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Corporate Presentation

February 2015

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Content

SECTION 1 - About Eaglestone

SECTION 2 - Eaglestone Advisory

SECTION 3 - Eaglestone Asset Management

SECTION 4 - Eaglestone Capital Markets

SECTION 5 - The Team

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SECTION 1

About Eaglestone

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EAGLESTONE is an African based company committed to contribute for the development of the Southern African region and is currentlyestablished as a reference player for regional and international companies operating in Sub-Saharan Africa (“SSA”)

African Based Company

Eaglestone at a Glance

EAGLESTONE is present in Angola, Mozambique, South Africa, UK, Portugal and the Netherlands, with local execution teams on all theAfrican countries allowing a strong origination and execution capability for the Advisory pipeline

EAGLESTONE was granted a Brokerage License by the Comissão do Mercado de Capitais in Angola

EAGLESTONE, via Eaglestone Advisory Limited, is authorized and regulated by the United Kingdom Financial Conduct Authority

Financial Service Platform

EAGLESTONE aims to further develop its platform in the Sub-Saharan Africa:

Expand Eaglestone’s established foot print, unique knowledge and leading position in the SSA Portuguese speaking countries

Root the strong infrastructure and renewable sectors leading expertise and track record with the main hub in South Africa

Ongoing growth of the International Capital Markets business in the SSA region

Further expand to a Multi-sectorial focus such as Natural Resources

Key Drivers

Corporate Responsibility: bringing business and society back together in Sub-Saharan Africa

Integrity: create a climate of respect for the individual and encourage self-respect

Trust: encourage trust through regulatory approvals1 and high quality services

Shared Values

Continue to be a leading African investment banking firm and private equity player in Sub-Saharan Africa

Maintain and further develop the market recognition of being a financial services platform and an international private equitybusiness with a key focus on SSA Portuguese speaking countries and with in-depth expertise in both Infrastructure and renewablessectors

Vision / Mission

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Business Areas

African Funds

Pipeline for funds

Deal advice

Sector knowledge

Financial expertise

Real Estate

Industry & Consumer Serv.

Infrastructure

Nat. Resource

Asset Management

Securities

Advisory

Capital Markets

Sales & Trading

Research

Structured Finance Corporate Finance

Strategic Advisory Fin. Restructuring

PPPs Government Serv.

New issuances

Geographic Scope and Local Presence

Eaglestone ModelTeam Expertise

& Local Presence

Offices (# Professionals)

Geographic Scope

Angola(# 6)

Mozambique(# 4)

Portugal(# 8)

United Kingdom(# 3)

South Africa(# 11)

Local presence in high growth underpenetrated markets

Highly specialized teams, with in-deep knowledge and extensive experience in both products and geographies

Adherence to best business practices and international regulatory standards

Eaglestone Business Model

Invest. Advisory

Tailor made solutions

Phase 1

Phase 2 Business Intelligence

Club Deals

Wealth Mngt

Real Estate Opport. Information

& reports

Exit/ IPO coverage

Agribusiness

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Eaglestone Senior Management

Pedro Neto – CEO & Founding Partner, Global Head of Asset Management and Wealth Management Executive Vice-Chairman of Espírito Santo Investment Bank (“ESIB”) until June 2011 and responsible since 2000 of the project finance activity of Grupo Banco Espírito Santo Over 20 years experience in the banking sector and responsible for projects with a global investment in excess of €50bn spread over the 5 continents Chief Investment Officer in Escom (Espírito Santo Group company with a wide range activity in sub-Saharan Africa with a focus in Angola), Chairman of ES Concessões (GBES

company responsible for financial investments in concession projects) and member of the supervisory board of Ascendi Was also an Executive board member of BES Oriente and non-executive board member in BES Investimento Brasil and BES Angola

Nuno Gil – Founding Partner, Portugal Country Manager, Global Head of Advisory Before joining EAGLESTONE, Nuno was a Managing Director in the Project Finance Team of ESIB in Lisbon Between 2006 – 2011, he was responsible for the bank’s project finance advisory activities after spending 4 years in London Nuno has over 16 years experience in project finance having worked as adviser and arranger in several international mandates in Mozambique, Angola, Portugal, Greece,

Ireland, Bulgaria, Hungary, Senegal and Cap Verde across various sectors such as roads, railways, ports, logistic platforms, airports, accommodation and energy Nuno has comprehensive experience in the development of infrastructure projects

