DESCRIPTION OF NORFUND INVESTMENTS East Africa Community

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1 DESCRIPTION OF NORFUND INVESTMENTS East Africa Community Africa Health Fund Country: Regional Instrument: Fund First year of investment: 2011 Aureos Africa Health Fund is a private equity fund which seeks to develop small and medium sized enterprises in health related services and industries. Africa Health Fund is targeting small and medium sized companies that help low-income Africans gain access to affordable but high-quality health services. The fund is managed by Aureos Capital and has total commitments of USD 105 million, whereof Norfund has committed USD 10 million. Africado Tanzania Investment year: 2009 Instrument: Equity and loan Committed amount (MNOK): 20.7 In 2009, Norfund entered into an agreement to invest equity and extend a loan to Africado Ltd, an avocado plantation at the foot of Kilimanjaro in Tanzania. The height and climate make it possible to deliver fresh fruit to the European market at a time of year when avocados are in short supply because of the different harvest seasons in South Africa, South America and Europe. Currently 130 hectares are planted with avocado trees and the first crop was harvested in Africado will engage a large number of independent farmers as vendors of avocados. When it reaches full capacity, the company plans to employ around 300 people and provide a market for the production of several thousand independent farmers. The farm will generate important export revenues to Tanzania. Avocados will also be introduced as a new agricultural product that provides sales revenue in an area that has been dominated by coffee-growing. In view of the global fluctuations in coffee prices, a broader-based industrial structure will reduce the vulnerability of the farmers. The investment in Africado is consistent with Tanzania s own poverty reduction strategy. Agrica Investment year: 2010 Instrument: Equity Committed amount (MNOK): 73 Agrica is a 5,000 hectare rice farm in the Kilombero Valley in Tanzania. The farm is located in an area believed to be one of the best rain-fed sites in Eastern Africa. The project, which will produce more than 40,000 tons of rice per year, represents a significant increase in security of rice supply for Tanzania. Norfund invested in the company in September 2010, and the investment represents for Norfund a continuous focus on the development of sustainable agribusiness in the least developed countries in Eastern Africa. Norfund s investment has been deployed in the expansion of the farm, including preparation and planting of the last 2,000 hectares of the 5,000 hectares of land now in production, increase in processing and storage capacity, machines and equipment and renovation of a small-scale hydropower plant that supplies the production with clean electricity. Tanzania is currently not able to produce sufficient food to meet demand. Agriculture is still dominated by small-scale farmers; about 70% of its farming is dependent on hand-hoe, 20% on ox-plough, and 10% on tractors. Given the government s efforts of supporting the rural poor and reducing malnutrition,

2 the development of agriculture is a clear strategic tool for the Government to help alleviate the country s poverty (with the slogan "Kilimo Kwanza" or "Agriculture First"). The growth in food production in Tanzania has been sluggish due to poor supporting infrastructure, inadequate extension services, poor technology of production and a lack of appropriate agricultural financing mechanisms. Agrica will produce rice for the local market. With its large production capacity, the farm will represent a significant increase in security to the supply of rice in Tanzania. This project is therefore an important investment for Norfund to help contribute to the nation s supply of rice and import substitution. A clear goal of the Tanzanian Government is to promote both the role of the country s smallholders as well as developing larger-scale farms, and it is therefore reliant on local projects such Agrica. This company is therefore a showcase for Tanzanian Government sector activity. Agrica has in addition initiated a System of Rice Intensification program (SRI) to facilitate mentoring of small scale farmers to increase the quality and quantity of their yields, and contribute to ensuring work for the young adults in the area. Norfund is one of several parties funding the program through grants. The SRI program has so far included 4,000 participant farmer families, and Agrica will provide partly offtake to the farmers on market terms. By doubling or tripling rice yields for a farmer family, SRI will essentially double or triple the annual family income, helping to relieve and reduce the poverty levels in the communities surrounding the farm. Alios Finance Sector: Financial services Investment year: 2012 Committed amount (MNOK): 57.8 Alios Finance is a Pan-African specialized finance company. Alios offers small and medium sized enterprises (SMEs) and individuals products such as leasing, investment loans and consumer finance. Alios has operated in Africa since 1956, primarliy in West Africa. The company is now expanding in the eastern and southern parts of the continent, and Norfund has invested in the operations in Tanzania and Zambia. Increased access to financing of SMEs makes it possible for companies to grow and develop local private sector and create employment. Asilia Sector: Tourism Investment year: 2013 Instrument: Equity Committed amount (MNOK): 30 Asilia is a nature travel operator with 12 destinations in Kenya and Tanzania and about 600 employees. The company offers upmarket safari experiences which in a best possible way contributes to the conservation of the local environment and benefits to the local population. Asilia is the first safari company in Africa to receive a 5-star GIIRS rating for its sustainability and impact performance. Aureos East Africa Fund Sector: Investment fund Investment year: 2003 Instrument: Fund Committed amount (MNOK): 19.7 AEAF invests in small- and medium-sized enterprises in East Africa, with a particular focus on Kenya, Tanzania and Uganda. The fund has a total capital equal to NOK 230 million. Other investors include the British CDC and the Swiss SIFEM. The fund is very active in the development of its investments, and provides management skills, strategy and business development, in addition to improvement of financial management and reporting in the enterprises. The long-term development effects of these efforts include sound and viable enterprises, competence enhancement and transfer, places of employment and economic growth.

