Imara Group Profile March 09

Corporate Profile 1 www.imaraholdings.com

Mission Statement “To grow our relationship-driven African financial services group focused on the needs of our clients and providing first class products and services to our corporate, institutional and high net worth client base” 2 www.imaraholdings.com

Imara’s Presence .Edi .London nburgh .Dubai .Kenya Lagos. .Bl .Gabor Lusaka. antyre Harare. • Namibia. one Mauritius Johannesburg. 3 www.imaraholdings.com • Offices (including Associates, Partners and Representatives)

Overview 4 A Botswana listed Financial Services Group with a regional network of offices. 4 Extensive Expertise in Africa - a pioneer in the development of African capital markets in the past twenty years. 4 Securities Trading - active participant in region’s markets, strong research coverage of regional equities - in excess of US$20m of client funds under management and US$635m of client assets under administration. 4 Corporate Finance – raises capital and provides strategic advice for both large and small companies across Africa. 4 Investment Management – in excess of US$210 million invested in Africa and Globally for Institutional and Private Clients. 4 Independent with a wide shareholder base – significant management and staff stake 4 www.imaraholdings.com

Background 4 4 Acquisition of interest in Imara Capital Zimbabwe Formation of S P Reid (Pty) Ltd - SA 1938 2006 4 4 Imara listed on OTC market of the Botswana Stock Exchange Formation of Edwards & Co in Harare 1954 2006 4 4 IAOF listed on Dublin Stock Exchange Stockbrokers Botswana and BSE established 1989 2006 4 4 IAOF registered in Botswana Acquisition by Robert Fleming UK of Edwards & Co 1994 2006 4 4 Imara listed on the VCM of the Botswana Stock Exchange Stockbrokers Malawi Ltd and Malawi Stock Exchange est 1996 2006 4 4 IAOF granted local asset status in Botswana Sale of Robert Fleming UK to JP Morgan 2000 2006 4 4 Launch of the Imara Africa Series MBO of Edwards & Co from JP Morgan 2002 2007 4 4 Formation of Imara in Botswana 2002 Nigeria Fund 4 4 Acquisition of S P Reid Mackeurtan (Pty) Ltd and The Janus Zimbabwe Fund 4 Imara Global Fund registered in Botswana Corporation (Pty) Ltd by Imara 2003 2007 4 4 MOU signed with MacCapital Dubai Acquisition of Anglo African Global Fund : rebranded Imara Global Fund 2003 2007 4 4 Launch of Imara Africa Securities Acquisition of The Janus Corporation (Pty) Ltd by Imara 2003 2007 4 4 Imara Capital SA / Zingwenya BEE transaction Launch of Asset Management businesses in Botswana & SA 2003 2007 4 4 Launch of the Imara East Africa Fund International Financial Services Centre status granted 2004 2008 4 4 Launch of the Imara Equity Fund in SA Acquisition of Rice Rinaldi broking book in SA 2004 2008 4 4 Launch of Imara Trust Company (Mauritius) Limited MOU signed with Stockbrokers Zambia & Namibia Equity Brokers 2005 2008 4 4 MOU signed with Chapel Hill Denham in Nigeria Launch of the Imara African Opportunities Fund (“IAOF”) 2005 2009 5 www.imaraholdings.com

Our Core Services Asset Management 4 13 professional investment managers, Corporate Finance Securities Trading including 5 in our Zimbabwe associate, covering Africa as well as emerging and global markets. Sales 4 34 sales/portfolio professionals, Leading Team 4 US$214.5m under management including 3 in Zimbabwe, 4 10 professionals-2 in Zimbabwe including US$65m with our associate covering the region 4 Located in 3 Offices region-wide in Zimbabwe. 4 Private wealth management in South Research Corporate Finance Africa and Botswana. 4 9 equity research analysts, 4 Mergers and Acquisitions including 2 in Zimbabwe, 4 Strategic Advice 4 Imara Global Fund, Imara Africa Series covering over 400 regional 4 Corporate Restructuring & Imara African Opportunities Fund, companies 4 Privatisations registered in BVI, advised by FSA 4 Private Equity licensed Imara UK. Trading 4 Establishment of trusts, administration 4 2 Prop Traders Capital Markets services , incorporation of offshore 4 US$20m client funds under 4 Equity Issues entities, opening and administering management 4 Convertible Issues offshore bank accounts; approved by 4 US$635m client assets under 4 Debt Issues the FSC and licensed as Imara Trust administration Company (Mauritius) Limited 6 www.imaraholdings.com

