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Advisory services:Originating and structuring Equity and Debt capital raising, IPOs, M & A transactions, Strategic Options advisory, PE advisory and Independent Research services.

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PART I: KEY MARKET INDICATORS

OFFICIAL PARTNER:

Burbidge Capital Limited

Head Office:

4th Flr, Nivina Towers, Westlands Road,

Nairobi, Kenya

Tel: +254 (0) 20 2100 102

Uganda Office:

Suite FC6

1st Floor, Crown House

4a Kampala Road,

P.O . BOX 3331Kampala, Uganda.

TEL: + 256 (0) 794 476 967

www.burbidgecapital.com

CONTACTS OF THE EDITORIAL TEAM

Edward Burbidge, CFA

Chief Executive Officer

edward.burbidge@burbidgecapital.com

Vimal Parmar, CFA

Head of Research (SSA)

vimal.parmar@burbidgecapital.com

Gerald Njugi

Senior Analyst - Corporate Finance

gerald.njugi@burbidgecapital.com

Lello Halake

Research Analyst

lello.halake@burbidgecapital.com

Nicholas Kiprotich

IT Manager

nicholas.kiprotich@burbidgecapital.com

London Office:

i4 Albany, Piccadilly

London, W1J 0AX

Tel: +44 (0) 207 099 1452

info@burbidgecapital.com

Key Africa & Global Equity Indices Performance

Key Africa & Global Currency Performance

Key Events & Press – East Africa

East Africa Financial Review

Practitioners of the craft of private banking

March 2015

"Investing should be more like watching paint dry or watching grass grow. If youwant excitement, take $800 and go to Las Vegas." - Paul Samuelson

Tullow strikes oil in two new South Lokichar Basin Wells Kenya oil sector gets boost on US-based firm drilling pledge Canadian firm raises KES 27m for Migori gold exploration Derivatives trading at Nairobi bourse to start, banks sign up pledge Dar stock exchange ranked Africa’s 2014 top performer SA Retail giant Massmart opens Nairobi outlet in May South Africa Losing Buyout Allure to Fast Growing Rivals Actis to set up USD1.9bn renewable business in Africa Cordiant collects USD 350m for latest emerging markets loan fund

NSEASI Index (KE) 162.89 165.80 175.70 6.0% 7.9%

FTSE NSE Kenya 25 216.42 222.27 230.79 3.8% 6.6%

DARSDSEI (TZ) 2,519.64 2,671.89 2,701.28 1.1% 7.2%

UGSINDX 1,927.00 2,001.29 2,066.25 3.2% 7.2%

NGSEINDX 34,657.15 29,562.07 30,103.81 1.8% -13.1%

EGX 30 8,926.58 9,843.10 9,334.01 -5.2% 4.6%

JALSH (SA) 49,770.60 51,266.81 53,344.20 4.1% 7.2%

S&P 500 2,058.90 1,994.99 2,104.50 5.5% 2.2%

FTSE 100 6,566.09 6,749.40 6,946.66 2.9% 5.8%

Equity Index 2/01/2015 2/02/2015 27/02/2015 % Ch. m/m % Ch. YTD

KES / USD 90.52 91.65 91.35 0.3% -0.9%

TZS / USD 1,737.61 1,770.00 1,831.30 -3.5% -5.4%

UGX / USD 2,783.96 2,850.00 2,890.01 -1.4% -3.8%

ETB / USD 20.21 20.41 20.35 0.3% -0.7%

ZAR / USD 11.71 11.65 11.66 -0.1% 0.4%

NGN / USD 183.21 187.85 202.55 -7.8% -10.6%

EGP / USD 7.15 7.59 7.63 -0.5% -6.7%

GBP/USD 0.65 0.66 0.65 2.4% 0.5%

EUR / USD 0.83 0.89 0.89 -0.8% -7.3%

Currency 2/01/2015 2/02/2015 28/02/2015 % Ch. m/m % Ch. YTD

This month we observed increased activity in the Kenyan oil and gas sector following the discovery of oil in two new wells in the SouthLokichar Basin in Turkana by Tullow Oil and the pledge by Houston-based oil exploration firm Anadarko Petroleum that owns a block inLamu, to continue drilling activities despite cutting its budget for other markets. The Uganda oil and gas sector also saw progress with theirgovernment announcing that they would issue additional exploration licences for blocks in the Albertine region. In line with ourexpectations, the gold sector continued to witness growing investor activity with Stockport, a listed Canadian miner, raising USD 295,000 (KES27.1 million) in the form of debt.

