STRICTLY CONFIDENTIAL

DRAFT

Sourcelink: an investment by IFHA

Max Coppoolse

Lisbon, 9 June 2011

STRICTLY CONFIDENTIAL 2

Overview - IFHA in a nutshell

IFHA: the first ever Private Equity (PE) fund focused on health care in Africa

Fund size: EUR 50.1 m from well-known private and public investors.

Investment strategy: equity investments in private health care companies, e.g. health insurance, pharmaceutical distribution and care provision.

Corporate governance: solid structure including advisory committee, investment committee and supervisory board.

The IFHA team: 7 professionals with substantial experience, including one team member in South Africa.

Expected to be 75% invested by early 2012.

Targeted IRR of 20%.

Shareholders:

1st closing: FMO, Goldman Sachs, SIFA

2nd closing: AfDB, IFC, APG, Pfizer

STRICTLY CONFIDENTIAL 3

Overview – Environmental & Social policy

IFHA ‘s investments have to meet strict criteria in order to safeguard compliance with E&S

guidelines. Apart from that, IFHA has developed its own development impact matrix.

Goal 1: Eradicate extreme poverty & hunger

Goal 2: Achieve universal primary education

Goal 3: Promote gender equality & empower women

Goal 4: Reduce child mortality

Goal 5: Improve maternal health

Goal 6: Combat HIV/AIDS, malaria & other diseases

Goal 7: Ensure environmental sustainability

Goal 8: Develop a global partnership for development

IFHA’s Development Impact Matrix is based on

the Millennium Development Goals

IFHA’s E&S policy includes:

Compliance with IFHA’s exclusion list

Compliance with national laws on environment, health, safety and social issues

Compliance with IFC performance standards

1. Social and environmental assessment

and management system in place

2. Labor and working conditions

3. Pollution, prevention and abatement

4. Community health, safety and security

■ Identify risks, impacts and opportunities

■ Development impact matrix

STRICTLY CONFIDENTIAL 4

Health in Africa: positive investment climate

Hygeia

€ 2.0 m

Pyramid

€ 1.4 m

Strategis

€ 0.6 m

Hello Doctor

€ 1.1 m

AAR Group

€ 7.0 m Nigeria

Tanzania

Kenya

South Africa

Sourcelink

€ 2.1 m

Status mln EUR

Invested 7,4

Second disbursements 2011 6,8

Planned investments 2011 20,8

Follow-on investments 2012 11,3

Total 46,3

Current investments

Investments and second

disbursements total EUR 14.2m.

Planned investments for 2011

represent another EUR 20.8m.

These investments will generate

EUR 11.3m follow-on

investments in 2012.

Apart from the above, there is a

continuous pipeline of new

opportunities.

We believe that this

demonstrates the strong need

for private health care financing.

IFHA’s pipeline is well filled

with investment opportunities

STRICTLY CONFIDENTIAL

After investing 10% of total commissions, TVPI is

already positive

5

-

0,20

0,40

0,60

0,80

1,00

1,20

7/02/07 31/12/07 31/12/08 31/12/09 30/06/10 31/12/10

Total Value Paid In (TVPI)

The total value of portfolio companies as of end 2010 already exceeded the total cash called from investors (TVPI of 1.1).

STRICTLY CONFIDENTIAL 6

IFHA’s manufacturing policy: partnering with TEVA and

Sourcelink

IFHA and TEVA will launch a PAN African production plan in at least 7 countries,

including Nigeria, Ghana, Kenya, Tanzania and Namibia. This would lead to (1) increased

availability of pharma products, (2) alignment with donor policies looking for local

sourcing, (3) preferential treatment of local producers for public tenders, and (4)

fulfillment of national policies to attract production facilities to the African continent.

Kenya

Nigeria

Tanzania

Ghana

Namibia

Planned production locations

Teva Pharmaceutical Industries Ltd.:

Among the top 15 pharmaceutical companies worldwide, with sales of USD 16.1 billion in 2010, of which 80% in US and Europe.

Teva produces generic drugs in all major therapeutics and steriles in a variety of dosage forms, from tablets and capsules to ointments, creams, and liquids.