3 Bugoye vannkraft Land: Uganda Instrument: Egenkapital År for første investering: 2008 Norfund har sammen med TrønderEnergi utviklet et elvekraftverk i Bugoye, vest i Uganda. Kraftverket åpnet i oktober Norfund eier 27,5 prosent og Trønder Energi 72,5 prosent. Norfund har investert 55 millioner kroner i dette prosjektet. Kraftverket har en kapasitet på 13 MW og er forventet å produsere 82 GWh i året, noe som tilsvarer 6,4 prosent av elektrisitetssalget i Uganda i Prosjektet er registrert i den grønne utviklingsmekanismen og forventes å redusere årlige CO 2-utslipp i Uganda med ca 54 kilotonn CO 2. Ugandiske myndigheter vil motta 60 prosent av inntektene fra salget av disse CO 2-kvotene. DFCU Limited (DFCU), Uganda Instrument: Equity, mezzanine and loan Year of initial investment: 2004 DFCU is a commercial bank that offers financial services in the form of loans to enterprises and individuals in Uganda. Norfund has invested NOK 186 million and has an ownership share of ten per cent. Britain s CDC is the largest owner of DFCU. DFCU has been a good partner to Norfund for several years and can document good results among a growing portfolio of customers in the SME segment. Basecamp Explorer Kenya Land: Kenya Sektor: Turisme Instrument: Egenkapital og lån År første gang investert: 2010 Basecamp Explorer Kenya driver i dag tre safaricamper i Masai Mara og har vunnet en rekke internasjonale priser for sitt pionerarbeid innenfor øko-turisme og ansvarlig reiseliv. Ved hjelp av Norfunds investering vil selskapet styrke og utvide virksomheten sin til det nyetablerte Naboisho Conservancy nord for nasjonalparken. Naboisho er etablert av Masaiene som et ledd i å sikre en bærekraftig utnyttelse av naturressursene og for å sikre økosystemet rundt nasjonalparken. Dette økosystemet har i dag den høyeste tettheten av ville dyr i Afrika, og er arena for den siste store dyremigrasjonen i verden i dag. Over en million gnu og antiloper vandrer mellom Masai Mara i Kenya og Serengeti i Tanzania. Totalt har Norfund avtalt å investere 10 millioner kroner. EXIM Bank Sector: Financial services Investment year: 2007 Committed amount (MNOK): 36.1 Exim Bank is a Tanzanian bank specializing in loans to the SME sector. The organization s total assets amount to NOK 2.45 billion and Norfund has invested NOK 36 million. Exim Bank (Tanzania) Ltd. was Norfund s first investment in a financial institution in Tanzania. Through its investment Norfund has contributed to Exim Bank s strong growth in lending over the last three years. Exim Bank delivers strong financial results. GLAD Investment year: 2012 Committed amount (MNOK): 3.4