Alan Apter – CFO, UK Country Manager Alan joined Eaglestone in July 2013 with 27 years of investment banking experience. He has worked for Morgan Stanley, Merrill Lynch and Renaissance Capital, among other

firms He has worked exclusively with developing markets since 1992, primarily in Russia and Central and Eastern Europe, but also in China, India and Latin America His experience includes both capital markets and corporate finance work, including the first NYSE listed IPO from post-Soviet Russia Alan has advised numerous private equity funds and multinational companies on investments in Russia and other Central and Eastern European countries

Coenraad Krige – Managing Director Eaglestone Capital Advisory, South Africa Country Manager Coenraad joined Kensani in 2010. Coenraad has led and worked on numerous local and international infrastructure transactions over the last ten years including renewable

energy projects, roads, airports, power projects, PPP’s, railways, ports and communication infrastructure assets Prior to joining Kensani Coenraad spent 8 years with Macquarie as a member of the Macquarie Capital Advisors and Funds teams Before that he spent the previous 6 years within the Macquarie Capital Advisors infrastructure team where he was responsible for Macquarie First South Corporate Finance’s

infrastructure advisory business in South Africa

Manuel Reis – Founding Partner, Angola Country Manager, Global Head of Capital Markets Before joining EAGLESTONE, Manuel was the head of the Investment Banking Office of Banco Espírito Santo Angola, since 2005, having joined the Project Finance team of ESIB in

Lisbon in 2004. He was nominated for the Executive Committee of the future BESI Angola in 2010. He was also an adviser to the ministry of finance in Portugal Manuel has over 10 years experience with GBES, 5 of which involved in the development of the group activities in Angola. In Angola, he was involved in projects in a diversity of

sectors, with focus on the mining sector, as financial adviser to Escom Mining projects, power sector and transport sector Manuel was also involved in the structuring in several Government Bond Issuances from the Republic of Angola, in a nominal amount of over USD 3.0bn

Vasco Gueifão – Managing Director, Mozambique Country Manager Before joining Eaglestone Vasco was, since 2010, with F9 Consulting (founding member in 2001) responsible for promoting the company’s financial services in the internationally Between 2007 and 2009 was Director of Project Finance in Banco Português de Investimento (BPI), responsible for financing processes in a Project Finance regime. Between 2005 and 2007 was financial adviser for the joint Secretary of State of the Ministry of Public Works, Transport and Communication of the Portuguese government. Between 1991 and 2000 worked in Investment Banking, rendering financial advisory services in Corporate Finance and Project Finance of Banco Mello de Investimentos. From

January to October 2000 was executive-director of Project Finance in Millennium BCP, after the acquisition of Banco Mello de Investimentos.

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Eaglestone Senior Management

Egídeo Leite – Managing Director, Eaglestone Mozambique Egídeo Leite has been involved in major investments coming into Mozambique, such as Vale and Vodacom Mozambique where he was Board Director Egídeo is a Co-Founder of Insitec Group where is was responsible for the rapid development of that Group that became one of the biggest Mozambican Groups with shares in

several relevant companies such as Banco Comercial e de Investimentos (BCI), Nacala development corridor (CDN) and Mphanda Nkuwa Hydropower Egídeo served as CEO of the Mphanda Nkuwa Hydropower project a 1,500 MW project on the Zambezi River, 60 Km down side Cahora Bassa Dam

Guy Essomé – Managing Director, International Capital Markets Guy has over 18 years of experience of originating and structuring financing for projects and assets in Africa having executed his first African transaction in 1995 He has participated in the execution of several multi billion dollar, Merrill Lynch led, oil & gas investment banking advisory mandates in Gabon, Nigeria, Angola and Congo

including a USD 1.5bn project finance transaction for Mobil Oil in Equatorial Guinea in 1997 Guy was recently Executive Director - Head of Origination and Structuring for Exotix Partners LLP. Guy also worked for Iroko Securities (portfolio company of FMO’s private

equity arm) and set up Odyssey Securities Limited, an FSA registered financial services boutique

Koosum Kalyan – Advisory Board Director Koosum is an Advisory Director at Eaglestone. Her career in Africa involves new country entry and new business development in Angola, Libya, Tanzania, Equatorial Guinea,

Nigeria and downstream activities in Mozambique and Ghana, where she has played a key role in negotiations with stakeholders, Presidents, Prime Ministers and Ministers Currently, she serves on the following Boards as Non Executive Director: Mobile Telephone Networks Holding (MTN Group), South African Bank Note Company, Petmin Mining,

EdgoMerap (London), Haileys Energy Services (Sri Lanka), AOS Orwell (Nigeria) and Aker Solutions (Norway). Koosum is a member of the Investment Advisory Council of thePresident of Togo in West Africa where she assists the President and the government in identifying new opportunities and projects in all sectors.

