The Altree Group – Executive Summary

• Global financial group with longstanding experience in Africa, the Middle East, offshore centers and around the globe

• The Altree Group maintains offices in New York, Bermuda, London, Malta, Johannesburg and Hong Kong

• As an independent market participant, Altree is free to form strategic partnerships and develop relationships in the industry without being compromised by large corporate complexities or legacy relationships

Our Vision for Africa

• Offer a transparent, efficient and reliable service to our clients, permit broader participation in the African securities markets and in so doing, elevate all participants & stakeholders

• For Altree to strengthen relationships with counterparties and securities market infrastructures across Africa through shared experiences and technologies

• To support globally-accepted best practices and evolutionary business methods – towards achieving the Industry Gold Standard

Oversees assets in excess of $5 Billion

Clients include Institutions, governmental entities,

investment funds, banks and sovereign wealth funds

Offers a full range of world-class securities services to support

market participants and facilitate investment from

around the world

Works closely with market infrastructures and regulators to

accelerate market evolution

3

The Altree

Group

4 3

African Markets

Specialist

The Altree

Group

African Capital Markets – Expertise and Scope

• More than 15 years of investment and securities market experience in Africa

• Currently provides securities services in over 25 African markets

• Altree has embarked upon an initiative to meet with regulators, CSD’s, Central Banks and Stock Exchanges throughout all its African markets

• The intent of this is to share information, experiences, technologies and to foster better interoperability between industry participants

• Altree has also acquired one of the world’s leading post-trade securities systems, and is working with African industry counterparts to enhance adoption of general securities market practices including:

SWIFT connectivity

SAS70 accountability

Securities Market Practice Group (SMPG) standardization

XML, XBRL

African Capital Markets – Opportunities

4 3

Opportunities

for African CSD’s

Altree - African

Market Specialist

The Altree

Group

A timely opportunity exists for CSD’s to take a greater role in Africa:

• The macroeconomic landscape is that of dynamic and sustainable growth, increased capital flows, and regionalization

• Growing demand from international and domestic clients bases, supported by developing regional market infrastructures

• New technologies and global standards will reward leading service providers

• Little risk of legacy systems causing delays in implementation – adoption of new technologies accelerating

• Global regulatory changes are limiting foreign competition of Global Custodians (GCs); domestic banks are slow getting into the securities markets, and in general providers are in disarray and service levels are poor

Possible roles for CSD’s:

• Move up the value chain by offering additional services (these covered in detail in CSD11)

• Support regionalization and other measures to increase liquidity

• Act as risk reduction mechanisms thereby reducing balance sheet offset liabilities of GCs

• Offer direct interfaces to custodians, can monetize this by shifting layers of cost

• Provide electronic Corporate Actions registration, and follow-through by XBRL – protect “Golden Source”

African Capital Markets – Looking Ahead

4 3

Observations

& Predictions

Opportunities

for African CSD’s

Altree - African

Market Specialist

The Altree

Group

• Current barriers to entry and limitations on scope of services are progressively being challenged and this will progress until they ultimately collapse and traditional market roles will adjust accordingly.

• Laissez-fair regulation of the 80’s and 90’s has flip-flopped to excessive regulation in the U.S. and Europe. This environment is being exacerbated by weakness in the global economy and anti-business rhetoric from political elements - forcing governments to look for further sources of revenue.

• Market participants - including CSDs - are being forced to scrutinize their business models and discover new ways in which to compete, gain market share and retain profitability.

• Global Custodian business models are under threat, as is their cost of doing business in and revenue from frontier and emerging markets is harder to reconcile – and where profitability and volumes do not justify the higher regulatory and capital commitments.

• African banks are entering the fray, with relatively intact balance sheets, strong domestic customer bases and regional securities demand growing from within their client base. Prior barriers to entry are coming down as access to technology and systems is much easier and legacy issues are of little concern.

• Both imply a significant threat and opportunity for the typical CSD. The threat likely lies either in doing nothing; and being out maneuvered – or in doing too much; where the regulatory burden and a perceived conflict of interest undermine the effort.

• The window of opportunity is open – but as with all opportunities, and assuming modern economic theory – it won’t be around for ever.

