting Group, London 14th - What’s Next for African Investments with Carlos Lopes, Former UN Econ. Commission for Africa, Cape Town 25th – Nigeria Investor Mission, July 18th - Invest Africa Summer Reception, Mishcon De Reya, London 25th - BRICS Business Forum, Johannesburg

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