Barak Fund Management Ltd

Corporate Profile

Q2

20

17

Definition: Prosperity, Lightning, Cast forth, Blessed

Pronunciation: /baw-rak/

Barak

2

United Kingdom

Mauritius

South Africa

Kenya

Ivory Coast

Switzerland (Legal Rep Office)

Contents

Company Structure 2

Barak by Numbers 3

Barak Performance Timeline 4Historical Highlights 4

Introducing Barak Fund Management Limited 5Company Overview and Strategy 5

Barak in Africa 6Barak Deal Case Studies 7Investment Restrictions 8Why Invest in Africa 9

The Barak Fund Portfolio 10Historical Performance 12Service Providers 12

The Team 13Anatomy of a Trade 13Barak Offices 14Fund Managers 15Investor Relations 19

Barak Fund Exposure 20Country Exposure 20Commodity Exposure 21

Awards 22

2

Company Structure

Asset Management

Mauritius

FEE

S

INT

ER

EST

Mauritius

South Africa

CIO:Prieur Du PlessisJean Craven

Fund Advisors:Derek PostmaMatthew RobinsonErik ViljoenClayton TaylorLisa MajminNayen Kavia (Kenya)Celestin Gakuba (Ivory Coast)Richard Lee (UK)

Fund Analysts:Zeno van Gils (UK)Rowan McKenzieChristof Lombard

Jo RobertsHardi Wilkins

Hardi Wilkins Jo Roberts

Cayman Islands

Financial Services Advisory & FX Trading

BARAK FUND MANAGEMENT BARAK ADVISORY

RIPARIAN ADVISORY

FUND ADVISORS ADVISORS ADVISOR ADVISOR

BARAK FUND SPC

FactoringLicense

CREDIT SOLUTIONS

AdvisoryLicense

FX ADVISORY

AdvisoryLicense

CAPITALADVISORY

THE FUNDS

The Company

Barak StructuredTrade Finance Fund

Barak ImpactFinance Fund

Barak ShantaCommodity Fund

Barak Mikopo AfricanDevelopment Fund

Barak Asha AfricanLong-Term ImpactFund

Barak Ibdar Shariah Trade Finance Fund

Barak by Numbers

3

The Company

6FUNDS(3 Launched

2016)

FUNDMANAGERS

2 Chief Investment Officers

4 Deal Originators (South Africa)

1 Deal Originator (Kenya)

1 Deal Originator (Ivory Coast)

4 Deal Administrators

3 Investor Relations

3 External Fund Marketers

BARAK FIRM AUM

STF Fund $430mBIF Fund $8mShanta Fund $13mMikopo Fund $10mAsha Fund $1mSharia Fund $20mTotal: $482m

BarakFounded

2008Barak Asset Management

&Barak Advisory

INVESTORSSTF

RETURNS

2009 15,99%2010 16,47%2011 16,17%2012 14,41%2013 13,98%2014 11,46%2015 10,98%2016 YTD 9.24%%Cumulative 180%

2017DEAL PIPELINE

Equipment USD 107,5mnFMCG USD 83,5mnOil & Fuel USD 70mnMaize & Wheat USD 33,5mnFertiliser USD 27mnCocoa USD 19,3mnNuts USD 18mnRice USD 17,2mnCement USD 16mnVanilla USD 15mn

STF AUM2009 USD 8,06m2010 USD 16,33m2011 USD 22,75m2012 USD 36,75m2013 USD 65,63m2014 USD 169,44m2015 USD 252,80m2016 USD 400m2017 (current) USD 460m

OFFICES*

1 x Mauritius2 x South Africa

1 x UK1 x Kenya

1 x Ivory Coast

Exposures25

30

95

Countries

Counterparties

Commodities

FUND DOMICILEDCayman Islands

MANAGEMENT CO.Mauritius

FUND ADVISORYSouth Africa,UK, Kenya,Ivory Coast

100Years

Fund ManagersCumulativeExperience

Institutional 45%Family Offices 30%HNWI 10%Pension Funds 10%DFIs 5%No. of Investors: 140

4

Barak Performance Timeline

HISTORICAL HIGHLIGHTS

September 2008: Barak Fund Management Founded

February 2008: Launching of Barak Structured Trade Finance Fund ($0,30m AUM)