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Asset Management 4 Regional network of sub-Saharan offices 4 13 professional investment managers covering African and Global markets Johannesburg: Dave Eliot +27 11 550 6181 4 Imara Global Fund davee@imara.co.za . Edinburgh. Harare: John Legat 4 Imara African London +263 4 700 000 Opportunities Fund johnl@imaracapital.com 4 Imara Africa Series – UK: Jonathan Chew +44 776 890 3759 East Africa, Nigeria & jon@imara.plus.com Zimbabwe Mauritius: Rejeev Sookur 4 US$214.5m under +230 464 9799 management rajeevs@imara.mu .. 4 Full Trust & Gaborone • Harare • Administration service Mauritius Johannesburg ex Mauritius 4 Imara Equity Fund SA 4 Imara International Managed Fund Regulated by: Bank of Botswana, Financial Services Board SA, Financial Services Authority UK, Reserve Bank of Zimbabwe and the Financial Services Commission in Mauritius. 8 www.imaraholdings.com

Target Markets Imara Global Fund (FUM: US$5.5m) South Africa (FUM: US$55m) 4Absolute return mandate 4 Focus on high margin areas 4Marketing Focus on Africa 4 Private client portfolio management 4 Unit Trust advisors - but not administrators Imara Africa Series (FUM: US$19m) 4 Bespoke products 4Nigeria, East Africa & Zimbabwe Funds 4Absolute return mandate Imara Equity Fund 4 Imara African Opportunities Fund (FUM:US$70m) General equity mandate 4Absolute return mandate 4Marketing Focus: Europe Botswana 4Markets Imara Global Fund, Africa Series and Zimbabwe associate (FUM: US$65m) African Opportunities Funds 4 One of the largest pension fund and private client managers 4Focus on domestic investments Region 4One International client mandate 4Regional mandates 9 www.imaraholdings.com

South Africa Performance 10 www.imaraholdings.com

Imara Global Fund NAV: US$9.10 (as at 27/02/09) Change (%) Fund MSCI World 1 Month -10.2 -10.2 Quarter -17.3 -15.3 Year to Date -19.3 -18.0 Comp Annual Return (%) with dividends reinvested 1 year -42.9 -46.8 3 years -16.0 -14.7 5 years -7.2 -4.5 10 years 2.1* -2.1 * from 11/03/99 4 Actively managed with an absolute return mandate. Geographical Breakdown 4 Holds cash in turbulent financial markets to protect capital. 4 Advised by Imara Asset Management UK Ltd which is licensed by the FSA. 11 www.imaraholdings.com

Imara African Opportunities Fund NAV as at 28.02.09 Gross/Net: $7.72 (-8.64%) 4 Strategy – Long Only, Equities 4 Return Objective – Absolute Return over Medium Term (i.e. no cash limits) 4 Investment Horizon: 3-5 years 4 Listed on the Dublin Stock Exchange 4 Registered in Botswana 4 Regional Network of Regulated Offices (Botswana, Malawi, Namibia, Zambia, Zimbabwe, South Africa, UK) Country % Target Markets: Egypt, Tunisia, Morocco, Ghana, Nigeria, Kenya, Malawi, Tanzania, Uganda, Mauritius, Namibia, Botswana, Zambia, West Africa plus Weighting to contrarian recovery plays e.g. Zimbabwe, a watching brief over pre-frontier markets such as Algeria, Angola, Libya, Sudan but Minimal “regional exposure” to Africa (via SA, UK, Canada) or African exposure that is correlated to world markets e.g. Egypt, SA and duel listed mining and telecom stocks. 12 Sector % www.imaraholdings.com

