investing in africa

NUBUKE INVESTMENTS LLP

AFRICA: THE CASE FOR INVESTING

Nubuke Investments LLP Page 1

Africa in PerspectiveAfrica is the second largest continent in the world with 54 countries. Despite this fact, people often underestimatequite how large Africa is, sowe figured we’d put it inperspective by transposingas many of the world’s othercountries over it as we could.As you can see, Africa is largerthan China, the USA, WesternEurope, India, Argentina andthe British Isles... combined!


AN AFRICAN SUMMARY

Nubuke Investments LLP

DEMOGRAPHIC ADVANTAGE

Page 3

Source: Africa Confidential

Africa in the 1980s saw a little under 500 million people residing in the continent. This year the number is estimated to reach just over 1 billion and by 2040 this number should reach 2 billion.

mn

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0


AFRICA IS THE FUTURE

Page 4

Working age population (% of total population) 1950-2050

5052545658606264666870

1950

1955

1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

2020

2025

2030

2035

2040

2045

2050

Sub Saharan Africa Asia Europe Latin America USASource: United Nations

Africa’s working population is set to steadily increase compared to the decline expected from the rest of the continents.


AFRICA IS ON ITS WAY....

Page 5

Share of population by region, 2010, %

1,219 8301,3511,032 594 349100% (millions of people) =

Number of cities with ≥1 million people

48 52 109 52 63 48

Source: United Nations; Mckinsey Global Institute analysis

Africa is nearly as urbanised as China and has as many cities with one million people as Europe.


AFRICA’S GROWTH IS RISING

Page 6

Source: African Poverty is Falling…Much Faster than you think!Pinkovskiy, Sala-i-Martin

$1/Day poverty and growth in Sub-Saharan Africa, 1970-2006

.45

.35

2,000

1,900

1,800

1,700

1,6001970 1980 1990 2000 2010

.4

.3

Pove

rty

Rat

e

GD

P pe

r Cap

ita

DateGDP per CapitaPoverty Rate, $1/Day

African poverty is drastically declining.



Page 7

-2.0-1.00.01.02.03.04.05.06.07.08.0

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

f

World Sub Saharan Africa

Real GDP Growth % y/y

Africa’s GDP is on the rise at a similar rate to the rest of the world.

Source: IMF



Page 8

Rank CountryCumulative Economic Growth

2001-2010, %

1 Equatorial Guinea 324

2 Azerbaijan 262

3 Turkmenistan 248

4 Qatar 206

5 Angola 190

6 Myanmar 164

7 China 157

8 Sierra Leone 147

9 Bhutan 129

10 Nigeria 119

11 Chad 113

12 Armenia 109

13 Mozambique 108

14 Ethiopia 108

15 Cambodia 107

16 Uganda 105

17 Tajikistan 104

18 Kazakhstan 104

19 India 98

20 Vietnam 97

21 Rwanda 94

22 Sudan 92

23 Tanzania 92

24 Uzbekistan 91

25 Belarus 90

Africa had 11 of the 25 fastest growing economies in the last ten years.

Source: IMF


STILL RISING...

Page 9

Africa have 12 of the 25 fastest growing economies in the next five years.

Rank CountryCumulative Economic Growth

2010-2014, %1 Liberia 67.7

2 Turkmenistan 59.1

3 China 58.0

4 Mongolia 55.8

5 Ghana 52.4

6 Qatar 48.1

7 Timor-Leste, Dem. Rep of 44.7

8 Ethiopia 43.7

9 India 43.4

10 Botswana 43.1

11 Mauritania 429

12 Angola 41.2

13 Tanzania 40.0

14 Congo, Democratic Republic of 397

15 Uganda 38.6

16 Niger 38.3

17 Libya 38.1

18 Bhutan 37.2

19 Uzbekistan 37.0

20 Vietnam 36.2

21 Djibouti 35.6

22 Bangladesh 34.8

23 Mozambique 34.3

24 Panama 34.2

25 Cambodia 34.1 Source: IMF


NOT JUST A COMMODITY STORY

Page 10

¹In 2005 dollars.²Government spending from resource-generated revenue contributed an additional eight percentage points.³Education, health, household services, and social servicesSource: McKinsey Global Institute analysis

Africa’s growth is spread across an array of sectors.

