Actis in review

2013

The positive power of capital

Contents
03 08

 Where we are now  Portfolio at work Banque Commerciale du Rwanda  Portfolio at work Garden City  Actis at a glance  Portfolio at work Bellagio  Portfolio at work Globeleq Mesoamerica Energy  Portfolio at work Asiri Group P  ortfolio at work AGS  Regions and sectors Investments Investors Portfolio companies The team

10

13 14

17

20

23

26 28 29 30 34

So Paulo, Brazil

Welcome

This report summarises the events and achievements of Actis in the last twelve months. Whether we are sharing the story of the Rwandan bank in which we invested nearly a decade ago, or the ATM chain rolling out across India, the tale we tell is of strong businesses, in attractive sectors, in some of the most populous and dynamic parts of the world. Our goal is to give you a sense of the breadth of our work, and the depth of our expertise. Providing insight into the energy and promise of those high growth markets which have already begun to define this century. I hope you enjoy reading this years annual review.

Paul Fletcher Senior Partner

Accra, Ghana

Where we are now

If the financial meltdown of August 2008 taught us anything it is that everything connects. The fortunes of a Manhattan headquartered bank, a string of late night phone calls, a rumour of lost confidence and the status quo collapsed.
With it went the assumption of easy growth, of soaring revenues, inflation-beating house prices, salary rises and abundance. Growth must now be earned steadily and painstakingly over time. This is no less true in emerging market private equity. The heady days of buying cheap and selling high are over. If you cant find growth you must create it. Consultants call this value creation. What it means to us is taking nothing for granted and engaging a team of diverse professionals dedicated to generating superior returns. We begin by identifying, scrupulously and over time, the right business, in the right sector. We are not generalists. Instead we concentrate our efforts on six industries Consumer, Energy, Financial Services, Healthcare, Industrials and Real Estate. The businesses are frequently family-owned. We seek fundamentally well-run companies that need the capital, experience, global network and counsel that a professional business partner can bring. When we begin this journey we work hard to ensure alignment with the founder; we strive towards the same goal and share a common understanding of success. Our partners need to benefit at least as much as we do. Ultimately, to be attractive to a global multinational (Actiss preferred route for exit) domestic companies, full of energy, innovation and resilience must be polished, rationalised and reformed to comply with global standards in
03

corporate governance, health and safety, labour law, and environmental and social practices. They must also be highly profitable. Our investment professionals have this in mind from the first dollar and day of the investment. Everything they do is focused on creating value. Their work is supplemented by a dedicated team of in-house consultants who do nothing but implement best practices, and share what they know works from their past experiences in the same sectors. We think of the stewardship of Xiabu Xiabu, the immensely popular Chinese hot pot chain, which grew from 60 outlets at the point of our US$52m investment in 2008, to over 300 in four short years. The strategy was replicable success, the introduction of a central kitchen and higher standards of food safety and staff training, resulting in a business that was snapped up when we sold it in December 2012. Or XP, the largest independent securities brokerage firm in Latin America with US$3.5bn assets under custody as at October 2012, and a growth rate of 150% since Actis invested US$58m in 2010. With Actiss backing XP has more than doubled in value, diversified into new product lines, and made five acquisitions; client numbers have increased twofold to 70,000 active customers. Actis partially exited XP at the end of last year, returning money to investors while remaining an active partner in the business. When we invest in a business, we see it afresh, aided by assessments made during a thorough due-diligence process. We often adopt a view from a new angle. In the case of Vlisco Group, our fashion fabrics company, we could see when we invested US$151m in 2010 that its distinctive product, tradition with a twist, would appeal to the growing community of sophisticated African consumers. Nostalgic for the vivid and distinctive patterns worn by their mothers and grandmothers, customers liked the contemporary designs coming out of the Dutch design headquarters. By stretching the product range to include seasonal designs, bespoke handbags, luxury silk scarves and accessories, the Vlisco Group brand has evolved. Its development has enchanted the media, as part of a story of urban growth, and the emergence of a