The Imara Africa Series 4 A BVI licensed umbrella structure established to focus on regions and countries. 4 Sub-funds: Imara Nigeria Fund launched March 2007. Imara Zimbabwe Fund launched March 2007. Imara East Africa Fund launched January 2008. 4 Additional sub-funds planned. 13 www.imaraholdings.com

Imara East Africa Fund NAV as at 27.02.09 Gross/Net: $5.29 (-18.9%) 4 Launched January 2008 4 Strategy – Long Only, Equities 4 Return Objective – Absolute Return over Medium Term (i.e. no cash limits) 4 Investment Horizon: 3-5 years 4 Strong local manager - ICEA Asset Management - first registered fund manager in Kenya in 1985 Sector % Target Markets Kenya, Mauritius, Tanzania, Uganda, Plus DRC, Burundi, Ethiopia, Rwanda, Southern Sudan Country 14 www.imaraholdings.com

Imara Nigeria Fund NAV as at 27.02.09: Net /Gross : US$5.18 +9.8%) 4 To focus on the “next’ emerging market. Sector Breakdown 15 www.imaraholdings.com

Imara Zimbabwe Fund NAV as at 28.02.09.09 Gross & Net: US$4.88 (+34.44%) 4 The World’s cheapest market. 4 Managed by Imara’s Zimbabwe investment team. Asset Allocation (% gross assets as at 28 02 09) 16 www.imaraholdings.com

Imara Trust Company (Mauritius) Limited 4 Launched August 2008 4 Service offerings marketed to Imara’s African clients include: Establishment of Trusts Incorporation of offshore entities Administration services Opening and administering offshore bank accounts 4 Secure, tax efficient environment in Mauritius 17 www.imaraholdings.com

Zimbabwe Associate Pension Fund Clients 18 www.imaraholdings.com

Corporate Finance Active in African markets – executed over 200 4 transactions across 12 countries, with a combined Branch network transaction value in excess of US$10 billion; .Dubai Regional network of offices securing a premier 4 position in sub-Saharan Africa. Contacts: 4 (associate) Harare. Africa: Rod Macleod .Johannesburg Gaborone. +27 11 550 6006 greatscot@imaracf.co.za Gaborone: Dave Stone Execution experience +267 318 8009 dstone@imaracapital.co.bw Johannesburg: Mike Burrell UK. +27 11 550 6001 mikeb@imaracf.co.za Harare: Sean Gammon .Ghana.Kenya .. ..Tanzani (associate) +263 4 701 320 seang@imaracapital.com Nigeria Guinea .Mal Dubai: Gerhard Hametner Uganda a (representative) +971502892935 awi Zambia. sgh@mac-sharaf.com ..Swazi Zimbabwe. Botswana. land South Africa 20 www.imaraholdings.com

Corporate Finance Core Services Transaction Number of Division Main sectors Countries value mandates (US$m) Property, financial services, food and manufacturing, Capital Markets 4 52 703 agriculture, telecommunications. Information technology, tobacco motor industry, Mergers & agriculture, manufacturing, 9 64 5,207 Acquisitions industrial holdings and mining. Telecommunications, agriculture, manufacturing Privatisation 5 6 160 and distribution, mining and financial services Advisory All sectors. 12 79 4,709 Totals 12 201 10,779 21 www.imaraholdings.com

African Corporate Finance credentials 22 www.imaraholdings.com

Securities Trading 4 34 Sales/Portfolio 4 2 Prop traders covering 4 9 Equity Research Analysts Professionals covering the South Africa. covering over 400 Regional region. Companies. .Dubai (representative) Office Network .Bl (representative) Lusaka. .Gabor antyre (associate) (associate) Harare. (representative) Windhoek. one Johannesburg. Gaborone: Alun Thomas Blantyre- associate: Johannesburg: Dubai- representative: +267 318 8708 Mark Mikwamba Ann Mackeurtan Gerhard Hametner athomas@imaracapital.co.bw +265 1 822 803 +971 50 289 2935 +27 11 550 6210 gh@mac-sharaf.com mark@sml.sdnp.org.mw annm@imaraspreid.co.za Windhoek- representative: Zambia- representative Harare - associate: Madelein Smith Charles Mate Judith Rodger-Gurr +264 61 25 6666 +260 1 227303 +263 4 790091 msmith@namibia-equities.com cmate@stockbrokerszambia.com judithr@imaracapital.com 27 www.imaraholdings.com

