Actis Energy Electricity infrastructure investing across the emerging

Actis Energy: Electricity infrastructure investing across the emerging markets May 2014 - UK-Cameroon Trade & Investment Forum

Actis: Emerging markets specialist 60 years experience investing in the emerging markets • Actis is a private equity firm with a unique heritage and a long standing knowledge of the emerging markets • Actis became independent in 2004 from CDC 1, a development fund created in 1948, with whom it continues to have a close relationship • UK Egypt Actis invests in three asset classes: Electricity, Private Equity and Real Estate India Nigeria Kenya China Singapore Brazil South Africa Office locations Electricity – Generation, Transmission and Distribution Actis Energy 1: US$750 m (2002) Actis Energy 2: US$750 m (2009) The positive power of capital Actis Energy 3: ~US$1 bn (2013) Private Equity Real estate (sub-Saharan Africa only) Over $5 bn raised/invested over 10 years Over $500 m raised/invested over 10 years 1 - CDC is UK’s DFI, similar to Proparco of France 1

Actis Energy: A global footprint in electricity distribution and generation Actis has invested in over 40 energy investments in the last ten years $1. 13 bn¹ Capital Deployed 19 15 m Countries in which energy investments transacted Electricity customers served 2 9540 MW Generating Capacity (Funds 1 and 2) >7000 Employees in the Actis electricity sector London Mumbai San José São Paulo Countries in which the Actis Energy Team has had, or currently has, presence Actis Energy Team offices The positive power of capital 1. Capital deployed in Fund 1 and Fund 2 at 30 September 2012 2. Represents approximately 2. 9 m connection points 2

Actis Energy: experience by sector Transmission & Distribution Networks with 2. 9 m connections, serving 15 m customers 2. 2 GW Thermal Generation • Uganda: ~600, 000 connections, connecting 50, 000 customers annually. 25, 000 km of MV and LV network • Cote D’Ivoire: 288 MW Azito plant in operation, with an additional 139 MW expansion in construction • Guatemala: 1. 5 m connections, connecting 25, 000 customers annually. Network consists of 30, 000 km of LV lines and 34, 000 of MV lines • Tanzania: 180 MW Ubungo power plant in operation, with Songas processing facility, 225 km gas pipeline • Morocco*: 1. 0 m connections covering the three cities of Rabat, Tetouan and Tanger, connecting 25, 000 customers annually 330 MW Hydro Generation • India: 330 MW hydro plant in construction, currently developing 370 MW • Kenya: 74 MW Tsavo plant in operation • India: 916 MW gas fired plant, with 1600 MW under development. 540 MW of thermal plant in construction. 457 MW Renewable Generation • South Africa: 100 MW solar, 138 MW wind farm • Honduras: 102 MW wind farm Actis has also previously: • Costa Rica: 73 MW wind farm • Bolivia: Owned and operated a 203 MW hydro plant in Bolivia and completed 17. 5 MW expansion, via Globeleq • Nicaragua: 44 MW wind farm • Peru: Held minotiry equity interest in energy company Edegel, with 1015 MW of hydro capacity • Panama: owned a 50% interest in a 300 MW hydro plant in Fortuna The positive power of capital * Morocco transaction is pending completion 3

Actis Energy: Investments in Africa • Actis currently has over 540 MW of power projects in operations and 380 MW in construction • Actis also owns Umeme, Uganda’s national distribution company, and recently completed a transaction earlier this year to acquire two integrated utility companies in Morocco Egypt: Sidi Krir (100% ownership) Morocco: Amendis & Redal (100% ownership) • 687 MW gas fired IPP • Investment made in 2013 (consents underway) • 3 Distribution concessions Uganda: Umeme (100% ownership until 2012, 60% ownership since 2012 IPO) • 3, 000 customers • Investment made in 2005 • Distribution company Cote d’Ivoire: Azito (77% ownership) • 3, 000 customers • Increase in shareholding completed in 2010 Kenya: Tsavo (30% ownership) • 288 MW Gas generation plant • Investment made in 2000 • 139 MW Gas expansion project underway • 74 MW HFO generation • Largest gas fired plant in West Africa, generating more than a third of country’s electricity supply • Kenya’s first IPP Tanzania: Songas (60% ownership) South Africa: REPP (50. 1% ownership) • Investment made in 2003 • Investment made in 2012 • 180 MW gas generation • 238 MW wind and solar plants • Gas processing facility (0. 1 TCF), a 225 km sub-sea and onshore gas pipeline, and the Ubungo power station, which currently supplies a third of Tanzania's electricity needs, the largest supplier in the country • Currently under construction South Africa: Kelvin (100% ownership) • 600 MW Coal The positive power of capital Distribution Generation Previous investment 4

Actis Energy: Partnerships in Africa • Actis has a history of working closely in collaboration with the host governments of the countries where our investments are made Morocco: Amendis & Redal (100% ownership) Egypt: Sidi Krir (100% ownership) • Concession agreement with Municipalities of Rabat, Tanger and Tetouan • Fuel Supply Agreement with Egyptian Natural Gas Company Cote d’Ivoire: Azito (77% ownership) Uganda: Umeme (60% ownership) • 24 –year original concession agreement from 1998 plus concession extension of 20 year commencing at COD of expansion (2015 )with the Ministry of Energy and Ministry of Finance • Concession agreement with the Ministry of Finance • PPA with Egyptian Energy Holding Co. • Tariff setting with the ERA • PSA with UETCL, Government transmission company • Raised debt of $345 m for expansion project (IFC, Proparco, FMO, EAIF, DEG, BIO, BOAD) Kenya: Tsavo (30% ownership) • 20 -year PPA with KPLC South Africa: REPP (50. 1% ownership) • Fuel Supply Agreement with CALTEX • 20 -year PPA with Eskom; Implemntation Agreement with Department of Energy • Raised debt of $70 m (IFC, DEG, CDC) • Raised debt of $416 m, (Absa, DBSA, Liberty Group Ltd. , Future Growth Asset Management, SANLAM) Tanzania: Songas (60% ownership) • 20 -year PPA with Tanesco • Fuel Supply Agreement with TPDC • IA with the Government of Tanzania South Africa: Kelvin (100% ownership) • Raised debt of $156 m (IDA, EIB) and assumed a further $41 m of existing debt (SIDA, IDA) • PPA with City Power Johannesburg The positive power of capital Distribution Generation Previous investment 5

