Impact in Africa
Bridging the Development Gap

June 2023

Table of Contents

01
Introduction
to Africa

05
Appendix II:
ESG &Sustainability

06

02

03

Our Mission

Key sectors andOur impact

Appendix III:
Mediterrania
Capital IV

07
Appendix IV:
Sample pipeline

04
Appendix I:
About us

08
Appendix V:
African
Demographics

01
アフリカの紹介Key Highlights
Africa is in need of Impact Investors“While economic growth has regained some momentum as the pandemic has waned, risingenergy and food prices coupled with a stronger dollar are taxing consumers and presenting
challenges for African governments.”“Africa will soon have the world’s largest working-age population, which could meet thegrowing global talent shortage via services outsourcing.”“Africa is the world’s fastest urbanising region but depends too heavily on its
primary cities.”“By 2040, Africa will have 31 cities—19 more than today—with more than
five million people.”“By 2050, Africa's population will increase to an unprecedented 2.4
billion and eventually to a staggering 4.2 billion by 2100.”“28 African countries doubled their population in the past
30 years, and predictions show 26 additional countries
doubling their population in the next 30 years.”
Source: Mckinsey, Wilson Center, John Hopkins University

North & West Africa:
Great Potential to Catch Up
By 2023, Africa will contribute to 42% of the world’s youth
Size of working
population, 1950-2050
In Millions | Age 15 - 64

By 2030, Africa will be home to 5 cities of more than ten million people
each, as three more cities join Cairo and Lagos. By 2040, that figure willamount to 10 cities.

2015

African cities bypopulation

2030

African cities bypopulation

By 2050, Africa will add 796 million
people to the global workforce
and be home to the largest andyoungest population.
Source: IMF, Population Reference Bureau, World Bank, McKinsey,
UNCTAD Quarterly, Africa’s overlooked business revolution, 2018

1 Greater Johannesburg includes the City of Johannesburg, Ekurhuleni, and the West Rand.
Source: UN World Population Prospect, June 2014 revision, UN population division; McKinsey Global Institute analysis

5North and West-African
Middle Class
Africa’s Middle Class is growing exponentially
Poverty reduction on the continent has led to therise of a new consumer class – the Middle Class.

Gross Income Growth Index 2020-2040
350

300

2020 = 100

250

200

150

100

Ivory Coast

Egypt

MoroccoSource: BearingPoint, based on ADB data, 2015, McKinsey 2018, Euromonitor* Egypt, Algeria, Tunisia, Morocco, Senegal, Ivory Coast, Cameroon

Middle East & Africa

World

6

02

Our Mission

Driving value
through
Responsible
investmentsin Africa

10 years investing in
growth capital in Africa
A well-established Impact Investor€740 M₁

15

9
Exits

BarcelonaMadrid

6 offices17

Valletta

Casablanca

Abidjan,Barcelona,
Cairo,
Casablanca,
Mauritius,
Valletta (HQ)

22,000 €1.5Bn

Cairo

Abidjan

Portfoliojobs supported
companies
By Portfolio
aggregate sales
companies

Primary Investment
Markets
Secondary Markets
Mediterrania CapitalPartners’ Offices
2017, 2018, 2019,2020, 2021, 2022

1. Of which MC IV is still fundraising

Mauritius

9

03

Key sectors
and our impact

Education
Huge gap in education needs in Africa
Schools with access to Internet*
100%
80%
60%
40%
20%
0%

Primary schools

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

•

According to UNESCO, Sub-Saharan Africa has thehighest rates of education exclusion.

•

One in five in children between the ages of 6 and 11
are out of school.

•

There are 16.7 million girls out of school in Sub-SaharanAfrica; 9 million will never go to school at all.

Seondary schools

Expected years of schooling% of students enrolled in Higher Education
20

Higher Education Enrollment
Source: Human Development Reports, World Bank

Literacy Rates* Data for Japan, USA and Ivory Coast not available

19

19

17

16

15

14

14

13

11

9

Education
Our network of 12 state-of-the-art institutional facilities in North Africa enhances the educational
experience for over 10000 students.
20172018 – 2022 (Holding Period)

MCP Invested in
UPM and GSRD in
December of
2017, With a total
enrollment of
7398 students.

Throughout the holding period MCP added 6 campuses to the two
institutions.