Securities Philosophy 4 Research driven 4 Research Capacity Located in Region (i.e. outside South Africa) 4 Selective Distribution; Client-Centred 4 Company Focused, Bottom-up 4 Research Orientated to Add Value to Clients; 4 Experienced & Professional Execution 4 Sales Trading Team with Considerable Experience; 4 Corporate Broker-of-Choice – in Regional Markets ex-South Africa. 28 www.imaraholdings.com

South Africa – Imara S P Reid Established in 1938 4 29 experienced Sales/Portfolio Professionals & 2 Prop Traders 4 5 Equity Analysts 4 US$20m client funds under management 4 US$635m client assets under management 4 Covering: Large high net-worth Private Client base 4 General research of SA market and specialists in research of SME market and the property sector. 4 Derivatives 4 Institutional Clients 4 Custody, settlement and trading member fully approved by the JSE 4 Has a highly efficient back-office which offers specialist services 4 Strong and efficient on-line trading capability via the Imara S P Reid web-site 4 On-line research updated daily 4 29 www.imaraholdings.com

Interactive Website – South Africa 4Growing acceptance - plus 9000 registered clients. 4Depth of information – historical news, research, charts, pricing, full portfolio information. 4On-line trading. 30 www.imaraholdings.com

Zimbabwe – Imara Edwards Securities 4 Established in 1954 4 Recognised market leader with a 20% market share 4 3 experienced Equity Dealers 4 1Treasury Dealers 4 2 Equity Analysts Covering: 4 Large Private Client book in excess of 25 000 clients 4 Strong Local and International Institutional client base 4 Extensive Macro and Micro Research 4 On-line research available daily 4 Efficient back office settlement and clearing 31 www.imaraholdings.com

Imara Africa Securities 4 A “one stop shop” Broking service in Sub-Saharan equity markets excluding South Africa 4 Multi-country dealing facility based in Gaborone, Botswana 4 Utilise existing expertise and relationships with stockbrokers on the ground to provide macro and micro research capacity and up to date company information 42 Equity Analysts 42 experienced Equity Dealers 4Countries currently serviced include : Botswana, BRVM, Ghana, Kenya, Malawi, Mauritius, Namibia, Nigeria, Uganda, Zambia and Zimbabwe 32 www.imaraholdings.com

Selected Sponsorship Credentials – Africa Client Country Transaction Date completed Size US$m Meikles Africa Limited Zimbabwe/UK Acquisition 2008 75 NBS Bank Limited Malawi Privatization, capital raise & listing 2007 3 National Merchant Bank Limited Zimbabwe Capital raise 2006 4 First Merchant Bank Limited Malawi Capital raise & listing 2006 4 Delta Corporation Limited Zimbabwe Acquisition 2005 2 Kingdom Financial Holdings Limited Zimbabwe Capital raise 2005 17 Innscor Africa Limited Zimbabwe Acquisition 2005 6 Rio Tinto Zimbabwe Limited Zimbabwe Restructuring 2004 10 BAT Zimbabwe Limited Zimbabwe Disposal 2003 5 Zimbabwe Sun / Dawn Properties Zimbabwe Demerger & listing 2003 20 Delta Corporation Limited Zimbabwe Demerger & listing 2002 33 Schweppes Zimbabwe Limited Zimbabwe Minority buy out & delisting 2000 8 Rothmans / BAT Zimbabwe Merger 2000 25 ABC Holdings Limited Zim/Botswana Merger & dual listing 2000 33 Old Mutual Zim/Malawi Demutualisation & dual listing 1999 194 Press Corporation Limited Malawi/UK Capital raise & dual listing 1998 61 33 www.imaraholdings.com