Where we are now

self-confident Africa. This is precisely the sort of opportunity that Actis is able to identify, and to develop, by building a market strategically, rather than simply serving what is already there. In other instances value creation comes from efficiency. Actis owns a network of higher education colleges in China. Rising student numbers were growing revenues, but that was not necessarily translating to the bottom line. In Chinese culture, where education is culturally the most important investment, and state provision cannot keep pace, secondary and college education is a high growth sector. But high growth companies in high growth sectors do not always translate into high profit, or high returns, without smart management. We found that by sharing teaching materials, lectures and expertise between the colleges, introducing a single management board, group Chief Executive, and applying a common set of standards across all the colleges, China PostSecondary Education (PSE) was able to expand its student numbers to 52,000 and in parallel lower its fixed costs. Meanwhile, the expertise acquired from our management at PSE has equipped us to do other deals in the Chinese education space. Elsewhere in Brazil, our backing of Universidade Cruzeiro do Sul Educacional in 2012 led to a subsequent investment in English language training provider, CNA.

rotten network with failing conductors and wooden poles weakened by an unremitting invasion of termites, vegetation and humidity. The disruption of education during the turbulent years of 1980-1990 meant that many adults didnt understand the dangers of touching fallen conductors. The customer database was full of ghost consumers: billing was sporadic and often inaccurate. The investment manager, in partnership with Actiss Responsible Investment team, set about a root-and-branch review of the Environmental Social and Govemance (ESG) systems. The IPO symbolises the progress they made. These examples demonstrate an engrained habit: take what is there, review it, refine it, invest in it, strengthen it, demand more from it, and consider every aspect of its operations. Seek to do what is creative; a new product line, an updated strategy, while keeping an eye focused on cost, and returns. Engage fully in managing the company, call on in-house consultants, listen attentively, and act decisively. And so, everything connects. Well run energetic companies pump high-quality products into a market place, bringing with them employment, innovation, and a higher quality of life. Their value is accretive. One successful company is more likely to spawn another. Standards rise inexorably, and the value that has been steadily created transfers from owner to employees, from founder to investor, from suppliers to customers, and back again. This is what Actis will continue to do. It is what we have always done.

Take what is there, review it, refine it, invest in it, strengthen it, demand more from it.
No discussion of value creation is complete without reference to responsible investment. It is, rightly, impossible to IPO a company without absolute adherence to world-class environmental and social responsibility standards. This is what we did with the Ugandan electricity distribution company, Umeme, which listed on the Ugandan and Kenyan stock exchanges in 2012. When Actis invested in 2005, Umemes physical assets were in a sad state of disarray: years of underinvestment had created a
04

Where we are now

Beijing, China

Mumbai, India

Portfolio at work Banque Commerciale du Rwanda

There are some investments that are, intuitively, Actis investments. They may be the first of their kind in their market, in a country where others fear to tread, or demand a level of sustained portfolio management which some fund managers might baulk at. Banque Commerciale du Rwanda (BCR) is one such investment. In 2003/4, Rwanda was a post-conflict society with a financial services sector that was largely undeveloped and in need of capital. The vast majority of the population was unbanked. Actis took an 80% stake in the national Rwandan bank, BCR in 2004, with the Rwandan Government retaining a 20% shareholding. Established in 1963 and headquartered in Kigali, Actis built on BCRs strong heritage to grow both its corporate and retail provision; recruiting and training Rwandan professionals to create a centre of excellence within the countrys banking sector. Actis broadened BCRs range of services with a particular focus on SMEs, mortgage finance, and innovative leasing and savings products. Actis partnered with the BCR management team to improve corporate governance, develop its staff and improve systems and controls. A new Corporate Social Responsibility strategy swung into action: supporting seedling small and medium-sized enterprises by providing grass roots education and accounting skills to local communities. From due diligence, through portfolio management to exit, Actiss sector knowledge and ability to source senior management and experienced bankers for the board were critical to this investment. Today, BCR is Rwandas second largest commercial bank with a market share of circa 25% and a reputation for outstanding customer service. On 18 July 2012, it was bought by Kenyan bank I&M and French and German development finance institutions, Proparco and DEG. The degree of interest the sale generated both locally and internationally is indicative of both Rwandas, and East Africas, growing reputation as an attractive destination for foreign direct investment. The purchase by I&M represents the natural next stage in BCRs journey to become a leading East African financial institution. The story of BCR is the story of Rwandas success. There has been extraordinary progress in the past eight years with the creation of a growing and competitive financial services industry at the heart of a thriving economy. Actis is proud to have played its part.

