Invest in Sierra Leone Ministry of Trade Industry

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Invest in Sierra Leone Ministry of Trade & Industry

Invest in Sierra Leone Ministry of Trade & Industry

Contents Country overview Key sectors Contacts Ministry of Trade & Industry

Contents Country overview Key sectors Contacts Ministry of Trade & Industry

Welcome to Sierra Leone! Founded as a symbol of hope, freedom and excellence across

Welcome to Sierra Leone! Founded as a symbol of hope, freedom and excellence across West Africa n A proud cultural heritage… n Tradition of tolerance, education and achievement n The “Athens of West Africa”, home of Africa’s first university n History of cultural and religious tolerance n …in a land blessed with endowments… n Unmatched and untapped mineral resources n 402 km of pristine and spellbinding coastline n 25, 600 sq km continental shelf teeming with unexploited biomass – one of the few places remaining in the world with strong and healthy fish-stocks n Unparalleled agricultural fertility, abundant rainfall and opportunities for irrigation n Ideal growing conditions for high value cash crops and staple foods n Significant under-utilisation of land, with vast acreages available for development n … and empowered by freedom and civil liberties n Top 20% in Africa for Freedom, according to Freedom House (on par with Turkey and better than Nigeria, Tanzania, Gambia and Kenya, ) n High personal safety with minimal crime (Comparable to such tourist destinations as the Bahamas, Dominican Republic or Mozambique) 3

Sierra Leone – We are a Nation. . . With a great tradition of

Sierra Leone – We are a Nation. . . With a great tradition of tolerance, education and achievement Of both great need and boundless opportunity… we have “no business being poor” Well on our way to recovery: Peace and stability are fully restored Democracy is thriving Proven macroeconomic stability Tackling corruption and transforming the investment climate

Blessed with a Proud Cultural Heritage Freedom for slaves and symbol of hope and

Blessed with a Proud Cultural Heritage Freedom for slaves and symbol of hope and excellence across West Africa Educational Heritage Fourah Bay College, Civil Servants leading West Africa History of cultural and religious tolerance Muslim population and world-class interfaith relations

With Unmatched Potential Significant Potential in Agriculture Untapped Mineral Resources n Ideal growing conditions

With Unmatched Potential Significant Potential in Agriculture Untapped Mineral Resources n Ideal growing conditions for high value cash crops and staple foods n Significant iron-ore deposits n Abundant rainfall and opportunities for irrigation n Opportunities in mineral sands, bauxite and gold n Significant under-utilisation of land, with vast acreages available for development n Government dedicated to improving the investment climate of the industry n Large-gem diamond deposits n Potential for further mechanisation and method modernizing to drive material enhancements of current yields Underdeveloped Tourism Sector n West Africa’s most spectacular white sand beaches n Unique historical heritage n Prime locations remain untouched and available for development n Easy access to key population centres, with direct short haul flights to Nigeria and medium haul flights to Europe Vibrant Fishery Stocks n One of the few places remaining in the world with strong and healthy fish-stocks n Estimated to be able to produce US$100 -200 m p. a. on a sustainable basis Uniquely Positioned to Become a Hub for Transportation n The world’s 3 rd largest natural port n Strategic location between the key markets of South America, North America, Nigeria and Europe

A Safe and Lucrative Home for Your Capital n Africa’s most strategically located country

A Safe and Lucrative Home for Your Capital n Africa’s most strategically located country n Uniquely positioned between Europe, Africa, Latin America and North America n Providing preferred (duty free) access to the world’s most lucrative markets n Attractive & supportive business climate n Pro-business regime – private sector growth & FDI at core of government’s growth strategy n Extensive investment climate reforms already bearing fruit n Gaining in international indicators and Doing Business rankings n Demonstrated positive economic trends n Consistently above average GDP growth, poised to grow faster n All macro indicators are headed in the right direction: controlled inflation, sharply growing export sector, increasing flows of FDI n Proven track record of nurturing business n Rapidly expanding roster of multinational firms including concerns from UK, USA, Netherlands, South Africa, Norway, China, Lebanon, Nigeria, Cote d’Ivoire and others n Numerous Italian companies already call Sierra Leone home n Investment opportunities represent significant untapped potential for early movers despite recent growth 7

Superior Investment Opportunities Investor friendly government Untapped mineral resources Underdeveloped Tourism Significant potential in

Superior Investment Opportunities Investor friendly government Untapped mineral resources Underdeveloped Tourism Significant potential in agriculture Opportunities in infrastructure 8 n Doing business ranking (World Bank survey) consistently improved over the last three years n Stable macro-economic environment n Stable 5 yr average exchange rate. Real GDP growth of 5 -7% n Significant untapped iron-ore potential n Diamond deposits (large gems) n Other opportunities in mineral sands, bauxite and gold n On Lonely Planet Top 10 tourist destinations n 400+ km of coastal stretch - West Africa’s most spectacular beaches combined with unique historical heritage n Prime locations still available. Direct flights from Lagos (3 hours) and Europe (5 hours) n Perfect growing conditions for high value cash crops and staple foods n 5. 4 million hectares of arable land – less than 20% utilised n Investment incentives: easy access to land tax break n Estimated to be able to produce US$100 -200 m p. a. on a sustainable basis n Need to rebuild infrastructure after 10 years of civil war. A key priority of the government n Significant hydro potential n Natural port, ideally located with strong local and transit demand

Your Gateway to West Africa Largest natural harbour in West Africa (3 rd largest

Your Gateway to West Africa Largest natural harbour in West Africa (3 rd largest in the world) provides excellent access and opportunity for trade & export 9

Sierra Leone – At The Centre of the World… 6 Hours to Rio De

Sierra Leone – At The Centre of the World… 6 Hours to Rio De Janeiro, Paris and London. Less than 8 Hours to Beirut, Nairobi, Johannesburg & Brussels 10 hrs London Brussels 8 hrs Toronto Paris New York Los Angeles 4 hrs Miami Casablanca Beijing Istanbul Madrid 6 hrs Tunis Beirut Karachi Mexico City Dubai 2 hrs FREETOWN Caracas Bogota Monrovia Rio De Janeiro Buenos Aires 10 Lagos Accra Nairobi Johannesburg Mumbai

… and the Nexus of Opportunity Mano River Union • Union between SL, Liberia,

… and the Nexus of Opportunity Mano River Union • Union between SL, Liberia, Guinea and Ivory Coast • Commitment towards internal market liberalization AGOA ECOWAS African Growth & Opportunity Act • Export to US with preferential treatment on customs duty and quotas (products eligible include ginger, cashew, garments, and textiles) Economic Community of West African States • • • ACP-EU Partnership • Unilateral duty free access for industrial and processed agricultural products originating from the 77 ACP countries 11 Adopt common external tariff Create common market Create a monetary union Harmonize national policies