Sector share of change in real GDP, 2002-07 100% = $235 billion¹

Resources²

Wholesale and retail

Agriculture

Transport, telecommunications

Manufacturing

Financial intermediation

Public administration

Construction

Real estate, business services

Tourism

Utilities

Other Services³


AN EMERGING MIDDLE INCOME

Page 11

-6

-4

-2

0

2

4

6

8

1020

00

2001

2002

2003

2004

2005

2006

2007

Government Consumption Private ConsumptionNet Exports Domestic InvestmentReal GDP

Source: IMF DoTS

Africa’s growth is in part due to increased private consumption.


DEBT REPAYMENT DECREASING ...

Page 12

Commodities boom fuelled interest in Africa

100150200250300350400450

050

90 91 92 93 94 95 96 97 9899 00 01 02 03 04 05 06 07f

CRB commodities index

Debt relief added to the attractiveness of African economies

1020304050607080

090 91 92 93 94 95 96 97 9899 00 01 02 03 04 05 06 07f

External Debt as % of GDP, SSA

Source: IMF

Africa’s growth is reflected in their debt release and commodities boom which has increased their attractiveness as an investment continent.


ROBUST FISCAL POLICY

Page 13

Gross National Savings as % of GDP

Fiscal Policy improved

0

5

10

15

20

25

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07f

Average inflation moved lower

0

10

20

3040

50

60

70

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06e 07f

Inflation, Annual % change, SSA

Source: IMF

Africa’s growth has come a long way as their average inflation and fiscal policy have noticeably improved since the 1990s.


Country Profiles


NIGERIA

Page 15

They have a large consumer market

Strong trade links with other West African countries

They are the second biggest economy in sub-Saharan Africa

The banking industry is undergoing positive restructuring

There is ongoing liberalisation

Availability of generous annual capital allowances

Opportunities in agriculture, energy and financial services are available

Reasons to Invest...Population: 155mn

GDP: $165bn

Debt: 3.0%

Current President Goodluck Jonathan is going for presidency in the 2011 elections, which gives Nigeria the opportunity to finish off the economic reforms necessary to transform the economy.

Facts


GHANA

Page 16

Government spending is decreasing

Inflation is slowing

Ghana is one of the best governed African nations

The economy is stable

The discovery of oil will in no doubt help increase the country's economic growth

The World Bank rated Ghana the best place in West Africa for doing business in 2009

Reasons to Invest...Population: 23.8mn

GDP: $14.8bn

Debt: 34.2%

The two main parties- the NDC and NPP- will hold congresses; the economy will slowly recover with more public investment programmes and the start-up of commercial production from the Jubilee oil field.

Facts


CÔTE D’IVORE

Page 17

They have a skilled workforce

They have a favourable climate for agriculture

Encouraging investment incentives are available

The government is working towards a more transparent and competitive economic environment

There are opportunities within the energy sector


GDP: $22.9bn

Debt: 34.2%

National elections held later this year between President Laurent Gbagbo and the allied opposition Henri Konan Bédié and Alassane Dramane Ouattara, will see the country enter into peaceful stability.

Facts


MOROCCO

Page 18

A favourable legal framework is available

They have a young, trained, educated, low cost workforce

They are in a strategic position due to close proximity to Europe

A stable macro-economic framework is present

Policies for structural reform and economic liberalisation are in place

The transportation system is developing

Opportunities can be found within electronics, machinery, and tourism, and equipment and machinery


GDP: $90.8bn

Debt: 21.9%

The new Parti Authenticité et Modernité, with close ties to King Mohamed VI’s government, will increasingly challenge the position of the conservative nationalist Istiqal party as the dominant party in the ruling coalition.

Facts


TUNISIA

Page 19

There is a large consumer market

The banking industry is undergoing positive restructuring

A skilled labour force is accessible

Positive investment incentives are present

There is close proximity to European countries

The cost of living is low


GDP: $40.0bn

Debt: 52.8%

Economic efficiency and political repression helped 73-year-old President Zine El Abidine Ben Ali win a fifth term in October. His government will boost the economy but unemployment will stay dangerously high.

Facts


EGYPT

Page 20

They are in a strategic location as they are close to Asia and Europe

Low cost qualified labour force is available

There is a reduced customs duty

They have a high performing stock market

Economic and political stability is present

They have a highly developed infrastructure

They offer preferential access to the key global markets

The country has a diversified economy

They have a large consumer market


GDP: $188bn

Debt: 16.8%

The 81- year- old President Hosni Mubarak is expected to stand down prior to the scheduled election in 2011. His banker son Gamal, who is already chairman of the NDP, is the favoured successor.