December 2010: 16.50% Return

December 2011: 16.17% Return

December 2012: 14.40% Return, 25 Counterparties

December 2013: 14% Return

March 2014: Launch of Barak Shanta Commodity Derivative Fund

July 2014: Launch of Barak Impact Finance Fund

December 2014: 11.50% Return, 60 Counterparties

May 2015: Breaks $200m AUM mark

July 2015: First European Pension Fund on-board

September 2015: Opening of Kenyan and Ivory Coast Advisory Representative Offices

December 2015: 11% Return

March 2016: Barak UK Office opened

April 2016: Breaks $300m mark, 85 Counterparties

May 2016: 3 New Barak Funds Launched

2016: 28 Employees

June 2016: STF Breaks the $350m AUM mark

September 2016: Breaks 400m AUM mark

September 2016: Launching of Barak Ibdar Sharia Trade Finance Fund

December 2016: 9.24% net returns achieved for the STF Fund

March 2017: STF Fund approaches $500m Soft Close mark

2008

0

50,00

100,00

150,00

200,00

250,00

300,00

350,00

400,00

500,00AUM $m

2009 2010 2011 2012 2013 2014 2015 2016 2017

Barak Founded

16.50% Return

16.17% Return

14% Return

14.4% Return25 Counterparties

Launch of STF Fund

Launch ofShanta Fund

Launch ofBIF Fund

11.5% Return60 Counterparties

Breaks 200mAUM mark

Breaks 300mAUM mark

85 Counterparties

28 Employees

Barak UK Office Opened

Breaks 350mAUM mark

Breaks 400mAUM mark

Launch Barak Ibdar Sharia Fund

3 New Fundslaunched

First EuropeanPension Fund on-board

The Company

9.24% net returns for STF Fund

STF Fund approaches $500m

The Company

5

Barak Fund Management Ltd

COMPANY OVERVIEW AND STRATEGY

Barak Fund Management, the asset management arm of the company Barak, was founded in 2008. The company has a portfolio of 6 Funds under management with an AUM in excess of $500 million, providing fund management solutions to a range of global investors and funding to an extensive list of counterparties throughout sub-Saharan Africa. Baraks core investment is related primarily to the soft agricultural commodities and food product-related sectors. Barak is domicled in Mauritius with a presence in South Africa, the United Kingdom, Kenya and Ivory Coast.

The company seeks to generate quasi-equity (or equity-like) returns in capital-constrained markets with relatively low volatility and limited correlation, as compared to the broader global markets. Baraks strategy focuses on fully-funded debt in the African growth and expansion capital finance arena, with no equity correlation, using asset-backed loans supported by various forms of security collateral.

Barak, having established its success in Africa within short-term trade finance funding since early 2009, has seen the natural progression from this shorter-term working capital focus to the longer-term asset-backed lending space to meet the continents infrastructural and project financing. With the continued success of the Barak STF, Impact Finance and Shariah Trade Finance Funds, the Mikopo and Asha Funds continue to uphold Baraks status as the leading alternative financier in Africa, complementing all of its borrowers needs.

The Barak investment approach is based upon the principles of discipline, diversification, collateralization and downside-case scenario valuation. The company acknowledges that African investments encompass a certain degree of risk given the nature of investing in a continent whose primary markets are influenced by a multitude of volatile factors. Each investment is thus approached with a stringent on-boarding process using both desktop and on-the-ground due-diligence processes in order to determine the viability of a potential projects funding.

REGULATOR:FINANCIAL SERVICES COMMISSION FSC (MAURITIUS)

6

Fertilizer,Petroleum Products,Equipment, Steel

ZAMBIA

Coal, Locomotives, Vanilla

MAURITIUS

Metals & Minerals, Electronic Equipment, FMCG, Coal, Cement, Fruits & Raisins,Gypsum

SOUTH AFRICA

TANZANIA

MALAWI

MOZAMBIQUE

MADAGASCARMAURITIUS

SOUTH AFRICA

BOTSWANA

NAMIBIA

ZAMBIA

GHANA

IVORY COAST

DRC

KENYA

UGANDA

Barak in Africa

Energy Generation, Equipment, Fuel,Juice Production

GHANA

Fertilizer,Pulses ( Pigeon Peas), Rice, Cement

KENYA

Pulses (Pigeon Peas),Cashew Nuts, Rice,Fertilizer

TANZANIA

Vanilla

MADAGASCAR

The Company

FMCG, Fertilizer, Coal, Equipment, Metals

ZAMBIA

Vanilla

MADAGASCAR

7

Metals & Minerals, Electronic Equipment, FMCG, Coal, Cement, Fruits & Raisins,Gypsum

SOUTH AFRICA

DEAL CASE STUDYSECTOR: Mobile Handsets and Mobile Tablets

BACKGROUND: Competitively priced Mobile Handsets & Tablets that perform functions of smart-devices. Large global traders fill the off-taker role. Counterparty has grown significantly since Barak financing relationship.