Date of investment 2004 Location Rwanda Sector Financial Services Deal type Control Investment amount US$5m

08

Portfolio at work Banque Commerciale du Rwanda

Banque Commerciale du Rwanda, Kigali

Portfolio at work Garden City

For forty years a visitor to Nairobi mostly didnt need a map. The odd road might roll out across the horizon, or new buildings appear, but broadly speaking, the street plan stayed the same. Today, its a different story. Nairobi is a city on the rise. General Electric, IBM and Google have all recently set up their African headquarters in the city. Oil companies are scrambling for office space. As local businesses expand, and the population grows, demand for quality, well-designed and efficient retail, office and residential space is at an all time high. Garden City is a mixed use greenfield development that has the scale and scope to serve at least some of this demand. The site is located on a 32-acre plot of land adjacent to the recently upgraded Thika Road. It will host the largest retail centre in East Africa with retail stalwarts, Game and Nakumatt recently confirmed as anchor tenants. The retail space will also support local food and arts markets, providing a secure and accessible location for trade. Best practice engineering and construction, innovative architecture and a green-by-design approach incorporating sustainability measures from the very beginning make Garden City Kenyas premier real estate development, serving a catchment area of 1.5 million people. Green measures will include water recycling and rainwater harvesting, solar collectors on the roof, natural ventilation and thermal water heating. Parking at ground level and half basements will negate the need for excavation and reduce mechanical ventilation requirements. The development is being tackled in three phases. The retail centre will open its doors next year. This will be followed by 420 apartments and town houses and then up to 10,000 m2 of office space. One of the most distinctive features will be the inclusion of an extensive central park, landscaped with shade from indigenous trees and a central stage for concerts and community events. Fringed by dining verandas and terraces, with play areas for children and picnic areas for families, it is hoped Garden City will live up to its name: offering a lush escape from Nairobis hustle and bustle. In September 2012, Actis announced the close of its second Africa Real Estate Fund with total commitments of US$278m. The fund is focused on developing institutional quality assets in cities such as Accra, Lagos, Nairobi and Lusaka; we are confident Garden City will be one of its most prestigious assets.

Date of investment 2011 Location Kenya Sector Real Estate Deal type Control Investment amount US$40m

