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Imara group profile February 2012

Imara group profile February 2012

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    Imara group profile  February 2012 Imara group profile February 2012 Presentation Transcript

    • Group ProfileFebruary 2012
    • Mission Statement “To be the leader in African wealth management by providing first class products and services to corporate, institutional and high net worth clients”. Page 1
    • Imara’s Presence Page 2
    • Overview A Botswana listed Investment Banking Group with a regional network of offices. Extensive Expertise in Africa - a pioneer in the development of African capital markets in the past twenty – five years. Securities Trading  An active participant in region’s markets, strong research coverage of regional equities — In excess of US$285m of client funds under management and US$2.1 billion of client assets under administration. Corporate Finance – raises capital and provides strategic advice for both large and small companies across Africa. Investment Management – in excess of US$384.5 million invested in Africa and Globally for Institutional and Private Clients. Independent with a wide shareholder base – significant management and staff stake. Page 3
    • Background  Imara listed on the VCM of the Botswana Stock Exchange 2006 Formation of S P Reid (Pty) Ltd in SA 1938  IAOF registered and granted local asset status in Botswana 2006 Formation of Edwards & Co in Harare 1954  Launch of the Imara Africa Series umbrella fund– sub funds included 2007 Stockbrokers Botswana and Botswana Stock Exchange est 1989  Nigeria Fund Acquisition by Robert Fleming UK of 50% of Edwards & Co 1994  Zimbabwe Fund Stockbrokers Malawi Ltd and Malawi Stock Exchange est 1996  MOU signed with MacCapital Dubai 2007 Sale of Robert Fleming UK to JP Morgan 2000  Launch of Imara Africa Securities 2007 MBO of Edwards & Co from JP Morgan 2002  Imara Capital SA / Zingwenya BEE transaction 2007 Formation of Imara in Botswana 2002  Launch of the Imara East Africa Fund 2008 Acquisition of S P Reid & Mackeurtan (Pty) Ltd in SA 2003  Launch of the Imara Equity Fund in SA 2008 Acquisition of The Janus Corporation (Pty) Ltd in SA 2003  Launch of Imara Trust Company (Mauritius) Limited 2008 Acquisition of the Anglo African Global Fund : rebranded Imara Global Fund 2003  MOU signed with Chapel Hill Denham in Nigeria 2008 Launch of Asset Management businesses in Botswana & SA 2003  Launch of the Imara African Resources Fund 2009 International Financial Services Centre status granted 2004  MOU signed with NIC Capital Limited in Kenya 2009 Acquisition of Rice Rinaldi broking book in SA 2004  Launch of Imara Securities Angola SCVM in Luanda 2009 MOU signed with Stockbrokers Zambia & Namibia Equity Brokers 2005  Acquisition of interest in Stockbrokers Zambia 2009 Launch of the Imara African Opportunities Fund (“IAOF”) 2005  Imara Beresford International Limited (“IBI”) formed in Mauritius 2009 Acquisition of interest in Imara Capital Zimbabwe 2006  Acquisition of interest in Capital Securities (Pty) Limited in Botswana 2009 Imara listed on OTC market of the Botswana Stock Exchange 2006  Imara Africa Securities becomes a division of Imara S P Reid in SA 2011 IAOF listed on Dublin Stock Exchange 2006  Stake in IBI increased to 35% 2011 Page 4
    • Our Core Services Asset Management Corporate Finance Securities Trading Trust & Administration Team 12 professional investment Leading Team Sales  19 professional/qualified managers, including 6 in our  12 professionals-4 in Zimbabwe Administrators &  54 sales/portfolio Zimbabwe associate, covering  Located in 3 Offices region-wide Accountants in Mauritius professionals, including 4 in Africa as well as emerging and Zimbabwe, covering the global markets. Corporate Finance  Portfolio region US$384.5m under management  Mergers and Acquisitions  Portfolio of over 400 including US$112.4m with our  Strategic Advice Research companies, funds and trusts associate in Zimbabwe.  