Cytonn Investments Management Limited

Company Profile

22

Table of Contents

I. Overview of the Firm

II. Real Estate Deal Showcase

Appendix

1. The Board of Directors

2. The Management Team

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I: Overview of the Firm

44

100 Members, 1 Agenda – The Client

55

Introduction to Cytonn Investments

Cytonn Investments is an independent investments management company

• Our mission is that “we work to deliver innovative & differentiated financial solutions that

speak to our clients needs”

• Cytonn Investments is differentiated in several respects:

1. Independence & Investor Focus: Cytonn is solely focused on serving the interest of clients,

which is best done on an independent investment management platform to minimize conflicts of

interest

2. Alternative Investments: Specialized focus on alternative assets - real estate, private equity,

and structured products

3. Partnerships with Global Institutional Investors: Such as Taaleritehdas of Finland

4. Strong Alignment: Every staff member participates in ownership. When clients do well, the firm

does well; and when the firm does well, staff do well

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Cytonn’s Corporate Structure – Kshs 58 Bn Under Mandate

• Financial Services

• Education

• Technology

• Diaspora platform

connecting investors

in the diaspora with

opportunities in the

East African Region

• Development affiliate

providing investment

grade real estate

development

solutions

Cytonn Investments

Cytonn Investments

Ltd

Cytonn Real Estate

Cytonn Diaspora

Cytonn Investments

LLC

• Independent

investment

management

company, serving

HNW & institutional

clients

• US advisory and

investment

management

company

Kenya United States

Private Equity

77

Board of Directors

The board is comprised of 10 members from diverse backgrounds, each bringing in unique skill-sets

Prof. Daniel Mugendi,

ChairmanAntti – Jussi Ahveninen,

Non-executive Director

Madhav Bhalla,

Non-executive Director

James Maina,

Non-executive Director

Nasser Olwero,

Non-executive Director

Mike Bristow,

Non-executive Director

Edwin H. Dande,

Managing Partner & CEO

Elizabeth N. Nkukuu,

Partner & CIO

Patricia N. Wanjama,

Partner & Head of Legal

Kenneth Ndura

Non-executive Director

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The Management Team

The team brings in diverse global and local experience

Edwin H. Dande,

Managing Partner & CEO

Elizabeth N. Nkukuu,

Partner & CIO

Patricia N. Wanjama,

Partner & Head of Legal

Maurice Oduor,

Investment Manager

Johnson Denge,

Real Estate Services Manager

Robert M Mwebi,

Project Manager

Shiv Arora,

Head of Private Equity

Real Estate

Boniface W. Gichimu,

Finance Manager

Gaurang Chavda

Head of Private Wealth

Management

Winfred Ndung'u,

Brand & Business

Administration

Manager

Beverlyn Naliaka,

PR & Communication

Martin Gitonga

Project Manager

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Cytonn Investment Solutions

We offer differentiated investment solutions in four main areas

High Yield Solutions

The Team’s expertise and market knowledge enable us to offer investors higher yields than the market

average

Regular credit analysis, quick dealing capability and the large banking spread in the market allow the

team to capitalize on investment opportunities

Real Estate Investment Solutions

Our unique strategic partnerships with Cytonn Real Estate, our development affiliate, enables us to find,

evaluate, structure and deliver world class real estate investment products for investors

Our platform connects global capital seeking attractive return with institutional grade development

opportunities in the East African region

Private Regular

Investment Solutions

We understand that investors have varying financial goals. Our highly customized and simple to

understand investment products will enable you to achieve your investment objective

We offer solutions to both local investors, and those in the diaspora interested in the investment

opportunities back in Kenya and the region

Private Equity

Cytonn seeks to unearth value by identifying potential companies and growing them through capital

provision and partnering with their management to drive strategy

We primarily invest in the Financial Services, Education and Technology sectors

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Cytonn focuses on the highest returning Asset Class

Traditional investments returning 10% compared to 29% for real estate, & projected to continue

Pe

r a

nn

um

Re

turn

, 5

Ye

ar

Ave

rag

e

29%

12.3%10.0% 9.6%

0%

5%

10%

15%

20%

25%

30%

35%

Real Estate 10 Year Treasury Bond Yield NASI 91 Day T Bill

Average = 15.0%

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Global view of economic growth determines regions of focus