Strong in Regional Capital Market Development Swaziland Malawi Seychelles Botswana 1990 1989 1995 2000 Adviser Adviser Adviser Adviser to to to to the BDC the Reserve Bank of Malawi the IFC the Reserve Bank of Swaziland for for regarding regarding the formation of the BSE the formation of the MSE the regulatory framework the regulatory framework and and for for Stockbrokers Botswana Ltd Stockbrokers Malawi Limited the Seychelles Stock Exchange the Swaziland Stock Exchange 34 www.imaraholdings.com

Imara’s Board Philip Gray, MA DMS TEP FSTA MSIP MHKSI – Non Executive Chairman Philip Gray has over thirty years experience in all aspects of investment banking, particularly asset management and securities trading. Philip has held positions as Executive Chairman of HSBC Securities (Asia) Limited, Chief Executive of GT Management (Asia) Limited and Chief Executive of GT Management (UK) Limited. In addition, he has been Chairman of a number of professional bodies. He holds an MA in Marketing, a Diploma in Management Studies and various other postgraduate diplomas. He is a Fellow of The Society of Technical Analysts, a member of The Society of Trust and Estate Practitioners, The Society of Investment Professionals and The Hong Kong Securities Institute. Mark Tunmer, BA LLB LDM - Chief Executive Mark Tunmer has in excess of 20 years of broking and advisory experience and has personally been involved in raising over US$450 million in Sub-Saharan capital markets through overseeing numerous listings, privatisations and rights issues on regional stock exchanges. In addition, Mark has advised the Reserve Bank of Malawi on the establishment of the Malawi Stock Exchange, the Botswana Government on the establishment of the Botswana Stock Exchange and the formulation of the Botswana Stock Exchange Act, Rules and Regulations and the Swaziland Government on the establishment of the Swaziland Stock Exchange. Mark has participated and continues to be actively involved on various regional capital markets regulatory and related bodies. He is a Director of the Malawi Stock Exchange and a former Chairman of the Zimbabwe Stock Exchange. David Stone, BCom – Group Finance Director Dave Stone has over 15 years experience in the financial services sector at director and executive management level, primarily within the southern African region. During the past decade he has played a leading role in the expansion and consolidation of regional banking operations, initially for the udc Group of companies and latterly for African Banking Corporation. Adam Fleming – Non Executive Adam Fleming joined the investment bank, Robert Fleming in 1970. He worked for Jardine Fleming in the Far East in the 1970’s and joined Robert Fleming’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 former Deputy Chairman of Robert Fleming Holdings and previously Chairman of Harmony Gold. He is currently Chairman of Witwatersrand Consolidated Gold Resources Limited. 35 www.imaraholdings.com

Imara’s Board Ann Mackeurtan – Executive – Country Head South Africa Ann Mackeurtan joined SP Reid in 1968. In 1974, her father, Stanley Reid, died and she and George Mackeurtan took over running the business. In 1976, Ann wrote the Johannesburg Stock Exchange exams and on passing became the first women member of the JSE. She is currently Managing Director of Imara SP Reid (Pty) Ltd. Roger Matthews – Non Executive Roger Matthews was the Founder and Managing Director for 10 years, until October 2006, of the Obelisk International Trust Group, a group of private companies based in the Channel Islands which specialised in corporate, trust and collective investment schemes including consulting, management and administration services. Obelisk was sold to the Beresford Group in March 2007 for whom Roger now works as a consultant. After studying at Oxford and Aston Universities, Roger trained as an accountant. He worked in the offshore banking, finance and trust industry for 35 years, holding various executive positions with major international banks including the Bank of Bermuda and Royal Bank of Canada. He has worked in Bermuda, Hong Kong, Luxembourg, Guernsey and Jersey. He serves as a director of several international investment management group’s offshore structures and offshore mutual funds and was the Vice Chairman for 8 years of the Society of Trust and Estate Practitioners in the Channel Islands. He was the inaugural Chairman of the Guernsey Fund Managers Association. Roderick MacLeod, BCom LLB CAIB (SA) HDip FMiI – Executive - Head of Corporate Finance Rod MacLeod is a Certified Associate of the Institute of Bankers. He joined Barclays Bank, being promoted to Barclays Merchant Bank in 1982 and then seconded to the London office in 1985. On his return to South Africa in 1988, Rod was appointed as Senior Advisor at FirstCorp dealing with M&A, MBO and private equity opportunities. In 1990, Rod joined AP&CI responsible for the Group’s acquisition growth strategy. He joined Janus as a director and shareholder in 1995. John Legat, BA (Hons) Economics - Executive - Head of Asset Management John Legat heads up the Asset Management operations of the Imara Group. He is based in Zimbabwe where he is also the chief executive of Imara Asset Management Zimbabwe which he established in 1998. This business is currently one of the leading pension fund and private client asset managers in Zimbabwe. John has extensive global experience gained from his thirteen years at GT Asset Management (UK) Ltd where he specialised in European equities before joining the Global Emerging Markets team at GT in 1990. In 1995 he launched and managed the GT Africa Fund, one of the first mutual funds of its kind. He is the manager of the Imara African Opportunities Fund and the Imara Africa Series. 36 www.imaraholdings.com