Attractive & Supportive Business Climate n Pro-business government committed to transparency and business friendly

Attractive & Supportive Business Climate n Pro-business government committed to transparency and business friendly reforms n Passed Africa’s toughest Anti-Corruption act requiring public servants to declare assets n Enacted all new Companies Act, Bankruptcy Bill and Payment Systems Act n Approved Commercial Court for expeditious dispute resolution n Implemented enhanced procedure for land registration (more land reforms envisaged) n Government willing to intermediate in land leases to mitigate risk for international investors n Protections against expropriation built into law – no historical instance of expropriation n Launched Sierra Leone Stock Exchange n Reform initiatives actively being pursued by Government (to pass in 2009): n Mineral sector reform (drafted) n Transparent streamlined incentives package n Policy for Public Private Partnerships (PPP) n Land reforms n Financial Sector Reforms q. Leasing Finance framework q. Credit reference bureau and implementation q. Special Economic Zone (SEZ) policy q. Securities and Collective Investment Law (drafted) 12 Efforts are bearing fruit: Gained in World Bank’s Doing Business rankings three years in a row. Easiest place in West Africa to register a business in 2009

Steadily Climbing in Investment Climate Rankings Rose 7 places in the ease of doing

Steadily Climbing in Investment Climate Rankings Rose 7 places in the ease of doing business review last year. Recent reforms should further boost ranking this year. Already the quickest and easiest place in West Africa to start a business! Sierra Leone’s ranking in the Doing Business Rankings Benchmarking Sierra Leone against West Africa 13

Government Accountability Improvements Being Lauded Ranked 2 nd highest by the World Bank in

Government Accountability Improvements Being Lauded Ranked 2 nd highest by the World Bank in improvement in Government Accountability! 14 Source: WGI, World Bank

Labour Rates are Among the Lowest in West Africa Labour costs for both skilled

Labour Rates are Among the Lowest in West Africa Labour costs for both skilled and unskilled labour represent considerable comparative advantage as compared to other West African nations Avg. Annual Gross Salaries in Food Processing (thousands of USD) 15

Economic Indicators are positive and getting better! n GDP has grown at approximately 6%

Economic Indicators are positive and getting better! n GDP has grown at approximately 6% annually for over 6 years n GDP growth rate expected to remain steady at 6% in 2009 despite worldwide economic weakening n Inflation and exchange rate (vs. USD) relatively steady, despite sharp swings in crude oil prices n Recent years have seen considerable increases in FDI, with FDI (as percentage of GDP) exceeding Ghana, Guinea, Niger and Senegal n Exports have been the real success story growing 80% over the past three years (a). Non- Mineral exports nearly tripled over this period led by Cocoa and Coffee Multilateral Investment Guarantee Agency (MIGA) insurance for Sierra Leone cheaper than Kenya reflecting political stability and confidence in government’s commitment to business 16 Note: Based on latest available data, ending 2007

Our Economy is Growing GDP (and government revenue) continue to show positive momentum! Key

Our Economy is Growing GDP (and government revenue) continue to show positive momentum! Key economic stats Split of GDP and exports (2007) 2007 2008 2009 1. 665 1. 971 2. 261 Real GDP growth % 6. 8 5. 5 5. 9 Population - mm 5. 7 5. 9 6. 0 GDP per capita - US$ PPP 693 728 764 Inflation % 11. 7 15. 3 13. 9 Current account balance % -3. 8 -6. 3 -4. 2 GDP - US$ bn Services 32% Agriculture 44% Rutile 29% Industry 24% Go. SL – total government revenues (US$ mm) Real GDP ($ millions) ’ 04 to ’ 11 CAGR = 6. 7% 17 Split of Mineral Exports Split of GDP by industry Diamonds 71%

Private Sector is rewarding Go. SL’s policies Exports have grown 21% annually over the

Private Sector is rewarding Go. SL’s policies Exports have grown 21% annually over the last 3 years. Excluding diamonds, export growth has been over 100%/ year. Exports from Sierra Leone 18 Sierra Leone’s FDI growth has led the region over recent years Foreign Direct Investment (% of GDP)

Trade Balances with EU Improving (but widening deficit with Italy) Imports from Italy, considerably

Trade Balances with EU Improving (but widening deficit with Italy) Imports from Italy, considerably exceed exports to Italy Preferential access to markets and robust exports of coffee, cocoa, minerals, rubber etc. have resulted in a healthy trade balance with the EU Considerable trade deficit with Italy due mainly to imports of a variety of goods from machinery to meats. Only export of note to Italy, in 2008, was Coffee Sierra Leone’s Trade with EU ($000 s) Sierra Leone’s Trade with Italy ($000 s) Sources : ITC calculations based on COMTRADE statistics 19

Imports/ Exports to EU & Italy Sierra Leone’s Imports Sources : ITC calculations based

Imports/ Exports to EU & Italy Sierra Leone’s Imports Sources : ITC calculations based on COMTRADE statistics Sierra Leone’s Exports Sources : ITC calculations based on COMTRADE statistics 20 Strictly confidential

Opportunities abound in all sectors of the economy Mobile Telecommunications Banking Sector West Africa

Opportunities abound in all sectors of the economy Mobile Telecommunications Banking Sector West Africa Penetration Benchmarking Bank Account Penetration Industry statistics: n # bank accounts: 197 k n Industry assets: $353 mm n Industry net loans: $74 mm n Industry deposits: $265 mm Mining Sector Value of Mineral Exports Mineral Potential In: n n n Iron ore Gold Bauxite Rutile Mineral Sands Tourism Annual Tourist Arrivals Agriculture GDP (USD millions) Agricultural Potential In: 21 n n n n Rice Palm oil Cassava Cocoa beans Coffee Ginger Cashew Tourism Potential: n West Africa’s most spectacular beaches combined with unique historical heritage n Prime locations still available. Direct flights from Lagos (3 hours) and Europe (5 hours)

Resulting in many Italian companies coming to Salone…

Resulting in many Italian companies coming to Salone…

… Along with multinationals from around the world 23 Company Sector Country of origin

… Along with multinationals from around the world 23 Company Sector Country of origin Access Banking Nigeria Africell Telecommunications Lebanon Celtel (Zain) Telecommunications Kuwait Comium Telecommunications Lebanon Ecobank Banking Côte d’Ivoire Heineken Beverage Netherlands Koidu (Holdings) Mining South Africa Leocem Cement Production Norway and Germany London Mining United Kingdom Regimanuel-Grey Construction Ghana Sierra Rutile Mining USA/ EU Standard Chartered Banking United Kingdom Tigo Telecommunications China UBA Banking Nigeria Zenith Banking Nigeria

Including large established manufacturers Sierra Leone Brewery Leocem Sierra Bottling Co. Seaboard West Africa

