Madagascar’s ideal geographic location between Africa and

Asia, combined with its exceptional biodiversity, unparalleled

mineral, agricultural and fi sheries resources, young and

highly skilled workforce, fast-growing sectors and promising

businesses, make Madagascar a land of opportunity, with all

the assets it needs to develop and play a decisive role in the

region.

Because we recognize the huge potential of this island nation

and believe that Madagascar and the Malagasy people hold

the keys to their development and wider infl uence, Axian has

stepped up to provide valuable support by investing for the

long term and operating eff ectively within the infrastructure

and services that are vital for both the country and the region.

Energy, telecoms, fi nancial services and real estate – Axian

has opted for the sectors that are driving Madagascar’s

industrial, economic and social development and its continued

growth and prestige. Sectors that are strategic for the nation’s

industrial independence. Sectors that are contributing to

social change and better living standards for the Malagasy

people and other populations in the Indian Ocean. Sectors

that are opening up the region. Sectors that convey the image

of a forward-looking and high-performing economy with the

potential to attract investors to the region.

GROWING TOGETHER

2

AXIAN FOSTERS an open outlook and

modernization by delivering mobility and

connectivity (transport, energy, telecoms, financial

services, etc.).

AXIAN FACILITATES, and secures

the development of local enterprises, especially

micro-businesses and SMEs.

AXIAN SUPPORTS the development of a middle

class with the potential to consume and invest

(increased penetration of banking services

through mobile banking, innovative needs-driven

financial products, high-quality real estate, etc.).

AXIAN CONTRIBUTES to Madagascar’s image

and reputation. By securing key international

contracts, Axian is enhancing the island’s

reputation and creating a sense of local pride

– for example with the acquisition of Outremer

Telecom’s mobile business in Réunion and Mayotte,

or the telecoms license obtained for the Comoros

Islands. And by working with leading partners,

we’re bringing best-in-class resources and

capabilities to Madagascar.

Capital investment partners: Iliad, NJJ Capital,

Ciel Ltd, International Finance Corporation (IFC,

part of the World Bank Group), etc. And industrial

partners, like Sagem, Ericsson, Huawei and Camusat.

AXIAN, FRESH IMPETUS FOR MADAGASCAR AND THE INDIAN OCEANEnergy, telecoms, financial services, real estate – by focusing on the sectors

that are driving Madagascar’s development and growth, Axian is injecting

new impetus into the region.

The largest and most populous island in the Indian Ocean, Madagascar has a natural

role to play as an engine of regional development. It is therefore quite natural that

Axian is helping extend Madagascar’s reach and infl uence in the region.

CAPITAL TOWN: Antananarivo.

AREA: 587,295 km2 – the 5th largest island in the world.

A YOUNG AND EDUCATED POPULATION• 24.2 million population.

• 61% under 25 years of age.

• 2.58% population growth, off ering the greatest

market potential in the Indian Ocean, with a forecast

55 million people by 2050.

• 68.9% literacy rate.

A COUNTRY WITH HUGE POTENTIAL, OPEN TO THE WORLD• 3.3% Gdp growth in 2015.

• Extractive industries and services, the main drivers of growth.

• GDP per capita of $449.40, expected to grow by 18% by 2020.

• 12 airports, incl. 4 international hubs.

• Direct routes linking Madagascar to Réunion, Mauritius,

Seychelles, Mayotte.

• 5 main port facilities.

• A one-stop shop for investors.

• Simplifi ed visa procedures.

