1. Presenting the Managed by Decorum Capital Partners (Pty) Limited
Portfolio Committee on Minerals & Energy, Parliament

2. Principal Managers Arthur Mashiatshidi John Taylor Neil Gardyne
Paul Mwasinga
Richard Shead

3. Background & Motivation
Mineralisation in the region
Absence of junior mining culture
New mining legislation in SA
Existence of mining systems & knowledge
Favourable investment climate
Risk mitigation

4. Description of NAMF Fund
Incorporated in SA as a Bewind Trust
Private Equity Fund
Providing Risk Capital
Competitive Return on Capital
Focusing on Junior Mining Opportunities
Investing in diversified minerals
Regional Focus: The African Continent

5. Framework Competitive Returns on Investor Capital
Fund projects with potential for a high return
Invest in projects with commercial merit
Sanlam option to receive capital protection
Support SA transformation objectives
Access to funding (non traditional)
Mitigate risks
Facilitate access to skills

6. Increasing Project Value
Stage of Focus
Focus on opportunities seeking risk capital
Risk Capital (Equity)
Quasi Equity
Debt Finance
Production
Discovery
Pre- Feasibility
Resource
Definition
Feasibility
Decreasing Risk
Harvest
Value Curve
Increasing Project Value
IPO
MBO
NAMF FOCUS
Etc.
Project Stages

7. 6 Year Commitment Period Optional Capital Protection
Salient Terms
Finite life of 10 Years
Draw-Down Basis
6 Year Commitment Period
Rand Denominated
Optional Capital Protection
Aim to raise between R1 billion and R2 billion of commitments

8. Corporate Governance Board of Trustees Investment Committee
Reputable business and mining leaders
Responsible for setting policy direction
Investment Committee
Balance between investors and trustees
Significant investor representation
Responsible for final investment approval
Conflicts committee
Actively address opportunities for conflicts

9. In Excess of R 460 million already
Investors
ABSA Corporate Merchant Bank
BHP Billiton Limited
Development Bank of Southern Africa
Gold Fields Limited
Harmony Gold Mining Limited
Industrial Development Corporation
International Finance Corporation
Kumba Resources Limited
In Excess of R 460 million already
committed

10. Participation Options
Sanlam Investment Management (SIM)
2nd Largest Asset Manager in Africa
Manages > R 200 billion in assets
Optional Up to R1 Billion Capital Guarantee
New Investors
Current Investors
SIM Fund of Funds
New Africa Mining Fund
Other Fund
Other Fund

11. Structured Incentives Access to Financial Markets
Challenges/
Skills and Expertise
Technical
Financial
Managerial
Operational
Expectations
Regulatory
Commercial / BEE
Royalties
Beneficiation
Mentor Group
No Resources
Structured Incentives
Flow Through Shares
Access to Financial Markets

12. Contact Details: Arthur +27 82 560 0469