10

Portfolio at work Garden City

Garden City, Kenya

Mumbai, India

Actis at a glance

4.8

US$

bn

5.2
Total funds under management

US$

Total invested since 2004

bn

104,170 66
Number of employees in Actis portfolio companies

160
Number of Limited Partners invested in Actis funds

Number of portfolio companies

37

US$

250 160
m
Actis staff employed in ten offices

Amount of money Actis staff have invested over the last eight years

Figures as of 31 December 2012 Figures as of 20 February 2013

Portfolio at work Bellagio

Smart private equity uses sector insight to spot the value that others miss. The investment Actis made in Bellagio in 2012 typifies this approach. Over the past four years, Actiss Beijing based team has worked intensively to understand the Chinese food service sector. As Chinese consumers work longer hours, make more money and seek out relaxing leisure time with friends and family, the appetite for high quality, good value dining experiences grows. Responding to this trend, Actis invested in hot pot chain, Xiabu Xiabu in 2008. Actis brought consistency to the Xiabu Xiabu offering; increasing efficiency, improving health and safety and boosting the customer experience. The knowledge and contacts built up during the Xiabu Xiabu investment led to Actis backing kitchen equipment manufacturer Vesta in 2011, and then restaurant chain Bellagio in 2012. Bellagio was founded in 2001 by the Lin family; it has 23 restaurants located in Beijing, Shanghai, Nanjin and Wuhan with three outlets in Macau and the Philippines. Admired for its tasty Taiwanese style dishes and shaved ice desserts, Bellagio is also known for the signature pixie haircut of its waitresses and its rapid service an average meal takes just 45 minutes from breaking open your packet of chopsticks, to settling the bill. Following Actiss investment, Bellagio has been expanding its restaurant network in top-tier Chinese cities such as Beijing and Shanghai, and also second-tier cities, including Tianjin, Fuzhou and Xiamen, where spending patterns are quickly catching up with those of the first tier. The founding family remains in place as shareholders and Actis has backed former Yum! China COO and industry veteran, Joseph Han, as Bellagios Chairman and CEO. Actis and the management team have prioritised employee welfare during the first year of investment. Centralised training for waiting staff and chefs has been introduced along with clear career progression plans to minimise staff turnover; Bellagio has purchased commercial insurance for all its workers, believed to be a first in the restaurant industry in China.

Date of investment 2012 Location China Sector Consumer Deal type Control Investment amount US$146m

14

Portfolio at work Bellagio

Bellagio, Beijing

PESRL, Costa Rica

Portfolio at work Globeleq Mesoamerica Energy

Globeleq Mesoamerica Energy (GME) develops, owns and operates renewable energy assets in Central America. Actis invested for a controlling stake in 2009 and GME currently has three power generation plants in operation: Eolo in Nicaragua (44MW), Cerro de Hula in Honduras (102MW), and Plantas Elicas SRL (23MW) in Costa Rica. Honduras sees wind speeds averaging eight metres a second; the faster the wind blows the more electricity is produced. A single wind turbine in Honduras generates up to twice the electricity it would were it spinning in Germany. The windy season in Central America is complementary to the rainy season which means when the wind is blowing the system can save power in hydroelectric plants. Cerro de Hula is Hondurass first wind farm. Its also one of the largest in Central America with 51 turbines punctuating the 16,000 acre site. Located 17km south of Tegucigalpa, it began producing electricity in December 2011. With a capacity of 102MW, it generates some 6% of the countrys power, and does so more cheaply and cleanly than the alternative thermal generation. The authorities have asked GME to consider an expansion to this plant which is expected to close financing during 2013. On the shores of Lake Nicaragua, 125km south of the capital Managua, stands Eolo, made up of 22 2MW wind turbine generators which began supplying electricity to Nicaraguas national grid in late 2012. Nicaragua is reliant on expensive thermal electricity generation, so Eolo is a commercially and environmentally attractive option, a win-win for the authorities, the private off-taker, and GME. Plantas Elicas SRL (PESRL) is a 23MW operating wind farm in Costa Rica. The project was the first utility-scale wind farm built in Latin America starting operations in 1994, and until recently was the largest wind farm in Costa Rica. PESRL sells 100% of its output under a long term Power Purchase Agreement with the state-owned utility, Instituto Costarricense de Electricidad. The work being undertaken by GME has the power to make a tangible difference to the energy security of this region and a queue of future projects is forming. The team joke is that when it comes to GME, the sky really is the limit.

Date of investment 2009 Location Central America Sector Energy Deal type Control Investment amount US$76m