Import stock finance facility with collateral structures:

Stock under Purchase and repurchase agreement

Cession of Asset Insurance with Baraks interests notice; insurance to cover warehouse and logistics

Personal signed guarantees

DEAL CASE STUDYSECTOR: Vanilla Commodity

BACKGROUND: Natural Vanilla is a niche, supply-driven market of approximately 2,000 tons per year on average, originated overwhelmingly in Madagascar for destinations in Europe and the USA. Borrower will source at small-scale farmer level and manage interim storage and initial processing.

Stock & Debtor Finance Facility with collateral structures:

Solid reputable shareholders

Fixed Price Offtake with minimum quantities

Blue-chip Off-takers Product will be placed

under CMA

DEAL CASE STUDYSECTOR: FMCG Various Products

BACKGROUND: Borrower is the Largest FMCG manufacturer in Zambia and one of the major manufacturers in the region. With Baraks investment, they are looking to restructure their existing working capital finance facility to an instalment sale type agreement over their production building as well as the machinery used in the manufacturing of FMCG products.

3 Year Amortising Loan with collateral structures:

Bond over property GNB over machinery Cession of debtors First Demand Guarantee Subordination of

shareholders loans

DEAL CASE STUDYSECTOR: Energy (Generators) & Power Equipment

BACKGROUND: Counterparty has grown into a globally recognised Independent Power Producer (IPP). The business specializes in providing custom engineering turnkey distributed generation energy solutions for mines.

Stock finance facility with following collateral structures:

Loan Agreement between the Borrower and Lender

Incoming LC with Barak noted as the Beneficiary

Cession of debtors

Barak Deal Case Studies

Energy Generation, Equipment, Fuel,Juice Production

GHANA

The Fund

Investment Universe and Restrictions

The Fund

BARAK BUILDS A PORTFOLIO OF OUR HIGHEST CONVICTION INVESTMENTS

Portfolio composition is driven by deal origination and selection

Particular attention is paid to geographic and counterparty diversification

Position sizing is a function of both cash availability and of risk/reward profile of the transaction

Average size of transactions have increased to $7.5 million given strong Barak AUM growth in investor interest

INVESTMENT MANDATE CONSTRAINTS

Geographic Exposure

Sub-Saharan and East AfricanMain focus countries: Botswana, Malawi, Tanzania, Mozambique, DRC, Rwanda, Ethiopia, Ghana, Kenya, South Africa, Uganda, Zimbabwe and Zambia.

Typical Industry Exposure

Agricultural and natural resource commodities, non-agricultural general goods. Asset-intensive businesses with acceptable collateral as per offering memorandum. The objective is to maintain a 50-75% minimum exposure to Agriculturally-related transactions.

Maximum Position Limits

20% per single counterparty/borrower20% per commodity type/asset class20% per country (ex. South Africa at 30%)40% in non-agricultural general goods

Minimum Position Limits20 unique investments (2 years from inception)10 different counterparties

Average Portfolio Turnover 30% of portfolio per annum

Average Tenor per Transaction Approximately 150 Days

8

The Fund

Why Invest in Africa

This is an opportunity to hedge against volatility in cash, bond and equities Jean Craven

The Barak team has a unique aptitude to harness opportunities which consistently outperform in all macroeconomic scenarios by constructing portfolios according to investment mandate whilst applying their individual flair for deal structuring; additionally, the ability to exist when required is accounted for.

RISK MANAGEMENTAccess to credit remains a hurdle for SMEs in Africa. Fund Managers in Africa have a proven track record in a niche market, managing capital (liquidity) over market cycles, delivering strong absolute and risk-adjusted returns. Barak focuses on worse-case scenario analyses prior to investing.

STRONG COMMODITY RESOURCES LONGEVITY IN AFRICA As we look ahead into the next 20 years, the combination of growth factors that Africa presents today will create unrivalled opportunities for investors in the long term. The continents vast natural resources and its fast-growing economies and young population will sustain high levels of FDI that make Africas rise inevitable.

Although a too-reliant approach to the export of natural resources is not solely the approach for Africas growth, if managed correctly, the opportunities for Baraks role in the continents trade finance activities is sure to abound in the foreseeable future.

Strong Pipeline Of Opportunities

GLOBAL TRADE FINANCE GAP

trillion$1.6= A significant amount of this gap coming from emerging

markets.

