THE SOVEREIGN WEALTH FUND OF SENEGALFOR STRATEGIC INVESTMENTS“FONSIS”–C APABILITY STATEMENTAN OVERVIEW

Agro-industry
Tourism
Infrastructure

Real Estate
ICT; Services

REPUBLIC OF SENEGAL
1st Japan-Africa Business Forum, Tokyo, June 2014

Energy; Mining

TABLE OF CONTENT

1. GENERAL OVERVIEW

6. STRUCTURING FLAGSHIP PROJECTS

2. FUND STRATEGY

7. MANAGEMENT AND GOVERNANCE

3. BENEFITS TO STAKEHOLDERS

8. SELECTED PROFILES OF MANAGEMENT

4. TARGET SECTORS

9. PARTNERSHIP WITH APIX

5. SELECTED FLAGSHIP PROJECTS

10. IN SUMMARY:FONSIS IN A FEW WORDS

Strictly private and confidential

FONSIS S.A.

2

GENERAL OVERVIEW

Description•••Development fundInvestments holding company
Ownership: State of Senegal (majority), State affiliates (minority)

Goals

Management&Governance•
Resources••
Strictly private and confidential••••••

Boost investments, alone or as a co-investor
Develop well-structured projects to attract investors
Support the private sector: strategic sectors, flagship projects, SMEs
Manage and optimise State assets
Create wealth and sustainable jobs
Generate financial reserves for current and future generations•A team of seasoned professionals with background in Investment
Banking, Private Equity, and key industries and economic sectors
Corporation with a Board of Directors
Compliant with the Organisation for the Harmonisation of Business
Law in Africa (OHADA) and the Santiago Principles••

Financial contribution from the State of Senegal (in kind in the form of State
assets and in cash)
Loans and bonds issued, leveraging on the Fund’s assets received from the State
Subsidies and grants from development partners
FONSIS S.A.

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FUND STRATEGYFONSIS: The “Private Driving Force” of the State of Senegal to optimise its
assets & resources and develop national champions
Invest / ExecuteManageSupport• Invest alone or in partnership with co-investors• Involve the private sector in flagship projects• Create national champions• Manage investments and other assets of the State ofSenegal• Generate additional resources for the State• Support Small and Medium Enterprises (SMEs)

Capital raising

Investment

Activemanagement

Anticipate• Distribute dividends to the State• Allocate a share of the Fund’s profits to a
Generational Fund
• Reinvestment in current or existing projects

Reinvestment

GenerationalFundDividends

Redistribution

Value creation

Economic growth, job and wealth creation
Strictly private and confidential

FONSIS S.A.

4

BENEFITS TO STAKEHOLDERSSTATEPRIVATE SECTOR Execution of flagship projects
 Growth in FDIs

 Alternative financing
 Growth in the number ofentrepreneurs and investors Additional resources from
dividends and tax revenues on
new projects

 Increased participation of local
investors in projects

 Alleviated pressure on Statebudget through PPPs Management and optimisation of
selected State assets

POPULATIONSFONSIS:a win-win
for allparties Job creation through newly
implemented projects

 Enhanced access to funding for
local SMEs through the FONSISSME Private Equity Fund

STRATEGIC INVESTOR
 Easier access to land (agriculture,real estate / infrastructuredevelopment, etc.)

 Increased purchasing power withthe reduction of the tax burden Facilitated interactions,negociations, and partnerships
with local populations andimproved image

 Constitution and safeguarding offinancial reserves : “GenerationalFund”

 PPP contracts granted by the Statethrough partnerships with FONSIS

Strictly private and confidential

FONSIS S.A.

5

TARGET SECTORS Information and Toll roads and highways

Infrastructure Airports, railroads and ports
 Industrial parks

ICTs & Services

 Special Economic Zones

communication technologies
 Telecom Infrastructure Outsourcing services (e.g.
call centers)
 Health and educations
 Farming

Energy&Mines Food processing and Power plants: coal, gas, solar
 Oil and mining concessions

 Storage of petroleum products

Agro-industry

packaging Animal husbandry Consumer Goods
 Intermediates

Hotel Industry&Tourism

Strictly private and confidential

 Conference centers Development of hotels andresorts
 Hotel management services

Real Estate

FONSIS S.A.

 Housing projects
 Shopping malls Office buildings

6

SELECTED FLAGSHIP PROJECTSAgriculture
Project

Description

Agricultural projects in the Northern
Valley of Senegal (SAED)

Production of rice, peanuts, and otherproduces on 30 000 hectares of land
for local consumption and for exports

180

Agricultural projects in the Southern
Valley of Anambé in Senegal(SODAGRI)

Production of rice, peanuts, otherproduces on 20 000 hectares of land
for local consumption and for exports

120

Strictly private and confidentialFONSIS S.A.