Including large established manufacturers Sierra Leone Brewery Leocem Sierra Bottling Co. Seaboard West Africa 24 n Joint-venture between Heineken (83% ownership), Guinness (11%), PZ Cussons and local investors (6%) to serve the Sierra Leonean market n Key products: Star, Maltina, Heineken and Guiness n 100% owned by Heidelberg Cement n Grinding plant in Freetown with 90 employees n Owned by the Equatorial Coca Cola Bottling Company. Capacity of 4 million cases per annum n Started operations in 1907 as a butchery and ice factory. Now focusing on soft drinks only. Portfolio of 10 brands, which include Coca-Cola brands, Vimto and Parrot range of mixers n Only manufacturer of flour. Production capacity of 35, 000 metric tones. Capacity utilisation below 40% n Established in 1964 with a 99. 9% ownership by Seaboard Corporation and 0. 1% by the Government of Sierra Leone

Key sectors Agribusiness & Fisheries Tourism Mining Infrastructure & Energy Ministry of Trade &

Key sectors Agribusiness & Fisheries Tourism Mining Infrastructure & Energy Ministry of Trade & Industry

Developing Agribusiness is a key priority for Government Development of commercial agricultural potential is

Developing Agribusiness is a key priority for Government Development of commercial agricultural potential is government’s #1 priority, strongly supported by investment incentives and government facilitation of land access. Ideal Growing Conditions Large Amounts of Available Land 26 n Plentiful aquatic resources, tropical climate and soils of Sierra Leone provide ideal growing conditions for both upland lowland crops n Diverse agricultural base, has potential for significant increase in current production of staple foods (rice cassava, vegetables), cash crops (sugar, cocoa, coffee, ginger and cashew) and tree crops (oil palm, coconut) n Total arable land of 5. 4 million hectares, less than 20% of which is under cultivation n Communal/chiefdom land tenure system and strong government facilitation makes land easy to obtain n Secure long-term leases available Unique Opportunity in Bolilands n Nearly 1. 5 million hectares of boli lands in Northern Region of country Rapidly Developing Biofuels Sector n High growth sector receiving material commitments of foreign capital Close Proximity to Export Markets n International export supported by one of the largest natural harbours in the world n Ideal for rapid establishment of large scale mechanized commercial farming (eg, for rice or sugar) n Generally located in areas supported by high quality road network within close proximity to ports n Opportunities for integrated production and refining of ethanol (sugar) and bio diesel (oil palm) n Proximity and trade status ideal for export to European markets n Centrally situated on global trade routes for rapid access to West African, European, Middle Eastern and North and South American Markets

Agriculture Sector Overview Sector overview Agriculture GDP (millions of Leones) Land area 7. 2

Agriculture Sector Overview Sector overview Agriculture GDP (millions of Leones) Land area 7. 2 m hectares • Uplands: 6 m hectares (84%) • Lowlands: 1 m hectares (16%) Arable land area 5. 4 m hectares (74% of total area) • Uplands: 4. 3 m hectares (59%) • Lowlands: 1. 2 m Ha (15%) Crops (85% of agric. Rice, cassava, vegetables, citrus fruits, cocoa GDP) beans, coffee, oil palm, ginger and cashew Livestock (15% of Cattle, piggery, and poultry agric. GDP) Average rainfall Avg. of 3, 000 mm (2, 000 mm in the north / 4, 000 mm in the south) Drainage & Irrigation Potential Climate n Dry Season runs from mid-November to May n Wet (Rainy) Season from May to mid-November. Mean rainfall can be divided into three climatic belts: 27 Coast to 80 km Inland 80 km – 190 km – Border >3, 300 mm (recorded high as 8, 100 mm) 2, 540 – 3, 300 mm 1, 900 – 2, 500 mm n Significant irrigation potential on approximately ¼ million Ha of land n Dense drainage pattern, with nine major rivers and a series of minor coastal creeks and tidal streams n River levels show considerable seasonal fluctuations n Over half of the irrigable area is in the Southern Region (especially in Bonthe and Pujehun Districts) n In the North, areas of Tonkolili and Port Loko are best suited for irrigation n Despite low irrigation suitability in areas of Bombali district (due to drying Tabai River), it is very strategic in terms of location and access

Opportunity: Commercial Development of Bolilands Boliland Characteristics n Seasonal flood plains found mostly in

Opportunity: Commercial Development of Bolilands Boliland Characteristics n Seasonal flood plains found mostly in the north of Sierra Leone n ‘Bolilands’ is from the Temne word ‘boli’, meaning lands that are flooded in the rainy season and dry and hard in the dry season n Generally clay soils, characterized by low water retention Boliland Distribution Across Sierra Leone (000 s Ha) Highlights for Commercial Development of Bolilands n Dramatic underutilization minimizes need for population relocation in order to establish larger projects n Best suited for mechanized farming projects – limited overgrowth drastically simplifies the process of land clearing n Majority of lands located in areas supported by high quality road network, in close proximity to two seaports for potential export n Soil and climate support rice, sugar, cassava, potato and vegetables production n Current rice yields of 12 bushels/acre would be 20 bushels/acre with fertilization and 25 bushels/acre with irrigation) 28 n Strong track record of attracting investment – recipient of over $200 million in pledged investment for the commercial development of rice, sugar, bioethanol production and electrical cogeneration

Opportunity: Comm. Development of Upland Tree Crops Upland Tree Crop Characteristics n Production areas

Opportunity: Comm. Development of Upland Tree Crops Upland Tree Crop Characteristics n Production areas mostly in the South and Eastern regions n Generally more loamy soils n Better for water retention n Nutrient rich from larger amount of decaying organic material (substantial deciduous overgrowth) n Indigenous palm trees of Sierra Leone internationally recognized for the production of extremely high quality red palm oil n Imported palm trees best for commercial production n Capacity to support 60 trees per acre (148. 3 trees per hectare), generating a peak per hectare yield of approximately 5 MT of FFB (Fresh Fruit Bunch), or approximately 1 MT of palm oil Highlights for Commercial Development of Tree Crops 29 n Opportunity for integrated growth/production of bio diesel from oil palm n High growth sector receiving material foreign capital commitments n Cogeneration facilities at southern / eastern locations well situated to access West African power grid n Strategic geographic location and beneficial trade status ideal for export to Europe and other international marketplaces n History of oil palm production ensures existing expertise for labour-intensive aspects of production and harvesting n Opportunity for production of unique local red palm oil for export to high end / organic food markets in Europe and beyond

Representative Investment Opportunities Project Name Brief Description Additional Info 1. Torma Bum Rice Fields