SMEs are largest client segment to have demand for alternate financing such as Barak.

Basel III created a major impediment for banks to enter this space.

SMALL TO MEDIUM SIZED ENTERPRISES (SMES) ARE AT THE HEART OF AFRICAS CURRENT ECONOMY.

The small business sector in Africa has the potential to make a significant contribution to economic growth and employment across the continent, and with the rich mineral resources this is the most suitable business sector on which to spend a considerable amount of time and money. These small and growing businesses create around 80% of the regions employment, establishing a new middle class and fuelling demand for new goods and services. The scale of this transformation should not be underestimated, and opportunities are abound to be taken advantage of.

Barak currently sits with a particularly strong pipeline of opportunities within Africa. Traditionally this may have focused on agricultural soft commodity sectors, there is now a range of diversified sectors including: equipment, energy, metals and minerals sectors to name a few. The range of countries within the pipeline total some 25 jurisdictions across 15 commodity sectors, all pertaining to the need to fill the African emerging markets import and export financing gap.

commodity sectors

jurisdictions

15

25

IN EM COUNTRIESRISK & REWARDBy 2035 the number of young Africans joining the working age population will exceed that of the rest of the world combined. The foundation of any long-lasting venture in Africa depends on the continuous empowerment of regional SMEs and young

entrepreneurs. Africas young people and SMEs are central to the stability of the worlds economy. Although perceived risk abounds, Barak has the team and experience to mitigate any contributing factors. 9

The Fund

10

Barak Fund Portfolio

Barak currently manages six funds, with cumulative AUM in excess of $500 million.

The Barak Structured Trade Finance Fund was launched in February 2009, with the other two funds formed in mid-2014.

All three funds focus on consistent, securitised investments and have returned solid performances since inception.

Three new funds were launched in 2016.

EXSISTING FUNDS DESCRIPTION

Barak Structured Trade Finance Fund Alternative Short-term Credit

Barak Impact Finance Fund Alternative Short-term Credit Impact Focus

Barak Shanta Commodity Segregated Portfolio Fund Agricultural Commodities Relative & Directional Trading

NEW FUNDS DESCRIPTION

Barak Mikopo Fund 1-3 Year Alternative Asset-backed Development Credit

Barak Asha Fund 7-10 Year Impact Mezzanine Finance Fund

Barak Ibdar Sharia Trade Finance Fund Alternative Short-term Shariah-compliant Credit

Structured Trade FinanceImpact Finance FundSTF Sharia Compliant

SHORT TERM FUNDS

Mikopo Development Fund

MEDIUM TERM

Asha Impact Finance Fund

LONG TERM EVOLUTION OFBARAK

The Fund

6

By applying a combination of extensive fundamental research, rigorous quantitative and technical analysis the portfolio seeks superior performance through identifying both short and long term trading strategies.

The fund will also at times deploy macro and currency related strategies that complement the portfolio.

Accessing a range of listed products, including options and derivatives, the fund invests primarily in listed agricultural commodity instruments.

The Asha Fund identifies assets in growth markets, providing an alternative option to traditional funding, these funds will be utilized for expansion and growth of core businesses which have a strong focus on social impact.

The Funds objective is to generate sustainable risk-adjusted returns, targeting 12-16% per annum USD returns. Debt of varying maturities is secured by tangible operating assets and cash flows with the option to convert to equity.

Agricane Agricultural Development and Management Consultants fulfil the role within the fund of being the agricultural specialists, with the remit to manage all investments that the Barak Asha Finance Fund invests in. They have been retained for monitoring, measuring and reporting on our predefined impact criteria.

Asset/Commodity-Backed Structured Trade Finance Fund focusing on African alternate financing opportunities with the underlying structure being fully Shariah-compliant. Shariah-compliant reporting a necessity for the Fund, working with Fund Scholars in both South Africa as well as out of the Middle East

Active Fund marketing within the Middle Eastern regions where the demand for Shariah-financing is rife.

Collaborating with Bahrains leading private investment bank Ibdar Bank, launching the relationship in November 2016.

The Funds objective is to generate sustainable risk-adjusted USD returns, targeting 12-16% per annum, on capital over the medium term (3 years), with investments that are supported by a pool of high quality collateral.

Credit and yield enhancement of the portfolio can be provided through a first loss underwrite: loan-to-value- approximately 80%; Baraks conviction in ability to source quality deals is actionable through this structure. Gearing of up to 250% generates the equity enhancements as well as the profit warrants/options structure.