Corporate Restructuring  13 equity research analysts, under management.  Privatisations including 2 in Zimbabwe, Private wealth management in  Private Equity covering over 400 regional Services South Africa and Botswana.  Trust & Asset Protection companies Imara Global Fund, Imara Africa Capital Markets  Trust Accounting & Tax Series & Imara African  Equity Issues Trading  Company Secretarial Opportunities Fund, registered in  Convertible Issues  2 Prop Traders  Company incorporation, BVI, advised by FSA licensed Imara  Debt Issues  2 Fund Managers administration, tax & UK.  US$287m client funds under accounting management  Fund set up, structuring,  US$2.1 billion client assets administration, NAV under administration  Corporate directorship  Nominee shareholder services  QROPS Page 5
    • Asset ManagementOverview Page 6
    • Overview Regional network of sub- Saharan offices 12 professional investment managers covering African SCOTLAND and Global markets Johannesburg: Dave Eliot Imara Global Fund +27 11 550 6181 dave.eliot@imara.co Imara African Opportunities Harare: John Legat Fund +263 4 700 000 john.legat@imara.co Imara Africa Series – East UK: Jonathan Chew Africa, Nigeria, Zimbabwe & +44 7808 794034 African Resource Funds jon.chew@imara.co US$384m under management Mauritius: Rajeev Sookur +230 464 9799 Full Trust & Administration rajeev.sookur@imara.co ZIMBABWE MAURITIUS service ex Mauritius BOTSWANA SOUTH AFRICA Imara Equity Fund SA Imara International Managed Fund SA Regulated by: NBFIRA, Financial Services Board SA, Financial Services Authority UK, Reserve Bank of Zimbabwe and the Financial Services Commission in Mauritius. Page 7
    • Target MarketsSouth Africa (FUM: US$112.4m) Imara Global Fund (FUM: US$10,5m) Focus on high margin areas  Absolute return mandate Private client portfolio management  Marketing Focus on Africa Unit Trust advisors - but not administrators Imara Africa Series (FUM: US$51.99m) Bespoke products  Nigeria, East Africa, African Resources, Zimbabwe & Flame Lily FundsImara Equity Fund SA (FUM: US$17.4m)  Absolute return mandate General equity mandate Imara African Opportunities Fund (FUM:US$97.3m)Botswana  Absolute return mandate Markets Imara Global Fund, Africa Series and African  Marketing Focus: Europe/USA Opportunities Funds Zimbabwe associate (FUM: US$112.5m)Region  One of the largest pension fund and private client managers Regional mandates  Focus on domestic investments  One International client mandate Page 8
    • Imara Global FundNAV: US$19.09 (as at 31 01 12) Actively managed with an absolute return mandate. Holds cash in turbulent financial markets to protect capital. Advised by Imara Asset Management UK Ltd which is licensed by the FSA Sector Breakdown Geographical Breakdown Fin Services Business Asia ex Japan 5% Services 3% 14% UK 16% Beverages 23% Industrials Cash 4% 8% USA Cash 41% Household 8% & Food Eurozone 14% 19% Consumer Tobacco Discretionary 15% Media 11% Media 3% Switzerland 3% 13% Page 9
    • Imara African OpportunitiesNAV: US$12.34 (as at 31 01 12) Strategy – long only, equities. Return objective – absolute return over medium term, (i.e. no cash limits). Investment horizon: 3-5 years. Listed on the Dublin Stock Exchange. Registered in Botswana. Regional network of regulated offices (Botswana, Malawi, Mauritius, Namibia, Zambia, Zimbabwe, South Africa & United Kingdom)Target Markets:Egypt, Tunisia, Morocco, Ghana, Nigeria, Kenya, Sector Breakdown Geographical BreakdownMalawi, Tanzania, Uganda, Mauritius, Namibia, Senegal Namibia CashBotswana, Zambia, West Africa Cash 2% 3% 4% 4% MauritiusPlus 5% Nigeria Others Banking 19%Weighting to contrarian recovery plays e.g. Egypt 27% 17%Zimbabwe, a watching brief over pre-frontier 3%markets such as Algeria, Angola, Libya, Sudan Agro Zimbabwe Processing 20% KenyaBut Tobacco 7% 14% 7% BeveragesMinimal “regional exposure” to Africa (via SA, UK, 24% ZambiaCanada) or African exposure that is correlated to Manufacturing Botswana 17% Malawi 7% Resources 3%world markets e.g. Egypt, SA and duel listed mining 5% Conglomerate 3%and telecom stocks. 9% Page 10
