Frontier Markets: Focus on Africa
September 2009
Objective Equity Research Global Expert Network
www.riedelresearch.com www.riedelglobalexperts.com

RIEDEL GLOBAL EXPERTS
Global Expert Network
Network Depth
Our Global Expert Network in Africa represent the following companies:
Bintel, Roamware, Ericsson, Harmony Gold, Etisalat Misr, Nokia, First Solar, MTN Group, Lacom, Seimens,
Vodaphone, Telecel CAR, Orascom Telecom, Warid Telecom, Gold Fields, Anglo American, First Bank of
Nigeria, Safaricom, Zenith Bank, Starcomms, Celtel Nigeria, Harris Stratex, Mortorola, Huawei Technologies,
Ecobank Nigeria, Aeonova360, CAL Rwanda, Carrefour Egypt, Wataniya Telecom, BioFuelsm among others.
Located in: South Africa, Rwanda, Egypt, Nigeria, Sudan, Algeria, Uganda, Ghana, DR Congo, Tunisia, Kenya,
Morocco, Botswana, Tanzania, Cameroon and Senegal.
We have added value to our clients’ investment decisions by facilitating numerous calls
with experts in Africa to discuss;
WiMax Equipment companies in Nigeria
Comparative Analysis of S. African gold companies (Harmony, GoldFields, AngloGold)
BPO & ICT operations in Kenya
SEACOM Fiber Optics in East Africa
Riedel Research actively covers Millicom, Hikma Pharma & Orascom Construction

Riedel Research Group
Case Study Millicom ‐ Well‐Managed Liquid
Play on Cellular in Fron:er Markets
BUY Rating
$42.25
Millicom’s Brand in Africa
Frontier Markets have Suffered from illiquidity and risk aversion
Well-managed Western companies with liquidity and diversity provide a way to invest.
Millicom provides exposure to Asia, Africa and Latin America
RRG Edge – Analysts on the ground in Millicom’s markets provided insights that London
or New York-based analysts could never have.

Riedel Global Experts
Case Study ‐ Harris Stratex
A client requested to speak with local experts to address Harris Stratex and trends in WiMax Equipment.
Specific Question
“One concern from the point of an investor in Stratex is whether they are being used by MTN; essentially is MTN using
HSTX and Alvarior as red herrings to negotiate better deals with Alcatel-Lucent or are these two companies viable
candidates for real orders.”
Specific parameters for the search, included;
Current employees at MTN Group and Harris Stratex Networks
English speakers only
Experts who can talk in great detail about Harris Stratex’s sales, products and competitors
Experts who can discuss contracts between Harris and Alcatel-Lucent & Harris and MTN
Experts with an engineering background to discuss WiMax technology
Expert #1 Expert #3
Sales Territory Manager at Harris Stratex Network General Manager of MTN - Based in Nigeria
The EXPERT has good knowledge of ICT infrastructure development and deployment The EXPERT has 15 years telecom management experience mostly in an engineering
in Nigeria and other African Countries. As Sales Territory Manager at Harris Stratex he capacity. Currently he is General Manager for MTN Nigeria responsible for key
is responsible for marketing and sales of systems and services including; Transmission infrastructure roll out in areas such as core network, Fiber, building site facilities and
solutions, Mobile IP Backhaul, WiMax, Site Builds and Civil Works. He caries out related network infrastructure.
competitive assessment of company products and services to determine strength and
advantages. He currently manages sales accounts at Starcomms, MTN, Shell, Exxon Previously he was Head of Design and Value Engineering for MTN in charge of
and channel partners. Standardization and Specification of network infrastructure and developing optimal
engineering solutions to improve business financial performance.
Prior to this position he was Program Manager at Harris, notable projects included;
the roll out of a 131 hops of SDH backbone for Celtel Nigeria spanning the entire Expert #4
North of Nigeria and turnkey civil site build for Celtel and MTN. VAS Planning Engineer at MTN - Based in Nigeria
Expert #2 The EXPERT has five years experience in engineering capacity in design and
Sales Manager Harris Stratex Networks implementation roles across a broad range of products and projects and can discuss
the technical aspects of Wimax in the market. With MTN he built Capacity Planning
The EXPERT has 10 years experience in the telecom space in Nigeria. He is currently a and Optimization of MTNNs Mobile Data Network i.e. Ericsson SGSN R7, Ericsson
Sales Manager at Harris Stratex Networks, where he is responsible for the sales of GGSN R4, Ericsson MMSC 4.0, Ericsson WAPGateway, Ericsson Automatic Device
company products, systems and other services (Wireless Transmission, Mobile IP Configuration server 2.5, Huawei Wimax. He was the Technical Project Manager for 3G
Backhaul and WiMax to customers in Nigeria and elsewhere in Africa. He manages Mobile Broadband data project-Technical Project Manager for GPRS data bundles
Motorola, Huawei, Nitel/MTel, Globacom and Etisalat accounts. Prior to joining Harris project. Prior to joining MTN, he was GPRS/ Roaming Engineer with Globalcom
he was Sales Manager at Huawei Technologies for Western Africa. Nigeria.