There was a slight reduction in the number of corporate deals (-25%) from 12 deals recorded in the previous month. The financial servicessector has taken an early lead recording a total of 10 deals YTD with the manufacturing sector taking a distant second with 5 deals so far. Inprivate equity 3 investment deals (10 deals YTD) were announced in the financial services (2) and higher education (1) sectors in Mauritiusand Kenya respectively. In M&A we saw 5 deals (10 deals YTD) in the financial services & manufacturing sectors in Kenya and the miningsector Tanzania. We expect to see an upturn in the deal making tempo towards the end of 2Q15 as more deals that have been structured in1Q15 begin to crystallise (see Deals on page 5).

In the listed equities space, the NSEASI rallied 6.0% (7.8% YTD) as the market rebounded from foreign outflows observed previously (USD -2.91m). Financial services firms and Teleco counter Safaricom attracted the highest foreign inflows in the month as banking counterscontinued to post strong earnings announcements. Co-op Bank (USD 3.5m), KCB (USD 2.3m), Safaricom (USD 2.3m) registered notable gains,adding 16.9%, 2.6% and 11.7% respectively supporting the rally. Total Equity market turnover was up at USD 174.83m in the month (Previousmonth USD 107.94m).

Edward Burbidge, CFAChief Executive Officer, & BC Newsletter Team

2

PART II: MONTHLY COMMENTARY

The month of March saw deal makers take a slight breather after a frantic start to the year, with “only" c. 9 deals done.Instead companies were focussing on finalising and releasing results and generally we saw a very positive set of 2014financials, which will doubtless lead to even more dealmaking during the rest of this year, in particular as companies outsideEast Africa look to pick up earnings from the region's current phenomenal growth rates. An extremely successful HousingFinance rights issue also demonstrated once again the capital available in the Nairobi market.

OTHER KEY MARKET INDICATORS

Interest Rates

Inflation and GDP growth

2015 2016 2015. 2016

Kenya 5.2% 5.0% 6.2% 6.4%

Uganda 5.7% 5.0% 6.3% 6.5%

Tanzania 5.0% 5.0% 7.0% 7.1%

Rwanda 5.0% 5.0% 6.7% 7.5%

Burundi 5.4% 5.8% 4.8% 5.0%

Ethiopia 9.1% 9.0% 8.5% 8.5%

Source: IMF, World Economic Outlook

CountryProjected Inflation Rates Projected GDP Growth

Country/Region Current Base Rate Previous Base Rate

Central Bank of Kenya (Kenya) 8.50 % 8.50 %

Bank of Uganda (Uganda) 11.00 % 11.00 %

Bank of Tanzania (Tanzania) 7.58 % 7.58 %

South African Reserve Bank (RSA) 5.75 % 5.75 %

Central Bank of Nigeria (Nigeria) 13.00 % 13.00 %

Central Bank of Egypt (Egypt) 8.75 % 8.75 %

Bank of England (UK) 0.50 % 0.50 %

Federal Reserve Bank (USA) 0%-0.25% 0%-0.25%

European Central Bank (EU) 0.05 % 0.05 %

3

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4

1Based on deals as calculated by Burbidge Capital2The top sectors which recorded the highest number of deals3Based on deal values disclosed to the public or as estimated by Burbidge Capital

Source: Burbidge Capital Research

PART III: DEAL STATISTICS

10 10

5

2 2

0

2

4

6

8

10

12

PE deals M&A deals PE exits Private placements(shares)

Joint ventures

No

. of

dea

ls

Investment type

Total number of deals in East Africa - 2015 YTD1

9

12

9

0 2 4 6 8 10 12 14

Jan

Feb

Mar

Mo

nth

Number of deals

Total number of deals per month in East Africa - 2015 YTD

320

651

125

498

39

-

100

200

300

400

500

600

700

M&A PE Share privateplacement

PE exits Rights issue

Deal values (USD mn) in East Africa - 2015 YTD3

2; 10%

1; 5%

10; 50%

5; 25%

1; 5% 1; 5%

No. of deals per sector - 2015 YTD2

Oil & gas Automobile Financial services

Manufacturing Healthcare Real estate

PART IV: SELECTED DEALS

5

Date Buyer Seller Investment size Sector

Investment

type Country Synopsis

11th March 2015 ECP KCA University,

ICPAK

USD 17.5 million Higher

education

PE Kenya The Institute of Certified Public Accountants of Kenya (ICPAK)

members have approved ICPAK-KCAU-Maarifa partnership that

allows KCA University to enter into a long-term strategic

partnership with Emerging Capital Partners (ECP) and Maarifa Edu

Holdings Ltd. This will provide significant ongoing financial,

strategic and operational support to KCA University (KCAU). In the

strategic partnership, Maarifa is seeking to initially invest a

minimum of USD 17.5 million to benefit KCAU.

