1. Bright Africa 2015 Drivers, enablers and managers of investment on the continent riscura.com/BrightAfrica

2. Continent can be divided into 9 meaningful markets 2 Source: RisCura Central Africa East Africa Egypt & Sudan Francophone West Africa Maghreb region Nigeria Other West Africa South Africa Southern Africa excl. SA

3. Domestic consumption is fairly well diversified 3 GDP (nominal GVA) output by region (2014) Source: BMI Research, RisCura analysis Franco- phone W. Africa

4. Large reliance on extractive industries for exports 4 Breakdown of regional exports (2013) Source: Trade Map, RisCura analysis Franco- phone W. Africa

5. STATE OF INFRASTRUCTURE AS AN ENABLER

6. Consistent income crucial for infrastructure 6 Sources of government funding (2014) Source: BMI Research, IMF WEO October 2014, Heritage Index of Economic Freedom, OECD - Development Aid at a Glance 2. Africa (2014 edition), RisCura analysis Franco- phone W. Africa

7. Maghreb leads the pack on paved roads 7 Road infrastructure (latest available information) Source: CIA World Factbook, RisCura analysis

8. Rail infrastructure in Africa lags its peers 8 Km of rail per km 2 of land area (latest information available)) Source: CIA World Factbook, RisCura analysis Franco -phone W. Africa South- ern Africa

9. Significant energy infrastructure needed 9 Energy (MW) per million people (latest available information) Source: CIA World Factbook, IMF WEO October 2014, RisCura analysis Franco- phone W. Africa South- ern Africa

10. PENSIONS, INSURANCE AND DFIs DRIVE GROWTH THROUGH INVESTMENT

11. African pension assets growing quickly 11 Annualised growth rates (local currency) vs. Asset as a % of GDP Source: Regulator annual reports and websites, other industry sources, EAC review of pension sector (Callund Consulting), Towers Watson Global Pension Study 2015, RisCura analysis

12. Significant allocation to fixed income in Nigeria and E. Africa 12 Asset allocation of pension funds across Africa Source: Regulator annual reports and websites, other industry sources, EAC review of pension sector (Callund Consulting), Towers Watson Global Pension Study 2015, RisCura analysis

13. Potential for insurance growth 13 Penetration and expected annual growth in AUM by region Source: Swiss Re, UN Population Division, IMF, African Insurance Organisation, NKC Research, S&P Capital IQ, RisCura analysis Franco- phone W. Africa

14. Significant growth in insurance AUM expected 14 AUM by region in 2012 and 2018 (projected) Source: Swiss Re, UN Population Division, IMF, African Insurance Organisation, NKC Research, S&P Capital IQ, RisCura analysis Franco- phone W. Africa

15. AFRICA’S LISTED EQUITY MARKETS

16. Liquidity still poor, but improving 16 Number of companies listed vs number of companies traded Source: ASEA (African Stock Exchange Association), RisCura analysis

17. Listing allowance of Africa indices 17 Source: MSCI Indices; S&P Dow Jones Indices; RisCura Analysis

18. AFRICA’S UNLISTED EQUITY MARKETS

19. South Africa losing dominant deal position 19 Number of private equity entry transactions by region Source: RisCura

20. Uptick in deals in Energy investment 20 Number of private equity entry transactions by sector Source: RisCura

21. THANK YOU riscura.com/BrightAfrica

22. Disclaimer 22 This presentation contains confidential information and is protected by copyright law. Copyright in all information, material and logos are protected by both national and international intellectual property laws. Accordingly, any unauthorised copying, reproduction, retransmission, distribution, dissemination, sale, publication, broadcast or other circulation, or exploitation of this material will constitute an infringement of such protection. The information contained in this presentation is provided 'as is' without warranty of any kind. The entire risk as to the result and performance of the information supplied in this document is assumed by the user and in no event shall RisCura be liable for any direct, consequential, or incidental damages suffered in the course of using the information contained herein as a result of the use of, or the infringement of any copyright laws. The copyright in all material of RisCura Solutions (Pty) Ltd ("RisCura") and all its subsidiaries shall continue to vest in RisCura. RisCura is an authorised financial services provider.