    • The Imara Africa Series A BVI licensed umbrella structure established to focus on regions and countries. Sub-funds:  Imara Nigeria Fund launched March 2007.  Imara Zimbabwe Fund launched March 2007.  Imara East Africa Fund launched January 2008.  Imara African Resources Fund launched January 2009. Page 11
    • Imara East Africa Fund NAV: US$8.06 (as at 31 01 12)  Launched January 2008.  Strategy - long only, equities.  Return objective – absolute return over medium term (i.e. no cash limits)  Investment horizon: 3-5 years.  Strong local manager – ICEA Asset Management – first registered fund manager in Kenya in 1985.Target Markets:Kenya, Mauritius, Tanzania, Ugandaplus Sector Breakdown Geographical BreakdownDRC, Burundi, Ethiopia, Rwanda, Southern Sudan Tobacco 11% Media Cash 9% 9% Mauritius Debenture 26% 6% Kenya Banking Others 36% Cash 52% 13% 9% Constructi Uganda Rwanda on Finance Beverages 11% 2% 6% 5% 5% Page 12
    • Imara Nigeria Fund NAV: US$7.36 (as at 31 01 12)  Launched March 2007.  Strategy - long only, equities.  Return objective – absolute return over medium term (i.e. no cash limits)  Investment horizon: 3-5 years.To focus on the ‘next’ emerging market Sector Breakdown Geographical Breakdown Telecoms Cash, 1% Ghana, 2% 3% Senegal, 4% Banking Manufact 24% uring 31% Food 12% Nigeria, Beverages Net Cash 93% 29% 1% Page 13
    • Imara Zimbabwe Fund NAV: US$10.70 (as at 31 01 12)  Launched March 2007.  Strategy - long only, equities.  Return objective – absolute return over medium term (i.e. no cash limits)  Investment horizon: 3-5 years.The world’s cheapest market.Managed by Imara’s Zimbabwe investment team. Sector Breakdown Geographical Breakdown Telecoms 8% Canada 3% Others 15% Retail 14% Conglomerate 11% Property 10% Manufacturing 12% Agro- processing Beverages 17% 13% Zimbabwe 97% Page 14
    • Imara African Resources FundNAV: US$18.31 (as at 31 01 12) Launched January 2009. Strategy - long only, equities. Return objective – absolute return over medium term (i.e. no cash limits) Investment horizon: 3-5 years. Sector Breakdown Geographical Breakdown Others DRC, 5.5 4% Energy 6% Coal 8% Cash, PGMs 10.7 6% Botswana, South Africa, 4.5 Gold 31.8 39% Iron Zimbabwe, 13% 18.7 Cash Eritrea, 3.4 11% Ferrous Burkina Faso, Metals 8.4 Other Africa, Agri Copper 2% Mozambique Liberia, 3 9.6 3% 8% , 4.4 Page 15
    • 1000.00 2000.00 3000.00 4000.00 5000.00 6000.00 7000.00 8000.00 9000.00 10000.00 0.00 Jan03 Mar03 May03 Jul03 Sep03 Nov03 Jan04 Mar04 May04 Jul04 Sep04 Nov04 Houseview Model Portfolio Jan05 Mar05 May05 Jul05 Sep05 Nov05 Jan06 Mar06 May06 Jul06 Houseview Equity Only Sep06 South Africa Performance Nov06 Jan07 Mar07 May07 ALSI 40 Jul07 Sep07 Nov07 Jan08 Cash Mar08 May08 Jul08 Sep08 Nov08 Jan09 Mar09 May09 Jul09 Sep09 Nov09 Jan10 Mar10 May10 Jul10 Sep10 Nov10 Jan11Page 16 Mar11 May11 Jul11 Sep11
    • Imara Equity Fund – South Africa NAV: R133.30 (as at 31 01 12)  Launched May 2008.  South African general equity portfolio  Invest in financially sound equity securities, property shares property related securities and liquid assets.  Objective – high long-term capital growth  Investment horizon: 3-5 years. Asset AllocationThe Imara Equity Fund outperforms the JSE All Share International Oil & Gas Technology Equity 4% 5% Telecoms Consumer 5% 2% Serivces 7% International Cash 1% Industrials Basic 13% Materials 25% Consumer Cash & Goods Financials Money 14% 22% Market 2% Page 17
    • Imara Trust Company (Mauritius) Limited Service offerings marketed to Imara’s African clients include:  Establishment of Trusts  Incorporation of offshore entities  Administration services  Opening and administering offshore bank accounts Secure, tax efficient environment in Mauritius Page 18