Barak is tapping into an opportunity set that lends itself to the investment objective: More than 50% of individuals in Africa have no access to formal financial institutions. Only about 30% of small and medium-scale enterprises, have access to credit from banks.* Development Finance seeds growth.

The Fund will not invest in any fossil fuel assets such as coal, diesel or petroleum, any metals, minerals and ores extracted from the ground, in any business where the primary business is that of extraction of minerals or any such commodities.

The Fund may invest in bitumen, paraffin and kerosene, fertiliser products such as urea, MAP, ammonia nitrate, CAN, phosphorous rock and acid sulphur and sulphuric acids.

The Fund will leverage off of globally-recognized Impact Investment Key Principles in order to construct its own set of Barak Impact Reporting Criteria.

Key Impact Criteria include: Job Creation Food Security Environmental and Social Responsibility

SHANTA COMMODITY DERIVATIVE FUND(Tenor: Monthly) The fund focuses primarily on relative value and directional trading opportunities within the agricultural commodity markets.

SHARIAH FUND(Tenor: 150 Days) The Barak team has a unique aptitude to harness opportunities which consistently outperform in all macroeconomic scenarios by constructing portfolios according to investment mandate whilst applying their individual flair for deal structuring; additionally, the ability to exist when required is accounted for.

MIKOPO DEVELOPMENT FUND(Tenor: 1-3 Years) The Mikopo Fund (Mikopo meaning Credit in Swahili) focuses on providing asset-backed short- to medium-term trade, working capital and expansion capital finance to African SMEs, in support of development.

ASHA FUND(Tenor: 5-7 Years) The Barak Asha Impact Fund focuses on providing Mezzanine loan finance to African SMEs projecting strong underlying growth and cash flow generation in support of development impact, primarily in the agri-sector.

IMPACT FINANCE FUND(Tenor: 150 Days) Asset/Commodity-Backed Structured Trade Finance Fund focusing on African alternate financing opportunities with an Impact Investment focus

Track record of 8 years, no negative monthly returns recorded since inception.Solid year-on-year growth to bring current AUM in excess of $400m.

Portfolio currently working with 90+ counterparties across 20 countries and 25 commodity sectors.

Investment Universe: Small and medium sized sub-Sahara African businesses projecting strong underlying growth and cash flow generation with secure returns.

The Fund has created a diverse investment portfolio to mitigate economic, sector and volatility risk, which capitalises on the Funds independence and absence of conflicts. Due to its broader agricultural fund platform, strong diversification is formed across Geography, Industry, Sponsor, and Strategy.

STRUCTURED TRADE FINANCE FUND(Tenor: 150 Days) Asset/Commodity-BackedStructured Trade Finance Fund focusing on African alternate financing opportunities

Barak Fund Portfolio

The Fund

BARAK FUND HISTORICAL PERFORMANCE

Structured Trade Finance Fund

Impact Finance Fund Shanta CommoditySP Fund

Rolling 12-Month Return 9% 7% 1.30%

12-Month Standard Deviation 0.02% 0.07% 5.38%

Cumulative Return Since Inception 180% 25% 95.21%

Percentage of Profitable Months 100% 100% 57%

BARAK FUND SERVICE PROVIDERS

Pricing Agent: Commodity Insight Africa

Collateral Managers: Global Collateral Control (Pty) Ltd, CMI, DRUM, ACE

Custodian: The Standard Bank of South Africa Ltd

Administrator: Admiral Administration Ltd (Part of the Maitland Group)

Auditors: PwC

Legal Advisor South Africa: Weksmans Attorneys

Legal Advisor Cayman Islands: Harney Westwood & Riegels

Legal Advisor USA: Foley Hoag LLP

JSE Sponsoring Broker: J & E Davy

BARAK FUND CUMULATIVE RETURNS

2,00

1,50

1,00

0,50

0,00

Cumulative Return STF Cumulative Return BIF Cumulative Return Shanta

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12

The Fund Managers

13

The Team

The Investment Teams skill set reflects over 50 years of combined experience in Asset Management on the African continent, principally in the commodity derivative and physical commodity trading environment offering the following key advantages:

An extensive knowledge of volatile markets where experience is of paramount importance in order to successfully adapt to changes and broach new challenges. (However, while taking cognisance of volatile equity markets, we maintain no correlation to them.)

Well-established and long-standing client relationships provide positive exposure for repeat business, reinforcing Baraks growing reputation and progressive performance in Africa.

A broad, reliable network of professional investors off which to leverage project funding and repeatable global exposure within Baraks existing and prospective investor bases.