Madagascar, a natural infl uence

SEYCHELLES

RÉUNION

MAURITIUS

MAYOTTE

COMOROS ISLANDS

MOZAMBIQUE

MADAGASCAR

ANTANANARIVO

INDIAN OCEANMadagascar Basin

3

�

LEADING BUSINESSES

A LEADING OPERATOR

A LONG-TERM INVESTOR A TOP EMPLOYER IN THE REGION

A GROWING PLAYER

Largest network of fuel stations in Madagascar

900 telecoms towers built or upgraded

Over 4,000 employees in the Indian Ocean

50,000 hours of training delivered

Over

35,000 jobs created in real estate

1,500 employees trained in 2015

$515 million revenue in 2015

No. 1 petroleum products distributor in Madagascar

No. 1 telecoms provider in the Indian Ocean

First mobile money operator in the Indian Ocean

$800 million invested in its operations in ten years

$550 million invested in fi xed and mobile networks in the Indian Ocean

8,800 kmfi ber-optic cables installed

12,000 solar panels installed

250,000 Sqm real estate construction

20,000sales outlets

2.5 million mobile subscribers

Over 6 million mobile banking transactions per month

9,000 micro-business/SME clients for fi nancial services

80fuel stations

55 bank branches

255,000 Cbm of fuel distributed

1,467 telecoms sites

(2G, 3G and 4G)

5

SERVING THE LOCAL AND REGIONAL ECONOMYSince acquiring a

joint 51% stake in BNI

Madagascar with Mauritius-

based financial partner

Ciel Ltd in 2014, Axian has

focused on three avenues of

development.

The first is nationwide reach,

with the extension of our

branch network. Our objective

is to be closer to customers

and build a more needs-

responsive banking strategy.

The second is to support

the entrepreneurship, export

sales and international

development of our business

customers, especially our

9,000 micro-business

and SME clients.

Finally, banking penetration

and financial inclusion of all

FINANCIAL SERVICES, TO BOOST INVESTMENTSIn a country with a largely informal economy

and where domestic savings and access to

credit and insurance are limited, Axian is keen

to support the expansion of the banking sector,

which must serve as a catalyst for growth and

development.

“Our aim: foster the inclusive development

of people and businesses.”

Over

75 bank branches by 2018

9,000 micro-business and SME customers

citizens through access to

payment systems, credit

and savings products.

Financial inclusion is

also being achieved with

MVola, the mobile banking

service launched by

Telma, which is already

benefiting over one million

people in Madagascar.

Axian is improving access

to insurance with Indian

Ocean Risk Solutions (IORS),

an insurance broker and

organizational consultancy

formed in 2013. IORS

helps customers with their

business concerns (financial

loss insurance, civil liability,

fraud, imports, credit, etc.)

and personal requirements

(family, healthcare, loans,

property, pension, legal

protection, etc.).

NEXT STEP: SUPPORT ENTREPRENEURSHIP AND INTERNATIONAL DEVELOPMENTWith BNI Madagascar, we’ve

been working hard to foster

entrepreneurship, especially

through the creation of

dedicated services:

w the Maison de l’Entrepreneur,

a platform which provides small

businesses with all the advice

they need on structure,

management and investments;

w an office at the Economic

Development Board of

Madagascar (EDBM);

w a partnership with

the Federation of Chambers

of Commerce and Industry.

These initiatives will be pursued

and stepped up in the years ahead,

particularly with the development of

services to support export growth.

6

Since the creation of First

Immo, in 1995, Axian has

continued to build an

industrial and commercial real

estate portfolio that meets

the highest international

standards. Today, our real

estate business is one of the

most significant contributors

to job creation in the country.

HIGH-QUALITY TURNKEY SOLUTIONSTo attract major manufacturers

and actors in the new economy,

as well as high-profile

international institutions, and

help them set up operations in

Madagascar, we’ve completed

the construction of four

business and commercial

facilities. The Galaxy office

complex and the Futura site

host the largest call centers

in the area. The Galilée site

and the Smart retail mall

in Tanjombato are home to

40 stores, a food court, the

Jumbo hypermarket and

branches of BNI Madagascar

and other banks. Today,

Antananarivo and its free

Over

35,000 jobs created

250,000 Sqmreal estate development, of which 80% for business use

“Our aim: help make the country

more attractive and foster

the emergence of a middle class.”