    • Corporate FinanceOverview Page 19
    • Overview Active in African markets – executed over 200 transactions across 12 countries, with a combined transaction value in excess of US$10 billion; Branch network Regional network of offices securing a premier UAE position in sub-Saharan Africa. ZIMBABWE BOTSWANA Contacts: SOUTH AFRICAAfrica: Rod Macleod +27 11 550 6006 rod.macleod@imara.coGaborone: Dave Stone •United Kingdom +267 318 8009 •Nigeria dave.stone@imara.co •Ghana •GuineaJohannesburg: Mike Burrell •Uganda +27 11 550 6001 •Kenya mike.burrell@imara.co •TanzaniaHarare: Sean Gammon •Malawi(associate) +263 4 701 320 •Zambia sean.gammon@imara.co •Zimbabwe Execution •Botswana experienceDubai: Bob McMillen •Swaziland(representative) +971 4 449-6541 •South Africa rwm@maccapital.ae Page 20
    • Core ServicesCategory Services SectorsCapital Markets IPO’s Rights Offers and Claw Backs Underwriting Bond and Debt Issues Telecommunications, Banking, Real Estate, Mining and Metals,M&A Origination and Research Financial Services, Food, Valuations (including fair and reasonable opinions) Beverages and Manufacturing, Structuring Commercial Agriculture and Fund Raising Down Stream Processing Controlled Disposal Processes‘ (Tobacco, Sugar, Grains, Protein), InformationPrivatisation Pre-feasibility research Technology, Motor Industry, Pathway determination Industrial Holdings, Partnering agreements Engineering, Marine, Logistics. Trade sales and/or IPO’sAdvisory Corporate restructurings and general strategic advice to enhance shareholder value Page 21
    • African credentials Page 22
    • African credentials Page 23
    • African credentials Page 24
    • African credentials Page 25
    • SecuritiesOverview Page 26
    • Overview 54 Sales/Portfolio Professionals covering the region. 2 Prop traders covering South Africa. 1 Fund Manager Overview 13 Equity Research Analysts covering over 400 Regional Companies. Office Network ANGOLA MALAWI ZAMBIA ZIMBABWE BOTSWANA SOUTH AFRICAAfrica: Blantyre- associate: Harare - associate: Windhoek- representative:Simon Reid Morton Gunsalu Tino Kambasha Madelein Smith+27 11 550 6200 +265 1 822 803 +263 4 790 091 +264 61 25 6666simon.reid@imara.co morton@smlmw.com tino.kambasha@imara.co msmith@namibia-equities.comAngola: Gaborone – associate: Johannesburg: Zambia- associate:Anthony Lopes-Pinto Gregory Matsake Justin Mackeurtan Charles Mate+244 222 372 029 +267 318 8886 +27 11 550 6200 +260 1 227 303anthony.lopes-pinto@imara.co gregory@capital.bw justin.mackeurtan@imara.co cmate@stockbrokerszambia.com Page 27
    • Philosophy Research driven  Research Capacity Located in Region (i.e. outside South Africa)  Selective Distribution; Client-Centred  Company Focused, Bottom-up  Research Orientated to Add Value to Clients; Experienced & Professional Execution  Sales Trading Team with Considerable Experience; Corporate Broker-of-Choice – in markets ex-South Africa. Page 28
    • South Africa Established in 1938 29 experienced Sales/Portfolio Professionals & 2 Prop Traders 1 Fund Manager 6 Equity Analysts US$287m client funds under management US$2.1 billion client assets under management Over 10 000 active clientsCovering: Large high net-worth Private Client base General research of SA market and specialists in research of SME market and the property sector. Derivatives Institutional Clients Custody, settlement and trading member fully approved by the JSE Has a highly efficient back-office which offers specialist services Strong and efficient on-line trading capability via the Imara.co web-site On-line research updated daily Page 29
    • Interactive Website Growing acceptance – in excess of 8 000 registered clients. Depth of information – historical news, research, charts, pricing, full portfolio information. On-line trading. Page 30