There is demand from global capital (light colors) looking for attractive returns (dark colors)

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Key themes driving our property development

KEY THEME REAL ESTATE SECTOR PROVIDING EXPOSURE TO KEY THEME

Master Planned Communities

CommercialOffice Parks

CommercialMixed-Use

Suburban Malls

Three Star Hotels

1. Large Housing Deficit

2. Growth of Middle Class

3. Demographic Trends

4. Improved Infrastructure

5. Political Decentralization

6. Kenya as a Regional Hub

A large housing deficit, growth of the middle class and demographic trends are just a few on the factors driving our thematicinvestments in Real Estate

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Deal pipeline overview – 85% to low and mid-income housing

Kshs 56 Billion Deal Pipeline

Low to mid-income Housing85%

• Masterplanned Development

• Comprehensive Development

• Low to mid-income Modular Housing

• High Density Integrated Mixed-use

• Gated Communities

Prime Residential and Mixed-use15%

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Summary of Projects - Kshs 56 bn Deal Pipeline Details

• Set 1: Real estate projects where the design, concept, agreements and funding are all secured, and have ground broken or in

the process of ground breaking

• Set 2: Real estate projects where the Cytonn Real Estate team is in advanced stages of negotiations with the landowners, and

where consultants have been appointed to begin market research and concept design

all values in Kshs Millions unless stated

Projects Concept Project Size

SET 1

Amara Ridge Gated community 625.0

Situ Village Gated masterplanned community 4,500.0

The Alma Middle-class residential development 2,744.0

Athi Sharpland Site & Service Scheme 644.7

Project Hurlingham Mixed Use Development 4,045.0

Ruaka 2 Middle-Class Residential development 522.9

Rongai Sharpland Site & Service Scheme 375.5

Sub - Total 13,457.1

SET 2

Project Mombasa High density mixed-use development 3,750.0

Kiambu Road Middle-class gated community 3,832.0

Project Kitale Masterplanned development 700.0

Project Mavoko Low to mid income masterplanned city 12,500.0

Project Lukenya Low to mid income masterplanned city 22,500.0

Sub - Total 43,282.0

TOTAL 56,511.7

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Cytonn’s strategy brings three key pillars together

1. Creating Jobs

2. Growing the Economy

3. Improving the standards of living

Financing Capability Development Capability

Landowners

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II. Real Estate Deal Showcases

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Project Amara Ridge

Amara Ridge is a gated community on 5 acres located in Karen off Forest Edge Rd

• A breathtaking, distinct and luxurious landmark at the heart of

Karen in Nairobi featuring two unique architectural designs

• Luxurious 5 bedroom Villas of 470 SQM each on a half-acre in

an exclusive gated community of 10 Villas and a club house

• The property is located in the leafy suburbs of Karen at the

junction of Forest Edge Road and Murishu Road opposite the

proposed Bomas conference center

• This signature development consists of amenities such as a top

of the world club house with meeting place and children play

area, a common swimming pool and option for individual pool

at your home, abundance of water, power backup, water

recycling plant for irrigation, 24 hour security with CCTV and

electric fencing, DSQ for two, paved roads and a leafy

neighborhood

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Amara Ridge Home Designs

The gated community consists of 5 Classical & 5 Contemporary Villas, each set on a half-acre

Amara Ridge - Classic

Amara Ridge - Contemporary

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Project Situ Village

Project Situ Village is a 30 acre masterplanned community situated in the heart of Karen

PROJECT UPDATESSitu Village is set out to be a world-class gated community

situated on a 30 acre exclusive Karen estate

We are looking to develop Situ Village to be a masterplanned

gated community, strategically laid out to enhance space and

maintain privacy. A host of on-site amenities enhances the

living experience:

50 Villas

10 Cottages

Convenience Store

Gym & Swimming Pool

Club House

Playground

Paved Roads & Street Lights

Electricity

Water

Fibre Optic Cable

Landscaping

2020

Situ Village Location

The site is 4.5 km from the Karen shopping center and 2.5 km off Karen-Ngong Road

PROJECT UPDATES

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Proposed Situ Village Concept

