Resourcery Plc Industry: Information Technology Fund: CAPE I

Resourcery is an IT company specializing in systems integration and marketing of both hardware and software systems. CAPE invested in the company for a significant stake, becoming the largest single shareholder in December 2000. Resourcery have several partnership relationships with CISCO, IBM, HP and SAS among others. The company valuation increased from $4.25m at the time of investment to the current $33.25m based on the last significant equity transaction.

Associated Bus Company Plc Industry: Transportation Fund: CAPE I

Associated Bus Company Plc (ABC) is a leading road passenger transportation company in Nigeria. It also provides express cargo, luggage handling and cash transfer services within Nigeria. It focuses on the middle to high-end segment of the market, and provides on-board catering and TV/Video entertainment – a pioneering effort in the industry. The Company is reputed to be the most innovative road transport operator in Nigeria. ABC has grown its operations significantly since CAPE’s investment in 2003. It now operates regionally in the West African Coast Region. Having worked with the board and management of the company in implementing the growth plans of the business that culminated in the initial public offering (IPO) by the Company in the last quarter of 2006, consequent upon which the shares of the Company are listed and now publicly traded on the Nigeria Stock Exchange, CAPE divested from ABC in 2008.

GS TELECOM (GST) Industry: Communications Fund: CAPE I

GS Telecom (GST) is a rapidly growing telecommunications company that started operations in 1994 in Nigeria and is expanding into the rest of Africa. GST is a major supplier of satellite and wireless technologies for public and private communication networks. The company enjoys a strong strategic first mover advantage in the Nigerian and Ghanaian VSAT and data networks market. Through its subsidiary GS Telecom Africa (GSTA) the company has now installed and maintains equipment in up to 22 African companies.

MTN Nigeria Industry: Communications Fund: CAPE I

MTN Nigeria is a subsidiary of MTN International, a South Africa based leading pan-African GSM operator. MTNN launched its Nigerian operation in August 2001 after emerging as one of the 3 winners of the Federal Government of Nigeria’s GSM license auction. Over the last 6 years, MTNN has established itself as the leading mobile telecom service provider in Nigeria with a total of 14 million subscribers as at June 2007.

Dorman Long Engineering Industry: Engineering Fund: CAPE I

Dorman Long Engineering is in the business of Process Equipment Manufacture, Structural Steelworks, Marine Structures, Engineering, Construction and Procurement (EPC) for both Oil & Gas and Manufacturing Sectors. The firm is NIS ISO 9001:2000 and ISO 9000:2001 certified, and has the NBIC authorization to repair and alter pressure retaining equipment.

Virgin Nigeria Airways Industry: Aviation Fund: CAPE II

Virgin Nigeria Airways Limited was formed as Nigeria’s entirely private sector flag carrier following the grounding and subsequent liquidation of Nigeria Airways. CAPE II along with other Nigerian institutional investors invested alongside Virgin Atlantic Limited who were selected by the Federal Government of Nigeria as Technical Partners to the Airline.

Virgin Nigeria operates as a global network airline with the intention to develop Lagos as the main hub for its West and Central Africa operations. The Company has its headquarters in Lagos while it operates globally. CAPE is the largest local shareholders in the airline.

Swift Networks Limited Industry: Communications Fund: CAPE II

Swift Networks is a licensed last-mile data service provider in the 3.5Ghz frequency deploying Wi-max technology. CAPE II’s initial investment in July 2006 was in the form of a mezzanine instrument making it the second largest shareholder. CAPE II also made a pure equity follow-on investment in June 2008. Both investments were utilized to fund the company’s network expansion capacity program and also acquire operating licenses for both Abuja and Port Harcourt in addition to Lagos. Swift is currently a visible operator in the data transmission and internet space.

Cornerstone Insurance Plc Industry: Insurance Fund: CAPE II

Cornerstone Insurance Plc is one of the top ten insurance firms in Nigeria serving both the general and life insurance markets. CAPE II invested in the company and acquired controlling stake in the company via a Special Purpose Entity (SPE) in February 2007. This opportunity arose from the recapitalization requirement for insurance companies under the financial services reform. As a direct result of the investment the company was recapitalized to perform both General and Life businesses. The company has also been able to fund various business and human capital development projects using the investment proceeds. It was also an opportunity to add significant value to a largely under-served industry using Cornerstone as a catalyst.

eTranzact Industry: Payment Systems Fund: CAPE II

eTranzact is the first online real-time payments system. The company’s platform is a fully operational mass marketable mobile phone, fixed phone and internet payments system.

Alvac Company Limited (Alvac) Industry: Outsourcing Fund: SMEP I & II

Alvac is a leading provider of cash in transit and related logistics services to the financial sector, commerce and industry in Nigeria. The company provides cash in transit services to Diamond Bank Plc, Zenith Bank Plc, Citibank, Sterling Bank Plc, Bank PHB Plc and Stanbic IBTC, through established operating infrastructure in Lagos, Abuja, Asaba/Onitsha and Port Harcourt. The SME Partnerships have invested N561 million to hold 34.8% of the equity shareholding of Alvac.

Falcongaz has an exclusive franchise to distribute gas in Ikorodu industrial area of Lagos State. The company currently distributes cash to Spintex Mills, Mayor Engineering, MBH Power, PZ Plc, International Textile, AK Steel Limited, Chikki Foods, African Steel and International Textile. The SME Partnerships invested N200 million and controls 40.0% of the equity shareholding of Falcongaz.

NSM is a leading starch manufacturing plant located on a 200 – acre farm at Ihiala in Anambra State of Nigeria. The company’s products have been widely accepted in the marketplace and the company has huge potential for overseas patronage flowing from very recent enquiries from abroad. The company sells its high grade cassava based starch to numerous customers including Nestle Plc, Cadbury Plc and Unilever Plc. The SME Partnerships have invested N200 million to hold 23.7% of the equity shareholding of NSM.

FPFI is a company established to manufacture and sell pressure vessels and render ancillary services to the oil and gas, petrochemical and chemical processing industries. The plant was commissioned in October, 2007. The company’s products will greatly contribute to the raising of the local content percentage input in the Nigeria’s critical oil and gas and burgeoning petrochemical industries. The SME Partnerships have invested N188 million to hold 20% of the equity shareholding of FPFI.