Prior to this, she was a Senior Business Development Executive for Shell International in London in Oil and Gas Exploration in Africa and Non Executive Director at the StandardBank Group.

Brett Botha – Director, Advisory Johannesburg Brett joined EAGLESTONE in 2014. Prior to joining EAGLESTONE, Brett was Head of the Infrastructure and Telecommunications team within Nedbank Capital responsible for

leading the team in securing funding, advisory, underwriting or arranging mandates for transport, telecommunications, energy, water, industrial and social infrastructuretransactions predominately on the African continent.

Brett has 15 years of banking experience, 12 years of experience in infrastructure project finance and three years of experience in the financial management of structured taxand project finance transactions.

Prior to Nedbank Capital, Brett held the position of financial manager of a company operating in the construction sector. Brett is registered as a CA (SA) and completed his articles at KPMG Inc.

Luis Rebelo – Executive Director, Head of Advisory Portugal Before joining EAGLESTONE, Luís worked as Senior Adviser to the Board of Directors at Mii Capital in the launch of a financial advisory start-up company During 2010, Luís worked as Director of Corporate & Project Finance at ESCOM, in Angola, where he was responsible for the development and monitoring of existing businesses From 2008 to 2009, he worked as Chief Investment Officer at TCN/IBRD (real estate developer) Previously, Luís was Senior Director at Banco Finantia, where he performed several M&A and valuation assignments in several industries, and prior to that, he was Associate

Director at Banco Efisa where he was involved in Corporate Finance, Project Finance and Fixed Income assignments

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EAGLESTONE offers a distinctive value proposition with in-depth expertise and independent advice delivered by local executionteams and enhanced by the team’s professional experience and networking

Eaglestone Expertise

Worldwide infrastructure expertise

Global renewable energy and power experience

Project management experience and expertise

Financial modelling and valuation expertise

Investment Analysis & Structuring

Detailed knowledge of local financial markets

Debt structuring experience

Direct equity investment and fund raising experience

Proven deal closing capability

Corporate Joint Venture experience

Strong Project Finance expertise and track record

Proven Mergers & Acquisitions experience

Team have advised and/or arranged debt over EUR 75bn

Team experience on over 20 countries spread around the 5 continents

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Eaglestone Key Milestones

Acquisition of 50% of Kensani

Eaglestone completed the acquisition of 50% of Kensani Capital Advisory creating Kensani Eaglestone CapitalAdvisory adding an execution capability in South Africa

Feb 2012

FCA Approval Eaglestone’s UK subsidiary, Eaglestone Advisory Limited received approval from the Financial Conduct AuthorityOct 2012

Financial Close of 3 PV projects in South Africa

Eaglestone’s has acted as financial adviser on the two 75 MW solar photovoltaic projects in SouthAfrica which were closed in November 2012. These projects have been awarded the AfricanRenewable Deal of the Year

In May 2013 Eaglestone closed a third PV Project in South Africa

In total the 3 projects combined represent an investment of USD 830 million

Nov 2012

May 2013

Gigawatt Project Financial Adviser on the closing of a 100MW Gas Fire Power Plant in Mozambique. The renowned

magazine World Finance awarded the project with the 2014 Natural Gas Deal of the YearJun 2014

Release of Research Reports and Newsletters

Eaglestone Business Intelligence & Research unit has released 3research reports (Angolan Banking Sector – Jul 13, AngolanDiamonds – Oct 13, Angolan Economy – Nov 13)

Eaglestone distributes bi-monthly since August 2013 its newsletterto almost a thousand corporate contacts including all the membersof the South African Chamber of Commerce

Jul 2013

Oct 2013

Nov 2013

Grant Broker License Broker License granted by the Comissão do Mercado de Capitais in Angola (4 months after application)Nov 2013

Increase in Kensani Capital increase from 50.0% to 77.25% of Kensani Advisory – renamed Eaglestone Capital AdvisoryOct 2013

Release of Research Reports

Eaglestone Business Intelligence & Research unit has released a:

Research report on the Telecom Sector in Angola.