Representative Investment Opportunities Project Name Brief Description Additional Info 1. Torma Bum Rice Fields q 51, 300 hectares suitable for mechanical cultivation. q Located in Bonthe District, Southern Province, 62 miles from Bo, the provincial Capital q 150 tons/day capacity mill now broken down q 31, 800 gallons capacity under-ground tanks available for fuel storage q Vegetable 2. Gbondapi Rice Fields q 41, 000 ha suitable for mechanical cultivation located in Pujehun District q Southern Province q 60 miles from Bo, the provincial capital q Big rice store available q 1 mechanical workshop available q 31, 800 gallons capacity under-ground tanks available for fuel storage 3. Cocoa & Coffee Processing q 75, 000 ha of coffee and 40, 000 ha of cocoa in the two provinces. Southern and Eastern provinces q For now, the raw materials are exported, processed abroad and the finished products brought back into the country. q Virgin area for private investment 4. Oil Palm Plantations – Gambia/ Mattru Oil Palm Estate q More than 5000 hectares located in Bonthe District q Palm Kernel Oil (PKO) , Southern Province, 54 miles from Bo q Other ancillary products (soap, CPO q Several other available plantations etc) 5. Rapidly Developing Biofuel Sector q High growth sector receiving material commitments of foreign capital q Opportunities for integrated production & refining of ethanol (sugar, Cassava) & biodiesel (oil palm) q Similar palm estates (good for biodiesel) present in all districts, representing expansion possibilities 6. Sugar Plantations q Excellent growing conditions q Opportunities for both consumable and ethanol q Opportunity to satisfy local consumption demand (currently 50% local demand met through imports) as well as import to EU & West Africa 30

Tremendous Potential in Industrial Fishing Quality and quantity of biomass in Sierra Leone’s oceans

Tremendous Potential in Industrial Fishing Quality and quantity of biomass in Sierra Leone’s oceans is almost unparalleled in the world Lengthy Coastline and Inland Waterways Wide Variety of Export Quality Fish n Sierra Leone has 402 km of coastline and a continental shelf of 25, 600 square kilometers n The country’s rivers, estuaries, and tributaries, with their extensive mangrove vegetation, provide ideal conditions for sheltering and nursing shrimp , fish, and oyster n Surface dwelling species such as tuna, barracuda, herring, cuttlefish and octopus n Bottom dwelling species such as snapper, catfish, grouper, shrimp, octopus, squid, lobster, and crab n Approximately 100 species of freshwater fish n The industrial fishing fleet today is a sixth of pre-war levels Vast Untapped Potential n Industrial production declined 70% from 1991 due to the conflict and a ban on industrial fishing (which has been repealed) n Regional and domestic demand alone were estimated to be $14 -18 Million in 2003 31

Our Waters are Teeming with Fish, Shrimp & Shellfish Large total oceanic biomass not

Our Waters are Teeming with Fish, Shrimp & Shellfish Large total oceanic biomass not being leveraged because of lack of infrastructure and development of Fisheries industry Regional and Domestic Markets Present Unique Prospects n Sierra Leone’s domestic market is small (est. $14 -18 million), but there is tremendous regional demand n Nigeria alone imports $450 million of fish annually n Prior to the war, our fisheries were producing 3 x the amount of fish currently being extracted by local fisheries n Lack of focus and investment has depleted fishing fleets and extractive abilities n Biomass estimates indicate vast resources of fish (over 100 varieties), shrimp and shellfish n Significant investor opportunity n Less than $14 MM of fish was exported by local firms, while ~$29 MM was illegally captured by large foreign vessels fishing in our waters (a) Source: (a) Environmental Justice Fund estimates 32 Biomass Estimates (2007) Total 263, 000 Metric Tonnes Round Herring (Sardinella aurita) Flat Herring (Sardinella maderensis) Carangids Sparids Haemulids Sciaenids Lutjanids Serranids Brachydeuterus auritus Sharks Ray Cephalopods

Fishing Industry Experienced Steep Decline During Conflict Fishing fleet & industrial production declined sharply

Fishing Industry Experienced Steep Decline During Conflict Fishing fleet & industrial production declined sharply after 1991 due to the conflict and a ban on industrial fishing (which has been repealed) Overview Fisheries Production to ’ 07) in 1991 Metric Tons Fisheries(’ 91 Production - 2007 n Onset of conflict in 1991 caused a precipitous decline in the industrial fishing fleet and, as a result, in fisheries production n Recent assessments suggest that production and exports of fishery products, are well below potential Metric Tons n Ban on industrial fishing lifted in 2003. Limit had been instated to protect local fishermen 80000 70000 Shrimp 60000 Lobster & Crab 50000 Cuttlefish & Crab 40000 Snail 30000 Shark & Rays 20000 Demersal Fish 10000 Tuna 0 1991 Pelagic Fish 1996 2001 2006 Industrial. Fishing Fleet 1981 to 2007 Industrial Fleet - 2007 350 300 Demersal trawler 250 Shrimp trawler 200 Canoe support 150 Purse seiner (Tuna) Liner 100 Netter 50 33 0 1981 Pelagic trawler 1986 1991 1996 2001 2006

Oceanic Biomass is Significantly Underleveraged Lack of investment in fishing assets, has led to

Oceanic Biomass is Significantly Underleveraged Lack of investment in fishing assets, has led to decline in fish exports (alongside production), despite an abundance of fish, shrimp and shellfish Fisheries Exports ($ MMs) 2001 to 2006 Fisheries Exports 2001 – 2006 ($ Mil. ) Fisheries Exports 2001 – 2006 (Metric Tons) 25 20 8000 7000 6000 5000 4000 3000 2000 1000 0 15 10 5 2001 2002 Fish 34 2003 Shrimp 2004 Other Shellfish 2005 2006 0 2001 2002 2003 2004 2005 2006 2007

The Fisheries Industry – Administrative Policies Fishing in Sierra Leone n All industrial fishing

The Fisheries Industry – Administrative Policies Fishing in Sierra Leone n All industrial fishing vessels, applying for licenses, must be registered with the Sierra Leone Maritime Administration before their applications can be considered n A completed application form for each vessel should be submitted along with certified ship documents, containing vital specifications of the vessels n Prospective fishing companies are required to: n Produce evidence of an offshore account in Sierra Leone n Employ 45 % Sierra Leoneans as crew members on each licensed vessels n Pay relevant annual feels and royalties for licenses. Licenses 35 Landing Obligations Type of Vessel Product % of Total Catch Shrimp and Cephalopod trawlers Fish 60% Shrimp and Cephalopod trawlers Shellfish 5% Fish trawlers Fish 30% Fish trawlers Shellfish 3% Tuna vessels By-catch 10% Small pelagic vessels By-catch 10%

Representative Investment Opportunities n Manufacture of Fishing Equipment n Nearly all fishing and processing