13th March 2015 FTG Holdings Chirag Kenya Manufacturing M&A Kenya NSE-listed FTG Holdings has acquired four brands of a snacks and

spices manufacturer, Chirag Kenya, in a bid to grow its revenue

base. The four brands include Natures Own, Chigs potato crisps,

Honeycomb biscuits and Gonuts and had an annual turnover of

c.KES 90 million in 2014. Under the deal, FTG will also absorb 60

employees who have been working at Chirag Kenya including the

manufacturing plant and its supply resources. The deal is also in

line with FTG's strategy of creating a diversified FMCG business -

manufacturing across Africa and building a portfolio of much-loved

African brands.

26th March 2015 Housing Finance KES 3.5 billion (USD

38.8 million)

Banking Rights issue Kenya NSE-listed mortgage firm Housing Finance raised KES 3.5 billion in

a rights issue to help the company increase its lending base and to

finance its branch network expansion. In a statement, the lender

reported that 84% of its shareholders had taken up their rights in

an 157% oversubscribed issue that received KES 9.01 billion in bids.

The new shares will start trading on April 15.

24th March 2015 Mwalimu Sacco Equatorial

Commercial Bank,

Naushad Merali

KES 2.6 billion (USD

27.9 million)

Financial

Services

M&A Kenya Kenya's billionaire Naushad Merali’s Equatorial Commercial Bank

buyout by Mwalimu Sacco, the largest sacco in the country, has

received regulatory approval. Mwalimu Sacco will pay KES 1.6

billion to acquire an immediate controlling stake of 51% in the

bank and an additional KES 1 billion for a 24% stake in the second

half of the year. Mr Merali, a majority owner of the bank, will

pocket KES 2 billion while the balance of KES 600 million will be

injected into the business.

30th March 2015 Seruji Ltd Savannah Cement,

International

investors

Manufacturing M&A Kenya The Competition Authority of Kenya has approved the proposed

acquisition of 60% of the shareholding of Kenya's cement

manufacturing firm Savannah Cement Ltd by Seruji Ltd, according

to a Gazette notice dated 27 March 2015. Acoording to Seruji Ltd,

the company has acquired the stake previously held by the

pioneer Chinese investors of Savannah Cement.

30th March 2015 M. Holdings Ltd Oriental

Commercial Bank

shareholders

Financial

Services

M&A Kenya M. Holdings Limited has acquired a 51% stake in Kenya's Oriental

Commercial Bank for an undisclosed amount according to a Gazette

notice dated 27 March 2015. The transaction marks the latest deal

in the country’s banking sector where small and medium-sized

banks have raised funds to fuel their expansion plans and meet

new higher capital ratios.

PART V: OTHER NEWS (1/3)

6

Tullow strikes oil in two new South Lokichar Basin wells

Tullow Oil said on March 11th that it had found oil in two new wells in the South Lokichar Basin in Turkana. An operationsupdate by the UK explorer found that the Ngamia-7 appraisal well found 132 metres of oil net of costs of extraction (also callednet oil pay) while the Ekales-2 appraisal well found net oil pay of between 50 and 70 metres. The explorer said that the findingshad increased the area’s potential. Tullow exploration director, Angus McCoss, said in a statement that the result, and thepromising initial flows from the Amosing oil field extended well test, give the Company further confidence in the size and scaleof its two cornerstone fields for the development of the South Lokichar Basin. Further drilling is set to be done in the Ngamiafield and results from the exercise should give finer data on the area’s potential.

We expect that the continued success of Tullow in South Lokichar, Kenya will boost investment in the sector and enhancefundraising initiatives in 2015.