The concept encompasses a fully sustainable masterplanned community

PROJECT UPDATES

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The Alma in Ruaka

Premium integrated mixed-use development in the heart of Ruaka

• The Alma in strategically located in the Nairobi metropolis

region and neighbors Gigiri, Runda Roslyn and Tigoni

• 317 units spread accorss 1, 2 and 3-bedroom provide a

premium product doubling as a home as well as a high rental

yield investment

• It is in close proximity to the proposed Two Rivers mall,

Village Market Mall and upcoming Rivera Rosslyn Mall. Also

within the vicinity is Gertrude’s hospital, Agha-Khan Hospital,

Rosslyn Academy, German Academy

• The development speaks to a diverse group of people by The

Alma has amazing amenities such as landscaped gardens,

convenience stores, waste water recycling, paved roads, street

lighting, ample parking, recreation area, ICT connectivity,

rooftop terrace, an early education facility and security

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The Alma Concept

A masterpiece created when space meets style and architectural finesse

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Appendix 1: The Board of Directors

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The Board of Directors – Non-executive Directors

Professor Daniel Mugendi is the Chairman of the Board

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Professor Daniel Mugendi Njiru, PhDChairmanProf. Mugendi is a renowned scholar, researcher, consultant and higher education leader. He has made significantcontributions in the area of agro-ecosystems research and management as well as the development of Universityeducation in Kenya. He is currently the Principal of Embu University College - a constituent college of the University ofNairobi. He is the Chairman of Board of Trustees of Kenya Forestry Research Institute ("KEFRI"). He has previously servedas the Deputy Vice-Chancellor of Finance, Planning and Development at Kenyatta University and also as the Dean of theSchool of Environmental Studies and Human Sciences. Prof. Mugendi holds a BSc. from Moi University, MSc. FromUniversity of Nairobi and a PhD from University of Florida.

Antti – Jussi AhveninenNon-executive DirectorAntti-Jussi Ahveninen is a real estate funds specialist with 12 international institutional real estate funds managed, allwith excellent track record. He currently heads the international real estate funds operation of Finland basedTaaleritehdas Private Equity Funds, a financial services house with over USD 4 billion under management. Antti haspreviously set-up and headed the real estate funds operation for the investment banking arm of one of the largest banksin Saudi Arabia based in Riyadh. He has an MSc in Real Estate Finance from Swedish School of Economics and Bachelor'sdegree from Helsinki School of Economics. Antti is also a lecturer with Aalto University School of Engineering (formerlyHelsinki University of Technology), with studies undertaken in Japan and USA.

James MainaNon-executive DirectorJames is the Assistant Director at the Ministry of Lands Housing and Urban Development (MoLH&UD) (Directorate ofNairobi Metropolitan Development) a position he has held since 2010. He brings with him over 15 years of experience inurban planning and management; spatial planning, preparation of master plans and local plans, zoning and developmentcontrol, traffic management and decongestion, all gained with the Nairobi City Council and his current position. He holdsa Masters Degree in Urban and Regional Planning from the University of Nairobi, as well as a BA from the sameinstitution.

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The Board of Directors – Non-executive Directors, continued…

The board is comprised of 10 members from diverse backgrounds, each bringing unique skill-sets

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Madhav BhallaNon-executive DirectorMadhav is a Founding Partner at the law firm of Taibjee and Bhalla, a well established Litigation and Commercial lawfirm based in Nairobi, Kenya. Madhav possesses over 16 years of experience across transactional and commercial work,corporate advisory, banking, employment law, commercial & civil litigation, intellectual property, trusts and specialisesin real estate conveyancing and property law. Madhav is the Hon. Legal Counsel to the Retailers Trade Association ofKenya (RETRAK) and serves on the board of many local trusts, charities and foundations. He holds a LL.B. (Hons) from theUniversity of Birmingham and a Dip Law from the Kenya School of Law.

Nasser OlweroNon-executive DirectorNasser is the Director of Information Science and acting Director of the Science and Innovation group at the WorldWildlife Fund (WWF) in the United States, with over 16 years of experience. He advises on technology applicationcreating an interface between conservation science and Information Technology and Systems and has built various toolsto support conservation. His interest is on the intersection of conservation science and technology examining andapplying various information systems to aid conservation efforts around the world. He has been involved in variousnatural capital projects and training in Uganda, Tanzania, Mozambique, Indonesia, Thailand, Bhutan, Mexico, Myanmarand Cambodia. He holds an MPhil. Degree in Environmental Information Systems from the School of EnvironmentalScience, Moi University, Kenya.