REAL ESTATE, TO ATTRACT INVESTORSIn a country where business demand is strong but supply continues

to fall short of expectations, Axian is contributing to the development

of local enterprises through its real estate offering and is making

the region more attractive to overseas investors.

zones are proud to host

operators SFR and Outremer

Telecom, Webhelp, Europe’s

third-largest outsourced

customer services provider,

a United Nations information

center, the American Center

and Floréal. In total, our

250,000 Sqm of real estate

area, over 80% of which is

for business and industrial

use, has enabled the creation

of more than 35,000 jobs

to date.

NEXT STEP: STRENGTHEN OUR RESIDENTIAL OFFERINGAxian is aiming to further

build on its efforts to expand

into the residential sector,

initiated in 2010 with the

Park and Riviera complexes

in Antananarivo, and

continuing with housing

developments targeted at

middle class segment in inner

suburbs of capital town.

7

From the development of

Internet connectivity with

1,221 communities now

covered (including 50 with

4G coverage), to the opening

up of the country with more

than 50% of 900 telecoms

towers built in rural areas,

and connecting the country

with the rest of the world by

laying 8,800 km of terrestrial

fiber-optic cable and taking

part in the EASSy submarine

fiber-optic cable consortium,

Axian’s wide-ranging activities

through Telma and TowerCo of

Madagascar (TOM) have already

made an extensive contribution

to the country’s economic and

social development. The entire

country is today reaping the

benefits of technology. The

relocation of call centers to

Madagascar, for example, has

helped create jobs, while mobile

banking has facilitated financial

inclusion, enabling more than

one million people to have bank

accounts. Access to education

has improved thanks to the

networking of six of the country’s

universities and digitization of

schoolbooks. Online services

have been launched for

administrative procedures, and

secure mobile money transfers

are now possible using the

MVola application.

“Our goal: leverage next-generation

telecommunications to help the islands of

the Indian Ocean connect with the world.”

$550 million invested in the Indian Ocean fi xed and mobile networks

Telma

No. 1 in high-speed

broadband

8,800km of fi ber-optic cables installed

1,467 2G, 3G and 4G sites

TELECOMS, TO CONNECT EVERYONE TO THE WORLDCurrently, 84% of Madagascar’s population has telecommunications

coverage, with a mobile penetration rate of 40% and 2.5 million

customers. Axian is a key player in this constantly expanding

sector, which has already made a significant contribution to the

region’s economic and social development.

NEXT STEP: IMPROVE REGIONAL AND INTERNATIONAL CONNECTIVITYAt Axian, we believe that cross-

border telecommunications are

the key to greater connectivity.

Our goal is to extend the

benefits of our services to

people throughout the Indian

Ocean by building on the

regional initiatives launched in

2015, such as the acquisition

of telecoms operator Only in

Réunion and in partnership

with Iliad in Mayotte. More

recently, alongside NJJ Capital

(an investment holding company

owned by Xavier Niel, Chairman

and CEO of Iliad), we were

awarded a telecoms license

to begin operations in the

Comoros Islands, leading to the

launch of Telco SA. Our aim in

the Comoros Islands is to drive

competition, just as we did in

Madagascar through Telma,

like Iliad did in France with its

Free mobile service. We want

to deliver on the promise of

digital transformation for the

people of Réunion, Mayotte

and the Comoros Islands by

developing 4G, ADSL and fiber-

optic networks. As part of this

commitment, Axian is contributing

to plans to develop high-speed

broadband in these islands.

8

Over the years, Axian has developed a

group of powerful companies which today

play a pivotal role in the economic and social

development of Madagascar and the

Indian Ocean region. We have achieved

this by focusing on vital sectors, investing

massively and pursuing far-reaching

transformations, geared consistently

toward meeting the needs and concerns

of countries, businesses and citizens.