Representative Investment Opportunities n Manufacture of Fishing Equipment n Nearly all fishing and processing equipment is imported n The artisanal fleet has grown by 15% since 2003 and continues to grow giving rise to a vibrant domestic market for fishing nets, vessel maintenance and fishing gear n Storage and Preservation Facilities in the Artisanal Sub-Sector n Ice is not typically used nor are refrigerated units available to preserve the catch and bring fresh fish to market. This results in significant losses n Fresh fish fetches a significant premium over preserved fish. As such, the returns to investment in refrigerated storage and transport facilities are promising (four fishing jetties with refrigeration equipment are currently being built) n Growing African Market for Small Pelagic Fish n The West African market continues to expand rapidly in concert with populations growth of nearly 3% per year, and continued reliance on imports to match fish demand means significant export possibilities n Nigeria, for example, imports fish valued at US$ 450 million (600, 000 tons) n Premium for fresh fish over smoked implying prospects for investment in refrigeration n Domestic Processing facilities for Industrial Fish n A dedicated fish port is planned. When this is in place, it will provide opportunities to establish industrial scale processing facilities to serve the large and growing domestic market 36

Key sectors Agribusiness & fisheries Tourism Mining Infrastructure & Energy Ministry of Trade &

Key sectors Agribusiness & fisheries Tourism Mining Infrastructure & Energy Ministry of Trade & Industry 37

Go. SL is committed to developing the tourism industry Unique location and unexploited tourism

Go. SL is committed to developing the tourism industry Unique location and unexploited tourism assets represent significant opportunities for hospitality and tourism investors. Tourism strategy and infrastructure n Go. SL is committed to enhancing tourist experience by investing in facilitating infrastructure: airport, road, Lungi transfer and power generation n Private sector is invited to develop strategic partnerships for the development of the industry n On Lonely Planet top 10 tourism destination for 2009 n Beaches: A coastal line of over 400 kilometers fringed with beautiful and un-spoilt white sand beaches along the Atlantic Ocean n World-class game fishing (record setting tarpons) Unique tourism potential n Culture: 18 national heritage sites linked to Sierra Leone’s rich past of slave trade, the foundation of Freetown by the returning slaves and a diverse ethnic heritage n Wildlife: 31 protected areas with unique wildlife including pygmies hypos, tarpons, chimpanzees, jungle elephants, and many species of birds n Geographic location: 3 hours away by air from Lagos, Africa’s largest city. ; 8 hours away from the US (key market for slave heritage segment); 6 hours from Europe First mover advantage 38 n Business hotels: no international hotel operator n Holiday resorts: only one fishing lodge, operated by local entrepreneurs

Tourism industry overview Composition of tourists visiting Sierra Leone Selected business hotels in Freetown

Tourism industry overview Composition of tourists visiting Sierra Leone Selected business hotels in Freetown Hotel Tourism Stars Rooms Occupancy rate (07) Country Lodge 3 45 80% Barmoi 3 31 60% Taia Resort 3 32 new Bintumani 2 203 45% Number of tourists visiting Sierra Leone Annual Tourist Arrivals UN War 39

Sierra Leone abounds with high quality tourism assets Bunce Island Freetown n Built in

Sierra Leone abounds with high quality tourism assets Bunce Island Freetown n Built in the 17 th century, the island was the major collection points for slaves destined for Europe and the Americas n Founded in 1787 by British philanthropists as the “Province of Freedom”. Freed slaves from Nova Scotia and Maroons from Jamaica traveled to Freetown in 1800 n The Gullah people of South Carolina are thought to have come from the Mende areas via Bunce Island n Other slave heritage sites: Banana island, Plantain island Sherbro n Old Fourah Bay College Building, De Ruyter's Stone, Slave Steps, Railway museum 400+ km of beaches n Western Area Peninsula: landscape of tropical mountains with white sand beaches n Turtle islands n Shebro Island: breeding ground for tarpons 40 Protected Area n Outamba Kilimi National Park n Tiwai Island n Gola forest

Many opportunities in high-end beach tourism Comments Coast map and selected pictures n Our

Many opportunities in high-end beach tourism Comments Coast map and selected pictures n Our coastline presents significant opportunities for highend tourism lodges, similar to the ones of Northern Mozambique n Used to have several high end beach tourism places run by French entrepreneurs prior to the war Peninsula sites: n Current offering is inadequate, providing prospective investors with strong first mover advantage n Bureh Town n Mama Beach n Only one luxury lodge specialised in tarpon fishing in Sherbro Island n Tokeh n A number of small hotels / guest houses of various quality across the Western Area Peninsula n John Obey n Lakka beach n Hamilton Bonthe Holiday Village n Located in the town of Bonthe on Sherbro Island. Next to the estuaries of the Sherbro and Kittam rivers, which are well known breeding grounds for tarpons n Area object of 12 world records n 18 double rooms in six large rondavels n Rates ranging from US$400 per day all inclusive except for transfers for the full tarpon fishing package Sites of potential interest 41

Representative Investment Opportunities Project Name Brief Description Additional Info 1. Beach Resorts q. Lakkah

Representative Investment Opportunities Project Name Brief Description Additional Info 1. Beach Resorts q. Lakkah Beach Resort: Fantastic beach location; popular with local expatriates. Potential for 2, 3 or 4 star international standard hotel. Local joint venture partners available q Modern style 120 key hotel on 20 acres q 15 -20 minutes from Freetown q. Project concept of 58 keys in a low rise, chalet type design q. Tokay Beach Resort: Spectacular beaches and variety of sports and activity q. Bonthe Holiday Village (Game Fishing) q. MAPE Resort & Residential Development Project, in partnership with Go. SL q. Brand standards suitable for a Radisson, Serena or Movenpick style hotel q. About 20 acres of land available q. Guaranteed winter sunshine q. Key market segment – tour operator generated from Europe 2. Tour Operators q Business travel is currently the most frequent purpose of visit to Freetown but there are no international tour operators q There are 23 hotel facilities in Freetown: however only 3 hotels are three star: Taia Resort, Hotel Barmoi & Country Lodge 3. Business/ Leisure Hotel Opportunities q Cape Sierra Hotel in Aberdeen, on lease to NASSIT (Go. SL’s pension fund). IFC hired to structure transaction q Mammy Yoko in Aberdeen (formally site of Sofitel) q Brookfields Hotel. Owned by Go. SL q Business market in Freetown is underserved 4. Beach Hospitality (Restaurants, Bars, Guest Houses) q. Lumley beach , Goderich beach , Lakka beach , River No. 2 , Hamilton beach, Sussex beach , York & Bureh Town beach , Kent beach, Mamah beach, Tombo Fishing Village , Russell – A virgin beach q A coastal line of nearly 360 kilometers fringed with beautiful and un- spoilt white sand beaches along the Atlantic Ocean q Game fishing (tarpons), 18 national heritage sites 5. Historical Landmarks/ Islands q. Bunce Island , Tacaguma Chimp Sanctuary, Banana Island Chalets, Outamba-Kilimi National Park, Gola forest Reserve, Tiwai Island Wildlife Sanctuary, Turtle Island q 31 protected areas with unique wildlife including pygmies hypos, tarpons, chimpanzees, jungle elephants, and many species of birds 6. Airlines 42 Increasing traffic q. ARIK adding service between London & Freetown