17

Portfolio at work Globeleq Mesoamerica Energy

So Paulo, Brazil

Portfolio at work Asiri Group

While you may be willing to compromise on many things when it comes to value versus quality, the exception is usually healthcare. Securing the best possible treatment for yourself and your loved ones is paramount, with most people paying as much as they can afford. Unsurprisingly, this impulse is universal and when combined with rising access to insurance, and the growing incidence of lifestyle diseases, creates an inexorable demand for high quality healthcare in the emerging markets. Asiri exemplifies this trend. It is Sri Lankas premium private hospital chain located across three tertiary hospitals in Colombo and two secondary care centres in the southern city of Matara. The private hospital sector in Sri Lanka grew at more than 20% over the last four years. The countrys government and private sector healthcare already compares well with its emerging market peers and Asiri is the clear leader with a reputation for best-in-class doctors, staff and infrastructure. Actis invested in Asiri in October 2012 and is helping strengthen its market leading position, bolstering its senior management team and further improving internal controls and management information systems. Asiri currently has 604 beds and is looking at opportunities to expand across the island nation. It is also constantly adding and developing its service offerings in line with the latest advances in medical treatment and technology. The South Asia team at work on Asiri is able to draw on significant experience in the healthcare sphere from work with the largest hospital chain in Gujarat, Sterling Add-Life and clinical research company, Veeda. Healthcare is a growing area of interest for Actis as demonstrated by our January 2013 investment in Chinas leading medical consumables company, Nanjing Micro-Tech. Asiri embodies the opportunity the team see in the sector: two Actis investment professionals sit on the Asiri board, helping bring their prior experiences to this new investment. Sri Lanka, with increasing FDI, sustained GDP growth of over 7% and growing infrastructure, is a tempting investment destination and one where Actis hopes to pursue further transactions in the years to come.
Date of investment 2012 Location Sri Lanka Sector Healthcare Deal type Minority Investment amount US$32m

20

Portfolio at work Asiri Group

Asiri Group, Sri Lanka

Mumbai, India

Portfolio at work AGS

A plastic card, slim enough to slip into your back pocket, is a passport to participate in todays world of commerce and financial transaction. Its how you get your cash out of the ATM, and pay for anything, from breakfast to the first instalment on a new motorbike. In India, access to electronic payment cards lags. Customers need safe and easy access to their money and that can be difficult when the nearest functioning ATM lies many miles away. In the US, the ratio of ATMs to population is 1:700, in India it is 1:15,000. The number of ATMs in India is forecast to increase from approximately 95,000 in 2012 to at least 200,000 in 2015. The growth in ATMs has coincided with banks moving towards an outsourced model, as well as a supportive regulatory environment. Today, 85% of ATMs in India are outsourced in some way. AGS is one of Indias top ATM outsourcing and payments companies. Founded in 1992, AGS manages a network of around 10,000 ATM machines across India for banking clients. It also supplies specialised equipment and automated solutions for major retailers, petroleum and paint companies. In August 2012, Actis backed the AGS founder to help expand the ATM outsourcing business and win new contracts. Ensuring that ATMs and debit cards are widely available promotes financial inclusion, making a positive impact on quality of life and the broader economy. Actis brings significant experience in the payment processing sector having built Emerging Markets Payments Holdings (EMPH) into a pan-continental payments processing business operating across 40 countries in Africa and the Middle East. Since Actiss investment AGS has continued to roll out more machines; Actis is also helping AGS to refine its ATM site selection strategy and to enhance its reporting and information systems. AGS customers include financial institutions such as Axis Bank, ICICI Bank, HDFC Bank and State Bank of India. With Actiss help, AGS hopes to champion new initiatives in the white labelling and the mobile payments space.

Date of investment 2012 Location India Sector Financial Services Deal type Minority Investment amount US$40m

23

Portfolio at work AGS

Accra, Ghana

Actis data Regions and sectors

Regions

London

Cairo

Beijing

Mumbai

Lagos Nairobi

Singapore

So Paulo Johannesburg

26

Actis data Regions and sectors

Principal sectors

Consumer

Education Healthcare Home and personal care Restaurants Retail including food

Energy

 Power generation (renewables and non-renewables) Distribution Transmission

Financial Services Healthcare

Banks Consumer credit Financial services distribution Payments and specialist process outsourcing

Healthcare delivery Pharma Medical services

Industrials

 Power and construction equipment Construction materials Manufacturing Services

Real Estate

Industrial Office Residential Retail

27

Actis data Regions and sectors

Actis data Investments

Investments by sector

30 8
%

18 6
%

17 6
%
Other

15
Energy

Consumer

Industrials

Financial Services

Real Estate

Healthcare

Value of investments by region

South East Asia Africa

38
Latin America

14 23
South Asia

China

11

10

Global EM

Average deal size US$ (private equity)