Riedel Research Group
Press - Africa
15th May 2009 - CNBC ‘Squawk on the Street’
Focus on ‘Third-Phase’ of Emerging and Frontier
Market Investing - Consumer & Infrastructure Plays
BUY Call on Millicom (MICC) on May 12th at $42,
currently trades at $75 - upside of 79%
10th July 2009 - CNBC ‘Power Lunch’
Focus on young English-speaking demographics
BUY Call on Millicom (MICC) & Nigerian Banks listed
in London

Riedel Global Experts
Highlighted Bios of African Experts
Uganda Nigeria
Telecom WiMax
The EXPERT is the CEO of Warid Telecom Uganda (WTU) which launched commercial The EXPERT has more than 15 years of experience in building and managing
operations in February 2008. WTU deployed GSM and WiMax networks to bring quality telecommunications companies in Central & Eastern Europe and Africa.
voice and data services to Uganda. They are the fourth operator to launch in Uganda. WTU
built capacity for 1.3 million subscribers with plans to extend to 4 million over the next three As of 2004 he oversaw Nexcom’s WiMAX strategy and deployments in the region. In 2006
years. Nexcom was the first company to launch a fully commercial national WiMAX network in
Eastern Europe (Bulgaria), covering more than 70% of the country. In 2007 he started a new
Senegal WiMAX focused venture – Clearstream Holdings Limited. The Company currently owns
Telecom WiMAX spectrum valued at more than 100 million USD in 7 countries in Europe, Africa and
The EXPERT has worked as a senior analyst in fixed and mobile providers in Africa (covering Asia. He is a global lecturer on Wimax and next generation telephony and 3 and 4G wireless
15 markets). Her core markets are South Africa, Nigeria, Morocco, Algeria and Kenya. She technologies.
has done extensive research including a fixed communications study of the African market for
a multinational infrastructure supplier. She has spoke at numerous conferences covering Africa Nigeria
Mobile Prepaid, GSM MEGNA and GSM West Africa. WiMax
The EXPERT has 10 years experience in the telecom space in Nigeria. He is currently a Sales
Nigeria Manager at Harris Stratex Networks, where he is responsible for the sales of company
WiMax products, systems and other services (Wireless Transmission, Mobile IP Backhaul and WiMax
The EXPERT has good knowledge of ICT infrastructure development and deployment in to customers in Nigeria and elsewhere in Africa. He manages Motorola, Huawei, Nitel/MTel,
Nigeria and other African Countries. As Sales Territory Manager at Harris Stratex he is Globacom and Etisalat accounts. Prior to joining Harris he was Sales Manager at Huawei
responsible for marketing and sales of systems and services including; Transmission solutions, Technologies for Western Africa.
Mobile IP Backhaul, WiMax, Site Builds and Civil Works. He carries out competitive
assessment of company products and services to determine strength and advantages. He Nigeria
currently manages sales accounts at Starcomms, MTN, Shell, Exxon and channel partners. WiMax
The EXPERT has five years experience in engineering capacity in design and implementation
Prior to this position he was Program Manager at Harris, notable projects included; the roll out roles across a broad range of products and projects and can discuss the technical aspects of
of a 131 hops of SDH backbone for Celtel Nigeria spanning the entire North of Nigeria WiMax in the market. With MTN he built Capacity Planning and Optimization of MTNNs
and turnkey civil site build for Celtel and MTN. Mobile Data Network i.e. Ericsson SGSN R7, Ericsson GGSN R4, Ericsson MMSC 4.0,
Ericsson WAPGateway, Ericsson Automatic Device Configuration server 2.5, Huawei Wimax.
Nigeria
Telecom He was the Technical Project Manager for 3G Mobile Broadband data project-Technical
The EXPERT has 15 years telecom management experience mostly in an engineering Project Manager for GPRS data bundles project. Prior to joining MTN, he was GPRS/
capacity. Currently he is General Manager for MTN Nigeria responsible for key infrastructure Roaming Engineer with Globalcom Nigeria, where he operated and maintained the Packet
roll out in areas such as core network, Fiber, building site facilities and related network network (3G/GPRS) i.e. Alcatel SGSN, Cisco GGSN, and DNS/DHCP servers.
infrastructure.