Imara’s Board Michael Ndoro – Non Executive Mike is a director of Imara Capital Zimbabwe (Private) Limited and the Imara Africa Opportunities Fund. He is currently the Managing Director of Interfoods (Pvt) Limited, Zimbabwe. After graduating with a degree in Agricultural Economics, Mr Ndoro spent a large part of his industrial career with the Coca- Cola Company of Southern Africa whom he joined in 1995, with responsibility for marketing within the region. In 2002, he was appointed by Coca- Cola as the managing director of Schweppes Zimbabwe. In 2004 he became Chief Executive of Tedco Limited a furniture company listed on the Zimbabwe Stock Exchange. In late 2004, he bought into Interfoods, a fruit and canning business. Mr Ndoro has also served as a non-executive director of Interfresh Limited, a company listed on the Zimbabwe Stock Exchange. Gary Johns – Non Executive Gary Johns, a Botswana citizen, joined the banking industry in 1974. He worked in Zimbabwe for Standard Chartered Bank and ANZ Grindlays Bank before joining finance house UDC Limited in 1989 . Gary moved to Gaborone, Botswana in 1991 to manage the UDC business in Gaborone. In 2000 UDC Limited was merged into African Banking Corporation where he continued to manage the asset finance portfolio. In 2004 Gary left the bank to set up a private finance and insurance consultancy business. 37 www.imaraholdings.com

Divisional Executives Asset Management – South Africa David Eliot, BCom - CEO David Eliot joined SP Reid & Mackeurtan (Pty) Ltd in February 2003 as a director in charge of Wealth Management – in 2004 he was asked to head the launch of Imara Asset Management in SA where after he was appointed as Managing Director. Prior to that he was Deputy Managing Director and Chief Operating Officer of BoE Personal Stockbrokers (Pty) Ltd which was a split off from BoE Securities where David was a Director in charge of Private Client and Fund Management between 1996 and 2000. Between 1981 and 1996, he was Chief Investment Officer of First National Asset Management & Trust Company (Pty) Ltd. Hannes Barnard, CFPTM N.H.D. Electrical Engineering Hannes Barnard prior to joining Imara in 2004, he spent 9 years in the broad investment and stockbroking industries as an independent financial advisor, the last four years as a Financial Services Board registered investment manager, managing his financial advisory and portfolio management business. Mark Cunningham, BCom, CFPTM Mark Cunningham has spent the past 14 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 and Nedbank before joining Imara. Mariette Leitch, BCom Acc, Fpi-RFP Mariette, prior to joining Imara Financial Services (a division of Imara Asset Management) in June 2007, spent 15 years in the Financial Services Industry. She worked for organizations such as Fedsure Asset Management and as an Investment Marketing Manager at Old Mutual (Fairbairn Capital) until February 2004 after which she started her own independent financial advisory. She has extensive experience in the financial planning & investment industries. 38 www.imaraholdings.com

