KKaammppaallaa SSeerreennaa

Unlocking Uganda’s Local Capital and Financial markets to Drive Development at Scale

AGENDA

Hosted by Strategic Partners

Media Partners Sponsors

Tuesday 21st May 2013

8:30-9:00 Introduction and welcome remarks

9:00-9:20 SCENE-SETTER: Putting the Ugandan growth story to the test An economist’s view

On the back of strong economic performance in recent years Uganda is gaining acceptance as a viable strategic investment destination in East Africa. But while capital flows are up, they remain low compared to other emerging and frontier market regions, and doubts linger about the sustainability of its current growth levels. Should optimism about Uganda’s commercial potential be tempered, or does the East African country now have the foundations to become the next big thing for investment? What macro trends are likely to shape Uganda’s development prospects in the coming years? How have global concerns and financial worries impacted on the local capital market and to what extent can the country be viewed as decoupled? This session will attempt to answer these and other questions in a bid to position Uganda as a strategic investment destination in East Africa.

Speaker Ana Lucia Coronel, Senior Resident Representative in Uganda, International Monetary Fund

9:20-9:50 SCENE-SETTER: The Local Capital & Financial Markets as a new frontier for investors and businesses in Uganda.

Speaker Fred Muhumuza, PhD, Economic Advisor, Ministry of Finance, Planning and Economic Development

9:50-11:20 CHARTING THE NEW FINANCIAL LANDSCAPE- A fresh look at Uganda’s Capital & Financial Markets?

Potential investors come in all shapes and sizes, from pension funds to multinational corporations, and from development funds to high net worth individuals. All have different needs and obligations and so require bespoke investment solutions. How can they identify the best options between stocks and bonds, currencies and commodities, private equity and venture capital, derivatives and hedge funds? This session will attempt to answer these questions as well as address the following issues;

• Ugandan capital markets: trends and prospects for 2013 and beyond. • Capital markets as an alternative avenue for long term finance and capital mobilisation • Where are the gaps and how do we collectively plug these gaps? • What impact are regulation and demographics having? • What are the key internal and external factors affecting growth of the country’s capital market? • What is the prognosis for Uganda’s debt capital markets? And what are the challenges that need to be addressed to push Uganda’s debt capital markets to the next level? • Primary vs Secondary Markets- how do we develop both? • Uganda Securities Exchange- what is in the market both on the demand and supply sides? • Touching on the emergence of regional capital markets and how this has changed the dynamics of the Ugandan market

Chaired by: Stephen Kaboyo, the Managing Director of Alpha Capital Partners

Speakers

 Japheth Katto, Chief Executive Officer, Capital Markets Authority  Joseph Kitamirike, Chief Executive Officer, Uganda Securities Exchange  Stephen Mulema, Head of the Financial Markets Team, Bank of Uganda  Felix Okoboi, Financial Sector and Rural Development Advisor, KfW Entwicklungs Bank Uganda

11:20-11:50 Morning refreshments/Networking break

11:50-12:20 Fireside chat: Navigating the IPO market in Uganda

This session will talk about the current market and discuss how companies can best prepare for an IPO, take advantage of regulations that provide additional opportunities and avoid pitfalls that

can erode enterprise value.

Sector Focus- Financing the Ugandan Agribusiness opportunity 12:20-12:40

Investment in agribusiness is being hailed as an emerging asset class with the exciting prospect of achieving

market-rate returns and social good at the same time. Investing more in agriculture is one of the surest ways to effectively reduce poverty. Experts have observed that whenever agriculture grows, the economy grows and

poverty reduces with evidence indicating that every 1% increase in agricultural yields translates to a 0.6–1.2% decrease in the percentage of absolute poor. This session will feature;-

(a) Medium-term Agricultural Outlook for Uganda, an investor’s perspective • What’s driving it? • Where are we going? • How have the underlying fundamentals changed? • What does it mean for agricultural markets? • Where are the growth areas? • What are the risks from an investor's perspective and how can these be mitigated?

Speaker Tom Adlam, Managing Partner, Pearl Capital Partners

12:40-13:00 Sector Focus- How to seek ‘real’ value in real estate investing

Speaker Raphael Mwito, Property Investment Manager – STANLIB Fund Managers

13:00-14:00 Networking Lunch

14:00-15:30 The Big Questions: Alternative Financing solutions for Ugandan Businesses

• The Ugandan Capital Markets: An Entrepreneur’s perspective. • From debt to equity: Debating the funding options available for Ugandan businesses • Highlighting some of the biggest transactions that have taken place over the last 3 years • Is the syndications market maintaining the level of liquidity required for generating funds? • Question time- delegates are asked to bring a question on access to finance to put to the panel

Chaired by: Per Munk-Nielsen, African Alliance Asset Management

Speakers  Patrick Bitature, Chairman Uganda Investment Authority  Patrick Mweheire, Head of Corporate & Investment Banking, Stanbic Uganda  Francis Kamulegeya, Country Senior Partner, PricewaterhouseCoopers  Luke Kinoti, Chief Executive, Fusion Group

15:30-16:00 Afternoon refreshments/Networking

16:00-17:00 The future of infrastructure finance initiatives in Uganda

Local capital markets have the capacity to fund the country’s mega infrastructure projects in various sectors such as energy, roads and water. However, how do we restructure our local capital markets to be powerful instruments for the Government’s long-term funding requirements? How can deals be done when there is an absence of clear legal and/or regulatory frameworks? This session will attempt to answer these and other questions.

