Bright Africa 2015Drivers, enablers and managers of investment on the continentriscura.com/BrightAfrica

2

Continent can be divided into 9 meaningful markets

Source: RisCura

Central Africa

East Africa

Egypt & Sudan

Francophone West Africa

Maghreb region

Nigeria

Other West Africa

South Africa

Southern Africa excl. SA

3

Domestic consumption is fairly well diversified

GDP (nominal GVA) output by region (2014)

Source: BMI Research, RisCura analysis

Franco-phone

W. Africa

4

Large reliance on extractive industries for exports

Breakdown of regional exports (2013)

Source: Trade Map, RisCura analysis

Franco-phone

W. Africa

STATE OF INFRASTRUCTURE AS AN ENABLER

6

Consistent income crucial for infrastructure

Sources of government funding (2014)

Source: BMI Research, IMF WEO October 2014, Heritage Index of Economic Freedom, OECD - Development Aid at a Glance 2. Africa (2014 edition), RisCura analysis

Franco-phone

W. Africa

7

Maghreb leads the pack on paved roads

Road infrastructure (latest available information)

Source: CIA World Factbook, RisCura analysis

8

Rail infrastructure in Africa lags its peers

Km of rail per km2 of land area (latest information available))

Source: CIA World Factbook, RisCura analysis

Franco-phone

W. Africa

South-ern

Africa

9

Significant energy infrastructure needed

Energy (MW) per million people (latest available information)

Source: CIA World Factbook, IMF WEO October 2014, RisCura analysis

Franco-phone

W. Africa

South-ern

Africa

PENSIONS, INSURANCE AND DFIs DRIVE GROWTH THROUGH INVESTMENT

11

African pension assets growing quickly

Annualised growth rates (local currency) vs. Asset as a % of GDP

Source: Regulator annual reports and websites, other industry sources, EAC review of pension sector (Callund Consulting), Towers Watson Global Pension Study 2015, RisCura analysis

12

Significant allocation to fixed income in Nigeria and E. Africa

Asset allocation of pension funds across Africa

Source: Regulator annual reports and websites, other industry sources, EAC review of pension sector (Callund Consulting), Towers Watson Global Pension Study 2015, RisCura analysis

13

Potential for insurance growth

Penetration and expected annual growth in AUM by region

Source: Swiss Re, UN Population Division, IMF, African Insurance Organisation, NKC Research, S&P Capital IQ, RisCura analysis

Franco-phone

W. Africa

14

Significant growth in insurance AUM expected

AUM by region in 2012 and 2018 (projected)

Source: Swiss Re, UN Population Division, IMF, African Insurance Organisation, NKC Research, S&P Capital IQ, RisCura analysis

Franco-phone

W. Africa

AFRICA’S LISTED EQUITY MARKETS

16

Liquidity still poor, but improving

Number of companies listed vs number of companies traded

Source: ASEA (African Stock Exchange Association), RisCura analysis

17

Listing allowance of Africa indices

Source: MSCI Indices; S&P Dow Jones Indices; RisCura Analysis

AFRICA’S UNLISTED EQUITY MARKETS

19

South Africa losing dominant deal position

Number of private equity entry transactions by region

Source: RisCura

20

Uptick in deals in Energy investment

Number of private equity entry transactions by sector

Source: RisCura

THANK YOU

riscura.com/BrightAfrica

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