AXIAN, powerful market-leading firms

9

10

One of Madagascar’s leading

distributors of petroleum

products, Jovenna is investing

to modernize its network

and support the country’s

development by building fuel

stations along newly built

roads and providing the best

services to consumers.

Jovenna has introduced high-

quality Premium fuel additive

products and is extending

deployment of remote fuel

station monitoring systems

to ensure the security of its

products.

Committed to supporting the

development of Madagascar,

Jovenna is actively involved

in public-private partnership

projects aimed at improving

the country’s infrastructure,

including the construction

of new long-distance bus

stations.

MAIN ACHIEVEMENTSw 60% increase in the number

of fuel stations in the last

fifteen years.

w Five new long-distance

bus stations built along main

highways.

w ISO 9001 certification

obtained from French standards

agency AFNOR in 2010 – and

renewed every year since.

PROJECT PIPELINETwo major programs aimed

at structuring energy supply,

the road network and traffic

management, and providing

access to energy for as many

people as possible:

w deployment of a 48 MW gas

power plant in Antananarivo in

early 2017;

w construction of a 90 MW

hydroelectric plant in the

Tamatave region.

33%market share

in 2015

$225 million revenue in 2015

200 employees

255,000 Cbmof fuel distributed

80 fuel stations

ENERGY

JOVENNA

Through Jovenna,

Axian is improving the

access and availability,

dependability and quality

of conventional forms

of energy. In addition,

we are investing in

the production and

management of

renewable energies,

especially hydroelectric

and solar, to offer

everyone access to fairly

priced energy to enhance

their development and

well-being.

11

MAIN ACHIEVEMENTSw Improved energy

availability for telecoms

infrastructure: solar power

and backup generator

systems for off-grid sites,

together with on-site energy

maintenance services.

w Enhanced security of

energy supply for businesses:

equipment, training,

communications, etc.

w Development of renewable

energies and improved

energy efficiency.

PROJECT PIPELINEw Continuous improvement

in energy availability, quality

and security of supply.

w Deployment of digital

technologies.

w Certification of EDM

Academy training programs.

Électricité de Madagascar

(EDM) provides stand-alone

renewable and hybrid power

generation systems, power

plant maintenance and

protection solutions, and

backup energy supplies.

With facilities in 26 communities,

EDM has built a nationwide

presence. EDM is committed

to the goal of providing

energy for everyone

– a prerequisite for

sustainable economic

development in Madagascar.

In June 2015, the firm

achieved ISO 9001-2008

accreditation following

an audit by SGS.

No. 1solar power

producer

in Madagascar

(12,000 panels

installed)

$5,4 million revenue in 2015

900 telecoms sites

with energy

maintenance

contracts

120 employees

ENERGY

EDM

With Électricité de

Madagascar (EDM),

Axian is contributing

to the development of

Madagascar by providing

access to readily

available, renewable

and sustainable energy

for businesses and

households.

12

$41.2 million

contribution

to GDP in 2015,

with a 21.6%

market share

9,000 micro-businesses and SMEs

55 branches

More than

800 employees

On average, BNI Madagascar

has opened a new branch each

month since the end of 2014,

fully in line with international

standards, allowing the

bank to extend its reach to

support the development of all

regions. Committed to giving

all citizens access to banking,

BNI Madagascar is developing

a more diversified portfolio

of innovative products and

services that meet the highest

quality standards.

MAIN ACHIEVEMENTSw Country-wide reach, with

13 new branches opened.

w Investment in new strategic

markets: mining, real estate,

basic commodities.

w Services for new customer

categories: civil servants,

micro-businesses and SMEs.

w Innovation and expansion

of its Products and Services

portfolio (including life

insurance, savings accounts,

fixed-term deposit accounts

for businesses, private

and company pension plans,

and easy access to consumer

credit).