Mike BristowNon-executive DirectorMr. Bristow is the current Board Chairman of the Central Depository and Settlement Corporation Limited, brings to theBoard a wealth of experience spanning more than 30 years of executive management and Board roles in the financialsector, including being engaged in policy and innovation development. He has worked as Managing Director/ExecutiveDirector of Barclays Bank, SSB Bank and Commercial Bank of Africa across four African countries – Kenya, Zambia, Ghanaand DRC. During this time, Mr. Bristow’s has served various industry professional bodies in the four countries. In Kenya,he has played a significant role in the penetration of mobile money products. He has also coordinated and managedvarious SME and micro-finance schemes partnering with donors and NGOs in Kenya, Ghana, Zambia and DRC. He has aMSC in African Politics from London University’s School of Oriental and African Studies and is a Fellow of the CharteredInstitute of Bankers, London.

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The Board of Directors – Non-executive Directors, continued…

The board is comprised of 10 members from diverse backgrounds, each bringing unique skill-sets

2011

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Kenneth NduraNon-executive DirectorKenneth is currently the Group Chief Internal Auditor at the Apollo Group which includes APA Insurance Kenya, APAInsurance Uganda, APA Life Assurance, Apollo Asset Managers, Gordon Court and the holding company, ApolloInvestments Limited. Previously he was the Group Head of Audit and Risk Management at Apollo Group for more thanfive years. He has vast experience in the field of audit, finance and accountancy having worked for twelve years forDeloitte & Touche, one of the leading professional services firms in the world as an Audit Assistant, Senior auditor andan Audit Manager. He has also worked as a Finance and Administrative manager for Secondment to Royal Vanzanten(Uganda) Limited

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Executive Directors

Cytonn’s Executive Directors bring with them over 35 years of experience in Investment Management

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Edwin H. Dande, MBAManaging Partner, Chief Executive OfficerEdwin is the Managing Partner & Chief Executive Officer of Cytonn Investments Management Limited. Edwin has over 15years of diversified financial services experience spanning investment banking, private equity, investment management,and real estate in global and regional financial services brands such as KPMG, former Lehman Brothers, Bank of AmericaSecurities / Merrill Lynch, and Britam Asset Managers. He holds a MBA, Finance Major from the Wharton SchoolUniversity of Pennsylvania and Bachelor of Science Degree in Accounting from the Monmouth University. He is also aCertified Public Accountant.

Elizabeth N. Nkukuu, CFAPartner, Chief Investment OfficerElizabeth serves as the Chief Investment Officer of Cytonn Investments Management Limited. She has over 10 years ofexperience in Investment Management. Before Joining Cytonn, Elizabeth was a Senior Portfolio Manager at Britam AssetManagers having come from Genesis Investments as an Investment Manager. Elizabeth started her career as anInvestment analyst in PineBridge Investments. Elizabeth has a Master’s of Business Administration (MBA) Degree(Finance) from the University of Nairobi. In addition to being a Chartered Financial Analyst (CFA), she is also a CPA (K).

Patricia N. Wanjama, CPSPartner, Head of Legal & Company SecretaryPatricia serves as the Head of Legal and Company Secretary for Cytonn Investments Management. Prior to joiningCytonn, Patricia served as the Head of Legal and Assistant Company Secretary for Britam Asset Managers. Patricia hasover 10 years of experience in the Legal field, with a strong focus on Financial and Investment Law. She holds a MBAfrom Strathmore Business School, a LL.B and is a Registered CPSK.

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Appendix 2: The Management Team

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The Management Team

Cytonn’s management team bring with them vast experience in investments, real estate, finance and PR

2011

Johnson Denge, MISKReal Estate Services ManagerJohnson is the Real Estate Services Manager of Cytonn Real Estate. Johnson has close to 10 years of diversified RealEstate development experience spanning from deal origination, Concept development, Real estate research, Valuationand advisory, and real estate market in Regional Real Estate market brands such as Ryden International, and AcornGroup and now at Cytonn Real Estate. He is a full member of Institution of Surveyors of Kenya, a Registered ValuationSurveyor and an Estate Agent. He holds a Bachelors Degree in Land Economics from the University of Nairobi.