Estimated size
(USD million)

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SELECTED FLAGSHIP PROJECTS – CONT’D
Infrastructure
Project

Description

Railroads Dakar-Tambacounda-Kidiraand Tambacounda-Kédougou, Lightrailway Dakar-Blaise Diagne
International Airport

Set up companies to build and operate
the various lines

1 000

Highway Mbour-Fatick-Kaolack

Set up a company to build and operate
the toll road

500

Construction of an ore port in Bargny

Set up a company to build and operate
the ore port in Bargny, 30km away fromthe Port of Dakar

400

Urban development of the Lac Roseand Diamniadio areasSet up a company to create and operateurban centers around Lac Rose and inDiamniadio

200

Special Economic Zones (SEZ) inZiguinchor and Diamniadio

Set up a company to create and operate
SEZs in Ziguinchor and Diamniadio

100

Strictly private and confidential

FONSIS S.A.

Estimated size
(USD million)

8

SELECTED FLAGSHIP PROJECTS – CONT’D
EnergyProject

Description

Restructuring of a local refinery

Debottlenecking and optimization ofproduction processes, followed by atripling of production capacity

650

Liquefied Natural Gas (LNG) project

Construction of an LNG terminal andprovide gas distribution services

300

Solar energy power plant

Construction of a 20 to 35 MW solar
energy power plant

40

Strictly private and confidential

FONSIS S.A.

Estimated size
(USD million)

9SELECTED FLAGSHIP PROJECTS – CONT’D
MiningProject

Description

Iron ore project in the Falémé region

Development of iron ore mining in theSouth-Eastern regions of Senegal

Estimated size
(USD million)
700

Tourism, ICT & Services
Project

Description

Restructuring of a local airline
company

Restructure the airline

Aircraft maintenance services

Set up a company to provide aircraftmaintenance services

Strictly private and confidential

FONSIS S.A.

Estimated size
(USD million)

50

10STRUCTURING FLAGSHIP PROJECTS…
… In Infrastructure
Dividends

APIXSTATEBOO rights + land ownership
titles
Project delivery

FONSIS S.A.
Dividends+futureasset
transfer

BOT rights + equity

Lender(e.g.: JBIC,AfDB, IDB, IDC,OPIC, ADIA,,etc.)

Debt
Principal+interests

JV FONSIS Infrastructure
S.A.

Dividends
EquityJapanese
Strategicinvestor

EPC contract
Strictly private and confidential

FONSIS S.A.

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STRUCTURING FLAGSHIP PROJECTS…
… In Agriculture
Free land given in
exchange ofdevelopment

APIXTransfer of a portion of developable land

COMMUNITIESDevelopment of 100% of
allocated land

FONSIS S.A.

BOT rights + equityLender(e.g.: JBIC,AfDB, IDB, IDC,OPIC, ADIA,,etc.)

Debt

JV FONSIS Agri S.A.

Principal+
interests

Agribusiness, intensive animal husbandry,
food processing and storage

Dividends+future
asset
transfer
Dividends
EquityJapanese
Strategicinvestor

Land development contract
Strictly private and confidential

FONSIS S.A.

12STRUCTURING FLAGSHIP PROJECTS…
…In Renewable Energy

Dividends

APIX
IPP status

STATE

Project delivery

FONSIS S.A.

EquityLender(e.g.: JBIC,AfDB, IDB, IDC,OPIC, ADIA,,etc.)

Debt
Principal+interests

Dividends

JV FONSIS Power S.A.
Electricity
supply + future
Plant transfer

PowerPurchase
Agreement

Senegal National Electricity
Company (SENELEC)
Strictly private and confidential

FONSIS S.A.

Dividends
EquityJapanese
Strategic
investor

EPC contract

13

MANAGEMENT AND GOVERNANCE OF FONSISStrategic
OrientationCounselBoard of Directors

Chief Executive
Officer (CEO)Investment and Risk
Committee
Audit CommitteeAppointment andRemuneration Committee

ExecutiveCommittee

Investment team

Funding and Investor
Relations Officer Officers

Analysts

Sector Specific Executive
Directors

Investment Director
Investment Officers

Assist and advise the investment team and the CEO

Audit and ComplianceFinance and AccountingCommunication and Public Relations

Human Resources and Operations

Strictly private and confidential

Support functions

Legal and Regulatory Affairs, Secretary General of the Board ofDirectors

FONSIS S.A.

