MINUTES OF JUA KALI BLUE MSMES PENSION PLAN AGM DATE HELD: 29 TH SEPTEMBER 2017

TIME HELD: 9.30AM VENUE: RAILWAYS CLUB, NAIROBI

Present

1.Hillary Ngeny – KCB Limited, Trustee2.Dominic Muindi – Jua Kali, Sponsor

3.Gibson Obanda– Eagle Africa, Administrator

4.Eagle Africa staffs(3) – Administrator

5.David Oduori– Co-OpTrust Fund Manager

6.Peter Odero – KCB Limited, Custodian7.Warren Odhiambo -Massawa & Co. Auditor

8. Martin Obuba -RBA RepresentativeAgenda:

i. To read the notice convening the Meetingii. To Introduce the service providersiii. Speech from the Sponsoriv. To receive Audited Accounts for year 2016 and the accompanying report of Auditorsv. To receive report of the Fund Managervi. To receive the Custodian’s Report.vii. To receive report of the Administratorviii. To receive report of the Trusteeix. To receive a report from the Regulator, RBAx. Question and Answer Session.

Min 1/AGM/2017: Notice Convening the MeetingThe Jua Kali Association chairperson called the meeting to order. A word of prayer from a member of the scheme set the meeting opened. The notice convening the meeting was taken as read, upon confirmation of the quorum the meeting commenced with David Muindi welcoming all the members to the 5th annual AGM of Jua Kali IPP.

Min 2/AGM/2017: Introduction of the service providersThe master of the ceremony introduced to the members all the scheme service providers.All the service provers were noted to be present.

Min 3/AGM/2017: Jua Kali Chairperson’s SpeechThe Chairperson thanked members for attending the AGM. He further encouraged the members to continue saving and desist the temptation of withdrawing, in order to have more funds in the scheme.

Min 4/AGM/2017: The Auditor’s Report for the 2016 AccountsThe Auditor confirmed that he had audited year 2016 accounts as required by the regulations. He then gave the following highlights in the year 2016 audited accounts:a) The scheme’s net asset values as at 31/12/2016 stood at Kshs.119,102,242.00 as compared

to Kshs.108,910,239.00 for the year ended 31/12/2015b) Contributions up to 31st December 2016 amounted to Kshs.17, 862,877.00 as compared to

Kshs.26, 057,239.00 received in the year ended 31st December 2015. The contribution is recognized based on actual amount received by the Custodian.

c) Withdrawals in year 2016 amounted to Kshs.17, 724,370.00 compared to Kshs.17, 933,525.00 withdrawn in the year 2015.

d) Investment Income: Kshs. 12,006,951.00 was earned and accrued as interest from investments during the year ended 31 December 2016 compared to Kshs.4, 355,843.00 earned in the year 2015.

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e) Bank Balance Kshs.820, 634.00 was one day snap shot in Custodial account as at 31st Dec 2016.

f) Expenses: Accrued Expenses Kshs.1, 953,456.00 the costs of Administration, AGM, Custody and Fund Management and other professional services fees are now fully borne by the scheme.

The Auditor also encouraged the members to save more in the scheme, in order to realize more returns.

Min 5/AGM/2017: The Scheme Fund Manager’s ReportThe Fund Manager confirmed Coop Trust’s commitment to keep investing the scheme funds as soon as the contributions are made into the custodial account and as per RBA regulations. He also informed to the members that the Fund Manager will strive to get the best returns for the scheme. Members were encouraged on the need to save so as to earn more.

Min 6/AGM/2017: Report of the CustodianThe Custodian confirmed holding of assets in segregated accounts and undertaking the Custodial functions as required by the regulations. He further confirmed having undertaken/effected investment and withdrawal instructions as requested by the Fund Manager, members through the administrator and as directed by the Trustees of the scheme.

Min 7/AGM/2017: Report of the AdministratorThe Administrator emphasized on the element of working together with service providers and also requested the members not to withdraw from the scheme early. He also insisted on the importance of safeguarding the retirement money. He then gave the roles played by Eagle Africa as administrator of Mbao Pension plan and confirmed the commitment of Eagle Africa team in administering the scheme to the best interests of the members.The Administrator also highlighted why members needed to have the pension arrangements, among the reasons being Globalization, Urbanization and Longevity. The extra benefits that members would enjoy in the long run were also highlighted by the Administrator.

Min 8/AGM/2017: Report of the TrusteeThe Trustee thanked the members for attending the AGM and outlined the roles of KCB Limited as the corporate trustees of the scheme. He also emphasized on the need for as many members as possible to attend the AGM annually as required. He pointed that the current service providers of the scheme were efficiently working to deliver according to their roles and also assured the members that their money was safe and that the scheme was fully compliant to all the RBA Regulations.The Trustee asked members to visit the Administrator’s Offices and dully fill the Beneficiary nomination forms to avoid challenges claiming benefits when a member leaves the scheme on the grounds of death.

Min 9/AGM/2017: Report of the Regulator, RBAThe Regulator thanked the members for attending the AGM and highlighted the regulative role of RBA. He also noted the government’s readiness to offer assistance as and when needed. Additionally, the Regulator encouraged members to keep saving more in the scheme for a comfortable life after retirement.

Min 10/AGM/2017: Questions and Answer Session

Issues Issued raised by members

Reponses/Recommendations

System and Balances/Statements

A few members were concerned that they were not receiving correct balances when they query from the system.

Some members asked why the confirmation

The administrators responded by demonstrating to the members on how to register online and also check their balances on the portal.

The Administrator responded by telling members that the message from safaricom used to be

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message was no longer being displayed upon making a contribution.

Some members wanted to know how they could get their annual or monthly statements.

charged from the scheme, and that plans were underway to engage safaricom on the payment confirmation sms.

The Administrator responded by telling the members to send an email to mbaopension@broker.co.ke by indicating their ID numbers and mobile number. They can also visit the Admin Facebook page-Eagle Africa Insurance Brokers for updates.

WithdrawalsMembers wanted to know whether they could withdraw any time.

Members were advised that the purpose of the scheme was long term and the monies saved were targeting their retirement, members could access their contributions after 3 years.

Merging of phone numbers

Some members who were holders of more than one phone number asked whether it was possible to have the phone numbers merged into one account.

The Administrator responded by telling the members that there were considerations tom that effect, but the members were encouraged to keep saving on one phone number as the merging plans were being worked on.

Physical location of Mbao offices

Members wanted to know where the Mbao offices were located to enable them consult.

Jua Kali Chairperson and regional representatives from a few regions responded by telling the members where they can find services and the contact lines.

There being no other business, the meeting ended with a word of prayer from a member at 12.00 pm.

Confirmed & Signed by:-Name

Signature Date

Trustee, KCB Limited_______________ _______________

_____________

Administrator, Eagle Africa_______________ _______________

_____________

Sponsor, Jua Kali IRBS______________ _______________

______________

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