Key sectors Agribusiness & fisheries Tourism Mining Infrastructure & Energy Ministry of Trade &

Key sectors Agribusiness & fisheries Tourism Mining Infrastructure & Energy Ministry of Trade & Industry 43

Mining industry has tremendous exploitable potential Reforms have set the stage for investors to

Mining industry has tremendous exploitable potential Reforms have set the stage for investors to fully capitalize on exceptional opportunities Vast , Proven Natural Endowment n Blessed with a multitude of resource deposits including precious metals, base minerals and metals and potentially deep sea oil n Proven deposits of diamonds, rutile, bauxite, ilmenite, gold, chromite, platinum, lignite, and clays n Proven base metals deposits include copper, nickel, molybdenum, lead, and zinc n Currently undergoing exploratory drilling for deep sea oil Diamond Mining and Finishing Large Scale Mining 44 n Comprehensive regulatory reform including Kimberley Process implementation — ensures illicitly mined diamonds do not reach export markets n Estimates of alluvial diamond production range from 250, 000– 400, 000 carats a year for the next 5– 10 years. n Expertise in cutting and polishing diamonds has yet to mature. Finishing represents a considerable value-added investment opportunity n Mining operations have resumed, but investment in infrastructure required to fully capitalize on mineral resources n Government estimates suggest that by 2010, exports could reach $160 million for diamonds, $119 million for rutile, $50 million for bauxite, and $6 million for ilmenite

Diamonds and gold are only a small part of the story Regional Mineral Deposits

Diamonds and gold are only a small part of the story Regional Mineral Deposits n Diamond deposits lie all across the Northern and Southern provinces while alluvial diamonds lie along the Sewa River near the cities of Bo, Makeni and Koidu n One of the largest known deposits of rutile in the world, located in the Southern province n Possibly one of the world’s largest iron ore finds (>10 billion tonnes), located in the Northern province near the city of Makeni n Gold is found in the western side of the country near Koidu n Bauxite deposits located in the eastern side of the country 45 Mineral Map of Sierra Leone

Production is booming with the return of investment n Minerals exports accounted for more

Production is booming with the return of investment n Minerals exports accounted for more than 70 % of the country’s foreign exchange earnings in the ’ 60 s and ’ 70 s n The war ceased production. Sierra Leone was producing 25 percent of the world’s rutile when its major mines closed in 1995 n Diamond exports have recovered most quickly, but bauxite, rutile, and gold (which require more investment to exploit) are also trending upward n Estimates suggest that by 2010, exports could reach $160 MM for diamonds, $119 MM for rutile and $50 MM for bauxite 46 Mineral Exports in $ Mil. (1981 – 2007) 180. 0 160. 0 Diamonds 140. 0 Bauxite 120. 0 Rutile 100. 0 80. 0 60. 0 40. 0 20. 0 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2010* Sector is Seeing a Sharp Recovery Mineral Production (2007)

First Mover Advantage: African Minerals Overview AMI Market Cap ($ millions) n African Minerals

First Mover Advantage: African Minerals Overview AMI Market Cap ($ millions) n African Minerals (AMI) is a mining exploration company holding exploration licenses for Iron Ore in Sierra Leone. An early investor in Sierra Leone, AMI resumed operations in 2003 following the civil disturbance n AMI’s efforts led to the discovery of vast resources, including some of the world’s largest iron ore deposits in Tonkolili and Marampa n 5. 1 Billion tonne JORC compliant Mineral Resource reported for Numbara, Simbili and Marampon n Geophysics and reconnaissance drilling over a strike length of 20 km at Kasafoni indicates potential for a further 5 Billion tonnes to increase the total magnetite resource to ~10 Billion tonnes n The company’s investment in developing this find has resulted in the creation of $860 million of shareholder value for AMI’s shareholders over the last 3 months Note: All data from African Minerals website and publicly available news sources. Go. SL has not independently verified any 47 data on this page. AMI Stock Price Chart (Share Price in GBP) 3 month Increase: +392%

Key Mining Sector Companies in Sierra Leone 1. Iron-ore n African Minerals (Market cap:

Key Mining Sector Companies in Sierra Leone 1. Iron-ore n African Minerals (Market cap: US$1, 078 M) q Currently holds prospection, exploration and mining licenses on 57% of territory q Two iron-ore deposits – Tonkolili and Marampa. Signed lease agreement with Go. SL on railway and Pepel port n London Mining (Market cap: US$240 M) q Holds mining license on Marampa deposit 2. Bauxite - Vimetco (Market cap: $189 M) acquired bauxite mine from Titanium Resources for US$40 mm in July 2008 3. Gold - Cluff Gold (Market cap: US$3. 14 B) q Gold exploration project in Baomahun q Recently granted mining license. Mineral resource of 1. 4 mm Oz 4. Diamonds q Koidu Holdings. Wholly-owned by BSG Resources (Market cap: US$8. 43 M ). Operates Koidu Kimberlite project in the Kono District. Exploration licence for the Tongo diamond field 5. Mineral Sands q Titanium Resources (Market cap: US$20. 2 M) – locally known as Sierra Rutile. One of the largest natural rutile deposits known in the world, accounted for c. 23% of world’s annual supply Source: company websites, Ministry of Mineral Resources (www. slmineralresources. org) 48

Comprehensive regulatory reform is enabling investment New Mines and Minerals Act about to go

Comprehensive regulatory reform is enabling investment New Mines and Minerals Act about to go to parliament n Draft bill makes it easier to engage in mining operations in Sierra Leone. n Reconnaissance: Non-exclusive rights for 1 year to 10, 000 sq. km. Renewable for one additional year. n Annual Charge for Mineral rights and Royalties of: n Exploration: Exclusive rights to explore for all minerals over 400 sq. km. for 4 years. Renewable for 3 more years with a 50% relinquishment of area; 2 years further renewal possible. n 5% for precious stones n 4% for precious metals n 3% for all other minerals n Exemption on customs duties for equipment used exclusively for exploration. 49 New License Categories for Mineral Rights n Artisanal Mining: Maximum area of 2 hectares and limited to Sierra Leonean citizens. Duration of 1 year and renewable 3 times for 1 yr periods. n Taxation: 37. 5% Corporate Tax n Small Scale Mining: Max. area of 1 sq. km. 25% local ownership required. Duration of 3 years, but can be renewed in 3 year increments after that. Licenses for Dealing and Exporting n Large Scale Mining: Maximum area of 200 sq. km. No restriction on nationality. Duration of 25 years and is renewable for 15 year periods after that.