    • Africa A “one stop shop” Broking service in Sub-Saharan equity markets excluding South Africa; Multi-country dealing facility run as a division of Imara S P Reid ex Johannesburg, SA; Utilise existing expertise and relationships with stockbrokers on the ground to provide macro and micro research capacity and up to date company information; 7 Equity Analysts; 4 Equity Dealers; Countries currently serviced include :  Botswana, BRVM (Benin, Burkina Faso, Guinea Bissau, Cote d’Ivoire, Mali, Niger, Senegal and Togo), Egypt, Ghana, Kenya, London AIM, Malawi, Mauritius, Morocco, Namibia, Nigeria, Tunisia, Toronto TSX, Uganda, Zambia and Zimbabwe. Page 31
    • Zimbabwe Established in 1954 Recognised market leader with a 20% market share 4 experienced Equity Dealers 1 Treasury Dealer 2 Equity AnalystsCovering: Large Private Client book in excess of 25 000 clients Strong Local and International Institutional client base Extensive Macro and Micro Research On-line research available daily Efficient back office settlement and clearing Page 32
    • Strong in Regional Capital Market Development Botswana Swaziland Malawi Seychelles 1989 1990 1995 2000 Adviser Adviser Adviser Adviser to to to to the BDC the Reserve Bank of Malawi the Reserve Bank of Swaziland the IFC for for regarding regarding the formation of the BSE the formation of the MSE the regulatory framework the regulatory framework and and for forStockbrokers Botswana Ltd Stockbrokers Malawi Limited the Swaziland Stock Exchange the Seychelles Stock Exchange Page 33
    • Directors Page 34
    • Imara’s BoardMichael Ndoro – Non Executive ChairmanMike is a director of Imara Capital Zimbabwe (Private) Limited, the Imara Africa Opportunities Fund and the Imara Africa Series Fund. He iscurrently the Managing Director of Interfoods (Pvt) Limited, Zimbabwe. After graduating with a degree in Agricultural Economics, Mr Ndoro spenta large part of his industrial career with the Coca- Cola Company of Southern Africa whom he joined in 1995, with responsibility for marketingwithin the region. In 2002, he was appointed by Coca- Cola as the managing director of Schweppes Zimbabwe. In 2004 he became Chief Executiveof Tedco Limited a furniture company listed on the Zimbabwe Stock Exchange. In late 2004, he bought into Interfoods, a fruit and canningbusiness. Mr Ndoro is currently a non-executive director of Seedco Limited and he has also served as a non-executive director of InterfreshLimited, both of which are listed on the Zimbabwe Stock Exchange.Mark Tunmer, BA LLB LDM - Chief Executive OfficerMark Tunmer has over 25 years of African broking and advisory experience and has personally been involved in numerous Sub-Saharan capitalmarket transactions including listings, privatisations and rights issues. Mark advised the Botswana Government, the Reserve Bank of Malawi andthe Swaziland Government on the establishment of their respective Stock Exchanges. He is a Director of the Malawi Stock Exchange and a pastChairman of the Zimbabwe Stock Exchange. He is a founder member of the African Stock Exchanges Association and is a past Deputy Chairman ofthat organisation.Adam Fleming – Non ExecutiveAdam Fleming joined the investment bank, Robert Fleming in 1970. He worked for Jardine Fleming in the Far East in the 1970’s and joined RobertFleming’s main board in 1985. He moved to South Africa in 1991 to open and expand the group’s offices in Southern Africa. Adam is a formerDeputy Chairman of Robert Fleming Holdings and previously Chairman of Harmony Gold. He is currently Chairman of Witwatersrand ConsolidatedGold Resources Limited.Gary Johns – Non ExecutiveGary Johns, a Botswana citizen, joined the banking industry in 1974. He worked in Zimbabwe for Standard Chartered Bank and ANZ Grindlays Bankbefore joining finance house UDC Limited in 1989 . Gary moved to Gaborone, Botswana in 1991 to manage the UDC business in Gaborone. In 2000UDC Limited was merged into African Banking Corporation where he continued to manage the asset finance portfolio. In 2004 Gary left the bankto set up a private finance and insurance consultancy business. Page 35