Facts


KENYA

Page 21

The country has a stable pro-investment government

They have business friendly regulatory reforms

The social and physical infrastructure is developed

The foreign and local private sector are well established

A range of tax treaties, protection agreements and investment promotions are available


GDP: $30.2bn

Debt: 23.4%

President Mwai Kibaki’s and Premier Raila Odinga’s parties have passed the constitutional reforms and with East Africa Community Integration almost completed, Kenya stands poised to continue to position itself as the service power house of the region.

Facts


UGANDA

Page 22

They are in a strategic location as they are framed with resource rich and economically important countries

They boast a stable and predictable political and macro-economic economy

A liberal economic regime is present

They have a strong natural resource base

A developed basic infrastructure is present

Government is committed to the private sector

Low costs and high quality labour are available

Protected investments due to laws and international conventions

Opportunities are present in a range of sectors from tourism to manufacturing to agriculture


GDP: $15.7bn

Debt: 14.7%

President Yoweri Museveni will start his campaign for the 2011 elections with a national tour this year, as he faces a more coherent opposition and will have to fight for the support of the influential Baganda people.

Facts


ANGOLA

Page 23

They have a favourable environment for industrial and farming parks

They are a resource rich economy

Attractive government incentives are available

Economic, military and political stability is present

They have a fast growing economy

They have a stabilised inflation rate

Barriers to entry have dramatically been reduced

There are plans to open the Angolan Stock Market in 2011


GDP: $69.7bn

Debt: 12.2%

President José Eduardo dos Santos has delayed presidential elections until at least 2012 while his ruling MPLA crafts a new constitution and waits for new oil fields to come on stream and fund more reconstruction projects.

Facts


BOTSWANA

Page 24

There is macro-economic stability

A democratic and stable government is present

The country is peaceful

There is a low tax regime

An educated workforce is in place

There are encouraging customs incentives available

There is a supportive business environment present

There is a diverse range of investment opportunities from manufacturing leather to tourism and textiles


GDP: $10.8bn

Debt: 12.4%

Newly elected President Ian Khama and the ruling BDP are confident of reviving growth and keeping a tight lid on the local politics.

Facts


SOUTH AFRICA

Page 25

Macro-economic stability is present

There have been tax and customs reductions

There is market potential

They have a high performing stock market

There are hardly any restrictions on FDI

Encouraging investment incentives are available

Opportunities can be found within the retail and tourism sector


GDP: $227bn

Debt: 1.8%

Hosting the 2010 World Cup gave President Jacob Zuma’s government a chance to showcase the country and change perceptions of Africa. His economic team are currently under pressure to boost housing and education budgets.

Facts


MAURITIUS

Page 26

There is a very low tax regime

Positive economic reforms are in place

Ranked second among the 33 small island developing states, for ease of doing business in 2009 by the World Bank

They have a convenient time zone for business

There is political stability

They are economically resilient as they had growth during the crisis

Ranked 1st in the 2010 economic freedom index out of 46 countries in the Sub-Saharan African region

Opportunities can be found in property development, telecommunications, and manufacturing of pharmaceuticals


GDP: $9.2bn

Debt: 9.5%

In 2010 national elections, Premier Navin Ramgoolam and his Labour Party formed a coalition with his major opponent of the MSM and now rule as a coalition government. The African Union considered this election “free and transparent”.

Facts


Market Information


NIGERIA

Page 28Source: Bloomberg

Exchange rates Against USD Against Euro

Country Currency September 2010

Month-end

September 2009

Month-end

2009 Average

September 2010

Month-end

September 2009

Month-end

2009 Average

Nigeria Naira 154.51 149.85 149.77 210.66 219.38 206.53

Market Regulation

Short Selling Permitted

Stock Borrowing Permitted

Disclosure Limits The dealing broker is required to disclose ownership at 5% of the shares in issue of any quoted company.

Foreign Ownership Limits

None

Failed Trades Brokers are obliged to verify that a long position is available before trading. Securities are moved from a custody to a trading account for executions. Due to these tight controls, failed trades are very rare.