4 In 2012, Norfund provided a loan to Great Lakes Agriculture Development (GLAD) through the Small Enterprise Loan mechanism. The promoter is Norwegian and has extensive experience from Africa as well as from farming, having run a mixed arable farm in Norway, and GLAD now consists of 2 maize farms in Uganda. In Uganda 10 million hectares of farmable land is not in use, and the farming methods are outdated, with some of the lowest tractor densities and fertilizer uses in Africa. As the project progresses, the promoter intends to expand both scope and scale of the company, and to create a "Model Farm", demonstrating that farming is a profitable profession, and to contribute to modernization of Ugandan agriculture. Lake Turkana Wind Power Område: Kenya Instrument: Project development loan År investert: 2011 Norfund is a joint sponsor of the 310 MW wind farm in the Lake Turkana area, Kenya. The project is under development with expected financial close early Norfund is investing 2 MUSD in the development, and expects to ultimately invest a 12,5% equity stake in the project. The project will be Africa s largest wind farm and a major contributor to power supply in Kenya. The construction of the transmission line to the Lake Turkana project will also create opportunity for geothermal projects along the line route, and further wind projects in the Lake Turkana area. Green Resources Land: Tanzania Sektor: Skogbruk Instrument: Lån År første gang investert: 2003 Norfund investerte i dette selskapet i 2003 og i Green Resources er tidligere kjent som Tree Farms og er en av Afrikas ledende treplantingsselskaper. Avskogning er et stort problem i Afrika, blant annet i Tanzania hvor 420,000 hektar skog forsvinner årlig. Green Resources arbeider for utbygge den kommersielle treplantingsindustrien, og satser i tillegg på å bygge ut relatert lokal industri ved hjelp av sagbruket Sao Hill. Totalt har Norfund avtalt å investere rundt 50 millioner norske kroner Status: Norfund har utbetalt halvparten av lånet på USD3,5m, og avventer oppfyllelse av betingelse om profitabilitet før videre utbetaling vil bli vurdert. Green Resources har invitert Norfund til å delta i ny emisjon. GroFin Africa Fund Sector: Investment fund Investment year: 2008 Instrument: Fund Committed amount (MNOK): 80.9 GroFin Africa Fund offers loans and equity capital in local currency to small enterprises in South Africa, Kenya, Uganda, Tanzania, Rwanda, Nigeria and Ghana. The fund s total capital corresponds to NOK 990 million. Norfund s co-investors include IFC, CDC, FMO, the African Development Bank (AFDB), Shell Foundation, EIB and Proparco, in addition to GroFin itself. GroFin takes an active approach to its investments, and in addition to providing equity capital and loans, GroFin acts as advisors to its borrowers in fields such as management, marketing, financial planning and reporting. This is a good starting point for establishing viable small enterprises over time, thereby contributing to poverty alleviation, establishment of new places of employment and economic growth. Kinangop Wind Park Sector: Renewable Energi Investment year: 2013 Instrument: Equity