Research report on Mozambique’s Economy

May 2014

M&A Project Financial Adviser on the closing of the selling of an Oil Block in St. Tomé e PrincipeJul 2014

Release of Research Reports

Eaglestone Business Intelligence & Research unit has released a: Research report on the Food Retail Sector in Angola. Research report on the Angolan Banking Sector (Update)

Sept 2014

Award The New Economy magazine awarded Eaglestone the 2014 Best Investment Advisory & Private

Equity Firm Sub-Saharan AfricaDec 2014

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Eaglestone Key Transactions and Awards

The New Economy magazine awarded Eaglestone the2014 Best Investment Advisory & Private Equity FirmSub-Saharan Africa Award, and

In May 2014, Eaglestone successfully closed the 100 MWGigawatt Gas Fired Power Station located in RessanoGarcia, Mozambique. The World Finance magazineawarded project with the 2014 Natural Gas Deal of theYear Award.

The Project Finance International magazine, a renownedpublication, awarded the Lesedi & Letsatsi Solar PowerProjects the 2012 African Renewables Deal of the YearAward.

Eaglestone acted as financial adviser on the two 75MWsolar photovoltaic (PV) projects in South Africa whichachieved financial close in November 2012.

The Lesedi and Letsatsi projects achieved financial closein November 2012 with a total investment ofapproximately ZAR 5.15bn or USD 594m.

In May 2013, Eaglestone successfully closed the JasperPower Company, a 96 MWDC Solar PV project awardedpreferred bidder status in the second bid window of theREIPPPP.

In August 2014, financial close was achieved on the saleof the 140 MW Roggeveld wind energy project.

Key Transactions

Awards

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SECTION 2

Eaglestone Advisory

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Value added advisory

targeting complex projects

focusing on Structured &

Corporate Finance and backed

by the international experience

developed by the Management

Team

Eaglestone’s advisory business

provides high-quality,

independent advice and

execution capabilities in

connection with Structured

and Corporate Finance,

Mergers and Acquisitions,

Strategic Advisory, Financial

Restructuring, Public Private

Partnerships and Government

related services

ADVISORY SERVICES

STRUCTURED FINANCE

Advises companies and governments on structuring and raising financing on a non or limited

recourse basis through project finance/ other structured finance structures

Scope of Services

Advisory – At a Glance

Advisory Business

CORPORATE FINANCE

Advises companies on aspects of Corporate Finance through capital allocation, raising and

structuring finance

MERGERS & ACQUISITIONS

Advises companies and investors on acquisitions, divestments, mergers and shareholders’

arrangements

STRATEGIC ADVISORY

Advises companies on developing business plans and on corporate restructuring requiring

specialized analytical or structuring expertise

FINANCIAL RESTRUCTURING

Advises parties on turnaround, distressed and bankruptcy situations

PUBLIC PRIVATE PARTNERSHIPS

Advises private or public sector clients in implementing projects through PPPs

GOVERNMENT SERVICES

Advises Government agencies on policy, strategic and financial decisions

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Advisory – Key Distinctive Factors

ProvenTrack-Record

EAGLESTONE ADVISORY has a top quality team with a proven deal closing track record in Africa1

Market Recognition

EAGLESTONE ADVISORY is already recognised in the market as a leading financial adviser. In 2012 it was

awarded with the African Renewable Deal of the Year 2012 by Project Finance International magazine

and in 2014 it was awarded with the Natural Gas Deal of the Year 2014 by World Finance magazine

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Geographical Focus

EAGLESTONE ADVISORY has a clear geographical focus in the Sub-Saharan Africa which enables to

differentiate it from generic advisers and be recognised as an expert for transactions located in the region3

Teams in theGround

EAGLESTONE ADVISORY has local teams with local intelligence and not dependent on flying in and flying

out approach. Our dedicated professionals can therefore provide clients with in-depth expertise in

various sectors and services

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Access to KeyFinancial Centres

Through the EAGLESTONE network, EAGLESTONE ADVISORY has access to financial centres such as

London and New York providing business opportunities and valuable network for our existing clients5

Internal Research Team

The internal research capability within EAGLESTONE provides unique insight into sectors and countries

creating opportunities and enabling differentiation from competitors6

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Advisory – Partnership with F9 Consulting

Description and Strategy

F9 Consulting S.A. was founded in January 2001 and currently the team comprises 16 professionals spread between Lisbon, São

Paulo (Brazil) and Maputo (Mozambique). Based on the team’s strong professional experience F9 Consulting has centered its

activity in several projects connected with water and sewage, environment, renewable energy, transportation and other

infrastructures, where it presently holds a prominent position.