Country Index Index Level

1 Day %Chg

MTD %Chg

YTD %Chg

1 Year High

1 Year Low

Nigeria NIG ALSI 24,206.5 1.83 5.01 16.23 28,029.8 20,438.9

Country FX-Rateper USD

1 Day %Chg

MTD %Chg

YTD %Chg

Nigeria 152.66 -0.99 1.24 -2.07

Dollar Return (%chg)

Country 1 Day MTD YTD Trade USD’000

Mkt Cap USDm*

Nigeria 0.82 6.32 13.82 12,766 38,432

NIGERIA

Market Information:

11 Oct 2010

*USD market cap is that of the whole market, not the respective indexSource: African Alliance


GHANA

Page 30



Month-end

September 2009

Month-end

2009 Average

September 2010

Month-end

September 2009

Month-end

2009 Average

Ghana Cedi 1.43 1.45 1.43 1.94 2.12 1.97

Source: Bloomberg

Market Regulation

Short Selling Not permitted

Stock Borrowing Not permitted

Disclosure Limits Investors are required to disclose once 5% ownership has been reached. Thereafter, investors are required to disclose for every 5% ownership increase. If an investor makes 15% purchase of a non banking stock, he must declare his intentions as to whether he intends to takeover the company. At 30%, a mandatory takeover is triggered. Any investor who intends to buy 10% or more of a listed bank must seek approval from the Bank of Ghana.


None

Failed Trades Brokers unable to settle trades on due settlement date must inform the GSE who then has the power to buy in or on behalf of the member. The defaulting broker must pay the GSE within 24 hours of notifying the buy-in. The broker at fault is fined twice the commission he would have received on the original transaction. Any buy-in cost is also passed to the defaulting broker.



1 Day %Chg

MTD %Chg

YTD %Chg

1 Year High

1 Year Low

Ghana GSE ALSI

6,831.8 2.12 -0.06 22.60 7,185.1 5,237.3


1 Day %Chg

MTD %Chg

YTD %Chg

Ghana 1.44 -0.70 -0.64 -0.23



Mkt Cap USDm*

Ghana 1.41 -0.70 22.32 146.4 4,755

GHANA

Market Information:

11 Oct 2010



CÔTE D’IVORE

Page 32



Month-end

September 2009

Month-end

2009 Average

September 2010

Month-end

September 2009

Month-end

2009 Average

Côted’Ivoire

CFA Franc

481.03 448.03 471.37 655.84 656.07 650.01

Market Regulation



Disclosure Limits Any increase or decrease in the participation in the capital of a listed company must be disclosed to the market via the BVRM, when the following rates are reached: 10%, 20%, 33.33%, 50% and 66.66%.


None

Failed Trades Should a trade fail the DC/BR suspends the defaulting member and uses the Guarantee Fund which will be reimbursed by the failing broker with fees incurred.



1 Day %Chg

MTD %Chg

YTD %Chg

1 Year High

1 Year Low

BRVM IC Comp 149.0 0.21 0.93 12.87 155.6 129.9


1 Day %Chg

MTD %Chg

YTD %Chg

BRVM 473.55 -0.20 1.93 -3.40



Mkt Cap USDm*

BRVM 0.01 2.87 9.03 202.8 6,718

CÔTE D’IVORE

Market Information:

11 Oct 2010



MOROCCO

Page 34

Exchange rates

Country Currency

Morocco Dirham

Market Regulation



Disclosure Limits Disclosure triggers are 5%, 10%, 20%, 33.33%, 50% or 66.66% of the capital or voting rights of a listed company, registered in Morocco. If these limits are reached, the Company it applies to needs to be informed, as does the Stock Market Council of Ethics (CDVM) and the SBVC, within 5 business days.


None

Failed Trades For failed securities, a buy-in is initiated 7 days after due settlement. For failed cash, the Stock Exchange will sell 2 days after due settlement date. In both cases the defaulting broker will incur costs and penalties.



1 Day %Chg

MTD %Chg

YTD %Chg

1 Year High

1 Year Low

Morocco MORALSI 11,836.2 -0.22 -0.51 13.33 12,457.6 9,997.6


1 Day %Chg

MTD %Chg

YTD %Chg

Morocco 8.11 -0.35 1.46 -2.64



Mkt Cap USDm*

Morocco -0.57 0.95 10.35 9,548 65,615

MOROCCO

Market Information:

11 Oct 2010



TUNISIA

Page 36

Exchange rates

Country Currency

Tunisia Dinar

Market Regulation



Disclosure Limits None


Except the retail sector, foreign investment in equities of Tunisian companies is allowed up to 50% with no prior authorisation. Otherwise, the foreign investment in equities needs permission from the Superior Investment Council (CSI).