In addition, Teva manufactures branded drugs in niche markets (30% of sales), such as Copaxone for multiple sclerosis and Azilect for Parkinson’s disease.

Headquarters in Israel, production facilities worldwide with around 40,000 employees. Direct operations in 60 countries, including 61 manufacturing sites and 28 R&D centers.

South Africa

Sourcelink

Teva

Morocco

Kenya

Sourcelink

IFHA TEVA Sourcelink

Market studies Registrations and files Technical assistance

Required local licenses Specifications and design Manufacturing equipment

Selection of location Selection of products Certification

Financial investment Technical support Take-off turnover

Management support

Division of tasks & responisbilities

Sourcelink Healthcare (Pty) Ltd

• October 2010 - IFHA was approached by Singaporean company Sourcelink Holdings to assist in its expansion plans into Africa.

• Sourcelink (SL) were interested in the African market for their infection control products but needed a partner with financing and more important local knowledge and networks.

• SL had a choice of finance partners but chose IFHA because of African network, healthcare expertise and local knowledge.

• By March 2011 a deal had been closed and all agreements signed to start Sourcelink Healthcare Africa.

Introduction

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• Established in 2004 • Headquartered in Singapore • To list on Hong Kong Stock Exchange in 2011 • Integrated healthcare company providing:

– Primary healthcare – Specialist oncology services – Medical supplies and pharmaceutical distribution – Disposable manufacturing and distribution

• Controls over 80% of Singaporean market in gowns and masks • Export of masks and and gowns to:

– SE Asia – China, Indonesia, Vietnam, Thailand – Europe - Russia – USA

• Innovative production technology • Innovative product designs • Established brands and trademarks

Sourcelink Holdings - Singapore

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Sourcelink Healthcare (Pty) Ltd

• Sourcelink Healthcare was set up in South Africa to manufacture and distribute disposable infection control products

– Masks

– Gowns

– Bed linen

• Shareholding

– IFHA 80%

– Sourcelink 20%

– Each party to give up 5% for management incentive

• IFHA to provide finance - $3 million

• Sourcelink to provide:

– Finance $500,000;

– technology transfer; and

– 50% off-take agreement

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South African facility

• Based in a light industrial park – North Riding – Gauteng South Africa

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South African facility – quality standards

• SA facility will need to get following accreditation:

– ISO 9001 (management systems)

– ISO 13485 (medical devices)

• Products in turn will get – CE mark (European)

– FDA approved for USA

• Comply with IFHA environmental and Social responsibility standards

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Mechanized manufacturing manual packing

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Sourcelink products

• High Quality 3 ply mask

• Ear loop

• Capacity of SA plant: 25m p.a.

• Gross Margin of 35%

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Masks Gowns

• Impervious protective gowns

• Used in Emergency wards, surgery

• Latex free

• Perforations for ease of removal

• GM of 47%

Bed linen

• Elasticated fitted sheets – size made to order

• Pillow slips

• Impervious and latex free

• GM of 22%

Financials – set up costs & working capital

Item Cost (US$)

Capital equipment 1,600,000

Raw material and small capital items 400,000

Training and equipment installation 400,000

Renovation of facility 100,000

Total set-up costs 2,500,000

Working capital 1,000,000

Total investment 3,500,000

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Financials – projections (US$)

Year 1 Year 2 Year 3 Year 4

Revenue 6,000,000 9,000,000 10,000,000 10,500,000

COGS 4,000,000 6,000,000 6,500,000 6,500,000

Gross profit 2,000,000 3,000,000 3,500,000 4,000,000

Overhead costs 890,000 920,000 970,000 1,000,000

EBITDA 1,110,000 2,080,000 2,530,000 3,000,000

Assumptions:

• Year 1 starts once full capacity possible

• Capacity at 2 shifts only

• Facility can sell at only 80% capacity

• No additional lines of equipment installed

Additional growth through:

• Increase to 3 shifts

• Sell at 100% capacity

• Expand facility to add additional lines e.g.

additional mask machines

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Sourcelink – exit strategy

• Sourcelink Holdings Singapore to buy IFHA out – Have PUT and CALL options

• Trade sale to larger regional or multinational medical manufacturer

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