F9 Consulting is a company specialized in corporate and project finance with in-depth knowledge in the infrastructure,

transport, water and energy sector led by Jorge Carneiro.

Eaglestone has formalized a partnership with F9 Consulting to jointly establish a business platform enhance itsservices across a stronger geographic presence, such as Portugal and Mozambique

PartnershipTerms

For Mozambique:

Eaglestone and F9 Consulting agreed to combine efforts and run the local activity under the Eaglestone brand and

decided to nominate Mr. Vasco Gueifão (currently partners at F9 Consulting) as Senior Country Officer and Executive

Board Member of Mozambique, to be the leader of Eaglestone’s Mozambique team.

The focus on the Mozambique market is a main development vectors of our platform that will be further developed in

strait collaboration and coordination with Eaglestone’s teams in Cape Town and Johannesburg, benefiting from

Eaglestone’s local positioning with South African clients.

For Portugal:

Eaglestone and F9 Consulting acknowledge the existence of a potential synergy opportunity to growth within the

Portuguese market, by combining forces through the execution of local transactions and the sourcing of international

transactions, either Portuguese clients interested to expand to Africa or international investors interested to invest in

Portugal.

F9 Consulting will be the main responsible for the local execution activity under its brand, benefiting from Eaglestone’s

client relationship and pipeline under the coordination of Eaglestone’s CEO. All opportunities raised in the Portuguese

market with an African focus, will be executed by the Eaglestone team.

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Advisory – Ongoing & Closed Assignments

Portugal(ongoing: 2)

Magazine Publisher

M&A Advisory

2013

Sky Fashion

Financial Advisory

Ongoing

2012

MedinfarFinancial Advisory

2013

Aquaculture Project

Financial Advisory

2012

Luxury Goods Company

M&A Advisory

2012

Lodging CompanyM&A and Debt Restructuring

Advisory

2012

WesternRoad Concession

Independent Expert Review

2014

Entertainment Company

M&A Advisory

2012

AdvertisingCompany

M&A Advisory

2013

Security FirmsM&A

Advisory

2013

Mozambique(ongoing: 8)

Gigawatt 100 MW Gas Fired Power

PlantFinancial Advisory

& Debt Raising

2014

Commercial Bank Start-up

Financial Advisory

Ongoing

Real EstateDevelopment in

Maputo CBDDebt

Raising

Ongoing

Health UnitNampula

Financial Advisory

Ongoing

Chókwe 120 MW Gas Fired Power

PlantFinancial Advisory

& Debt Raising

Ongoing

Inhambane Wind Farm 30MW

Project Finance Advisory

2014

Nojoli Wind

Farm 88 MW

Project Finance

Advisory

Ongoing (awarded

Preferred Bidder)

Gigawatt 100

MW Gas Fired

Power Plant

Financial

Advisory & Debt

Raising

2014

Dorp StreetPPP

Project Finance Advisory & Debt

RaisingOngoing (Bid in

March 2014)

Roggeveld

Wind Farm

140MW

Wind

M&A Advisory

2014

South Africa(ongoing: 25)

REIPPPP8 Projects

Project Finance Advisory & Debt

RaisingOngoing (Bid in August 2013)

Jasper 75 MW

Solar PV

Project Finance

Advisory & Debt

Raising

2013

Letsatsi 75 MW

Solar PV

Project Finance

Advisory & Debt

Raising

2012

Lesedi 75 MW

Solar PV

Project Finance

Advisory & Debt

Raising

2012

Angola(ongoing: 9)

Salt Mining & Exploration

ProjectFinancial Advisory

& Debt Raising

Ongoing

Fish Capture & Processing Company

Financial Advisory & Debt Raising

2012

Food Retail Company

Assistance with ANIP, Financial

Advisory & Debt Raising

2013

Beer Joint Venture CompanyFinancial Advisory

2012

Sky GalleryMix Brand

Financial Advisory & Debt Raising

Ongoing

Quick Service Restaurants ChainFinancial Advisory

& Debt Raising

2013

Oil & Gas Offshore Block

M&A Advisory

2014

Real Estate Development

Financial Advisory & Debt Raising

Ongoing

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SECTION 3

Eaglestone Asset Management

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Asset Management – Overview

ASSET MANAGEMENT

Eaglestone Asset Management (“EAM”), one of the business lines of Eaglestone Group, conducts an asset managementbusiness which is still in the fund raising stage but which is attracting significant investor and partner interest