Failed Trades If a trade fails the market Guarantee Fund intervenes to settle



1 Day %Chg

MTD %Chg

YTD %Chg

1 Year High

1 Year Low

Tunisia Tunis 5,464.4 -1.08 -3.82 27.32 5,681.4 4,021.1


1 Day %Chg

MTD %Chg

YTD %Chg

Tunisia 1.39 -0.13 1.79 -5.09



Mkt Cap USDm*

Tunisia -1.21 -2.10 20.84 5,434 11,343

TUNISIA

Market Information:

11 Oct 2010



EGYPT




Month-end

September 2009

Month-end

2009 Average

September 2010

Month-end

September 2009

Month-end

2009 Average

Egypt Pound 5.70 5.50 5.55 7.78 8.05 7.66

Market Regulation


Stock Borrowing Not Permitted

Disclosure Limits Investors that own more than 5% of a company’s shares are required to immediately notify the CMA and the EGX of their holdings, in addition to any new buy trade that increase their holdings further, within two days of buying.


No FOL on all listed stocks, except Sharm Dreams Co for Tourism Investment (SDTI), Sinai Cement (SCEM), Export and Development Bank (EXPA), Abou Khier Fertilizers and Chemicals Industry (ABUK)

Failed Trades As per the market rules a buy in should take place at T+5. However the market practice now has been changed as the depository(MCSD) settles the failed sale trades by lending the securities to the seller (without fees) to get the trades settled, preventing a buy-in.



1 Day %Chg

MTD %Chg

YTD %Chg

1 Year High

1 Year Low

Egypt** EGX 30 6,804.6 -0.27 2.57 9.60 7,603.0 5,850.4


1 Day %Chg

MTD %Chg

YTD %Chg

Egypt 5.69 0.00 0.17 -3.68



Mkt Cap USDm*

Egypt -0.27 2.74 5.56 128,238 50,134

EGYPT

Market Information:

11 Oct 2010

*USD market cap is that of the whole market, not the respective index*Note that Egypt consists only of the EGx30 and EGX 70 constituentsSource: African Alliance


KENYA




Month-end

September 2009

Month-end

2009 Average

September 2010

Month-end

September 2009

Month-end

2009 Average

Kenya Shilling 80.75 74.55 77.24 110.09 109.14 106.35

Market Regulation



Disclosure Limits 25%


25% of the issued share capital of a listed company is reserved for the resident investors whilst the balance becomes a free float for all class of investors.

Failed Trades If a trade fails on T+2, the broker is considered in default and a buy-in notice is prepared by NSE on T+2. The NSE executes a buy-in at T+4 and a failure penalty is applied to the defaulting broker.



1 Day %Chg

MTD %Chg

YTD %Chg

1 Year High

1 Year Low

Kenya NSE 20 4,611.4 -0.19 -0.40 42.00 4,674.3 2,961.0


1 Day %Chg

MTD %Chg

YTD %Chg

Kenya 80.50 0.25 0.31 -5.78



Mkt Cap USDm*

Kenya 0.06 -0.09 33.80 2,332.6 14,499

KENYA

Market Information:

11 Oct 2010



UGANDA

Page 42



Month-end

September 2009

Month-end

2009 Average

September 2010

Month-end

September 2009

Month-end

2009 Average

Uganda Shilling 2 243.00 1 922.00 2 030.38 3 058.11 2 813.81 2 794.12

Market Regulation



Disclosure Limits Ownership of banks cannot exceed 5% without Central Bank’s approval


None

Failed Trades USE rules make provisions for the exchange to institute a buy-in against the defaulting broker.



1 Day %Chg

MTD %Chg

YTD %Chg

1 Year High

1 Year Low

Uganda USE ALSI 1,144.2 0.91 2.35 56.19 1,144.2 689.7


1 Day %Chg

MTD %Chg

YTD %Chg

Uganda 2,255 -0.09 -0.53 -15.74



Mkt Cap USDm*

Uganda 0.82 1.80 31.60 201.1 836

UGANDA

Market Information:

11 Oct 2010



ANGOLA

Page 44



Month-end

September 2009

Month-end

2009 Average

September 2010

Month-end

September 2009

Month-end

2009 Average

Angola Kwanza 91.80 77.81 79.18 125.16 113.91 109.37

The government has announced plans to fast track the opening of the Stock Exchange.

The Angolan Stock Exchange (BVA) will be located in Luanda, the political and economic capital of Angola.

There are predications that it will be the third largest stock exchange in sub-Saharan Africa after South Africa and Nigeria.

According to António Cruz Lima, the Angolan Industry Ministry's coordinator of the Centre for Capital Markets, the initial capitalisation is expected at more than US$ 6 billion.