Divisional Executives Asset Management UK Jonathan Chew, BSc – Africa Jon Chew graduated from Loughborough University with a BSc in Management Sciences. He worked as an investment analyst covering the Far East in 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 became the 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 the world including Africa as they opened for foreign investment. From 1997 and the creation of Imara, he worked with John Legat managing a global emerging market Fund. Jon’s current focus is on the Imara African Opportunities Fund where he covers North and West Africa for the investment team, the top-down for the whole of Africa as well as the team’s marketing efforts outside of Africa. Evan Green, BCom – Global Evan Green commenced his career in March 1995 as Investment Manager at Syfrets Corporate And Merchant Bank. Between February 1997 and April 1998, he was Head of Research at Sagit Stockbrokers in Harare, moving to Fleming Martin Edwards Securities in June 1998 as Equity Analyst on the Industrial Holdings, Retail, Financial, Tobacco and Telecom sectors of the Zimbabwe Stock Exchange. In April 1999, Evan joined General Brokerage (Flemings Mauritius) as General Manager before being transferred to JP Morgan (South Africa - formerly Fleming Martin) in April 2000 as Senior Equity Analyst covering the diversified Industrials and Packaging sectors on the JSE. Between July 2001 and October 2001, Evan was a consulting 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) Univ of Cape Town Bruce 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 in 1992 by the Financial Mail. He has a good understanding and knowledge of the South African mining industry (especially gold/platinum) with wide spread mining and institutional contacts. Securities - Africa Alun Thomas BA (Hons) Acc C.A.(Z) - CEO Imara Africa Securities – Country Head Botswana Alun Thomas was educated in Zimbabwe and went to the University of Kent at Canterbury in the United Kingdom where he graduated with honours in Accounting. He went on to serve articles with Deloitte’s and qualified as a Chartered Accountant in 1985.In his career in commerce and industry Alun first joined the agro- industrial company, William Bain where he was Group Accountant. He then joined the SAB Miller subsidiary, Delta Corporation in their tourism and hotel company, Zimbabwe Sun Limited. Here he held executive positions in both finance and operations. In recent years he has been working in the field of offshore investment and financial planning for private clients. 39 www.imaraholdings.com

Divisional Executives Securities - South Africa Neil Burnett, BCom – Imara SP Reid Neil Burnett joined Barclays in 1976 after graduating from the University of Natal. He has the Institute of Bankers in SA’s Diploma, is a member of the JSE, has passed the JSE Compliance Officer Exam and is currently Imara SP Reid’s Compliance Officer. Neil was previously a partner of both stockbrokers Mennell Jack Hyman Rosenberg & Co (Pty) Ltd. and Rice Rinaldi and Co. He joined SP Reid & Mackeurtan (Pty) Ltd as a director in 1985. Justin Mackeurtan, BA (Hons) - Imara SP Reid Justin Mackeurtan completed his A level examinations at Eton, going on to do BA (Hons) Financial Services degree at the University of the West of England. He joined SP Reid full time in August 1996. He has passed his Johannesburg Stock Exchange Stock Broking, Settlement Officer and Compliance Officer Exams. He is currently a director of Imara SP Reid and responsible for the administration function. Guy Algeo, BCom – Imara SP Reid Guy Algeo began his career with Alexander Forbes and thereafter joined BoE Personal Stockbrokers where he held a directorship for three years. In February 2003 he joined Imara SP Reid. Guy has extensive experience in all areas of investment management and has focused on the implementation of business systems. After establishing online share trading systems at Imara SP Reid, his responsibilities shifted to building up the derivative operations. 40 www.imaraholdings.com

Divisional Executives Corporate Finance Mike Burrell, CA, Hons. BCompt – Head of Corporate Finance South Africa Mike was previously an executive director of the New Republic Bank and also held senior positions at Mercantile Bank. He holds a Diploma in Advanced Banking. Mike joined Imara after being self-employed for a number of years and has been involved in numerous corporate finance and investment banking transactions, both from a listed and an un-listed perspective in South Africa. 41 www.imaraholdings.com

Imara Group Profile March 09

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