(Source: Business Daily)

BC Analysis

Kenya oil sector gets boost on US-based firm drilling pledge

Kenya’s oil and gas exploration has received a boost after Houston-based Anadarko Petroleum said that it will go ahead with itslocal drilling programme despite cutting its budget for other markets. Anadarko said it had to cut its exploration budget by athird due to the falling oil prices which is at a five-year low. The reduction in the exploration budget will mostly affect its US-based blocks but work on its Lamu-based blocks will continue this year. The company in a statement said that in 2015,Anadarko expects to drill nine to 12 deep water exploration/ appraisal wells focusing on play-opening explorationopportunities in Colombia, Kenya and the Gulf of Mexico.

Analysts say that oil explorers are continuing their searches despite the falling prices on confidence that they will find largedeposits. “BG Group of the UK is planning to drill two offshore wells in its blocks located in Mombasa at a cost of USD 160 million(KES 14.4 billion). There is consensus among exploration firms that the region still promises strong finds that justify continuedinvestment,” said the 2014 fourth quarter Natural Resources report by Burbidge Capital. Tullow Oil, Taipan Resources, Simbaand ERHC Energy are other explorers that have drilling programmes for 2015. Continued exploration is also expected to benefitlocal companies that offer supporting services like Atlas Development and Support Services, a logistics and engineering servicesfirm.

(Source: Business Daily, BC Research)

BC Analysis

Canadian firm raises KES 27m for Migori gold exploration

Gold mining in Migori County by a Canadian company has received a boost after the firm raised KES 27.1 million to carry outwork in the area. Stockport, a listed Canadian miner, raised USD 295,000 (KES 27.1 million) in the form of debt to finance itslocal operations. Stockport in a statement said that the net proceeds of the loans will be used for capital expenditures andworking capital requirements for the company’s pilot gold recovery circuit in Kenya. The company has undertaken a series offund-raising drives over the last two years to fund its local operations, which are expected to pick up this year. The miner hasraised around KES 174 million from international and local investors since October 2013. An investor presentation byStockport said that it expected to begin small-scale operations early this year and also begin making sales by the end of 2015.

More mining companies are expected to source for funds to scale up their operations this year, especially for operations that arebased in western and northern Kenya. “Mayfox Mining, a gold prospector in Turkana, raised KES 42 million through a slightlyoversubscribed private placement,” says a report by Burbidge Capital, and Red Rock Resources, a UK firm prospecting for gold inMigori, also announced that it had raised KES 40 million. This coupled with other fund-raising initiatives within the gold sectorare an indicator of the increased activity that we expect in 2015,” says the Natural Resources Quarterly report (2014) byBurbidge Capital.

(Source: Business Daily, BC Research)

BC Analysis

Cordiant collects USD 350m for latest emerging markets loan fund

Emerging markets private debt firm Cordiant has held a USD 350m final close for its latest vehicle. Cordiant said its EmergingLoan Fund IV would target senior, secured loans issued to emerging market private sector borrowers, with an emphasis ondiversification across countries and sectors. The firm said investors in the vehicle included insurance companies, pension fundsand other provident funds.

As emerging markets develop, demand for stable debt financing is increasing. Increasingly more private sector borrowers arelooking towards more non-traditional forms of financing. This fund will add on to the various financing options that privatesector borrowers can access.

(Source: AltAssets, BC Research)

BC Analysis

PART V: OTHER NEWS (2/3)

7

Actis to set up USD1.9bn renewable business in Africa

UK-listed private equity group Actis has launched a pan-African renewable energy generation platform, Lekela Power inpartnership with wind and solar developer Mainstream Renewable Power which will own 40 per cent of the platform. LekelaPower is the 8th such energy platform Actis has created, following a proven replicable strategy of aggregating energy assets intoscalable regional platforms. This focused approach was most recently demonstrated in the development of Ostro Energy, arenewable energy platformwhich Actis launched in India recently.

Actis’s other energy platforms include Globeleq Mesoamerica in Central America, Aela Energía in Chile, Atlantic EnergiasRenováveis in Brazil and Mexico’s Zuma Energía. This latest platform is another example of Actis replicating a proven strategyin a high-growth sector and meeting the increasing demand for domestic infrastructure in emerging markets. Lekela Power willprovide between 700 and 900MW of wind and solar power and will be funded over three years through a combination of equityand debt.

For African Countries to achieve an average economic growth rate of 5% per year, they need to revolutionise every sector:Agriculture, IT, Construction, Manufacturing and Finance Sectors. To support these sectors, power connection is inevitable. As aresult, we expect a surge in demand for electricity as more Homes and Businesses get connected to the power grid. Withincreased talks in sustainable energy, we see more participants make entry into renewable energy sector space especially byprivate equity firms like Actis and other stakeholders such as US Government through Power Africa Initiative.