7398

Key Facts+ 3232 students
enrolled

10730

9742

10330

10335

+2000
Primary and Secondary
Education+8000
Students enrolled inhigher education

9+
Operating theatres

7625

73%

Of teachers are womenin GSRD~57%
Female employees

73
2017

2018

2019

2020
Number of Students

2021

2022

45+

ONLY
+3232 newstudents

60+
Educational programmes

Value Creation+600 newemployees

Women inmanagement
positions+12 state-of-the- Private university operatingart campusesin Morocco since 2017

Communityfocused projects
and initiatives

7
Fields of expertiseHealthcare
Sub-Saharan Africa has the highest child mortality rate with 43% of global newborn deaths
Hospital Beds per 1,000 people<1.8
Hospital beds per 1,000 people inmost MCP regions of operations

12.6
Hospital beds per 1,000
people in Japan

Doctors per 1,000 people

4.58
4.00

Sub-Saharan Africa has
the lowest number ofphysicians per 1,000
people whencompared to all otherregions of the world

3.21 3.17
2.64 2.60
1.83
1.27
0.73 0.70

0.23 0.18 0.09
0.07
Hospital Beds
per 1,000 people:
<1.8
<2.2

A lack of access to doctors leads to higher waiting times in
hospitals and less specialised care in African countries.

<3.1
<4.5

Source: WHO, OECD

Source: Worldbank

Healthcare

Our Healthcare portfolio comprises 73 specialty/multi-specialty healthcare facilities in North Africa,
enhancing patient experiences and improving surgical outcomes for over 3 million patients
20192020 – 2022 (Holding Period)

Key Facts

In the span of three years MCP has built 12
hospitals to accommodate +1,200 new beds

48

Founded in 2011,
the company
added 600 beds
over a period of 8
years.

+1222 Beds

1822

912

600

2019

600

2020

2021
Number of hospital beds

2022

Value Creation+3,091 new
employees+22 new clinics
and hospitals+70 clinics
Up to 80% female
and hospitals
employment

branches

Key Facts

MC IV
First investment

300

Over 22m

Machines

Potential new clients

900,000+

400+

examinations

Pharmaceuticalspecialties

55%

15+

Women reportingradiologists

Therapeutic areas

CEO: Dr. Rochdi Talib

Food
85%

% of Population who cannot access ahealthy diet
Egypt, 76%

75%

Côte d'Ivoire,
75%

65%

Cameroon,64%

55%

Senegal, 48%% of population prevalent to severe
food insecurity
26%

21%

11%

11%

2%

1%

1%

Eastern Asia

Northern America

4%

Algeria, 34%

35%

Northern Europe

45%

Japan, 8%
OECD, 7%

5%
2017

2018

2019

2020

Egypt

Côte d'Ivoire

Cameroon

SenegalAlgeria

Tunisia

Morocco

Japan

OECD

Source: Food and Agriculture Organization of the United Nations

Asia

South-eastern Asia

15%

Northern Africa

Morocco, 19%Southern Asia

25%

Sub-Saharan Africa

Tunisia, 24%

Sub-Saharan Africa faces the largest risk of food insecurity in the world with
710 million people at risk representing nearly 30% of the world's population
exposed to severe food insecurity.

Food
Mediterrania Capital Partners provides access to healthy and locally sourced food across a vast region
2019 – 2022 (Holding Period)

Aziza Key Facts

Randa Key Facts

Dislog Key Facts

In 2019, MCP invested in the supermarket chain Aziza andtoday it operates the largest store network in Tunisia.

500

8

15

Stores

Production lines

Production lines

201

46

+300 Stores

500

Stores equipped withsolar power

419
343
276

93%

200

2018

Of private labels are
locally sourced

2019

2020
2021
Number of stores

2022

Value Creation+2,229 new
employees+1,475 SKUs

+539 stores Up to 32% women in
leadership positions

1,429
Private label SKUs

SKUs

TND 775K
Charitable and employee
donations

75,000Stores served

36%
Women in leadership
positionsZero-waste

22Management strategy

Warehouses(covering 80,000 sqm)

Financial
Services
North and West Sub-Saharan African countries are far behind
the rest of the world with regards to mobile money…

% of Population with bank accounts | 2021
Ivory Coast
Cameroon
Benin
Togo
Egypt
Gabon
SenegalTunisia
MoroccoAlgeria
USA
Japan
Belgium
FranceSwitzerland
CanadaNetherlands
UK
Germany

21
24
24
25
26
28
28
36
42
44

95
98
99
99
99
100
100
100
100
African Countries

Source: World Bank

With one of the largest migrant
populations mobile banking is key toaccessing remittances.