Chaired by: Maggie Kigozi, Director, Crown Beverages Ltd

Speakers  Joshua Ogwal, Partner, Ligomarc Advocates  Kasingye Kyamugambi, Ag Executive Director for National Planning Authority  Kwame Parker, Head of Mining, Energy & Infrastructure (East Africa), CFC Stanbic Bank

17:00 Day 1 closes followed by networking drinks

Wednesday 22nd May 2013

8:30-9:00 Return maximisation for Pension funds -A fund manager's perspective

• What role will local institutional investors play in growing the domestic industry and accelerating structural change in Uganda? • Emerging opportunities in alternative investments • Case study on maximising savings returns Speaker

• Nicholas Malaki (CFA), Senior Investment Manager & Uganda Country representative, PineBridge Investments

09:00-11:00 Pensions Forum- Charting a sustainable pensions and retirement funds investment strategy • Overview of the Ugandan pensions & retirement fund industry • Alternative investment strategies for pension funds • How do we actively draw more pension money into the capital markets? • How will new regulation impact pensions & retirement funds’ investment in Uganda especially in private equity and other non-traditional asset classes?

Chaired by: Patricia Kiwanuka, EAC Pension Consultant/Head of Business Development, PineBridge Investments Speakers

• Busani Ngwenya, Managing Director, Alexander Forbes Financial Services Uganda Ltd • Geraldine Ssali Busuulwa, Deputy MD, NSSF Uganda • Ronald Kasolo, Country representative and Investment Manager, Genesis Kenya Investment Management • Andrew Kasirye, Chairman, Retirement Benefits Authority • Lilian Uwera, Portfolio Manager, African Alliance Asset Management

11:00-11:30 Morning refreshments/Networking break

11.30-11.50 A case study of the European Union's Small and Medium Agribusiness Development Fund in Uganda In this session, Ambassador Ridolfi will discuss the EU’s Agricultural Equity Fund for Uganda. Speaker Ambassador Roberto Ridolfi, Head of the European Commission/EU Delegation to Uganda

11.50-13.00 Panel discussion: Uganda’s private equity market

• What sectors offer the strongest potential for investment, and what must be done to unlock capital into these sectors? • What financing models are proving most effective for tapping investment in various sectors? • The economics of SME investment in Uganda: can investors make adequate returns and what risk mitigating instruments are available? • Established/family businesses: how can we “court” them into accepting private capital? • What is the role of the consumer sector and how can investors best tap into the emerging consumer opportunity?  Exit strategy: How can private equity best prepare portfolio companies for an exit to optimise value and what exit platforms do we have to enable one unlock their capital after a reasonable amount of time?  The due diligence process –how to ensure the deal is as attractive as it seems?

Chaired by: Elly Karuhanga, Chairman of Uganda Chamber of Mines & Petroleum Speakers  Ewan Wheeler, Private Sector Specialist, African Development Bank  David Owino, Director-Private Equity, Centum Investment Company Limited  Kim Kamarebe, Partner, Damascus Capital  Jonathan Treacher, Director of European Capital Partners  Tony Wainaina, Managing Partner, Fanisi Capital Ltd

13:00-14:00 Networking Lunch

14:00-15:00 Investment Groups & SACCOs Forum

 Investment styles and strategies for investment clubs and SACCOS- Lessons from Kenya  What are the challenges and ‘real’ investment opportunities for Investment Clubs in Uganda?  How can we increase the role of investment clubs and SACCOs in the financial value chain in Uganda?  How do we build & maintain trust among group members?  Financing small & micro-enterprises in Uganda- A case study of the RATS Network Speaker

 Tony Wainaina, Founder & Chairman, Origins Investment Group Advisors

 Peter Ngategize National Coordinator, Competitiveness & Investment Climate Strategy

 Danstan Kisuule, Vice Chairperson of Investment Clubs Association of Uganda & CEO of Y-Save  Ann Muhangi, Chairperson of Investment Clubs Association of Uganda  Barbara Asiimwe, SME & Women in Business Manager, DFCU Bank

15:00-15:30 POLICY FORUM: UNLOCKING LOCAL CAPITAL

This session will feature recommendations from the industry players for policy makers to consider and will pause the question- “How can the investment framework support the participation of the private capital markets in the country”?

The accountants’ perspectives to unlocking local capital and policy recommendations

A presentation of the Institute of Certified Public Accountants of Uganda (ICPAU)

Speaker President ICPAU

15:30-16:00 Afternoon refreshments/Networking break

16:00-17:30 POLICY FORUM: UNLOCKING LOCAL CAPITAL…..CONTINUED Chair: Prof. V. Baryamureeba, Vice Chancellor of Uganda Technology and Management University

The lawyers’ perspectives to unlocking local capital and policy recommendations

A presentation of the Uganda Law Society (ULS)

Speaker Eric Kenneth Lokolong, Barclays Bank Uganda (speaking on behalf of ULS)

The industry perspectives to unlocking local capital and policy recommendations

Speaker Joseph Lutwama, Research and Policy Manager, Capital Markets Authority

Policy makers response/way forward Policy makers will listen to the above perspectives and recommendations and then give their views on the way forward.

17:30 Summit wrap-up and close Hon Maria Kiwanuka, Minister of Finance at Planning and Economic Development