EAM plans to raise a series of private equity or other funds on an evolutionary basis and will also arrange club deals on aselective basis, generally in advance of the closing of a fund

All of the EAM funds will invest exclusively in Sub-Saharan Africa (“SSA”), frequently with a primary focus on Portuguesespeaking Africa

At a Glance

EAM’s first fund will focus on the growing demand for infrastructure in the SSA region and is expected to have a its firstclosing in the first half of 2016

Then Eaglestone expects to launch in 2017 a real estate fund, which will be preceded by club-deals in 2015 and 2016,primarily focused in Angola and Mozambique

Finally, based on the ongoing demand for consumer goods and services in Angola and Mozambique, Eaglestone isanalysing the possibility to launch a general industry and consumer services fund to provide response to the marketneeds.

The Initial Funds

Presence on the ground is essential to conduct a successful private equity business, and our teams in Angola andMozambique, where few other private equity funds have a credible market presence, give us a distinct competitiveadvantage in markets which are largely untapped for private equity investment but which are characterized by increasinginvestor interest

We are also present on the ground in South Africa and will consider opening offices in other SSA countries if this isnecessary for the successful operation of a particular fund such as our planned infrastructure fund (alternatively,presence on the ground in other SSA countries may be achieved through formation of partnerships for specific fundswith parties who already have such local presence)

Presence on the Ground

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Asset Management – Sub Saharan Africa Funds

Will invest in projects primarily in the power sector, with a special focus on renewables where we have gained deep experiencein SSA

Investment territory will be SSA wide and projects will be chosen based on risk adjusted return rather than a particular region orcountry focus

First closing expecting to happen in the first semester of 2016

Target size of US$150 million in two closings of US$75 million each

Establishment Fee of 2%, Management Fee of 2% per annum, 20% Carried Interest

Infrastructure & Energy Fund

Will focus on companies providing goods or services to the consumer sector or services to the business sector (examples includeconsumer product producers, food or other retail, technology leapfrogging opportunities in the financial services sector, such asmobile payment systems, and oil/gas services companies)

Particular focus will be on companies in Angola and Mozambique

First closing to be defined

Target size of US$150 million in two closings

Establishment Fee of 2%, Management Fee of 2% per annum, 20% Carried Interest

General Industry and

Consumer Services Fund

(GICS)

Real Estate Fund/Club

Deals

Will invest in real estate projects primarily in the office, retail and industrial/logistics spaces

Base case first closing in June 2017

Target size of US$100 million in two closings of US$50 million each

Establishment Fee of 2%, Management Fee of 2% per annum, 20% Carried Interest

In the run up to raising of the Real Estate Fund, Eaglestone will pursue a strategy of commencing development on projects (withco-developers where appropriate) and then selling our equity stake to another investor in return for our development costs plusa premium plus an on-going fee for acting as manager of their stake plus a carried interest (“club deals”) – these projects willprimarily be in Angola and Mozambique

An example of such a club deal is the Kay Center project, the development of a major office building in Maputo, Mozambique(over 50,000 square meter GBA and approximately 29 floors)

Eaglestone expects to close to 2 additional club deals in 2015 and 2 in 2016

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Asset Management – Partnership W1 Capital

Description and Strategy

W1 Capital Management Limited is a company incorporated in Malta founded by an asset manager and two private bankers

with extensive international experience in asset management, wealth management and investment banking: Javier Uribarren

and Andrea Michelli have been key partners in the development of Stenham Advisors and Gaston Marquevich in the

development of Optimum Advisors.

W1 Capital main focus is to offer “slim and lean” portfolio solutions to both family offices and institutions, customising the

offering according to the clients’ needs. W1 Capital distinguish themselves from other asset gatherers (fund of funds) or larger

firms that are not flexible or nimble enough to work alongside investors.

W1 Capital plans to offer the services with a price structure that reflects alignment with our investors, giving more weight to

performance fees.

Eaglestone Advisory Limited (UK) has formalized a partnership with W1 Capital (www.w1capital.com) to jointlymarket their funds.