(Source: Financial Times, BC Research)

BC Analysis

South Africa Losing Buyout Allure to Fast Growing Rivals

South Africa is no longer the destination of choice for private equity investors seeking to tap returns on the continent. Buyoutfirms are increasingly targeting markets such as Kenya and Nigeria, Africa’s largest economy, where expansion this year isforecast by the International Monetary Fund to be more than double that of South Africa. Marlon Chigwende, managing directorof Carlyle’s sub-Saharan Africa fund, said in a phone interview from London on Wednesday that they will focus on eight to 10countries in Africa like Nigeria, Kenya, Zambia, Tanzania and Ghana because they are relatively faster growing.

South Africa’s economy is going through somewhat difficult times, and this has in turn continued to erode the value of the Rand,which has shed 15% of its value against the dollar over the last 12 months. This, coupled with a lagging economy, has led tolower returns for buyout firms, who are now opting to look for investment opportunities in emerging markets experiencingstrong growth, and where they hope to earn better returns for their investments.

(Source: Bloomberg, BC Research)

BC Analysis

SA Retail giant Massmart opens Nairobi outlet in May

South African retail giant, Massmart, is expected to make its entry in Kenya this May with the opening of the KES 23 billionGarden City shopping mall on Thika Road, which already has at least 112 bookings done so far. Interestingly, the supermarketwill be sharing a roof with Kenyan retail heavyweight, Nakumatt, ushering in a fresh round of competition.

Two other local retail chains, Naivas and Uchumi, are located just a stone’s throw away from Garden City across the busy 12-lane highway. Garden City will be joining Mountain Mall and Thika Road Mall, which are almost within sight of each other alongthe key city road. Massmart, whose biggest shareholder is US retail colossus Walmart, will be trading for its first time in Kenya.This will mark its successful entry into Kenya after failed attempts in the past. Last year, Massmart’s talks to acquire a stake inNaivas failed, pushing it to consider setting up shop from scratch. The 50,000-square-metre mall, whose construction began lessthan two years ago, will comprise retail, office and residential units, ushering in the entry of major brands such as Massmartand it will also house Nakumatt, Tile & Carpet Centre, Victoria Courts, coffee shops as well as restaurants. The retail giants havetrained their eyes on a fast growing middle class segment in Kenya.

The entry of global retail chains such as Massmart and Carrefour into Kenya affirms Kenya’s position as an attractiveinvestment destination. Factors such as a growing urbanisation rate due to improved quality of infrastructure, projected growthin consumer spending and an average projected GDP growth of 5% are making Kenya attractive for retail chains.

(Source: Daily Nation, BC Research)

BC Analysis

PART V: OTHER NEWS (3/3)

8

Derivatives trading at Nairobi bourse to start, banks sign up pledge

The Nairobi Securities Exchange (NSE) will work with three banks to set up a clearing house for its planned offering ofderivative instruments from the second quarter of this year. NSE CEO Jeff Odundo, told the Reuters Africa Investment Summitthat the new products would boost liquidity at the bourse, as it seeks to become the third biggest exchange on the continent, upfrom fifth currently. He said two of the three banks were international and one was local, without offering further details.

Trading of financial instruments that hedge against risk on the NSE is set to usher in a new phase in the market that will allowinvestors to bet on the direction of the price movement of shares and bonds. The Capital Markets Authority issued the NSE aprovisional licence allowing it to open a derivatives exchange in December last year, paving the way of listing of instrumentslike futures contracts and options which hedge against risk. As part of the preparation to launch trading, the bourse is in theprocess of recruiting a derivatives market oversight board, having advertised for applications at the end of January. The boardwill comprise a minimum of seven of the NSE’s own nominees, at least one of them an NSE executive. Others will include twodirectors of the NSE and two other individuals representing public interest.

NSE’s planned market is modelled on the Johannesburg Stock Exchange (JSE) Derivatives Market, which offers trading of,among others, futures and options on equities, bonds, indices, interest rates, currencies and commodities. The phased approachin the introduction of the new products has been seen as desirable by market experts, given that many investors are unfamiliarwith the different types of derivative and futures products which are only common in bigger bourses across the world.

