Adenia Partners is a leading private equity fund manager focused on making control investments in some of Africa s most promising businesses.

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2 Ivory Coast Ghana Cameroon Kenya Adenia Partners is a leading private equity fund manager focused on making control investments in some of Africa s most promising businesses. Our team enthusiastically supports entrepreneurs and management teams of our portfolio companies as they fundamentally develop the local economies of sub-saharan Africa. Madagascar Mauritius The contents of this brochure are intended for informational purposes only and are neither legal nor tax nor particular investment advice. All data only serves the non-commercial use of the individual receiving this brochure. Publication of any information contained in this brochure is prohibited. All statements and information made in this brochure are made without any warranties of any kind, whether expressed or implied. Adenia Partners assumes no liability for any loss or damage resulting from the trust, reliance or dependence on the published information contained in this brochure in any party, including potential investors.

3 2002 Adenia Partners founded 2003 First fund, Adenia Capital, established with committed capital of 10 million (fully invested) 2007 Second fund, Adenia Capital (II), established with 37 million in capital commitments (fully invested) 2012 Third fund, Adenia Capital (III), established with 96 million in capital commitments 2016 Fourth fund, Adenia Capital (IV), established with 230 million in capital About Adenia Partners The journey to building your own business is a long and often lonely one. We know how tough the road is, because we have walked it ourselves. Our team of successful entrepreneurs founded Adenia Partners in 2002 to put this knowledge to fruitful use. We have built a fellowship of business leaders who, like us, pursue an ethos of excellence through hard work and humility. By interacting and sharing resources, our business leaders make so much more of the capital invested. Through our four funds, launched in 2003, 2007, 2012 and 2017 respectively, we currently manage 400 million of assets. Adenia Partners seek to invest in a variety of sectors including, but not limited to, agribusiness, manufacturing, financial services, ICT and telecommunications, hospitality and healthcare. We invest in companies based in sub-saharan Africa (excluding South Africa). Visit us at our offices in Cameroon, Ivory Coast, Ghana, Kenya, Madagascar and Mauritius.

4 Shared vision Our Approach We prize teamwork Our contribution to our portfolio companies success comes not only from board participation, but through brainstorming, analysing, and working together to tackle the managerial and strategic challenges that come every day. We share a passion for achievement. In partnering with Adenia, our entrepreneurs and management teams have access to an array of resources and like-minded business leaders. We support our companies with time, expertise and equity investments at any phase of a company s development, be it during start-up, expansion, or at maturity. From the due diligence phase, we work to understand the market dynamics affecting our companies. We share in the risks and returns of each of our investments. This means that we have the same incentives as our company managers to increase the value of their business and the positive impact they have on the communities in which they operate. Value creation We re all seeking strong returns. Value creation comes not only from top operational and financial performance in the short term, but also from responsible business practices in order to be sustainable. To this end, environmental, social and corporate governance (ESG) best practices are essential components in all of our investment decisions.

5 Funds & investments Adenia Partners has four investment funds. The first three funds, Adenia Capital, Adenia Capital (II) and Adenia Capital (III), were fully invested. We are currently investing the fourth fund, Adenia Capital (IV), which was launched in Adenia Capital IV Fund size: 230 million Stage: Investment stage Start date: May 2017 Investors Institutional investors in Fund IV include Axian Venture Investments Ltd, CDC Group, DEG, the European Investment Bank (EIB), FMO, International Finance Corporation, OeEB, Old Mutual, SIFEM, SIPF, and South Suez Capital. Adenia Capital Fund size: 10 million Stage: Fully invested Start date: August 2003 Adenia Capital II Fund size: 37 million Stage: Fully invested Start date: August 2007 Adenia Capital III Fund size: 96 million Stage: Fully invested Start date: February 2012

6 Our Values Respect & integrity Mutual respect between management, employees and all of our business partners is a cornerstone of what we do. This is reflected in the provision of clear and balanced contracts and our approach to open and active dialogue and listening.we diligently apply the highest ethical standards across all of our partnerships, and expect the same from our partners. We achieve results through hard work, humility and working as a team. We promote transparency in all aspects of our business, particularly when it comes to our investors. Entrepreneurial spirit We share the conviction that development of countries in Africa will happen through sustainable and profitable companies. Better managed and faster-growing companies will contribute even more. Determination, tenacity and creativity are entrepreneurial values that Adenia wants to foster. Shared ambition Good partnerships begin with a shared vision for the business. But they become even stronger when individual interests and incentives can be aligned to reach outstanding results. We believe that enabling participation in decision-making and in future economic gains is the best way to generate remarkable and sustainable business performance. ESG policy At Adenia, we believe that building stronger companies is key to revitalizing economies, inspiring innovation, developing new business processes, and generating sustainable growth. For us, Environmental, Social and Governance (ESG) is a fundamental part of this process, and is deeply rooted into Adenia s DNA. We work to inculcate a culture of social and environmental responsibility in each investee, mobilizing employees energy to make those values core to the company, even outliving Adenia s investment. Some of Adenia s ESG initiatives THE MILK ROAD PROJECT Very briefly Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim ullamco. Ut enim ad minim ullamco sed do quis nostrud exercitation eiusmod. THE MILK ROAD PROJECT Very briefly Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut la quis nostrud exercitation bore et dolore magna aliqua. Ut enim ad minim ullamco. Ut enim ad minim ullamco sed do eiusmod. THE MILK ROAD PROJECT Very briefly Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua quis nostrud exercitation. Ut enim ad minim ullamco. Ut enim ad minim ullamco sed do eiusmod. Find out more on our website