A team of enthusiastic Fund Advisors who recognise that an on-the-ground investment presence is paramount to the success of any project.

ORIGINATION PROCESSING WAREHOUSING SHIPPING DISTRIBUTION RETAIL

$SELLER BUYER

ANATOMY OF A TRADE

ZURICHLegal Office

SWITZERLAND

Given that a large portion of Baraks investors are located within Europe, and predominately Switzerland, the company has a legal distribution licence within the country with a regulated Swiss Legal Representative Office. This allows active marketing and distribution within the country.

LONDONAdvisory Office

UNITED KINGDOM

Barak has opened an advisory office in the UK from an investor marketing and distribution objective, operating under a UK regulated licence. Barak has also placed one of our Deal Originators in the region to focus on the metals and minerals sectors in Africa.

KENYA

MAURITIUS

IVORY COAST

SWITZERLANDUNITED KINGDOM

Representative Office

ABIDJAN

Deal origination Growth in West Africa has been

seen widely across the globe Financing of cocoa and nuts -

predominantly cashew nuts Increasing Baraks footprint wider

across the African continent

IVORY COAST

Investment Advisory Deal Origination Deal Operations and Facilitation Deal Systems and Monitoring Investor Relations and Marketing Credit Risk Monitoring On-site Due Diligence Monitoring

Advisory OfficeJOHANNESBURG

SOUTH AFRICA

Management OfficePORT LOUIS

Head Office

Finance

Compliance

Cash Management

Investment Committee Chair

Investor and Administration Relations

MAURITIUS

Deal origination Growing exposure in East Africa Strong exposure to fertilizer, pulses

and rice commodity sectors Demand for FMCG financing has

grown steadily on the uptake in the urbanisation movement during the last two years

Representative Office

NAIROBI

KENYA

Barak Offices

SOUTH AFRICA

The Fund Managers

The Fund Managers

PRIEUR DU PLESSISJoint-Chief Investment Officer

Prieur is a co-founder of Barak, with more than 15 years of experience in the commodities trading and financial services arena. During his career he headed the structured trade and commodity finance division at Absa Bank, a subsidiary of Barclays Bank Plc, as well as the soft commodities origination team for Standard Bank.

Before becoming involved in a structured commodity finance deal-making role at Rand Merchant Bank (of the First Rand Group), Prieur initially managed the treasury operations of the banks commodities trading. During his tenure at Rand Merchant Bank, he was a key member of the team that completed the first successful grain securitization in the world, and led the team that established the third largest crop insurance company in Africa. He was part of the Standard Bank team responsible for the launch of a three-year Jatropha production finance product the first bio-fuel finance product of its kind.

Prieur is a qualified chartered accountant and completed his public training with PricewaterhouseCoopers.

JEAN CRAVENJoint-Chief Investment Officer

Jean has more than 18 years of experience in building and managing commodity trading businesses at leading South African financial institutions. His commodities business was one of the first active participants in the South African Commodity Futures Exchange and Jean served on the South African Futures Exchange advisory panel for many years.

Prior to co-founding Barak with Prieur, Jean built and led a new team at Standard Bank that covered structured commodity finance, physical and derivative trading as well as agricultural and bio-fuel project finance. Previously, Jean worked for Rand Merchant Bank (of the First Rand Group) heading up a team that completed the worlds first successful one billion US dollar grain securitization. This same team also set up the third largest crop insurance company in Africa to mitigate weather risk on farmer production loans for the First Rand Retail Bank.

Jean holds an accounting degree from the University of Stellenbosch in South Africa.

15

The Fund Managers

The Fund Managers

16

VINCENT FREEMANTLEChief Operations Officer

Vincent is a CA (SA) with the South African Institute of Chartered Accountants. He has contracted to the Johannesburg Stock Exchange and worked at the Financial Asset Services Custody division of the Standard Bank of South Africa, where he qualified with both the STRATE Equities and Bonds Compliance Officers Examinations (2006) and held the position of Risk and Compliance Officer. He later held the position of Financial Officer for BoE Stockbrokers (Pty) Ltd.

Vincent qualified as a stockbroker and member of the South African Institute of Stockbrokers in his own right in 2010.

Prior to joining Barak, Vincent was Vice President, Financial Accountant and initial CFO for Credit Suisse Securities (Johannesburg) (Pty) Ltd, a subsidiary of the global Credit Suisse (AG) group, where he performed a wide range of financial-related activities within the business as well as the wider industry.