The % of the population
with bank accounts inNorth and Sub-SaharanAfrican countries is atleast half of the G10
nations and almost up
to one fifth in somecases.

G10 Countries

Financial Services(individuals with access to amobile money account):<13.5%<27.6%<41.2%<54.7%<68.4%

Financial Services
Mediterrania Capital partners has provided ~5.5 m people access to finance through our portfolio
Exit Performance+79% growth of gross loan
portfolio+1,564 PoS

Year
of
Entry

+1,098 PoS

3,218
2,688

Year of
Entry
149.1

2,167

178.3

207.8

Secondary
Full exit of COFINA

Strategic Buyer
Full exit of Cash Plus

2019

2020

2021

2022

2018

2019

2020

2021

Full Exit in 2022

Full Exit in 2021

EUR 28.6 M
Total Invested

Value Creation

EUR 51.4 M+590 newemployees+2,662 newbranches+300
millioncustomers

employees

80%

women employees

556

2014

1,700+

116.1

1,654

Key facts+5.150new micro
loans

MAD +27 billion
international
remittances+1.420
new SMEloans

MAD +17 billion
national
remittances

Total Realisations

1.8x
MoM

36%

of national
remittancesin Morocco27%

of international
remittancesin Morocco

2,801

Entrepreneurs supported
through Franchising in
Morocco8,850+

Women entrepreneurs
supported in Francophone
West and Central’s Africa

600+

young employees

Appendix

June 2023

04

Appendix I:
About us

MCP Competitive Advantages
Focus on investor returns with a proven track record
Strong sector & country diversification

Depth of pipeline
Low loss ratio

Deployment velocity
Repetitive value creation model
Tangible social & environmental impact

21

INVESTMENT TEAM
Experienced and passionate team striving for excellenceManaging Director - Egypt•

Strong focus on execution•

Value creation and impact investing
expertise•

Deep knowledge on a wide range ofindustry sectors•

Solid financial and operational experience

22

The Mediterrania Capital Partners
Value Creation Model
A value creation model that works for every company – every time(across companies, sectors and geographical regions)23

Track record
Strong track record of deployment, value creation and divestments• 15 investments executed(out of which 5 Co-Investments)

8%13%• 9 Full or Partial divestments executed8%• €390 M of capital deployed• Average deal size: €23 M• Portfolio compounded average annual
EBITDA growth of 23%

25%

MC II

MC III

16%

PharmaFinancial Services
Insurance
Tech/Communications
F&B
Healthcare• Portfolio compounded average annual
Sales growth of 19%

9%

30%
14%

MC IV

Already 20%
deployed
21%

8%

14%

19%

25%

14%

Construction

16%

10%

23%

11%

16%

Financial Services

Industrial Products

Financial Services

Diagnostic Imaging& Lab Services
Food Retail

Food & Beverage

Retail & Distribution

Healthcare Hospitals

Manufacturing

Rental Services

IT Services

Education

MC II
MC IIIMEDTECH GROUPCASH PLUSGROUPE SCOLAIRERENE DESCATES

UNIVERSITE PRIVEE DE
MARRAKECHRANDA

CIEPTAL CARSINDIGO COMPANY

C.E.C.I

CAIRO SCANAZIZADISLOG INDUSTRIESAKDITAL HOLDINGTGCC

METAMEDGROUPE COFINA

24

MCP Funds performance overview
Solid track record with clear differences between MC II, MC III and MC IV
Mid-Cap Strategy – Enlarged geographical scope
MC III

MC IV

DPIRealised Gross IRR

Net IRR

Gross IRR

0.38

15%

21%

25%

€270.8 m Mid-Cap Growth Minority/
Majorities
Fund Size¹
Investments
Participations

Generalist
Fund

Divestment
Phase

2023
Vintage Year

€350 mGeneralist
Fund

Targeted
Fund Size€150 mFund First Close

Aziza
TGCC
Cairo Scan Dislog
Cofina Metamed
AkditalNorth & SubSaharan Africa

Mid-Cap Growth Minority/
Majorities
Investments
Participations
2 investments to be
executed before
rolling first close

₁AUM including Co-Investments, ₂ Includes Distributions from Akdital and TGCC

North & SubSaharan Africa

InvesteeCountries

2018
Vintage Year

InvesteeCountries

MC IV

MC III

Mid-Cap Strategy – Enlarged geographical scope
MoroccoEgypt
Tunisia
Algeria
Ivory Coast
Senegal
Cameroon