Riedel Global Experts
Highlighted Bios of African Experts
Nigeria India
Banking Electrical Instrumentation
The EXPERT is a Banking Treasury MIS Specialist at Qatar National Bank. Prior to The EXPERT is Electrical & Instrumentation Manager at Raysut Cement Company. He
joining QNB he was a Strategy and Financial Analyst at Bank Mandiri. has been with the company for 13 years and in the industry 25. He is responsible for project
planning and the execution, operation and maintenance of all Electrical Instruments.
Nigeria
Banking Nigeria
The EXPERT is the Executive Director of Risk Management at Equatorial Trust Bank. Banking
He sets the Enterprise Risk Management Framework for the Bank. He has held various posts The EXPERT is the Director of Mantrana Maritime Advisory providing business
at the bank, additionally he has held posts at Standard Chartered Bank, Deutsche Bank consulting to Shipyards, Shipping, Ports and Offshore Drilling & Logistics segment. He has
and State Bank of India. advised several upcoming shipyards in India and U.A.E on their target market segment,
investment and planning. He has advised companies on fleet diversification and market focus
South Africa and has helped them on preparing their business plans. He has also carried out due diligence
Telecom on behalf of investor intending to invest on shipyards in India and companies in Offshore
The EXPERT is Managing Director of Aeonova360 Management Services in South
Drilling & logistics segment.
Africa. Prior to founding the firm he was the Head of Strategy at MTN Group and Group
Director at Accenture. U.A.E
Industrial
Kenya The EXPERT is an independent consultant to the construction equipment industry. He has
Telecom more than 25 years of experience in managing sales and leasing for construction machinery,
The EXPERT is Managing Director at Pedantica Consulting, a Telecom consultancy in
commercial vehicles, industrial equipment, mining equipment, and industrial and marine
covering East Africa and beyond. Prior to founding the firm he was Managing Director of
generators in the U.A.E, India, and Africa.
CAL Rwanda.
Egypt
Algeria
Energy
Telecom The EXPERT is the Business Development Manager at BioFuels Partners, a strategic
The EXPERT is Chief Financial Officer at Orascom Telecom Algeria. He has broad
advisory firm with an established and diversified world-wide experience in the vegoils, biofuels
experience in all aspects of Financial Management. Prior to joining Orascom in Algeria he
and biopower sector. He is responsible for leading BFP's projects. His speciality is second
was CFO for the group in DR Congo. Other posts include CFO at Carrefour Egypt,
generation feedstock with focus on oils derived from jatropha, tobacco and algae species used
Financial Controller at PepsiCo France and Financial Controller at Lowe Alpine.
both for biodiesel plants and biopower generators. He has direct experience on jatropha
plantation projects both in Mali and in Burkina Faso, energy crop integration both in
Egypt
Romania and Ukraine and algae project in Egypt both in open ponds and bioreactors.
Telecom
The EXPERT is Group Revenue Assurance at Orascom in Egypt. Prior to joining Orascom
he was acting CEO at Wataniya Telecom in Maldives, CFO at Wataniya, Senior Controller
at Waytaniya Dubai and Iraq.