Key sectors Agribusiness & fisheries Tourism Mining Infrastructure & Energy Ministry of Trade &

Key sectors Agribusiness & fisheries Tourism Mining Infrastructure & Energy Ministry of Trade & Industry 50

We are rebuilding infrastructure across Sierra Leone! Airports – Lungi International & Hastings n

We are rebuilding infrastructure across Sierra Leone! Airports – Lungi International & Hastings n Lungi Int’l: Located 8 km north of Freetown across the Rokel river. Next to Mahera beach n Regent Hill to Grafton and Lumley to Tokeh road in the process of repaving. Quicker access to beaches n Hastings: Small commuter craft appropriate airport located at Waterloo n Repaving of the Mile 91 to Bo and the Kenema to Kailama roads will ensure quicker access to Tiwai and the Gola forest Lungi transfer n Road journey can take in excess of five hours during the rainy season (May to October) n Repaving of the Lungi to Port Lokko road funded. To be completed by 2010 n Water route currently served by hovercraft, helicopter, speed boats, and ferries. Three new transfer services in process of being launched (speed boats, ferry and catamaran) n Go. SL in the process of finalising funding to: n Set-up a regulatory body for the Lungi Transfer to ensure reliability and quality of services n Refurbish and renovate passenger terminals 51 Tourism roads Freetown Port n Handled 1. 2 million tons in ’ 06 (up 9% from ’ 02), of which 800, 000 tons was dry cargo. n Container traffic in ‘ 06 was 31, 718 TEU’s of which 18, 353 were full imports and exports containers, with 82% of full containers as imports n Port facilities comprise six berths together with a stacking area (paved and unpaved), storage areas (four sheds), together with additional land for terminal development and office space n Total paved area of 34, 843 metre square with the lean concrete and cobbles area totaling 23, 856 and area covered by asphalt amounting to 10, 987 metre squares

Airports & Related Infrastructure Require Rehabilitation Airports Lungi n Code 4 E runway width

Airports & Related Infrastructure Require Rehabilitation Airports Lungi n Code 4 E runway width of 60 metres (including shoulders), length of c. 3, 200 metres n Sufficient to enable non-stop flights by modern wide-bodied aircrafts to any point in Africa or Europe, South America and eastern North America n Served by BMI from London, SN Brussels from Brussels & Dakar, Royal Air Maroc from Casablanca, Kenya Airways from Nairobi via Accra, Bellview from Lagos and Slok from Banjul, Conakry and Monrovia, TCVM from Cabo Verde via Dakar n Key statistics: n Total passengers (2007): 183, 963 (inc. in transit) n Service charge: US$40 per passenger (represents less than 40% of total revenues) n World Bank has funded US$9 mm runway rehabilitation and provision of new navigational aides n National Commission for Privatisation and Ministry of Transportation and Aviation currently reviewing options to invite private sector participation Hastings n Runway length c. 1, 000 metres, suitable only for general aviation aircraft, Total passengers (2007): 886 n No realistic scope for a runway extension at Hastings given surrounding mountains and manrgove swamps 52 Transfer from Lungi to Freetown Hovercraft: n Operated by Diamond Airlines n Capacity: c. 90 passengers. Tariffs: US$60 n Much of the journey is effectively in Atlantic waters, which are unsuitable for hovercraft Ferry: n Three ferries currently operated by three different companies n Capacity: c. 75 vehicles / 250 passengers. Tariffs: US$13 depending on class of travel Helicopter: n Seven-minute journey to Mammy Yoko Heliport form Lungi airport n Operated by UT Air (certificated by the South African Civil Aviation Authority) n Capacity: c. 20 passengers. Tariffs: US$60 Road: n 176 km of which c. 90 km of paved roads n Journey can take in excess of five hours during the rainy season between May and October Others: n A number of operators operate speedboat for the crossing

Freetown Port Being Prepared for Privatisation Overview n The Sierra Leone Ports Authority (SLPA)

Freetown Port Being Prepared for Privatisation Overview n The Sierra Leone Ports Authority (SLPA) is a service port situated in the capital city of Freetown at the Queen Elizabeth 11 Quay. The privatisation strategy is to transform it from a service port to a landlord port n Concessioning of the container terminal for a proposed period of 25 years n Also include licensing of service providers for shore handling of non-container (break bulk and bulk cargo) and privatisation of non core activities n SLPA is the only port serving Sierra Leone and also handles some cargo for neighbouring countries in the subregion. It has the best natural deep water port in West Africa with the potential to become a transhipment hub n The Sierra Leone port handled 1. 2 million tons in 2006, of which 800, 000 tons was dry cargo. Container traffic in 2006 was 31, 718 TEU’s of which 18, 353 were full imports and exports containers, with 82% of full containers as imports. Port traffic enjoyed 9% annual growth between 2002 and 2006 n The port facilities comprise six berths together with a stacking area (paved and unpaved), storage areas (four sheds), together with additional land for terminal development and office space. The port owns a limited amount of container handling equipment and also leases from private sector tractors, reach stackers, forklifts n The total paved area amounts to 34, 843 metre square with the lean concrete and cobbles area totaling 23, 856 and area covered by asphalt amounting to 10, 987 metre squares. The SLPA benefited from the proceeds of the IDA credit under the Transport Sector Project and this funding was applied to the paving of the port roads and the Container Terminal n The preparation for private sector participation in the ports privatization has reached an advanced stage. It is envisaged that the National Commission for Privatisation will tender the SLPA privatization in 2009 53

Executing on strategy to eliminate power shortage Chronic power shortage has limited our economic

Executing on strategy to eliminate power shortage Chronic power shortage has limited our economic growth. Boosting power generation is critical for both consumers and industry. Overview n National Power Authority (NPA) responsible for generation, transmission and distribution of electricity throughout the country n Bo-Kenema Power Station holds zonal responsibility for local generation, distribution and sales n Total present active customer base of NPA and BKPS is 44, 000 and 9, 600 respectively n Freetown is supplied with electricity from oil-fired thermal plants at Kingtom power station. Despite steady improvements, Freetown still faces large supply deficit due to insufficient generation capacity n Short term Emergency Power Project (Sept 2007) aimed to increase supply from 5 MW to 25 MW, starting December 2007 n Bo, Kenema and their environs are supplied with electricity from a combination of oil-fired thermal power plants and a hydropower plant n Go. SL has identified a number of hydropower sites capable of producing >1, 000 MW of electricity n China and UNIDO funding mini hydro dam on the Bankasoka River in Port Loko n GEF funded project for the Moyamba mini hydro 54 Power Sector Reforms n Within 12 months, Go. SL expects to have unbundled power generation from transmission n Go. SL will continue to hold exclusive licence for power transmission n Private sector partners are invited to participate in generation and metering n Under the regulatory authority & oversight of the NPA, private sector will have the ability to: n Supply, install and service power meters n Power generation and feeding guidelines will be ready by the end of the year (2009)

