1. Coface Country Risk Conference 2007 Opportunity Africa? Africa as an Export market John OMulloy Managing Director, Standard Bank

2. Coface Country Risk Conference 2007 Africa as an Export Market Everyone talks about Africa Can you export easier and has the risk improved? Yes

3. Coface Country Risk Conference 2007 We have a super-conviction about Africa. We are very optimistic that the corner has been turned economically. You have to imagine where it will be in two or three years time, and it is going to change in ways that people dont expect. I fully expect the capital markets in Sub-Saharan Africa to develop as rapidly as they have done in Russia over the past 10 years. Africa as an Export Market

4. Coface Country Risk Conference 2007 Why? Because the countries have improved? Africa as an Export Market

5. Coface Country Risk Conference 2007 Partly Nigeria Mozambique Libya Angola Africa as an Export Market

6. Coface Country Risk Conference 2007 But also Global financial trends Willingness to take African Risk for Trade Deals Hedge Funds Bilaterals Banks Local currency Africa as an Export Market

7. Coface Country Risk Conference 2007 Another market participant says People have been putting their toes in the water and have so far been doing very well. But many people are flying blind because there is not a lot of information on the African markets. Africa as an Export Market

8. Coface Country Risk Conference 2007 The basic problem that we have as an investor is the lack of African paper. There is massive demand for it but most of the paper is not liquid. Africa as an Export Market Ashmore

9. Coface Country Risk Conference 2007 There are deals we are doing today that a couple of years ago we would not even have contemplated. Africa as an Export Market

10. Coface Country Risk Conference 2007 You can take Africa more seriously But still Major counterparty risk Major fraud risk Market risk Africa as an Export Market