KEVIN RAMSAMYChief Financial Officer

Kevin is a member of the global Association of Chartered Certified Accountants (ACCA) with over 10 years of experience in the banking sector in Mauritius.

He worked for HSBC (Mauritius) in the Finance department from 2006 till late 2010, with responsibilities in management and regulatory reporting. From 2011 to 2015 he was Business Manager to the CEO while also fulfilling the position of Acting CFO for Standard Bank DRC in 2015. After being Company Secretary for Standard Bank Ltd Mauritius, and prior to joining Barak, Kevin accepted the chairmanship of the Standard Bank Pension Fund.

He holds a BSc (Honours) in Economics and Finance from York University as well as an MSc in Management Science and Operational Research from Warwick University.

The Fund Managers

DEREK POSTMAExecutive

Shortly before joining Barak, Derek was a tax specialist at Stanlib where he was involved in the resolution of tax treatment of extraordinary transactions within the pension and life funds as well as in the Collective Investment Schemes.

Prior to this he was a tax consultant for Liberty Group after gaining significant accounting experience at Moore Stephens while auditing companies operating within the agricultural sector. Derek graduated from the University of South Africa with both a Bachelor and Honours degree in Accounting Sciences, majoring in accounting, tax, finance and auditing.

He is a qualified Chartered Accountant and member of The South African Institute of Chartered Accountants, and completed his public training with Moore Stephens.

MATTHEW ROBINSONFund Advisor

Matthew joined Baraks origination team to specialise in West African commodity-backed transactions.

He completed a Politics, Philosophy and Economics (PPE) degree from Stellenbosch University, followed by a Business Administration Program (PDM) at Wits Business School. Thereafter, he spent five years at Investec Bank on their International Finance Team whose activities consisted of portfolio management and business funding for exceptionally high net worth individuals and families.

CLAYTON TAYLORFund Advisor

After obtaining his BCom Accounting (Honours) degree from the University of Johannesburg, Clayton completed his articled training at PricewaterhouseCoopers and is a registered Chartered Accountant with SAICA.

Clayton fulfilled the role of commercial financial analyst with Akzo Nobel in London, returning to South Africa as a senior financial analyst with Mondelez International covering the FMCG sector in emerging markets in sub-Saharan Africa. His interest and experience in emerging markets facilitated his move to Export Trading Group, a Singapore-based emerging market agricultural supply chain company focussing on Africa. It was with ETG that Clayton received invaluable exposure to sub-Saharan African commercial transactions within the corporate finance sphere.

17

The Fund Managers

ERIK VILJOENFund Advisor

Erik joined Barak in an origination capacity. With a career background heavily invested in this market segment, he brings a wealth of experience to the firms flagship fund strategy of structured trade and commodity finance.

Having completed his postgraduate studies in Agricultural Economics at the University of Stellenbosch, he joined a large African-focused investment bank.

Prior to joining the Barak team Erik was responsible for structured finance for Africa at a leading global trading house.

NAYEN KAVIAFund Advisor: Kenya

Nayens career spans more than ten years in corporate finance and private equity. He has executed a number of transactions across the FMCG, real estate, financial services and agri-business sectors.

Nayen embarked on his career in 2002 as a Summer Analyst with Deutsche Bank and then joined Deloitte, after which he set up a boutique advisory firm focused on sub-Saharan Africa. He is currently deeply involved with Africa-focused fund management and was also previously engaged on the deal team of a leading pan-African food and real estate private equity fund.

Nayen is an alumnus of the London Business School.

CELESTIN GAKUBAFund Advisor: Ivory Coast

Celestin has over 16 years of experience in Business Development Management, 12 of which were spent in Structured Trade Commodity Finance focusing on sub-Saharan African markets. He commenced his banking career with Standard Chartered Bank in London in 1999. Celestin then joined Eastern and Southern Trade and Development Bank in Nairobi-Kenya (widely known as PTA Bank), where he was a Trade Finance manager involved in the origination and structuring of some of the largest and most lucrative trade finance deals for the bank.

He is a graduate of Business Administration from Damelin College in South Africa and holds a Masters degree (MA) in Business Law, from the University of Portsmouth in the United Kingdom.

18

Investor Relations

19

Investor Relations Team

GILES HEDLEYInvestor Relations Officer

Giles attended Hilton College in the Kwa-Zulu Natal midlands, matriculating in 2007. From 2008-09 he attended the University of San Diego. He returned to South Africa in mid-2009 to 2012 and obtained his Business Science Degree from the University of Cape Town, majoring in Finance. Thereafter he worked at Dimension Data as an Enterprise Client Manager. After a short stint at an Offshore Wealth Management Company where he gained exposure to global markets and experienced dealing with offshore fund portfolios, he joined Barak Fund Management and Riparian Commodities in November 2015 as Investor Relations Officer. Giles is busy working towards his CFA credentials.