5 Committed amount (MNOK): 72 Kinangop Wind Park is a 60 MW wind farm in central Kenya. It will be one of the largest wind park investment in East Africa to date, and the first commercial project in the region. It is the first of a number of wind projects expected in the region. The total investment in the park is USD 150 million. It is expected that Kinangop Wind Park will be constructed by mid 2015 and it will deliver electricity to Kenyan households. The state utility Kenya Power will by the power and the project is registered under the United Nations Clean Energy Mechanism. The largest investor in the project is Africa Infrastructure Investment Fund II. Fanisi Venture Fund East Africa Område: Øst-Afrika Instrument: Egenkapital År investert: 2009 Fanisi Venture Fund East Africa er et venture fond som skal formidle risikokapital til vekstorienterte entreprenører og SMBer. Fondets totale kapital utgjør 231 millioner NOK, og Norfund har investert 87 millioner NOK. Blant de øvrige investorene er IFC, Proparco og Finnfund. Fondet vil gjøre investeringer mellom 3 millioner og 17 millioner NOK, og vil med dette fylle et finansieringsgap i markedet. Norfund har vært pådriver for å sette opp fondet, og har eierandeler i forvalteren. TPS (Rwanda) Country: Rwanda Sector: Tourism Instrument: Equity and loan Year of initial investment: 2010 TPS (Rwanda) is a tourism and hotel company with presently two properties, Kigali Serena Hotel (152 rooms) and Lake Kivu Serena Hotel in Gisenyi (66 rooms), and that is building a new hotel Kinigi Lodge (24 rooms) in the Ruhengeri area in the north-eastern corner of Rwanda. The majority of the company is owned by Aga Khan Fund for Economic Development (AKFED) and is marketed and managed under the Serena brand. Kinigi Lodge will serve the mountain gorilla tourism, a very valuable source of income for Rwanda and will provide quality accommodation that could prolong and expand tourism in the area. Norfund has agreed to invest approximately 30 million NOK in the project. TPS Dar es Salaam Land: Tanzania Sektor: Turisme Investeringsår: 2011 Instrument: Egenkapital og lån TPS (Dar es Salaam) er et turisme- og hotellselskap som fra tok over eierskapet til tidligere Mövenpick Royal Palm Hotel i Dar es Salaam (232 rom). Majoriteten i selskapet er eid av Aga Khan Fund for Economic Development (AKFED) og er ledet og markedsført under Serena-kjeden. Ved siden av Norfund har vår franske søsterorganisasjon Proparco investert i selskapet. Investeringen vil bidra til å sikre at turismen kan vokse og utvikle seg gjennom et kvalitetsprodukt i Tanzania og representerer et springbrett for økt virksomhet i den sørlige delen av Tanzania. Norfund har investert 55 millioner kroner i prosjektet. Voxtra East Africa Agribusiness Investment year: 2011

6 Instrument: Fund Committed amount (MNOK): 22.7 Voxtra East Africa Agribusiness Fund invests growth capital in East African agribusinesses that reach out to smallholder farmers Voxtra East Africa Agribusiness Fund invests growth capital in commercially viable but capital-constrained agribusinesses that reach out to smallholder farmers. The Fund had its first closing on November 2011, at NOK 65 million (approximately USD 12 million). A second closing is considered for Norfund is the anchor investor with a 35% share. Other shareholders include Grieg International and Kavlifondet, as well as private individuals in Scandinavia. The Fund will invest in 8-10 small and growing enterprises in East Africa that provide improved inputs, processing capacity or market access to smallholder farmers. With a backdrop of high growth rates and increased political stability, Voxtra finds the region s agribusiness sector both an attractive investment area and an effective means of addressing serious shortcomings in smallholder farmer livelihoods. Voxtra s investments are expected to significantly strengthen the incomes and food security of more than 200,000 smallholder farmers. Norad, the Norwegian agency for international development, has committed NOK 9 million (approximately USD 1.6 million) in funding for a facility that can provide technical assistance to the portfolio companies of the Fund. Yara Fertilizer Terminal Investment year: 2012 Committed amount (MNOK): 33.4 The expansion of the facilities of Yara will both make quality fertilizer more readily available and make it available in smaller packages and as specialized types, benefiting particularly the small scale farmers, who normally are the victim of traders and smaller importers. Small scale farms often ends up with expensive and low quality fertilizer. As the only fertilizer company in Tanzania Yara also provides free extension through five agronomists that travel around on the countryside and give farmers advice on how to best to utilize the fertilizer. The project is an important element in the realization of the agricultural corridors being promoted in sub- Saharan Africa. A loan of 6 MUSD was committed for the construction of a modern fertilizer terminal and handling facility in the port of Dar es Salaam with a throughput of tons per year to be built by Yara Tanzania Limited. The construction started in August 2012 and will be completed in roughly one year. The project will not only secure the supply of high quality fertilizer at competitive prices, but also free up limited port handling capacity at the port of Dar es Salaam, an important port for the region. The project fits well into Norfund s agricultural sector investments in Tanzania and will provide us with increased insight into the sector.

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