PROJECT PIPELINEw Increase to 75 the number

of branches in 2018.

w Deploy banking support

services for micro-businesses

and SMEs, with the goal

of doubling the size of our

customer portfolio in the next

two years.

w Initiate an extensive

internal transformation

program aimed at improving

quality of service and

profitability: customer-focused

approach, new business

processes, bespoke training

plans.

FINANCIAL SERVICES

BNI MADAGASCAR

With BNI Madagascar

– a pivotal player in

the local economy –

and in partnership

with Ciel Ltd, Axian

is seeking to establish

the country’s leading

bank, and in doing so

strengthen its position

as the main driver

behind Madagascar’s

economic and social

development.

13

Launched in 2010 by Telma,

MVola enables users quick

and easy completion of

transactions from their mobile

phone. Available to all Telma

customers, the service allows

people to send money, any

time, to any recipient anywhere

in the country. Thanks to a

range of m-money services

and partners, MVola is already

making life easier for more

than a million users.

MAIN BENEFITSw Cash withdrawal without

the need for a bank account,

e-commerce transactions, utility

bill payment, in-store payments,

immediate secure payment

of salaries and business

expenses, and call credit

top-up are among the many

everyday benefits that are

improving the lives of the

people of Madagascar.

w A powerful enabler

for financial inclusion, a

complementary, partner service

to banks, which gives the

country’s unbanked populations

their first access to noncash

payment facilities and offering

them their first step to banking.

Illustrating the efficiency

and reliability of its services,

MVola has earned the trust

and endorsement of some

of the world’s top financial

institutions, including the

European Union, which

adopted MVola to pay the

salaries of FRAM teachers

(employed directly by schools)

in the southern region of

Madagascar, and Western

Union, which selected MVola

for its international mobile

money transfer service in

Madagascar.

PROJECT PIPELINEw In partnership with

Madagascar’s leading

insurance company, allow

people to take out personal

accident insurance cover using

their mobile.

w Enable citizens to safely pay

income and other taxes from

their mobile.

w Become the country’s

leading partner for micro-

finance projects by launching

savings and loan services.

1.3 million

registered users

in 2015

More than 6 million

transactions every month

via MVola

Almost

5,500 sales outlets

Poised to become No. 1 partner for

micro-fi nance projects

FINANCIAL SERVICES

MVOLA

With MVola, the first

mobile money service

in Madagascar and

the Indian Ocean,

Axian is contributing

to the financial inclusion

of the Malagasy

people, strengthening

its position as a key

player in the country’s

development.

14

$8.8 million revenue in 2015

More than

70 employees

35,000 jobs created

A major real estate

promotional firm, First Immo

has delivered a large number

of real estate programs over

the last twenty years in

the commercial real estate

sector (industrial premises,

retail malls, office space, etc.),

and residential market.

MAIN ACHIEVEMENTSw Four corporate real estate

developments: Galaxy (offices),

Futura and Galilée (industrial

premises), and Smart (retail mall).

w Design of dedicated call

center facilities:

– the first turnkey full-service

hotel for Galaxy and hosting

of leading call centers

(e.g., Webhelp);

– development of 15,000 Sqm

call center facilities for

Outremer Telecom at

Futura and Galilée sites;

w development of a

residential real estate

portfolio: Park and Riviera

sites in the capital city,

Antananarivo.

PROJECT PIPELINEw Developing residential

housing targetting middle

class segment.

w Building of the American

School in Antananarivo.

4corporate real estate

developments

2residential programs

1retail park

REAL ESTATE

FIRST IMMO

With First Immo,

Axian is galvanizing

its efforts to help raise

Madagascar’s profile

as an attractive

place to do business

through an expanded

offering of corporate

and commercial real

estate property.

15

With a clutch of firsts ranging

from 4G mobile plans, mobile

money service (MVola) to tablet

devices and prepaid fixed-

mobile convergence solutions,

Telma continues to hone its

technological edge and market

leadership. Uniquely positioned

as an “operator for operators”,

Telma allows other actors to

take advantage of its telecoms

infrastructure.

