CAPITAL MANAGEMENT

Avram & Becker (Private) Limited

AVRAM & BECKER CAPITAL MANAGEMENT AVRAM & BECKER Capital is a Zimbabwean based investment advisory and Capital Management Company primarily focused on private equity and investment management services in a cross section of economic sectors. We are vision inspired and objectively focused investment company that co-invests with leading international partners in promising, high-growth companies and emerging sectors in Zimbabwe and the region.

FINANCIAL SERVICES MINING AGRICULTURE ENERGY TRANSPORT AND TELECOMMUNICATIONS

We seek to partner with international and regional investors in the above sectors in Zimbabwe to entities seeking Experienced, Apolitical, professional and value adding indigenous partners. We apply a balanced pro investor equity model to investing. One of our key objectives is to ensure that all the necessary indigenous laws and international best practices have been implemented in the chosen investment sectors in Zimbabwe or the region. To ensure that the indigenous and international laws are achieved a shareholder diversification model may include some but not limited to Zimbabwean pension funds and life insurance companies. Vision Our vision is to be the leading private equity investment firm and the investor of choice in Zimbabwe and the region to entities seeking pro-active and value adding local equity partners. Values We abide by a set of values core to everything we do. Our adherence to these core values is integral to our success:

WISDOM: in our endeavour to provide services that are unique and innovative to our stakeholders; collective wisdom through in-depth analysis and needs assessment of current and future goals of standing as well as proposed investment projects, enables us to carry a rigorous and in-depth evaluation process to ensure realisation, sustainability and growth objectives of all projects is attained.

KNOWLEDGE: knowledge, is a by product of wide sector experience inherent in our team of professionals, and is a corner stone in our pursuit of excellence to create long term value for investors.

VISION: We believe that a strong vision for each investment is a foundation for its success also the uniqueness of each investment requires a broader and clearer cut vision to ensure its success. We therefore look to craft individual solutions to each investment opportunity mapping the end from the beginning.

PROFFESSIONALISM: We draw from a team of professionals that have strong experience in their areas of expertise .professionalism is therefore an integral part of the way we do business, to which we extended to our shareholders, the Government and local communities with whom we strive to maintain solid relationships.

Avram & Becker (Private) Limited

OUR CAPITAL BUSINESS PRIVATE EQUITY MANAGEMENT Our private equity business will consists of proprietary influential equity investments across Africa and other emerging markets, for we believe that building proprietary investment position is a first step and, that needs to be complimented with a strong human capital such as we have mobilised over the past 5yrs in private equity investing in emerging markets, in this regard we have discovered unique opportunities in building a private equity fund management business in Southern Africa. We have made considerable progress in laying the foundation for this exciting space and we expect to see this adding to value creation for our clients in the near future. We apply a three “tier” Investment Process as follows:

ORIGINATION EXECUTION PORTFOLIO MANAGEMENT

Our target Internal Rate of Return (“Target IRR”) on our investments is 30% over an investment period spanning between 3 to 5 years. The AB Approach We seek to create value by directing capital towards strong companies operating in Zimbabwe seeking local equity partners and capital to support growth. We engage in friendly transactions and aim to be investment partners of leading regional and global brands operating in or planning to operate in Zimbabwe and whose objective is achieving exceptional performance over time. We strive to achieve improvements in growth and global competitiveness that benefit not only our investors, but all of society’s stakeholders. We apply a rigorous investment approach which is consistent across all investment types and is under-pinned by extensive due diligence. We are a sector focused private equity investment firm and we believe in investing in sectors that we can demonstrate the following:

We have a strong understanding; We have potential to achieve our Target IRR; and Target investment has potential market-size and profitability that is attractive at a

regional level. Portfolio Management Our team of professionals has significant experience in portfolio management and are mostly tasked with managing and monitoring our and client investments. This process also requires amongst others, various technical skills ranging from financial, risk management, business, devising and negotiating exit. Once we make an investment, the most effective members of our management team in that particular investee company sector will play an on-going role as board members and strategic advisers to the business, to ensure that our investment thesis, which we develop at due diligence and execution phase, is properly executed. We have significant experience in portfolio management and some of the activities that we undertake when managing or monitoring our and client investments include:

Quarterly review of Investee Company’s financial performance with management;

Review of investee companies performance against investment thesis; Participation in board/shareholder meetings; and Timing and execution of exit.