14

SELECTED PROFILES OF TOP MANAGEMENT

Chief Executive
Officer ofFONSIS

Executive
Director incharge of Agroindustry,Manufacturing,Infrastructureand SMEs

Strictly private and confidential

WORK EXPERIENCE
15 years of work experience in Investment Banking across Europe, US, Africa and theMiddle-East, of which 9 years in managerial / executive positions

Former Chairman of the Board of Directors of the Blaise Diagne International Airport (UntilMay 2014)
EDUCATION
Master’s Degree in Financial Mathematics, New York University, New York, USA
Master’s Degree in Financial Markets, Sorbonne University, Paris, FRANCE
Undergraduate Degree in Applied Mathematics, Louis Pasteur University, Strasbourg,FRANCE

Fluent in English, French, Fulani and Wolof

WORK EXPERIENCE
13 years of work experience in Agro-industry across Africa and in France, of which 6 years inmanagerial / executive positions

Formerly Chief Operating Officer of a mining company and in charge of restructuring theoperations of the company prior to the investment of a private equity fundBoard member of an agro-business company in Senegal since 2009
EDUCATION
Executive leadership program, the London Business School, London, UKEngineering degree in Industrial Engineering and Management, Ecole Nationale des Ponts etChaussées, Paris, FRANCE
Polytechnicien program, Ecole Polytechnique, Paris, FRANCE

Fluent in English, French, Fulani and Wolof

FONSIS S.A.

15SELECTED PROFILES OF TOP MANAGEMENT – CONT’D

ExecutiveDirector incharge of ICTs& Services,
Real Estate,Hotel andTourism

WORK EXPERIENCE
18 years of work experience in Information and Communications Technologies, of which 9years in managerial / executive positions

Formerly Chief Executive Officer of a subsidiary of an international telecommunicationcompany
EDUCATION
Master of Science in Distributed Systems and in Telecommunications and Information
System Engineering at Telecom Sud Paris – Evry – FRANCE
Preparatory School (Math-Sup, Math Spé) at Lycée Saint-Louis - Paris, FRANCE

Baccalaureate in Mathematics and Physics at the Military High School (Prytanée Militaire) ofSaint-Louis, SENEGAL
Winner of a six-year scholarship from the French International Cooperation Fund
Fluent in English, French, Fulani and Wolof

WORK EXPERIENCE
14 years of work experience in Finance (CFO, Financial controller) across Africa, of which 11years in managerial / executive positions

Formerly Chief Financial Officer of a Top listed African BankChief Financial
Officer

Strictly private and confidential

WORK EXPERIENCE
Master’s degree in Tax, Accounting and Financial Audit, at the Institut de Formation en
Administration et en Création d'Entreprises (IFACE) / Cheikh Anta DIOP University, Dakar,SENEGALMaster’s degree of Finance, in Bank and Risk Management, Paris 13, FRANCE

Fluent in English, French and Wolof

FONSIS S.A.

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PARTNERSHIP WITH APIX
APIX is the Investment Promotion Agency of Senegal
APIXFONSIS Strategic “Public” investor
for a credible and efficientparntership A potential “Private”
investor for all strategic
projects carried by APIX

 Helps all investors invest inSenegal, including FONSIS
 Provides advice and support interms of population relocationand compensation if necessaryfor major infrastructure
projets
 One-stop shop for FONSIS’subsidiairies to facilitateadministrative procedures Helps with finding technicaland financial partners

Strictly private and confidential

FONSIS S.A.

17

A SUMMARY: FONSIS IN A FEW WORDS

Strictly private and confidential

Private sector arm ofthe State “Private Driving Force” of the State toboost the economy;
 Created by Law but incorporated with aBoard of Directors;
 100%-owned by the State.

A credible partner
through coinvestments or othertypes of partnerships

 Invest in equity alongside FONSIS; Lend to FONSIS or to the project directly;
 Obtain concessions or other types ofcontracts , especially in flagship projects,
through FONSIS.

A seasoned team ofprofessionals from theprivate sector

 Investment bankers;
 Private Equity specialists;
 Engineers; Sector specialists; Multi-lingual.

FONSIS S.A.

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CONTACTMr. Amadou HOTT
Chief Executive Officer
Fonds Souverain d’Investissements Stratégiques « FONSIS »Rue de Thann x Dagorne
Immeuble SNR 5ème étage,B.P. 50882 Dakar-République
Dakar, Sénégal
Email : ahott@fonsis.org
www.fonsis.org

Strictly private and confidential

FONSIS S.A.

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THE SOVEREIGN WEALTH FUND OF SENEGALFOR STRATEGIC INVESTMENTS“FONSIS”–C APABILITY STATEMENTAN OVERVIEW

END

REPUBLIC OF SENEGAL
1st Japan-Africa Business Forum, Tokyo, June 2014