    • Imara’s BoardGünter Steffens, OBE – Non ExecutiveGünter was for many years, the General Manager at Dresdner Bank AG in London and South Africa. Before joining Dresdner Bank he worked forinternational Banks in Montreal, Zurich and Paris. He is a past Chairman of the German-British Chamber of Industry & Commerce and of the ForeignBanks Association in London. Günter is also a non-executive director of various companies in South Africa and in Europe.T. Joe Matsau – Non ExecutiveJoe Matsau - an entrepreneur with over 27 years of comprehensive experience in the areas of electric utility operations, sales and distribution andregional economic and social development. From 1979 to 1992, Joe served the L.N.D.C. and the L.E.C. as Investment Promotion Manager - LesothoNational Development Corporation (L.N.D.C.) and Managing Director and Chief Executive – Lesotho Electricity Corporation (L.E.C.). Joe joined Eskomin 1992 and after twelve years of service he retired in December 2004. At retirement he was Managing Director External Relations Division. Joeparticipated in the restructuring of the SA Electricity Supply Industry. He served on the teams formed by both Government and Eskom. He also servedon the Executive Committee of the Union of Producers and Transporters of Electricity (UPDEA), a forty seven member organisation made up of AfricanElectricity Utilities.John Legat, BA (Hons) Economics - Executive - Head of Asset ManagementJohn Legat heads up the Asset Management operations of the Imara Group. He is based in Zimbabwe where he is also the chief executive of ImaraAsset Management Zimbabwe which he established in 1998. This business is currently one of the leading pension fund and private client assetmanagers in Zimbabwe. John has extensive global experience gained from his thirteen years at GT Asset Management (UK) Ltd where he specialised inEuropean equities before joining the Global Emerging Markets team at GT in 1990. In 1995 he launched and managed the GT Africa Fund, one of thefirst mutual funds of its kind. He is the manager of the Imara African Opportunities Fund and the Imara Africa Series.Ann Mackeurtan – Executive – CEO Imara SP Reid - Country Head, South AfricaIn 1968, a year after matriculating from Roedean, Ann joined her Father Stanley Reid, in the family stockbroking business, which her Grandfatherestablished in 1934. She was given the responsibility of running the back office and was involved in handling all the clients requirements. In 1974,Stanley Reid passed away tragically, and as a result Ann decided to write the Stock Exchange exams. On passing, she became the first woman memberof the Johannesburg Stock Exchange, just one month after the first woman was admitted to Wall Street. In 1978, Ann became Managing Director ofS.P. Reid and Mackeurtan, where she was responsible for looking after her clients portfolios and for heading up the firm. Ann is currently CEO ofImara S.P. Reid (Pty) Ltd - a firm which has grown from 4 to 65 employees, and a growing client base which has expanded from from 100 to 10,200. Page 36
    • Imara’s BoardRoderick MacLeod, BCom LLB CAIB (SA) HDip FMiI – Executive - Head of Corporate FinanceRod MacLeod is a Certified Associate of the Institute of Bankers. He joined Barclays Bank, being promoted to Barclays Merchant Bank in1982 and then seconded to the London office in 1985. On his return to South Africa in 1988, Rod was appointed as Senior Advisor atFirstCorp dealing with M&A, MBO and private equity opportunities. In 1990, Rod joined AP&CI responsible for the Group’s acquisitiongrowth strategy. He joined Janus as a director and shareholder in 1995.David Stone, BCom – Group Finance DirectorDave Stone has over 15 years experience in the financial services sector at director and executive management level, primarily withinthe southern African region. During the past decade he has played a leading role in the expansion and consolidation of regional bankingoperations, initially for the udc Group of companies and latterly for African Banking Corporation, a Botswana listed banking group. Page 37