MAIN ACHIEVEMENTSw Over $400 million invested

in infrastructure.

w 8,800 km of fiber-optic

cables installed nationwide.

w A partner in EASSy, a

multi-country, multi-partner

fiber-optic submarine cable

No. 1convergent

operator in

Madagascar,

with more than

2.5 million mobile

customers in 2015

infrastructure that is

connecting Madagascar

directly to Europe and the rest

of the world.

w More than 1,200 communities

covered by the Telma network.

w A network upgrade to

provide access to FTTx, ADSL

and 4G services.

w Quality of service

improvement by reducing

fiber-optic connection lead

times.

w A network connecting

six universities – with more

than 100,000 students –

and 23 research centers

and institutes of technology

to the national backbone.

PROJECT PIPELINEw Annual investments of more

than $35 million, amounting

to approximately 20% of

total revenue, to support

innovation, extend nationwide

coverage and maintain

infrastructure.

w Develop e-administration

services: ID documents, tax

statements and payment,

customs rights and more.

$136.3 million revenue in 2015

20,000 Telma points of sale

More than

1,200 employees

65% high-speed broadband

market share

More than 84% of the population covered

TELECOMS

TELMA

With Telma, Axian is

enabling Madagascar

population to step

into the digital age

through competitively

priced world-class

services. Telma is also

supporting businesses

development with

high-performance

solutions tailored

closely to their needs.

16

TOM is the leading

telecoms tower company in

Madagascar and the Indian

Ocean. The firm specializes

in the construction and

maintenance of telecoms

towers, telecoms equipment

hosting, and the acquisition

of existing infrastructure.

TOM telecoms towers are

available for use by all

operators in Madagascar,

providing the twofold benefit

of environmental protection

and economic gains for the

country.

MAIN ACHIEVEMENTSw Deployment of high-

performance, sustainable

energy systems: 60% of sites

powered by either wind or solar.

w Continual site upgrade to

ensure full compliance.

w Optimum security

$20.4 million revenue in 2015

900 telecoms towers

built or upgraded,

+50% in rural areas in 2015

140 employees

including 100hired in the last four years

45%

of telecoms towers

in Madagascar

thanks to 24/7 remote site

supervision.

w Construction of sites in

remote areas.

PROJECT PIPELINEw Energy efficiency and

backup power solutions.

w Construction of at least

100 new telecoms towers

every year.

TELECOMS

TOM

With Towerco Of

Madagascar (TOM),

Axian is making a

significant contribution

in helping modernize

the country by providing

telecoms operators

with high-performance,

reliable infrastructure.

17

Télécom Réunion Mayotte

(TRM) was created following

the acquisition in 2015 of the

mobile business of Outremer

Telecom (Only) by Axian and

Iliad with the goal of becoming

a leading regional mobile

provider. Its strategic priorities

are economic growth,

infrastructure upgrades and

high-quality service – with

a focus on aff ordable prices.

With Telco SA, the Comoros

Islands’ latest operator set

up jointly with NJJ Capital

(an investment holding

company owned by Xavier

Niel, Chairman and CEO of

Iliad), Axian aims to spur

competition for the benefi t

of the island’s population:

improved quality of service

(speed and access), custom-

tailored, segmented plans,

increased mobile penetration

rate and democratization

of Internet access. Telco SA

is aiming for 98% network

coverage by 2018. The

company also plans to hire

around 350 employees as well

as help create 2,000 indirect

jobs over the same period.

More than

320 employees

$57,5 million revenue (TRM)

37%market share

in Mayotte

$40 million

invested in the

Comoros Islands

in 2016

PRIORITIESw Investment in telecoms

infrastructure.

w Network coverage

improvement.

w Deployment of 4G, ADSL

and fiber optic.

w Fast new customers

acquisition.

w Launch of mobile banking

in the Comoros Islands in 2017.