MARC DE HENNINDirector UK Office - New Business Development

Marc is a senior business development and strategy professional with twenty five years of financial markets experience across a variety of industries, with a primary focus on natural resources and commodities. He joined Bunges Financial Services Group in 2011 as Global Head of Business Development.

Previous to this Marc was Head of Global Marketing and Distribution at FourWinds Capital Management, where he was responsible for Institutional Relations, Fund Raising and Product development. Before this Marc was a Managing Director at LCF Rothschild in London, raising capital from European investors for several Alternative Investment Funds.

He was Managing Director and Head of Institutional Sales for Benelux/France and Switzerland for Bank of America, London, responsible for the distribution of High yield and High Grade Bonds, Credit Derivatives, Structured Products and Tax trades. Marc holds an MA in Political Science from the University of Brussels.

LISA MAJMINExecutive Assistant to the CIO: Jean Craven

Lisa has over 8 years of experience working in the financial services industry, working mostly abroad. Her primary experience is within the hedge fund industry, working as a Quantitative Strategist for companies such as Gemstar Capital LLP, and Trium Capital in London, UK. She has also worked as a Portfolio Officer at the International Finance Corporation (Corporate Portfolio Unit) in Washington DC, USA. Her experience has covered numerous asset classes in both developed and emerging markets, the latter being more prevalent. She has a broad skill set which includes quantitative stock selection, macroeconomic stress testing, equity and loan pricing, as well as portfolio and risk management. She has a PhD in Finance from Imperial College Business School, an MSc, and BSc (hons) in Advanced Mathematics of Finance.

The Fund

Barak Fund Exposure

20

South AfricaMauritiusZambiaGhanaKenyaSeychellesTanzaniaZimbabweBotswanaUnited KingdomOtherMadagascarUgandaMalawiDemocratic Republic of CongoParaguayJerseyMozambique

BARAK COUNTRY EXPOSURE

The countries most represented within the funds in our portfolio (with a maximum individual exposure of 20 percent, and 30 percent for South Africa) are as follows, but are not restricted to these exclusively:

The Fund

21

BARAK COMMODITY EXPOSURE

As per the Offering Memorandum, the flagship fund is prohibited from having an exposure exceeding 20 per cent with regard to any single commodity. The fund encompasses agricultural and food-related products, natural resource commodities, as well as non-agricultural general goods.

The main categories within the commodity spread for the funds in our portfolio are as follows (but is not restricted to these categories):

Metals

Equipment

Fertiliser

Petroleum Products

FMCG

Coal

Fruit & Raisins

Minerals

Livestock

Juice

Pulses

Vanilla

Locomotives

Textiles

Rice

Sugar

Maize

Soya

Nuts

Sesame

Chemicals

Cement

Veg Oil

Sulphur

Wheat

Sorghum

Bring diversity back to agriculture. Thats what made it work in the first place.

David R. Brower

Winner 2010 & 2012: Specialist Strategies Special Award 2011: Africa

Winner 2016: Best Sub-Saharan African Alternative Financer &Best Short-Term Commodity Fund 2016

Winner 2011:Africa Fund of the Year Nominated 2014: Africa Fund of the Year

Winner 2016: Africa Investment Fund of the Year 2016 -ACQ Global Awards 2016

Winner 2014 & 2015:Best Alternative Financier - Sub-Saharan Africa

Winner 2017: MEA Wealth & Money Management Awards: Leader in Fund & Investment Management Mauritius

Nominated 2014:Africa Investment Fund of the Year

Winner 2017:Africa Investment Fund of the YearACQ5 Global Awards 2017

Winner 2015: Best Trade Finance Fund Barak STF Best African Alternative Financier

Prieur du Plessis - Barak Fund Management Mauritius CIO & Portfolio Manager

Winner 2015: Best Alternative Financier- Best STF FundWinner 2017: Leader in Fund & Investment Management Africa

Winner 2017: Alternative Finance Adviser of the Year MauritiusFinance Monthly M&A Awards

The Fund

22

Awards

BARAK FUND MANAGEMENT AWARDS

IntroducingBarak Fund Management Ltd

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T +230 698 0397.contact@barakfund.comwww.barakfund.com

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