    • Divisional ExecutivesAsset Management – South AfricaDavid Eliot, BCom - CEODavid Eliot joined Imara S.P. Reid in 2003 as a director in charge of Wealth Management – in 2004 he set up Imara Asset Management in SAwhere after he was appointed as Managing Director. Prior to that he was Deputy Managing Director and Chief Operating Officer of BoE PersonalStockbrokers (Pty) Ltd which was a split off from BoE Securities where David was a Director in charge of Private Client and Fund Managementbetween 1996 and 2000. Between 1981 and 1996, he was Chief Investment Officer of First National Asset Management & Trust Company (Pty)Ltd.Lara Warburton, BCom (Hons) HDip Tax CFP® - Managing DirectorLara joined the investment industry in 1993, working initially for Investec, then for RMB, where she left her position as a Director of the unittrust business to join RMB International for her final two years with the FirstRand group. She then became a partner in an independentfinancial advisory firm, providing home office services to high net worth families, where she spent six years prior to joining Imara in January2010.Hannes Barnard, CFPTM N.H.D. Electrical EngineeringHannes Barnard prior to joining Imara in 2004, he spent 9 years in the broad investment and stockbroking industries as an independent financialadvisor, the last five years as a Financial Services Board registered investment manager, managing his financial advisory and portfoliomanagement business.Mark Cunningham, BCom, CFP®Mark Cunningham has spent the past 15 years in the Financial Planning Industry. He brings substantial experience in Employee Benefits,Individual Financial Planning and Personal Portfolio management. He has worked for organisations such as Liberty Life, Glenrand MIB andNedbank before joining Imara. Page 38
    • Divisional ExecutivesAsset ManagementJonathan Chew, BSc – AfricaJon Chew graduated from Loughborough University with a BSc in Management Sciences. He worked as an investment analyst covering the Far Eastin the early 1980’s and then as a portfolio manager covering Asia ex-Japan with GT Asset Management from the mid 1980’s. In 1989 he becamethe CIO of Global Emerging Markets for GT. Between 1989 and 1997 Jon’s team was an active investor in most of the emerging markets around theworld including Africa as they opened for foreign investment. From 1997 and the creation of Imara, he worked with John Legat managing a globalemerging market Fund. Jon’s current focus is on the Imara African Opportunities Fund where he covers North and West Africa for the investmentteam, the top-down for the whole of Africa as well as the team’s marketing efforts outside of Africa.Evan Green, BCom – GlobalEvan Green commenced his career in March 1995 as Investment Manager at Syfrets Corporate And Merchant Bank. Between February 1997 andApril 1998, he was Head of Research at Sagit Stockbrokers in Harare, moving to Fleming Martin Edwards Securities in June 1998 as Equity Analyston the Industrial Holdings, Retail, Financial, Tobacco and Telecom sectors of the Zimbabwe Stock Exchange. In April 1999, Evan joined GeneralBrokerage (Flemings Mauritius) as General Manager before being transferred to JP Morgan (South Africa - formerly Fleming Martin) in April 2000 asSenior Equity Analyst covering the diversified Industrials and Packaging sectors on the JSE. Between July 2001 and October 2001, Evan was aconsulting Analyst to the Luxury Goods and Apparel Retail Sectors with JP Morgan (London). Evan joined Imara in 2003.Bruce Williamson, Higher National Diploma (Metalliferous Mining), B. Com (Accounts and Economics) - ResourcesBruce is a member of the South African Institute of Stockbrokers and the Investment Analyst’s Society. He worked for Stockbrokers Ed Hern,Rudolph for 4 years, JD Anderson & Co / SBC Warburg for 13 years and ABN AMRO Securities for 3 years. He was also rated No 1 gold analyst in1992 by the Financial Mail. He has a good understanding and knowledge of the South African mining industry (especially gold/platinum) with widespread mining and institutional contacts. Page 39