7 Investment team Alexis Caude Managing Director, Mauritius Office With Adenia since 2016 Entrepreneur (15 years) in media, consumer product marketing and real estate MBA from Harvard Business School Christophe Scalbert Principal, Ivory Coast Office With Adenia since 2011 Proparco ( ), Lazard ( ) Masters from Sciences-Po (Paris) and EDHEC (Lille) Mariam Djibo Principal, Ivory Coast Office With Adenia since 2013 Emerging Capital Partners ( ), EY ( ) Masters from ESSEC (Paris) and DESCF Antoine Delaporte Founder & Managing Director, Mauritius Office Entrepreneur (8 years) in Madagascar Bain & Co ( ) Master from ESCP-Europe, MBA from INSEAD Florent de Boissieu Principal, Madagascar Office With Adenia since 2011 Bain & Co ( ) Master from Ecole Nationale des Ponts et Chaussées (Paris) Nnennia Ejebe Principal, Ghana Office With Adenia since 2012 Sverica ( ), Monitor ( ) B.S. from MIT and MBA from Harvard Business School Tojo Rakotozafy Investment Manager, Madagascar Office With Adenia since 2006 Investment professional at FIARO Master from NEOMA (Rouen) Martha Osier Investment Manager, Kenya Office With Adenia since 2017 Catalyst ( ), Citi ( ) B.A. from Lafayette College, MBA from Harvard Business School Pierre-Alexandre Assou Investment Associate, Ivory Coast Office With Adenia since 2017 Rothschild (2016), Société Générale (2015) Master from EM Lyon Charles Boatin Principal, Ghana Office With Adenia since 2014 Boston Consulting Group ( ) B.S. from MIT and MBA from Harvard Business School Céline Rabemampianina Investment Manager, Cameroon Office With Adenia since 2009 Total North America (2008) Master from ESCP Europe Jermaine Armah Investment Associate, Ghana Office With Adenia since 2017 DS Smith ( ), Citi ( ) B.S. from Warwick Business School

8 Investment Committee Portfolio Alexis Caude Madagascar Litchis Export M anaging Director of Adenia Partners Sector: Agribusiness Investment date: 2010 Amyne Ismail C hairman and CEO of UNIMA, one of the largest private equity groups in Madagascar P reviously financial analyst at BFCE (New York) S tudied at ESSEC (France) Jean-Loup de Gersigny Michel Guillet Co-founder and Managing Partner of BC Partners between 1987 and 2005, leading private equity fund manager in Europe Previously, Chief Executive of the commercial refrigeration division Thomson SA, and Chief Executive of Lohr SA, a car transporter manufacturer 8 years experience investing in unlisted companies at IDI Engineering degree from the Swiss Institute of Technology and an MBA from INSEAD Antoine Delaporte Founder and Managing Director of Adenia Partners EXITED INVESTMENTS as of December 2017 F ounder of Intermediate Capital Group (ICG) and Managing Director until 2004, leading mezzanine fund in Europe C urrently advisor and director for a few private equity funds as nonexecutive MBA from the London Business School CURRENT INVESTMENTS Ademat Cresta Sector: Distribution of energy devices Location: West Africa Investment date: 2016 Sector: Coating Location: West Africa Investment date: 2015 DDP Outdoor Socolait Sector: Outdoor advertising Location: Ghana Investment date: 2014 Sector: Dairy products Investment date: 2012 OPHAM Mauvilac Sector: Healthcare distribution Investment date: 2015 Sector: Painting Location: Mauritius Investment date: 2014 Ciel Ltd Syrse Sector: Diversified Holding Location: Africa and Asia Investment date: 2013 Sector: IT services Location: West and Central Africa Investment date: 2012 Newpack Sector: Packaging Investment date: 2008 Grand Hotel du Louvre CBE Sector: Hospitality Location: Mauritius Investment date: 2006 Deal type: Growth capital Sector: Construction Location: Comoros Investment date: 2005 Deal type: Growth capital Mauritius Union Le Récif Sector: Insurance Location: Mauritius Investment date: 2009 Sector: Hospitality Location: Mauritius Investment date: 2007 Deal type: Growth capital Orange Madagascar Sector: Telecoms Investment date: 2005 Kanu Equipment Sector: Yellow equipment Location: Pan African Investment date: March 2018 Deal type: Growth capital Outdoor ltd.

9 Cameroon 3 rd floor, Drouot Street Grey building, next to MTN Akwa, BP 1893 Douala Cameroon Tel: Ghana 2 nd floor, Origin 8 Building 8 Blohum Street, Dzorwulu Accra Ghana Tel: Tel: Ivory Coast 29, Boulevard Clozel Immeuble TF 3ème étage Abidjan Côte d Ivoire Tel: Fax: Kenya 95 Riverside Drive Keystone Park 3 rd floor Nairobi Kenya Tel: Madagascar Lot II J 1/AA Morarano Alarobia Immeuble S, 3ème étage Antananarivo, 101 Madagascar Tel: Tel: Mauritius 2 nd floor, The Country Side Building Vivea Business Park St. Pierre Mauritius Tel: Fax: Adenia Partners is licenced and regulated by the Financial Services Commission of Mauritius.