BOTSWANA




Month-end

September 2009

Month-end

2009 Average

September 2010

Month-end

September 2009

Month-end

2009 Average

Botswana Pula 6.60 6.58 7.15 9.00 9.63 9.83

Market Regulation



Disclosure Limits None


None

Failed Trades BSE impose penalties if a trade fails



1 Day %Chg

MTD %Chg

YTD %Chg

1 Year High

1 Year Low

Botswana BSE DCI 7,426.0 -0.07 0.44 2.54 7,702.0 6,987.8


1 Day %Chg

MTD %Chg

YTD %Chg

Botswana 6.51 0.39 1.32 2.27



Mkt Cap USDm*

Botswana 0.33 1.77 4.87 1,170.8 4,630

BOTSWANA

Market Information:

11 Oct 2010



SOUTH AFRICA




Month-end

September 2009

Month-end

2009 Average

September 2010

Month-end

September 2009

Month-end

2009 Average

SouthAfrica

Rand 6.69 7.51 8.42 9.13 10.99 11.67

Market Regulation

Short Selling Permitted, as long as you arrange to borrow the stock


Disclosure Limits Buy-backs have to disclose when they reach 3%. Additionally, if ownership reaches 35%, this would need to be declared and a tender offer for minorities would be triggered.


None

Failed Trades The JSE Settlement Authority will act to match failed trades against opposite transactions in the market.



1 Day %Chg

MTD %Chg

YTD %Chg

1 Year High

1 Year Low

South Africa JSE ALSI 29,747.1 0.33 0.99 7.52 29,747.1 25,630.2


1 Day %Chg

MTD %Chg

YTD %Chg

South Africa 6.86 -0.03 1.83 7.63



Mkt Cap USDm*

South Africa 0.30 2.84 15.73 1,763,950 714,855

SOUTH AFRICA

Market Information:

11 Oct 2010



MAURITIUS




Month-end

September 2009

Month-end

2009 Average

September 2010

Month-end

September 2009

Month-end

2009 Average

Mauritius Rupee 30.01 30.50 31.92 40.92 33.65 43.89

Market Regulation



Disclosure Limits 5%


Only if holding more than 15% in a sugar company.

Failed Trades If the security fails a buy-in will be initiated with the defaulting broker having to put up 50% of the value of the transaction, to be used to compensate the buyers who will be paid an amount equal to 50% of the difference between the price originally paid and the price at which the stock was subsequently sold. A further 15% will be paid on undelivered stock after 5 trading sessions since initiation of the buy-in.



1 Day %Chg

MTD %Chg

YTD %Chg

1 Year High

1 Year Low

Mauritius SEMDEX 1,802.6 0.45 2.37 8.53 1,802.6 1,591.2


1 Day %Chg

MTD %Chg

YTD %Chg

Mauritius 29.90 -0.35 0.36 1.49



Mkt Cap USDm*

Mauritius 0.10 2.74 10.15 690.6 5,160

MAURITIUS

Market Information:

11 Oct 2010



DISCLAIMER & WARNING

• This document is being issued by Nubuke Investments LLP and is for private circulation only. The information and opinions contained in this document are for background purposes only, do not purport to be full or complete and do not constitute investment advice. No reliance may be placed for any purpose on the information and opinions contained in this document or their accuracy or completeness. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in this document by Nubuke Investments LLP or any of its members or employees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions.

• This document does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, any investment nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore.

• This document is and may be communicated only to (and is directed only at) persons to whom such communication may lawfully be made.

• This document is not communicated or approved by a person authorised under Financial Services and Markets Act 2000 (FSMA). Recipients will not have the benefit of rights designed to protect investors under the FSMA and under the rules of the FSA. Each of the proposed Nubuke funds will in the UK constitute a controlled investment under section 21, FSMA and an “unregulated collective investment scheme” for the purposes of the restriction on promoting such schemes under section 238. Accordingly, communication of this document to UK recipients is restricted, the persons to whom it may lawfully be made including (but not limited to):

(a) “investment professionals” within the meaning of article 19 of the FSMA (Financial Promotion) Order 2005 (FPO); and

(b) “high net worth companies, unincorporated associations, partnerships or trustees of high value trusts” within the meaning of article 49 of the FPO.

Contact Details:Mr. Tutu AgyareNubuke Investments, LLP10 Greycoat PlaceLondon SW1P 1SBUnited Kingdom

T +44 (0)20 7959 1250F +44 (0)20 7959 1255www.nubukeinvestments.com

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