Actis Energy Distribution: Umeme case study Actis took over the ownership of Umeme, the national monopoly electricity distribution company of Uganda, following a privatisation process in 2005. In a few years, Actis was able to transform the business: Investment • Invested over $166 m in the network • Raised first external debt with US$25 million IFC facility in 2009 and currently raising $170 m in 2013 • In 2013, $54 m will be invested into the network Customer Service Considerable investments in technologies have been made: • 17, 000 pre-payment meters have been installed to date, with a plan to roll out universal pre-payment, increasing to 40, 000 by 2013 end • Mobile money payment options, SMS and e-billing have improved collection rates from ~70% in 2005 to 94% in 2012. 70% of revenue is collected via e-billing. • Automatic meter readings are operational for 2, 000 customers and are being rolled out to an additional 14, 000 customers by 2014 • Lifeline tariff introduced for low consumption consumers • Toll-free customer service number launched The positive power of capital 6

Actis Energy Distribution: Umeme case study Staff development • 100% of employees were transitioned to Umeme as part of the privatisation process • A total of 971 training days have been registered between January to May 2013. Training includes technical e. g. Systems Operating Regulations (SOR), Open Integrated Customer System (OICS), safety, environmental and leadership • New training centre is under construction, opening planned for Q 1 2014 • Performance based culture cultivated, with annual performance bonuses for the year 2012 linked to individual and department, district performance • Share ownership as part of the November 2012 IPO, all employees received shares in Umeme Improved safety • Embedded safety culture for employees, contractors and the public substantially reducing injuries over the past few years • New programs implemented include extensive school education programmes and a toll-free 24 -hour safety helpline • prompt response of the field teams on the ground (improved response time from half a day in 2005 to current average of 20 minutes) The positive power of capital 7

Actis Energy Distribution: Umeme case study Expansion of network Increased customer connections from 292, 000 to 513, 000 • 55, 000 new customers added in 2012, a 12% growth from 2011 • Average connection times reduced from 14 days in 2010 to 7 days in 2012 • New billing system commissioned in 2009 Loss Reduction Reduced losses by 14% over the past 7 years • Investment in network to address technical losses (including ariel bundle conductors, bulk metering, new substations, capacitor banks) • Automated Meter Reading system for industrial customers • Prepayment meters for all new domestic customers • Improvement in revenue management cycle • Patrols and public sensitization • 2013 target is 23. 5% • YTD SAIDI and CAIDI figures: The positive power of capital 8

Actis Energy Distribution: Umeme case study • Umeme launched an IPO (40% stake) in 2012 in the Uganda Stock Exchange – and was the first cross listing from Uganda to Kenya • Shares were oversubscribed • Diversified shareholding with: o National retirement fund o International Finance Corporation o Other institutions o All 1, 300 employees o More than 5, 000 small shareholders (via a direct access program for subscribers o Dividends: 5% payout ratio o Continued operational performance has resulted in increased share price of 350 USh/share today The positive power of capital 9

Actis Value Creation The positive power of capital 10

What Actis brings to the electricity sector of Cameroon Actis’ vision is to be the Government’s partner of choice for distribution and generation projects, providing safe, reliable, and affordable electricity in Cameroon • Deep sector knowledge: The Actis network consists of power project developers, engineers, environmental and safety experts. Actis believes in working closely with sector stakeholders including the Government, regions, municipalities and ARSEL to share this expertise and enable training opportunities across the network • Relationship with international institutions: Actis has considerable experience working with financing institutions and will be able to assist the sector with sustainable approaches to financing solutions • Thought leadership: Actis has received several awards for its pioneering work in the electricity sector in Africa and continues to help shape country sector planning and set best practice standards Umeme (Uganda): finalist for the Azito Expansion (Cote d’Ivoire): awarded ‘Sustainable Investment of the Year’ for the “Power Deal of the Year” by the Infrastructure ‘FT/IFC Sustainable Finance Awards in Journal and “African Power Deal of the Year” by 2013 Project Finance International The positive power of capital Songas (Tanzania): awarded the Tanzania Frost and Sullivan Technology Leadership Award for best practice, plant reliability and overall project success. 11

Actis vision for the business Actis’ investment strategy is based on identifying, supporting and strengthening businesses with high growth potential to create long term value 1. Continuity of Service • • Focus on customer service, no disruptions to existing service during transition 2. Investment • • • Investment into critical network infrastructure • • Focus on loss reduction, unserved energy, new connections • • • Continuity of employment rights • • • Establish local boards with sub-committees 3. Quality of Service Prioritise safety of the employees , contractors and the public Equity contribution Mobilise additional funding via strong relationships with lenders and multilateral institutions Best practice sharing and access to technical expertise across the Actis portfolio 2 4. Employment 5. Corporate Governance The positive power of capital Invest in training and development programs Empower local management teams Develop partnerships with stakeholders (regulators, local communities) Focus on international and national environmental standards 12

Actis Energy: Electricity infrastructure investing across the emerging markets May 2014 - UK-Cameroon Trade & Investment Forum