TELECOMS

TRM and TELCO SA

With Télécom Réunion

Mayotte (TRM) and

Telco SA in the Comoros

Islands, Axian is pursuing

its goal of facilitating

digital inclusion for

island populations

in the Indian Ocean

by bringing people

the latest technology

and solutions at

affordable prices.

18

19

We believe that Madagascar’s

development and wider influence hinges

on a firm commitment to performance,

quality and responsibility, rooted in global

best practices. So when it comes to

business processes, talent management

and corporate social responsibility,

Axian sets the bar very high.

AXIAN,a committed, responsible business

21

More than 2,000 people have been

hired by Axian companies since 2005,

taking the total workforce to over 4,000.

EDM, for example, has grown from

a small staff of merely ten employees

to 120 today. TOM has expanded its

workforce by 100 over the past four

years. BNI Madagascar, meanwhile,

created 130 jobs in 2015, taking its

workforce to 829. The firm plans to hire

a further 100 people in 2016.

SKILLS DEVELOPMENT, AN ESSENTIAL BUSINESS LEVERMore than 1,500 Axian people

benefited from training programs in

2015, totaling almost 50,000 hours.

Reflecting the strategic importance

of skills development, BNI Madagascar

increased the volume of training

provided for employees from

11,762 hours in 2012 to 40,000 hours

in 2015. The bank is striving to rapidly

upskill its workforce, with a particular

focus on fostering a more customer-

centric culture. This led to the creation

SOCIALLY RESPONSIBLE EMPLOYERThe growing success of Axian companies stems from

the talented people that have been hired and trained

in recent years. Our proactive employment policy has made

us one of the country’s largest recruiters.

More than

2,000 people hired

since 2005

50,000 hours of training

delivered in 2015

of the BNI School, which teaches

employees how to handle real-life

job-related situations through role-

playing using a virtual bank branch.

There are also plans to set up a BNI

Madagascar Academy. EDM created

its own Academy in 2015 to train

managers and technicians, as well as

recent graduates. To date, 110 young

employees have already been trained

by the Academy. EDM Academy training

programs are currently undergoing

certification by the Ministry of Education.

Telma, meanwhile, has opted to focus

on sales and marketing. In 2004, the

firm didn’t have any dedicated sales

and marketing staff. Today, sales

representatives account for 35% of its

total workforce. More than 300 Telma

employees (25% of the workforce)

completed training programs in

2015, including more than 100 sales

representatives. Jovenna brings together

its managers for an annual two-day

meeting, focusing on sharing experience,

training and meeting suppliers.

22

The Foundation is leveraging Telma’s

technological expertise to drive

development and improve living standards

across the country.

One of the Foundation’s flagship projects

is the “IT for Everyone” campaign, set up

in partnership with Microsoft. The program

provides computers and high-speed

Internet access for primary and secondary

school children, along with training for

teachers. “IT for Everyone” has already

translated into 200 desktop computers

installed at schools, 17 instructors trained

to lead IT classes at 43 centers, and almost

7,500 school children given the chance to

get to grips with IT tools.

Thanks to Telma’s advanced infrastructure

and nationwide presence, the Foundation

has also been actively involved in the

government’s Risk and Disaster Response

program since 2011. Named “Best

humanitarian organization”, the Foundation

was chosen by the UN to represent the

private sector in east and southern Africa

at the first World Humanitarian Summit.

This led to the creation of the private-

sector Humanitarian Platform, chaired

by the Foundation, at the end of 2014.

TELMA FOUNDATIONCreated in 2009, the Telma

Foundation is committed to supporting

the most vulnerable members of

society to help them build a better

future. Efforts focus on education,

healthcare, environmental protection

and sustainable development.

The first initiative of this type at the global

level, the platform gathers 100 private

firms committed to working together

before, during and after natural disasters.