Partnership:

Co-branded Funds

The partnership will essentially focus on the placement of funds managed by W1 Capital Management towards African and

Iberian Clients

The first fund launched is the Global Macro Fund that has been sourced and managed by W1 Capital

The Macro fund will be made up of approximately 10-15 underlying managers. All the managers will have a global

mandate and will be capable of investing via liquid instruments in equity, fixed income, currency and commodity

markets. The asset class and the instrument they use (futures or options) will be the one offering the most attractive

risk/return reward.

Each manager will have its own absolute return target. The objective is to invest in differentiated funds that have

distinct perspectives on the current macroeconomic environment to ensure appropriate diversification.

Over the last 13 years, the W1 Macro Portfolio Manager Javier Uribarren achieved an annualized return of

approximately 9% with comparable volatility to bonds and very low correlation to both equities and bonds.

Within the framework of this joint venture, EAGLESTONE appointed one member to W1 Capital’s Investment Committee

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SECTION 4

Eaglestone Capital Markets

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Capital Markets – At a Glance

Eaglestone Securities takes

advantage of local presence in

Angola and Mozambique, to provide

innovative products to local players

Eaglestone Securities has in house

capacity to originate, structure and

distribute financial products, acting

as a reference player to provide

exposure to SSA frontier markets

Open access to Eaglestone Research

Reports, promoting Eaglestone as a

preferred entity to do business in

SSA

CAPITAL MARKETS SERVICES

PRIMARY DEBT CAPITAL MARKETS

Origination, Structuring and Placement of Bonds (Sovereign Bonds, Corporate Bonds, and

Commercial Paper, for both Cross Border or domestic markets

Scope of ServicesCapital Markets Business

PRIMARY EQUITY CAPITAL MARKETS

Origination, Structuring and Placement of Shares – IPO’s, Privatizations, Public Offerings,

targeting both Cross Border and domestic markets

BROKERAGE

Trading, clearance and custody of securities on behalf of Eaglestone Securities Clients.

PORTFOLIO MANAGEMENT

Managing a portfolio of financial assets on behalf of a Clients supported by a mandate

RESEARCH

Support capital market activity, provide valuable insight on countries, sectors or companies

in SSA and contribute for the brand awareness

STRUCTURED PRODUCTS

Develop and structure tailor-made products for investors (institutional, high profile or retail

clients) and corporate clients (FX, commodities, shares, bonds, derivatives)

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Capital Markets – Performance to Date

EAGLESTONE SECURITIES activities during 2014 were focused on (ii) dinamizatrion of ICM and DCM activity, (ii) Research and (iii) in the application for a Brokerage Company in Angola.

Set-up of the Angolan Team

EAGLESTONE SECURITIES ANGOLA has been developing contacts with key players that will have a role in

the future stock exchange (Regulators, banks, pension funds, Issuers).

2 proposals were sent, and some leads are being pursued.

Set-up of the London Team

The 1 person team initiated the activity in December 2013, and is providing to EAGLESTONE SECURITIES

the capability to structure and place local products in the international markets (ICM). Currently

Eaglestone has secured mandates to structure ICM deals on a total amount that exceeds US$ 1.4 Billion,

in Ghana and Gabon, and is pursuing leads in other Sub-Saharan Countries.

Regulatory Approval

The regulatory approval for the incorporation of a Broker in Angola allows EAGLESTONE SECURITIES to

have a lead role in the development of the market. We are currently on the process of registration of

the company.

Research

EAGLESTONE has been recognized by the quality of the Research produced by the team during 2014.

Research Team has produced several research notes covering Macroeconomic Outlook, and economic

sectors such as Banking,

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Capital Markets

Eaglestone Business Intelligence & Research focus on the development of a Regular publication of research notes across several countries.The team released (in 2013) 3 research reports (for Angola) and (in 2014) 4 research report (for Angolan and Mozambique), which presenta sector/country description and development prospects. In addition, this unit distributes bi-monthly newsletters (Inside Africa) to almosta thousand corporate contacts

Angolan Banking SectorJuly 2013

Angolan DiamondsOctober 2013

Angolan EconomyNovember 2014

NewslettersBi-monthly

Angolan Telecom SectorMay 2014

Mozambique EconomyMay 2014

ResearchStrategy and future Sectors

Telecom Report

Banking Report

Infrastructure Report

Retail Report

Diamond Report

Angola

Country Report

Banking Report

Telecom Report

Infrastructure / Energy Report

Mining Report

Mozambique

Renewable Report

South Africa

Angolan Banking SectorSeptember 2014

Angolan Retail SectorSeptember 2014

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SECTION 5

The Team

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Current team comprises 41 professionals spread through Cape Town/Johannesburg, Amsterdam, London, Lisbon, Luanda and Maputo