Maurice OduorInvestmentManagerMaurice serves as an Investment Manager at Cytonn Investments Management Limited. He has over six yearsexperience in investment industry having worked with two strong brands in Kenya. Before joining Cytonn Investments,Maurice served as Assistant Portfolio Manager at Britam Asset Managers Ltd focusing on portfolio management andclients relationship management. Maurice started his career at Genesis Kenya Investment Management Ltd as aninvestment Assistant with specialization in Fixed income analysis, investment dealing and portfolio management duties.He holds a Bachelor of Business Administration (Finance option) from Maseno University and is currently a CharteredFinancial Analyst (CFA) level III candidate.

Shiv A. AroraHead – Private Equity Real EstateShiv serves as Head of Private Equity Real Estate at Cytonn Investments Management Limited. His experience within thefinancial services industry ranges from wealth management with Merrill Lynch Dubai to Fixed Income, Currencies andCommodities (FICC) with Citibank Kenya. Most recently, Shiv served as an Investment Analyst for Britam AssetManagers, focused largely on the Private Market segment, with a key focus on Real Estate. Shiv holds a BSc. Hons inEconomics from the University of Warwick and is a candidate in the CFA Programme.

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The Management Team, continued…

Cytonn’s management team bring with them vast experience in investments, real estate, finance and PR

Beverlyn NaliakaPR & Communications AssociateBeverlyn serves as a PR and Communications Associate at Cytonn Investments Management Limited. She has over fouryears experience in PR and Communication. Before joining Cytonn Investments, Beverlyn held the position of AccountManager at Gina Din Corporate Communications. She holds a Bsc. in Communications and PR from Moi University. Sheis currently a finalist at Daystar University pursuing Masters in Corporate Communications.In addition, Beverlyn is a CPS(K).

Gaurang ChavdaHead – Private Wealth ManagementGaurang serves as the Head of Private Wealth Management at Cytonn Investments Management. His experience withinthe investment industry ranges from working in the United Kingdom for an investment consulting firm named StrategyInsights. Most recently, Gaurang worked with Winton Investments which is part of Chase Bank Group dealing inoffshore investments and specializing in Forex and Commodity trading. Gaurang holds BA (Hons) in Business Studiesfrom University of Wales Institute, Cardiff. He Has also passed the Level 1 CFA Examinations.

Winfred Ndung’uBusiness AdministrationManagerWinfred serves as the Business Administration Manager at Cytonn Investments Management Limited. Winfred is anexperienced business administrator with over 15years of experience and marketing professional with extensiveexperience, most recently with Britam. She holds an MSc Marketing from Kenyatta university.

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The Management Team

Cytonn’s management team bring with them vast experience in investments, real estate, finance and PR

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3

Boniface W. GichimuFinance ManagerBoniface serves as the Finance Manager at Cytonn Investments Management Limited. Boniface is a Certified

Public Accountant and a B-Com (Accounting ) holder with over 7 years working experience. He began his

career in audit with Kamau, Kabeberi & Awuondo Accountants. He later moved to Mini group of Companies as

an accountant. Prior to his joining Cytonn, he was Acorn Group Ltd chief accountant. He is well experienced in

finance and accounting keen in implementing appropriate co. strategies for efficiency in tax, finance and

accounting.

Robert M Mwebi, PMPProject ManagerRobert serves as the Project Manager at Cytonn Real Estate. Robert has close to 15 years experience in

Construction Project Management & Tendering of diverse building and Civil projects right from Concept

Development, Initiation, Planning, Execution, Quality Control and Project Closure. He is a member of the

Project Management Professional. Prior to joining Cytonn, Robert was the Project Manager at Alpha Group of

Companies, Pacepower PVT India & Linksoft Group. He holds a Bachelor of Technology Degree in Civil &

Building from Moi University.

Martin Gitonga,Project ManagerMartin serves as the Project Manager at Cytonn Real Estate. Martin has close to 10 years experience in

Construction Project Management, Tendering, Contract Management, Budgeting and Cost Control, Claim

analysis and preparation of diverse building, Civil, Oil and Gas projects right from Concept Development,

Initiation, Planning, Execution, Quality Control and Project Closure. Prior to joining Cytonn Real Estate, Martin

was the Quantity surveyor at Tullow Oil, GIZ –IS (Infrastructure Program), H Young & Co. EA Ltd. He holds a

Bachelor of Arts Degree (Building Economics) from The University of Nairobi.

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Q&A