Riedel Global Experts
Highlighted Bios of African Experts
Lebanon Egypt
Telecom Telecom
The EXPERT has worked in various markets in MENA in Telecom Managed Services, The EXPERT is Director of sales at Etisalat Misr with extensive knowledge in the telecom
Management, Marketing and Application development. Currently he is Marketing Manager space. Prior to Etisalat he was the Sales Director at Lacom, a Egyptian JV in Algeria. He was
at Bintel, Ltd. (covering Europe, Middle East and Africa) with setting strategy and guidelines also Director of Sales at Banglalink, the second largest mobile provider in Bangladesh.
regarding Products and Services.
Other position include Vice President at Seimens Ltd. in Egypt and Vodafone Egypt and
Prior to joining Bintel, he served as Managed Services Consultant at Ericsson Egypt for General Motors.
Etisalat EOT (Establish Operate and Transfer). He understands the market in Egypt having
interviewed senior management and clients to better understand the situation and assist in the South Africa
recovery of Etisalat. Prior to his assignment with Ericsson Egypt, he was Telecom Manager at Telecom
The EXPERT is Managing Director of a Telecommunications and Technology service
Nokia Lebanon/UAE, he was mainly responsible for operational support and support bidding.
company in South Africa. He is active in forecasting and modeling telecommunications
He was responsible for tendering, negotiating, and enhancing support contracts with regional
operators in 9 countries; South Africa, Nigeria, Democratic Republic of Congo, Uganda,
operators. Other positions include Telecom Marketing Consultant with Saudi Telecom
Cameroon, Rwanda, Botswana, Lesotho and Swaziland for institutional fund managers in
company Aljawal, Telecom Support Engineer at Ericsson Middle East and Microsoft in UAE
Europe and South Africa. He has done significant work on Telkom (South Africa’s fixed line
and Lebanon.
operator), Vodacom (South Africa’s dominant mobile operator), MTN Group (South
Africa’s mobile operator) and MASCOM (Botswana’s dominant mobile operator).
Lebanon
Solar Energy South Africa
The EXPERT is the VP of Market Development for Europe, Middle East and Africa at First
Telecom
Solar. He is mainly involved in project finance, acquisition finance and strategic planning. The EXPERT is the Director of Managed Services at Ericsson in South Africa. He is
Prior to joining First Solar he was the Executive Director at Banco Santander, he was the involved in driving operational readiness activities based on industry trends and Ericsson’s
Global Sector Head for Energy. offerings. Prior to this post he was Customer Project Manager at Ericsson, overall he has been
with the company since 1993.
South Africa
Telecom Tunisia
The EXPERT recently launched a management and strategic service advising the Telecom
telecommunication and media industry. Before launching this venture he was head of strategy The EXPERT is a Project Manager and Head of Rollout at Telecel in Tunisia. He is
and business development in MTN South Africa. Prior to position he was head of Strategy involved in all construction services for Telecel in Central Africa. Prior to joining Telecel he
and Product Innovation at MTN, where he developed and managed group and merger was with Orascom Telecom working in the same capacity.
strategy. Others positions held with MTN include Group CIO and head of Production
Innovation.