Investor

Category Commentary

Geographic Distribution Examples

Africa Americas Europe RoW

Dedicated Africa Funds

Funds tend to be relatively small (USD 25 – 250 million in AUM) Local shares typically comprise 100% of the investible universe Value corporate access, trade flow & fundamental research Altree actively covers more than 90% of all dedicated Africa Funds

Arisaig

Blakeney

Coronation

EMM

Insparo

Investec

Old Mutual

Pinebridge

Rencap

RMB

Global Emerging Markets

Funds

Funds tend to be large (USD 200 million – 2 billion in AUM) Africa typically maintains a small weighting within overall portfolio Place strong emphasis on counterparty risk & more comfortable

trading through large banks & wire houses Value timely information & intraday updates Trading is typically handled via in-house execution desk Altree actively covers approx 25% of all global EM Funds

Allianz Global

APG

Artio Global

BNP Paribas

Capital Group

DWS Fidelity Genesis

JP Morgan AM Julius Baer Lazard Nomura AM

Pictet

Robeco

Schroders

Templeton

Frontier Market Funds

Funds tend to be relatively small (USD 50 – 500 million in AUM) Africa typically comprises 5-20% of the overall portfolio Frontier market funds receiving steady inflows on back of index-

related demand from large passive investors (e.g. pensions, endowments, etc)

Value corporate access & fundamental research Altree actively covers more than 50% of all FM Funds

Aberdeen AXA BlackRock Carmignac

Gestion Charlemagne Eaton Vance Fidelity

Genesis GLG FMM Frontaura Halbis Société Generale T. Rowe Price Templeton

Sovereign

Wealth Funds

Investment size is large (> USD 25 million) and decisions are typically made independently

Investments are highly contingent on length of track record, size of fund & experience of management team

Target directly via investment offices Target indirectly via credible third party distribution channels

ADIA (UAE) CADF (China) CDP (Canada) CIC (China) GIC (Singapore) GPF (Norway)

HKMA (HK) KIA (Kuwait) KIC (Korea) QIA (Qatar) RNWF (Russia) SAMA (S. Arabia)

Few Many

African Capital Markets – Players & Participants

©Altree® 2011 15

Investor

Category Commentary

Geographic Distribution Examples

Africa Americas Europe RoW

Pension

Funds & CISs

Investment size is large (> USD 5 million) & decisions are typically made with the assistance of an independent consultant

Highly contingent on sophistication of technology, systems to handle IPS & multiple beneficiaries, and reputation in local market

Target directly via investment offices & pension boards Target indirectly via consultants & credible third party channels

ABP

AP Fonden

British American

CALPERS

CPP

GOSI SA

GPIF Japan

ICEA

KNPS NYSRS OMERS Old Mutual PFZW Previ Standard Bank TRS Texas

Depository Receipt

Programs & Exchange

Traded Funds

Investment size is large (USD 10 – 50 million) & decisions take into consideration market infrastructure & custody system sophistication

Investments highly contingent on systems & procedures relating to allocation of bulk stock orders, corporate actions & income payments

Target directly via investment offices

Target indirectly via consultants & credible third-party channels

BNY Mellon

Citigroup

Euroclear

Index IQ

NYSE AMEX

Nasdaq OMX

PowerShares

iShares

ProShares

Rydex Funds

SPDRs (SSgA)

Vanguard

Global Custodians

Custodians tend to be very large (> USD 20 Billion in AUM)

Large multinational custodians with global custody networks

Opportunities a function of price, balance sheet, creditworthiness, local presence, brand recognition, technology, accessibility, ease of use & client service

BNP Paribas BNY Mellon Caceis Citigroup Deutsche Bank HSBC

JP Morgan

RBS Société Generale

State Street

Six Group

UBS

iCSDs

Accounts range from USD 10 million to 250 million. Opportunities are a function of price, balance sheet, creditworthiness,

local presence, brand recognition, technology, accessibility, ease of use & client service

Euroclear Clearstream Intl Depository Trust

& Clearing Corp (DTCC)

JASDEC SIX SIS Strate

Few Many

©Altree® 2011 16

African Capital Markets – Players & Participants

Hong Kong

London

Malta

Johannesburg

New York

Bermuda

Custody Coverage

Dubai

Cayman / BVI

Mauritius

Ghana

Kenya

Sydney

Malawi Zambia

Client Locations

Current Office Locations

Office Openings

The Altree Group – Global Footprint

Extensive capital market expertise with local offices in ten countries throughout Africa, Asia, Europe and the Americas...

The Altree Group – Global Securities Market Infrastructure

Industry-leading securities market infrastructure employed by the world’s largest global banks, custodians and fund managers...

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