13

25

75

Actis 1 1998*
* The year the fund opened

Actis 2 2002*

AEM3 2007*

28

Actis data Investments

Actis data Investors

Investors by region

55

21

14

10

US, Canada & Latin America

UK & Europe

Asia & Australia

Africa & Middle East

Investor by type (percentage %)

ic Pe ns In Fu io ve n n st d o m f en Fu tM n d an s a n a g Fin er d an s c an ial I d ns Co tit rp uti So or on ve at s re es ig n W ea lth Fu nd s Pr Fam iva il te y O Fo ffi un ces da a tio nd ns

es

DF

ni

Co m pa

Pu bl

In su ra

All data as at 20 February 2013 Investments: includes all current investments in Actis 4, Actis Emerging Markets 3, Actis Fund 2s, Actis Africa Agribusiness Fund, Actis Infrastructure 2, Actis India Real Estate Fund and Actis Africa Real Estate Fund. Investors: figures exclude CDC Group plc. CDC Group plc is the anchor investor in each of Actiss funds and represents approximately 37% of total commitments to those funds.

29

Actis data Investors

En

do w m

nc e

en ts

Fu n

ds

Actis data Portfolio companies

Sector Region Investment company

Consumer

China China China China Latin America Latin America China Latin America China South Asia South Asia Africa Latin America Africa

7 Days Inn Group Ambow Bellagio China Post-Secondary Education CNA CSD EIC Gtex Nanjing Micro-tech Nilgiris Super-Max Tracker Universidade Cruzeiro do Sul Educacional Vlisco Group

Energy

Latin America Global EM South Asia Africa

Energuate Globeleq GVK Energy Limited Umeme

Financial Services

South Asia Africa Africa Africa Africa Africa South Asia South Asia South Asia Latin America

AGS Alexander Forbes CIB DFCU Diamond Bank EMPH IDFC Integreon National Stock Exchange of India XP Investimentos

Healthcare

South Asia South Asia South Asia South Asia

Anthelio Healthcare Asiri Group Sterling Add-Life Veeda

30

Actis data Portfolio companies

Description

Location

Deal type

Investment date

Budget hotel chain Personalised education and training Casual dining chain Education service provider English language training services Supermarket/retail chain Education service provider Cleaning products Medical equipment Convenience stores Manufacturer and marketer of shaving blades and toiletries Stolen vehicle tracking and recovery Education service provider Fashion fabrics

China China China China Brazil Brazil China Brazil China India India South Africa Brazil Sub-Saharan Africa

Expansion Expansion Replacement Expansion Expansion Expansion Replacement Expansion Expansion Buy-in Replacement Replacement Expansion Buy-in

Oct 2008 Sep 2008 Mar 2012 Jan 2010 Sep 2012 Sep 2010 Aug 2011 Oct 2010 Sep 2012 Oct 2006 Feb 2011 Oct 2011 Feb 2012 Sep 2010

Electricity distribution and transmission Power generation developer and owner Power generation Electricity distribution

Guatemala Global EM India Uganda

Replacement Replacement Expansion Replacement

May 2011 Sep 2009 Dec 2010 Nov 2009

ATMs and retail automation solutions Diversified financial services Bank Bank Bank Payments processing Infrastructure finance Professional services outsourcing Stock exchange Retail broker dealer

India South Africa Egypt Uganda Nigeria Africa & Middle East India India India Brazil

Expansion Buy-out Replacement Replacement Expansion Buy-out Expansion Expansion Expansion Expansion

Aug 2012 Jul 2007 Jul 2009 Jan 2003 Apr 2007 Jul 2010 Aug 2010 Feb 2010 Apr 2007 Nov 2010

Hospital operations outsourcing Multi-specialty tertiary care hospital chain Hospital owner and operator Clinical research organisation

India Sri Lanka India India

Expansion Expansion Expansion Expansion

Oct 2010 Aug 2012 Jun 2006 Feb 2007

31

Actis data Portfolio companies

Actis data Portfolio companies

Sector Region Investment company

Industrials

Africa South Asia South Asia South Asia South Asia South East Asia South Asia Africa Africa Africa South East Asia South Asia China