Bumbuna – Stage 2 Bumbuna Stage 1 (50 Mw) substantially done, anticipated to be

Bumbuna – Stage 2 Bumbuna Stage 1 (50 Mw) substantially done, anticipated to be online Aug’ 09. Stage 2 under design, will double Bumbuna capacity and significantly address power needs Bumbuna hydroelectric project n 50 Megawatt water regulation and hydropower facility located on the Seli River near the town of Bumbuna n Key stats: n 88 meter high, asphalt concrete-faced, rock fill dam n 440 meter crest-length n Two spillways with associated tunnels n Above-ground powerhouse with two 25 Megawatt turbo-generator units n Y-shaped reservoir with a width of 30 kilometers and 445 million cubic meters of storage capacity n Project cost: US$91. 8 mm Bumbuna Stage 2 n Regulatory dam to be located 38 km upstream from current Bumbuna reservoir n 6 x larger than current reservoir n Capacity impact: n Water level regulation will allow Bambuna 1 to operate at 50 Mw max capacity through dry season n Addition of two turbines and power houses to Bambuna will boost generation capacity to 100 Mw n Estimated cost: EUR 480 million n Currently in design and development – proposals being drawn up by Studio Petrangali n EU funding electrification of 11 provincial towns to enable transmission of power to local communities 55

Power – Current & Projected Generation Capacity Projects in pipeline to boost power generation

Power – Current & Projected Generation Capacity Projects in pipeline to boost power generation capacity 20 x. Government of Italy has been a key partner to Go. SL, with significant contribution to Bumbuna in particular. Total Capacity (Dry Season vs. Wet Season) for Existing and Planned Facilities 56

Representative Investment Opportunities Project Name Brief Description 1. The Sierra Leone Ports Authority q

Representative Investment Opportunities Project Name Brief Description 1. The Sierra Leone Ports Authority q q Additional Info The Sierra Leone Ports Authority is a service port situated in the capital city of Freetown at the Queen Elizabeth 11 Quay. Preparation for private sector participation in the ports privatization has reached advanced stage Concessioning of the container terminal for a proposed period of 25 years Envisaged that the National Commission for Privatisation will tender the SLPA privatization in H 2 2009 q Comprises six berths together with a stacking, storage areas (four sheds), additional land for terminal development and office space q Only port serving Sierra Leone and also handles some cargo for neighbouring countries in the sub-region. It has the best natural deep water port in West Africa with the potential to become a transhipment hub q Code 4 E runway width of 60 metres (including shoulders) and a length of c. 3, 200 metres, sufficient to enable nonstop flights by modern wide-bodied aircrafts to any point in Africa or Europe, South America and USA 2. Freetown Airports q Total passengers (2007): 183, 963 (includes passengers in transit) Service charge: US$40 per passenger Service charges. 3. Lungi Airport Transfer q Located 8 km north of Freetown across the Rokel q Currently served by hovercraft, river. Next to Mahera beach helicopter, speed boats, and ferries 4. Other Potential Infrastructure Projects q Pepel port Iron-ore railway, Lungi airport Transfer facilities between Lungi and Freetown, Toll-road around the Peninsula Large scale hydro projects, Mini hydros, Solar panels / windmills, Fibre optics links & Conference centre 4. Several Road Projects q Trans West Africa Highway, linking Guinea to Liberia 57 q Opportunities in road construction and equipment leasing

Key Sectors Agribusiness Fisheries Tourism Mining Infrastructure & Energy Other Ministry of Trade &

Key Sectors Agribusiness Fisheries Tourism Mining Infrastructure & Energy Other Ministry of Trade & Industry

The telecoms industry Overview Wireline n Monopoly held by incumbent Sierratel with c. 25

The telecoms industry Overview Wireline n Monopoly held by incumbent Sierratel with c. 25 k lines n 100% government owned – on the agenda for privatisation n Also holds CDMA license and international gateways for all mobile operators Overview Millicom 10% Comium 26% Africell 31% Penetration – West Africa benchmarking Wireless n Six licenses issued and four active operators n Operators: n Zain – 100% owned by Zain Group. 575 k subscribers as at April 09 n Africell – subsidiary of Lebanese owned Lintel Group. 350 k subscribers as at March 09. Also operates in the Gambia n Comium – wholly owned subsidiary of Lebanese owned Comium Group. 290 k subscribers as at March 09. Also operates in the Gambia, Liberia and Cote d’Ivoire n Millicom – 100% owned by Millicom International Cellular. 109 k subscribers n Two other licenses were issued in April 2008 to Israel-based Cellcom and Libyan state-backed vehicle LAP Green Networks 59 Zain 33% Number of mobile subscribers

The banking industry Key players Market shares – Dec 2007 Rokel Commercial Bank n

The banking industry Key players Market shares – Dec 2007 Rokel Commercial Bank n 51% owned by Go. SL. Reminder owned by various shareholders and staff. On the agenda for privatisation. Formerly controlled by Barclays, which sold its stake to Go. SL and staff in 1999 n Second largest bank in Sierra Leone in terms of total book, deposit taking and lending as at 31 December 2006. Branch network of 11 and 3 ATMs Sierra Leone Commercial Bank n Established in February 1973 with the primary goal of supporting the private sector and small businesses in particular. Wholly owned by Go. SL. On the agenda for privatisation n Largest bank in terms of total book, deposit taking and lending. 10 branches, 3 of which are in Freetown UTB 6% Industry statistics: SLCB 27% n # bank accounts: 197 k n Industry assets: $353 mm GTBank 11% Stan. Chart 19% n Industry net loans: $74 mm Rokel n Industry deposits: $265 mm 23% Key regulatory ratios n Capital adequacy ratio: 15% Standard Chartered n Primary capital adequacy ratio: 7. 5% n 3 branches. Present in Sierra Leone since 1894 n Cash reserve requirements: 12% of deposits Union Trust Bank n Liquidity requirements: n Largest indigenous institution privately owned. 7 branches Other banks n Large presence of West African banks: GTBank, Ecobank, Access Bank, UBA, Zenith Bank Source: Company websites, Bank of Sierra Leone 60 Others 14% n 40% of demand deposits n 20% of time and savings deposits

Be our guests…. v Why don’t you come and see for yourself? v A

Be our guests…. v Why don’t you come and see for yourself? v A small country which abounds with opportunities You probably hear this every day but in SL, you will find v v some of the warmest people you can ever find in sub Saharan Africa v We will be more than happy to host you MTI | Italy | Jul 09 | 61

Contacts For all investment enquiries or additional information, please contact: The Sierra Leone Investment

Contacts For all investment enquiries or additional information, please contact: The Sierra Leone Investment & Export Promotion Agency (SLIEPA) www. sliepa. org Email: info@sliepa. org MTI | Italy | Jul 09 | 62