Lisbon

Cape Town / Johannesburg

London

Nuno GilFounding

Partner

Luís RebeloExecutive Director

Caroline FerreiraBusiness

Intelligence Manager

Tiago DionísioAssistant Director

Eaglestone Team by Geography

Luanda

Pedro NetoCEO &

Founding Partner

Manuel ReisFounding

Partner

Maputo

Vasco GueifãoManaging

Director

Vanessa CarrilhoAssistant Director

Tânia DinisAnalyst

Egideo LeiteManagingDirector

Guido SantosAssistant Manager

Tiago SantosAssistant Director

Pedro DominguesAssistant Director

Coenraad KrigeManaging

Director

K. GovenderAssistant Director

Blaine FosterManager

Andrew FeaseyManager

Jessica BazleyExecutive

Jaimie JefthaExecutive

António PintoAssistant Director

Jussi SavukoskiHead of Fund

(GICS)

Koosum KalyanAdvisory Board

Director

Brett BothaDirector

Francisco RamirezGeneral Counsel

Asset Mgt

Alan ApterCFO

Guy EssoméManaging

Director

The Netherlands Senior Country Officer

Senior Country Officer

Fábio CamposAssistant Director

Francisco Carriço

Project Manager

Carla BettencourtAssistant Manager

Nelson MangueiraAssistant Manager

Yasthira RamdeneeExecutive

26

Current team comprises 32 professionals assigned to Eaglestone’s 3 business units, plus 7 office staff and 2 IT team support

Pedro NetoCEO &

Founding Partner

António PintoAssistant Director

Luís RebeloExecutive Director

Coenraad KrigeManaging Director

Jessica BazleyExecutive

Jaimie JefthaExecutive

Fábio CamposAssistant Director

Francisco RamirezGeneral Counsel

Asset Management

Tânia DinisAnalyst

Eaglestone Team by Business Unit

Guy Essomé *Managing Director

Egideo LeiteManaging Director

Francisco CarriçoProject Manager

Krayvasan GovenderAssistant Director

Blaine FosterManager

Andrew FeaseyManager

Vanessa CarrilhoAssistant Director

Tiago SantosAssistant Director

Jussi SavukoskiHead of Fund

(GICS)

* Assigned on a 50/50 basis to Advisory / Securities

Brett BothaDirector

Koosum KalyanAdvisory Board Director

Caroline FerreiraBusiness Intel. Manager

Tiago DionísioAssistant Director

Carla BettencourtAssistant Manager

Guido SantosAssistant Manager

Nelson MangueiraAssistant Manager

Yasthira RamdeneeExecutive

Pedro DominguesAssistant Director

Nuno GilFounding Partner

Manuel ReisFounding Partner

Alan ApterCFO

Vasco GueifãoManaging Director

27

Alan Apter – CFOTel +44 2070 386 246Mobile +44 7702 498 333Fax +44 2070 386 229alan.apter@eaglestone.eu

London

Contacts

Pedro Neto – CEO & Founding PartnerTel +244 222 441 362Mobile (PT) +351 916 157 078Mobile (UK) +44 780 935 1265Mobile (AO) +244 929 109 053Fax +244 222 443 274pedro.neto@eaglestone.eu

LuandaLondon

Nuno Gil – Founding PartnerTel +351 211 214 406Mobile (PT) +351 962 738 562Mobile (SA) +27 769 828 597Fax +351 212 124 429nuno.gil@eaglestone.eu

LisbonCape Town

Coenraad Krige – Managing DirectorTel +27 216 740 304Mobile +27 824 402 554Fax +27 872 333 940coenraad.krige@eaglestone.eu

Cape Town

Brett Botha – DirectorTel +27 11 684 2822 Mobile + 27 83 677 1910

brett.botha@eaglestone.eu

Johannesburg

Eaglestone Website: http://www.eaglestone.eu

Manuel Reis – Founding PartnerTel +244 222 441 362Mobile +244 923 382 924Fax +244 222 443 274manuel.reis@eaglestone.eu

Luanda

Vasco Gueifão – Managing DirectorTel +258 21 342 811Mobile +258 844 104 271Fax +258 21 342 839vasco.gueifao@eaglestone.eu

Maputo