Actom AVTEC Dalmia Cement Endurance Halonix KS Distribution LMKR Mouka RTT Group Sinai Marble Teknicast TEMA Vesta

Other

South East Asia Africa Africa Africa Africa Africa Africa South Asia

APEC Banro Candax Mineral Deposits Platmin Seven Energy Teranga TRIL Roads Private Limited

Real Estate

Africa Africa Africa Africa Africa Africa Africa Africa Africa Africa South Asia Africa

Garden City Heritage Place Ikeja City Mall IOREC Jabi Lake Mall Laurus Development Partners Limited Mentor Management Nairobi Business Park One Airport Square The Exchange Vaishnavi Waterfalls

32

Actis data Portfolio companies

Description

Location

Deal type

Investment date

Manufacturer and distributor for electrical engineering industry Engine and transmission manufacturer Cement plant Auto components manufacturer Bulb and lamp manufacturer Oil and gas Information management services for oil and gas industry Foam products manufacturer Supply chain and logistics services Commercial marble exporter Aluminium die casting Manufacturer of heat exchangers Catering equipment and manufacturing

South Africa India India India India South East Asia Pakistan Nigeria South Africa Egypt Malaysia India China

Buy-out Replacement Expansion Replacement Buy-in Replacement Expansion Replacement Buy-out Expansion Buy-out Expansion Buy-in

Aug 2008 Jun 2005 Mar 2006 Dec 2011 Jun 2006 May 2010 Oct 2007 Jun 2007 Jun 2007 May 2007 Aug 2008 Apr 2005 May 2011

Oil and gas exploration Gold exploration and development Oil and gas exploration Mineral sands and gold mining Mining and resources Oil and gas production Gold mining Toll road developer

South East Asia DRC Tunisia Senegal South Africa Nigeria Senegal India

Start-up Expansion Expansion Expansion Expansion Expansion Expansion Expansion

Oct 2007 Oct 2005 Apr 2005 Nov 2004 Oct 2003 Feb 2007 Dec 2004 May 2010

Mixed use development Office development Retail development Real estate development company Retail development Real estate development company Real estate development and project management Office development Office development Mixed use development Residential development Retail development

Kenya Nigeria Nigeria Mauritius Nigeria Mauritius Kenya Kenya Ghana Ghana India Zambia

Real estate development Real estate development Real estate development Real estate development Real estate development Start-up Buy-out Real estate development Real estate development Real estate development Real estate development Real estate development

Dec 2011 Sep 2011 Apr 2008 Jan 2009 Nov 2011 Apr 2010 Jul 2011 Nov 2006 Dec 2010 Jul 2012 Jun 2008 Dec 2011

33

Actis data Portfolio companies

The team

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

 Sanjiv Aggarwal Partner: Energy 02  Beatriz Amary Director: Consumer 03  Lou Baran Director: Head, Human Resources 04 Nelson Bechara Director: Value Creation 05 Ron Bell Director: Head, Operations 06 Jonathon Bond Partner: Head, Investor Development 07  Eduardo Bozo Director: Energy 08 Sergio Brando Director: Energy 09  Torbjorn Caesar Partner: Co-head, Energy
01

Mahesh Chhabria Partner: Industrials/Healthcare 11 Chris Coles Partner: COO, Head, Banking 12 David Cooke Director: Consumer 13 Louis Deppe Director: Real Estate 14 Ngozi Edozien Director: Healthcare, West Africa 15 Michael Chudi Ejekam Director: Real Estate 16 Sherif Elkholy Director: Consumer 17 Paul Fletcher Senior Partner 18 Mark Goldsmith Director: Responsible Investment
10

Murray Grant Partner: Africa 20 David Grylls Partner: Energy 21 Simon Harford Partner: Financial Services 22  Michael Harrington Director: Energy 23 Lucy Heintz Director: Energy 24 Adiba Ighodaro Partner: Investor Development 25 Amanda Jean-Baptiste Director: Real Estate 26  Mikael Karlsson Partner: Energy 27 Danny Koh Director: Financial Services 28 Natalie Kolbe Partner: Consumer
19