Avram & Becker (Private) Limited

Our INVESTMENT Advisory PROPRIETARY EQUITY INVESTMENTS Our focus on proprietary investments is in Zimbabwe and the Region is primarily to invest in financial services, telecommunications and commodities related opportunities. We have a target Internal Rate of Return of 30% on our investments over an investment holding period of between 3 to 5 years. We add value to internal and client investments through board representation and being an active local shareholder. For the past 3years most of our energies and focus has been in establishing a presence in our target sectors and/or consolidating our initial investments in those target sectors. Attracting funds to your business Our company provides a complete range of services in the field of investment consulting starting with strategy formulation, simple business plan preparation up to the fund attraction and whole investment plan development and management. Our services are designed to help a cross section of corporates meet investment challenges in a rapidly changing global economy and can have a tremendous effect on the success of their businesses. Our services Setting Objectives

By setting clear investment objectives and guidelines we will give you key to developing a successful investment strategy. We will discuss with you all the factors that should be taken into consideration when clearly defining the objectives.

Our research and knowledge enable us to create investment strategies for you that are innovative, tax-efficient and cost effective.

Fund Attraction We give you opportunity to attract different types of capital to your business, such as bank loan, private investments, different leasing schemes, international indirect investments, security offering and etc. We will help you to find potential investors, to establish relations and carry on negotiations with them. Due Diligence We will investigate all relevant aspects of the past, present, and predictable future of your company and evaluate your business opportunities. Our specialists will develop valuable due diligence reports and business analyses for your company, which will give answers to the following important questions: Is the project financially feasible as conceived? Are capital, operating and maintenances costs carried by company reasonable? We will identify potential privileges of your business and help you to avoid unsuitable transactions. Our consulting activities provide also specialized services in technical due diligence sphere for evaluating the safety, reliability, and efficiency of processes and equipment of your company.

Avram & Becker (Private) Limited

Investment plan preparation

Through meetings and extensive dialogues, our investment professionals will develop a clear and concise document for your company, which will meet all the requirements of intended audience. We provide business plan services for both start ups and growth ventures. We introduce three main types of business plans.

Professional business plans for presentation to angel investors or private equity investors

Business plans for lenders and traditional financing sources such us banks, credit associations and etc.

Brief business plans which will present your business concepts and opportunities for potential partners and investors.

Financial plan preparation, including projections for up to 10 years, can be considered as a separate stand-alone service. With the help of our simulation model we can make projections by changing the values of any selected element (price, sales value and etc.). Business Valuation Understanding the factors that determine the value of your business will focus you on ways to increase your company short and long-run profitability. Business valuation is the greatest indicator of your financial success. We will calculate the market value of your business. We will identify your company strengths and weaknesses that contribute to, or detract from the ultimate value of your business.

Avram & Becker (Private) Limited

Why AVRAM&BECKER? Some of our key strengths:

Clear guided vision and strategy. Highly experienced team with proven track record in:

i. Deal origination, structuring and execution; ii. Fund raising and operations management.

In depth knowledge of the business environment in Zimbabwe and Africa. Strong links with regional and international providers of finance.

GLOBAL EXPERTISE Our practitioners maintain solid working relationships with government bodies, tax bureaus, financial markets and business networks in Africa and abroad, keeping informed of the latest regulations and trends to ensure up‐to‐date investment advice, smooth deal negotiations and an international standard of service delivery. FLEXIBILITY We take pride in our ability to adapt to new environments and changing global needs, providing investment solutions that are flexible and tailored to give an acceptable return on investment. PERSONAL ATTENTION Our professional team of investment consultants are committed to excellence in their work and attentive client and market needs, whether for a small enterprise with a financial objective or a structured investment for large corporation pursuing a global strategy. DIVERSITY With a multicultural team of over 35 professionals, we combine in‐depth knowledge of African legal frameworks and market opportunities with expert understanding of international business. VALUE Our solutions are structured to be more effective than many large firms, often on a success‐fee basis and with no hidden fees. EFFICIENCY We are the lead choice among local and international firms as we can quickly understand the needs of our clients, evaluating potential growth sectors and are efficient in delivering practical solutions.

CONTACT US 64 GLANMORGAN BELVEDERE, HARARE ZIMBABWE TELULAR :(+263) 0773 040 564 EMAIL:services@avrambecker.co.zw

Avram & Becker (Private) Limited

www.avrambecker.co.zw