    • Divisional ExecutivesSecurities - South AfricaNeil Burnett, BComNeil Burnett joined Barclays in 1976 after graduating from the University of Natal. He has the Institute of Bankers in SA’s Diploma, is a memberof the JSE, has passed the JSE Compliance Officer Exam and is currently Imara SP Reid’s Compliance Officer. Neil was previously a partner ofboth stockbrokers Mennell Jack Hyman Rosenberg & Co (Pty) Ltd. and Rice Rinaldi and Co. He joined SP Reid & Mackeurtan (Pty) Ltd as adirector in 1985.Justin Mackeurtan, BA (Hons)Justin Mackeurtan completed his A level examinations at Eton, going on to do BA (Hons) Financial Services degree at the University of the Westof England. He joined SP Reid full time in August 1996. He has passed his Johannesburg Stock Exchange Stock Broking, Settlement Officer andCompliance Officer Exams. He is currently a director of Imara SP Reid and responsible for administration.Guy Algeo, BComGuy Algeo began his career with Alexander Forbes and thereafter joined BoE Personal Stockbrokers where he held a directorship for threeyears. In February 2003 he joined Imara SP Reid. Guy has extensive experience in all areas of investment management and has focused on theimplementation of business systems. After establishing online share trading systems at Imara SP Reid, his responsibilities shifted to building thederivatives division which he now heads up.Corporate FinanceMike Burrell, CA, Hons. BCompt – Head of Corporate Finance, South AfricaMike was previously an executive director of the New Republic Bank and also held senior positions at Mercantile Bank. He holds a Diploma inAdvanced Banking. Mike joined Imara after being self-employed for a number of years and has been involved in numerous corporate financeand investment banking transactions, both from a listed and an un-listed perspective in South Africa. Page 40
    • Divisional ExecutivesSecurities – AfricaBrian Mugabe – Head of Research Africa (ex South Africa)Brian recently rejoined the Imara Group from Securities Africa where he was Managing Director and Head of Research. He has over 9 years ofcorporate and investment analysis experience, of which the past four years have been augmented by equity broking experience across the Africancontinent. In his most recent brief at Securities Africa he successfully set up the Johannesburg office of Securities Africa and was instrumental in thedevelopment of its pan-African research and broking capabilities, as well as the broadening of its client base. Prior to joining Securities Africa in2005, he was Head of Research at Imara Edwards Securities (Zimbabwe), where he was in charge of the research department of the company,covering all the listed Zimbabwean equities, as well as that of Stockbrokers Malawi, which has a management agreement to outsource its research toImara Edwards Securities. In this capacity he covered all the listed equities on the Malawi Stock Exchange. He had joined Imara Edwards Securitiesfrom the Tetrad Group of Companies, where he was Head of Research and Risk and ALCO Officer for the group. Brian holds a Bachelor of Commercedegree majoring in accounting from Rhodes University in Grahamstown, South Africa, as well as a Certificate in Investment Analysis and PortfolioManagement from the University of South Africa.Simon Reid – Head of Imara Africa SecuritiesSimon entered the financial services industry in 1992, gaining experience as a dealer and trader at Irish Menell Rosenberg Inc., Frankel PollackVinderine and Simpson McKie Inc. He subsequently became head trader responsible for institutional business at Fleming Martin Edwards (Zimbabwe)in Harare, later transferring to South Africa to take up similar responsibilities at the company’s Johannesburg office. Page 41