29 Chu Kong Partner: Co-Head, Latin America 30 Ritu Kumar Director: Responsible Investment 31 Tashi Lassalle Director: Head, Communications 32 Patrick Ledoux  Partner: Co-Head, Latin America 33 Meng Ann Lim  Partner: Head, SE Asia 34 Max Lin Director: Consumer/ Industrials 35 Tanya Lobel Director: Actis Acts 36 Vincent Low Director: Value Creation

34

Actis data The team

These pages show investment professionals, from Director level and above alongside their main specialism, as well as key members of the firms global support services platform.

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

37

Nick Luckock Partner: Financial Services 38 Alistair Mackintosh Partner: Chief Investment Officer 39 Alasdair Maclay Director: Investor Development 40 Jonathan Matthews Director: Industrials 41 David Morley Partner: Head, Real Estate 42 Hossam Abou Moussa Director: Financial Services 43 Shomik Mukherjee Partner: Consumer 44 Marc Nahum Director: Investor Development 45 Arjun Oberoi Director: Head, Healthcare Actis data The team

Funke Okubadejo Director: Real Estate 47 Peter Olds Director: Legal 48 John Opubor Director: Consumer 49 Angus Or Director: Value Creation 50 Paul Owers Partner: General Counsel 51 Homer Paneri Director: Healthcare 52 Denis Pedreira Director: Financial Services 53 Rick Phillips Partner: Head, Consumer 54 Gautham Radhakrishnan Director: Financial Services 55 Mark Ransford  Director: Financial Services/ Industrials
46

G Rathinam Partner: Industrials 57 Mark Richards Partner: Head, Financial Services 58 Asanka Rodrigo Director: Industrials 59 Ivy Santoso Director: Financial Services 60 Fash Sawyerr Director: Value Creation 61 Peter Schmid Partner: Head, Private Equity 62 Joe Sinyor  Partner: Head, Value Creation & Industrials 63 James Smith Director: Value Creation 64 Prabir Talati Director: Consumer
56

Kevin Teeroovengadum Director: Real Estate 66 Michael Till Partner: Co-Head, Energy 67 JM Trivedi Partner: Head, South Asia 68 Michael Turner Director: East Africa 69 Jaideep Wadhwa Director: Value Creation 70 Ramon Walsh Director: Debt Financing 71 John van Wyk  Partner: Head of Africa 72  Jason Zhang Director: Healthcare 73 Dong Zhong Partner: Consumer
65

 enotes Executive D Committee member

35

So Paulo, Brazil

Actis invests exclusively in the emerging markets. With a growing portfolio of investments in Asia, Africa and Latin America; we currently have US$5.2bn funds under management. Through our work in these markets Actis brings financial and social benefits to investors, consumers and communities. We call this the positive power of capital. www.act.is Actis is a signatory to the United Nations Principles for Responsible Investment (UNPRI), an investor initiative developed by the UNEP FI and the UN Global Compact. www.unpri.org

Beijing +86 10 6535 4800 Cairo +202 2792 9220 Delhi Operations +91 11 6615 7200 Johannesburg +27 11 778 5900 Lagos +234 1 448 5700 London +44 20 7234 5000 Mumbai +91 22 6146 7900

This annual review forms the basis of Actiss compliance with the Walker Guidelines for Disclosure and Transparency in Private Equity. Actis has reported on a comply or explain basis as detailed by the guidelines. walker-gmg.co.uk

Nairobi +254 20 2219 952 So Paulo +55 11 3844 6300 Singapore +65 6416 6400

Actis LLP is a Limited Liability Partnership registered in England and Wales (registered number OC305927). A list of the members of Actis LLP is open to inspection at its registered office, 2 More London Riverside, London SE1 2JT, England. Actis LLP is regulated by the Financial Conduct Authority. Copyright 2013 Actis LLP. All rights reserved Reproduction without permission is prohibited. Trademarks and logos are copyrights of their respective owners.

Cover image: Beijing, China