Most African exchanges' ambitions to offer trading in derivatives are often frustrated by the lack of clearing houses, whichusually require significant investments. The Kenyan bourse serves as an entry point for foreign funds looking to tap into fasteconomic growth rates in East Africa but it currently ranks behind South Africa, Nigeria, Egypt and Morocco in terms of marketsize.

(Source: Reuters, BC Research)

BC Analysis

Dar stock exchange ranked Africa’s 2014 top performer

Strong foreign investor participation in 2014 gave regional bourses their best year on record with most investors makinghandsome returns, especially at Tanzania’s Dar es Salaam Stock Exchange (DSE), which was ranked Africa’s’ best stockexchange last year. The local companies index climbed 27 per cent last year, the highest in the region.

According to global financial reporting firms Bloomberg, CBS and Thomson-Reuters, the Egyptian Stock Exchange came insecond with its main index achieving a 31.6 per cent increase while the Uganda Securities Exchange (USE) emerged third with ajump of 26.5 per cent. The Nairobi Securities Exchange (NSE), which emerged fourth, registered a drop, emerging at 19.2 percent.

Tanzania’s’ DSE was also the best performing bourse in Africa in terms of market capitalisation, which grew by 40 per cent toUSD 12.04 billion, while domestic stocks grew by 66 per cent during the year.

In August last year, Tanzania removed the 60 per cent cap on foreign investors, making shares of some of the country’s largest,most profitable companies accessible to non-Tanzanians for the first time in years. Previously, Tanzania only allowed investorsfrom within the East Africa Community to purchase up to 40 per cent of offered government securities while individual countrieswere not allowed to purchase more than two thirds of the 40 per cent quota. The resulting inflow of foreign cash improved thebourse’s performance. In 2014, DSE successfully oversaw the cross listing of Uchumi Supermarkets from the Nairobi SecuritiesExchange, Maendeleo Bank, Mkombozi Commercial Bank, and ASX-listed Swala Energy.

(Source: The EastAfrican, BC Research)

BC Analysis

PART VI: UPCOMING EVENTS/CONFERENCES

9

Events Date Venue Theme

12th Annual African Private

Equity and Venture CapitaL

Association(AVCA)

27 - 29 April

2015

The Savoy,

London, UK

The AVCA Annual Conference is the association's flagship event, which provides the private equity and

venture capital industry in Africa with an important platform to discuss the most pertinent

opportunities and issues of the year.The 12th AVCA Annual Conference include various agenda topics

such as championing Private Investment in Africa, Perspectives from Veteran Investors in Emerging

Markets, The Right Way to Measure Risk in Africa and the Trailblazers in African Private Equity.

Power & Energy Africa 27 - 29 April

2015

KICC,

Nairobi, Kenya

The third edition of Power & Energy Africa is an imposing demonstration of its importance for the

successful development of power and energy sector in Kenya. Trade visitors from all over East &

Central African countries are being invited directly and in collaboration with several regional trade

bodies in Kenya, Tanzania, Ethiopia, Uganda, Somalia, Mozambique & Congo.

8th Annual Sub-Saharan Africa

Oil & Gas Conference

29 - 30 April

2015

Houston Marriott Westchase, USA

This conference presents an exceptional opportunity: To gain and share knowledge among industry

peers, network among senior government officials, petroluem ministers, decision makers, oil & gas

executives, investors, and industry top players; showcase your brand, strengthen your position in the

industry and enable you to make business contacts.

The 7th Annual

SuperReturn Emerging Markets

2015

29 Jun - 02 Jul

2015

Hotel Okura,

Amsterdam, The Netherlands

Bringing together fund managers and investors from 48 countries annually, attendees will use the

Amsterdam conference to keep up to date with their peers and network with people they would

never otherwise have met. In-depth coverage of the hottest markets including Turkey, Africa, Brazil,

China & India

Africa Financial Services

Investment Conference

12 - 13 May

2015 Hilton Metropole,

Brighton, UK

The objective of the Africa Financial Services Investment Conference is to increase investment into

Africa’s financial services sector by bringing listed, and unlisted financial services companies from

across Africa together with debt and equity institutional investors, and other interested parties.

IFC's 17th Annual Global

Private Equity Conference in

association with EMPEA

12 - 13 May

2015

The Ritz-Carlton,

Washington DC, USA

The 17th Global Private Equity Conference, centering on the theme of Unlocking the Power of Private

Equity in Emerging Markets, will convene thought leaders and industry practitioners for thought -

provoking keynotes and candid panel discussions covering emerging and frontier markets in CEE/CIS,

Emerging Asia, Latin America, MENA , and Sub-Saharan Africa.