The aim is to coordinate and dispatch

severe weather alerts, collect online and

mobile donations, and provide helicopters

and high-speed rescue boats. The Telma

Foundation represented the platform

at the first World Humanitarian Summit,

which was held in the Turkish capital,

Istanbul, in May 2016.

In addition to its engagement in

developing ICT, the Telma Foundation

has also made new schools a top priority.

To increase capacity and make schooling

more accessible to children throughout

Madagascar, the Foundation has

partnered with local NGOs to launch a

program to build 100 new primary schools.

More than $730,000in aid provided since 2011

100 schools

for Madagascar

Almost 7,500 schoolchildren

benefit from “IT for Everyone”

Named “Best humanitarian organization”

for involvement in Risk and Disaster

Response program

23

FAMILY BUSINESS, UNIFIED GOVERNANCE,150-year history in Madagascar

Axian belongs to the Hiridjee family, a French family of Indian background, who settled

in Madagascar a hundred and fifty years ago and set up business in the textile industry.

Since the outset, the Hiridjee family has upheld an unbending commitment to a work ethic,

success, commitment, humility and respect.

ONGOING EXPANSIONUnder the impetus of a new generation of managers inculcated with these values and driven

by modern, professional and open business methods, the Hiridjee group of companies really began

to expand in 1995, starting in real estate with the creation of First Immo, followed by energy with

the acquisition of Électricité de Madagascar (EDM) in 2001 and an equity investment in Jovenna

in 2004, and subsequently in telecoms, with the acquisition of Telma in 2004 and the creation

of TowerCo of Madagascar (TOM) in 2011. In 2015, the group expanded internationally with

the acquisition – in partnership with Iliad (France) – of the mobile business of Outremer Telecom

in Réunion and Mayotte, which was renamed Télécom Réunion Mayotte (TRM). In addition,

Axian was awarded the second telecoms license in the Comoros Islands and set up Telco SA, in

partnership with NJJ Capital, an investment holding company owned by Xavier Niel (Iliad, France).

More recently, Axian expanded into the financial services sector, with the formation of Indian

Ocean Risk Solutions (IORS) in 2013, the acquisition of the BNI Madagascar bank in partnership

with Ciel Ltd in 2014, and deployment of MVola, the mobile banking solution from Telma. In all

areas of business, Axian strives to develop world-class strategic and industrial partnerships.

FAMILY GOVERNANCEOperating as a family-run business, Axian manages all of the investment portfolios held by the

Hiridjee family in Madagascar and the Indian Ocean. This includes defining and implementing

industrial strategy, overseeing business development and handling day-to-day operational

functions. Axian has four shareholders: Raza Aly Hhiridjee, Bashir Hiridjee, Amin Hiridjee and

Hassanein Hiridjee.

RAZA ALY HIRIDJEE AMIN HIRIDJEEBASHIR HIRIDJEE HASSANEIN HIRIDJEE

OUR COMMITMENT

Upholding strong valuesWork ethic, success, commitment, humility and respect – these are the fundamental values that have guided our family business since the outset. In other words, they are part of our genetic make-up.

Driving ambition and excellenceAmbition and excellence are the key to our growing success. Our overarching aim is to innovate and support the development of the most promising businesses and we are fully committed to maintaining exemplary standards across the board – from environmental protection to quality, security, business processes and human resource management. And we are equally exacting when it comes to selecting strategic and industrial partners: we never settle for second best. We are leveraging this combination of ambition and excellence to strengthen Madagascar’s position and influence in the region.

Unleashing opportunitiesWe believe that Madagascar and the Malagasy people hold the keys to their development and wider influence. We have intrinsic trust in the potential of our island and our sister islands in the Indian Ocean.

For these and many other reasons, Axian is committed to working alongside Madagascar by investing for the long haul and by operating effectively within the infrastructure and services that are vital for the country and region.

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Kube D – Zone Galaxy AndraharoBP 12007101 Antananarivo – Madagascaraxian-group.mg