5th Annual Africa Banking &

Finance Conference

19 - 20 May

2015 Crowne Plaza,

Nairobi, Kenya

The 5th Edition of the Africa Banking & Finance Conference: Breaking the Finance Barriers comprises

various programs and activities such as presentations, panel of discussions, B2B meetings, and other

activities and is set to attract a large number of businesses from different sectors in the economy.

2nd Edition Uganda Mining

and Energy Conference &

Exhibition

20 - 21 May

2015

Serena Hotel,

Kampala, Uganda

UMEC will feature two days conference, with presentation sessions and round table discussions, as

well as a trade exhibition. The event is organised by the Ministry of Energy & Mineral Development,

Republic of Uganda, in association with AME Trade Ltd. UMEC 2015 will be attended by the full

spectrum of partners involved in Uganda’s energy, minerals and oil and gas industries, including the

public and private sector, as well as development partners and multilateral organisations.

Ethiopia International Mining

Conference(EIMC) 2015

23 - 24 Sept

2015

United Nations Conference Centre,

Addis Ababa, Ethiopia

EIMC 2015 will showcase and explore developments in Ethiopia’s thriving mining sector and focus

attention on potential opportunities, lessons learned by key investors and the creation of new

business partnerships. Objectives of EIMC 2015: To promote Ethiopia’s Mining sector as stable and

commercially viable for international companies, To strengthen key business partnerships, To

showcase achievements and successes, To share experiences & knowledge, To showcase forthcoming

opportunities, To provide a platform for networking and business development.

Africa Hotel Investment Forum 30 Sept - 1 Oct

2015

Sheraton,

Addis Ababa, Ethiopia

The African Hotel Investment Forum is the premier hotel investment conference in Africa, attracting

many prominent international hotel owners, investors, financiers, management companies and their

advisers. AHIF moves around Africa exploring new emerging countries and provides a platform for

education, networking and insight into country investment opportunities.

Africa Investment Exchange:

Energy

8 - 9 October

2015

Intercontinental Hotel,

Nairobi, Kenya

Africa Investment Exchange: Energy, Nairobi will be Identifying potential investment and project

opportunities – wind, solar, hydro, geothermal, oil and gas. Participants at AIX: Energy will examine

these opportunities and realities as well as meet local developers, PE funds, portfolio companies and

successful regional firms.Participants should include: Private Equity and debt investors, seed and

venture capitalists, impact investors, institutional investors, oil and gas operators, development

finance institutions and fund managers.

The 5th Mining Business &

Investment Conference

15 - 16 October

2015

Safari Park Hotel,

Nairobi, Kenya

The 5th Mining Business & Investment Conference is an annual event that is held under the auspices

of the Kenya Chamber of Mines and Prescon Limited with the support of the East African Community.

Over the last three years, the event remains a platform in Eastern Africa that holistically captures

current trends in the mining industry in the region.

The 13th Annual African Capital

Markets Conference

26 - 27 November

2015

Cape Town International

Convention Center, South Africa

Information Management Network's 13th Annual African Capital Markets Conference will continue to

look towards the future of African capital markets, with a particular focus on emerging markets in Sub-

Saharan Africa. The event has been established as the premier annual forum for African sovereigns,

corporates, local regulators, local and international investors, and financial service providers with

interest in fostering the diversity of investment and funding options via local capital markets.

THIS DOCUMENT HAS BEEN PREPARED ON THE BASIS OF INFORMATION AND FORECASTS INTHE PUBLIC DOMAIN. NONE OF THE INFORMATION ON WHICH THE DOCUMENT IS BASEDHAS BEEN INDEPENDENTLY VERIFIED BY BURBIDGE CAPITAL LIMITED NOR ITS AFFILIATEBODIES AND ASSOCIATES, WHO NEITHER TAKE RESPONSIBILITY FOR THE CONTENT THEREOFAND DO NOT ACCEPT ANY LIABILITY WITH RESPECT TO THE ACCURACY OR COMPLETENESS,OR IN RELATION TO THE USE BY ANY RECIPIENT OF THE INFORMATION, PROJECTIONS,OPINIONS CONTAINED IN THIS DOCUMENT.

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