MoroccoEgypt
Tunisia
Algeria
Ivory Coast
Senegal
CameroonNet
IRR

MC IIINAV Q4 ’22
ReportingGross Gross
DPI
IRR MoM

TVPI RVPIMid-Cap

Enlargedgeographicalscope
N.A 15% 1.7 0.4₂ 1.3 0.9₂
7%12%

1.4 0.42₂ 1.3 0.9₂

17%

21%

2.7

Realized
Expected,
End of Term

2.0

2.0 N.A.

Targeted Performance
Net IRR

Gross IRR

21%

25%

Mid-Cap

Replica of
MC III25

c05

Appendix II:
ESG &Sustainability

Mediterrania and sustainability

Investing sustainably

ESG is a part of our DNA• Thoughtful management ofESG, regulatory,
geopolitical, andreputational issues makes
us a better investor, and isan essential part of longterm business success in a
rapidly changing world.
• Integrating ESG
considerations into theinvestment process,including due diligence,
decision making, andmanagement practices• We seek to align our
understanding of relevant
topics with the SASB
Standards and incorporate
these industry-specificstandards as a primary
input when identifying ESG
issues that might berelevant to an investment.
• Our ESG journey andapproach is long-termand everevolving as sustainability
approaches develop

Rajaa Berrkia

Annual Sustainability
ReportPartner, Head of ESG
As Partner of Sustainability, Rajaa coordinates,
implements and provides strategic supervision ofMediterrania Capital Partners’ impact investingprocesses and research. She plays a crucial role inintegrating ESG considerations into the firm's
investment activities, fostering responsible
investment practices, managing ESG risks, anddriving long-term value creation for both the firm
and its stakeholders.

Sustainable Investing Global Standards
Communicating
MCP’s responsible
investment
approach, progress,
impacts and goals
transparently toinvestors, and otherstakeholders.

27Our focus towards
the 2x Challenge

MC III is a successful 2X Challenge fund
Women In Management – Portfolio Companies

MC IV will participate in the 2X Challenge, meaning that its
investments will comply with one of these criteria:
Dehouha Sellaoui

Marema Bao

Meryem Nazih

GSRD - CEOGroupe Cofina Deputy CEO

TGCC - HR Director

MC IV Gender Equality investment policy

Target stakeholders:
African middle-class population and women28

Advancing Diversity, Equity &inclusion
Our team actively works with portfolio companies to improve the diversity of their teams, as well as the customers they
serve. MC IV this year joined the 2X Challenge to advance women as entrepreneurs, as business leaders, as employees
and as consumers

21,321 people

DIRECTLY EMPLOYED BYOUR PORTFOLIOCOMPANIES

27% women

IN TOTAL PORTFOLIOWORKFORCE

37% women

IN MANAGEMENT INPORTFOLIO COMPANIES

+13%
YoY

+22%
YoY

24% women+5,000 jobs

DIRECTLY CREATED BY OURPORTFOLIO COMPANIES SINCE
2019

26% women

IN LEADERSHIP POSITIONS IN
PORTFOLIO COMPANIES

+12%
YoY

IN MCP WORKFORCE

20% women

IN MC IV Investment committee

25% women

IN MCP NEW HIRES

14% women+€110million

SALARIES PAID, FLOWING
THROUGH LOCAL ECONOMIESIN MCP PARTNERSHIP STRUCTURE

29

Taking action on Climate change
A Robust Climate Policy operationalized throughout the investment cycle

Step

Pre-investment

OwnershipExit• Identify climate risks and opportunities• Ensure that companies can engage on climate topics

Objective• Define action levers to reduce climate risks and take theclimate opportunities
During the pre-investment, the climate analysis becomes more
and more granular, following the work performed during thefinancial and ESG analyses• Phase 1: A transition risk and opportunity matrix to identify
transition risks. Physical risks are assessed through AXA Altitude.

Tools/
Deliverables• Phase 2: Climate Due Diligence guidelines are embedded into
the Terms of Reference for the E&S due diligence• Phase 3: Develop a Climate Road map, associated objectives
could be integrated in shareholders’ agreements.

• Implement an action
plan• Report
improvementson• Carbonfootprint
guidelines developedfor
portfolio
companies• Show value creation• Climate Vendor Due
Diligence, if relevant,toshow-casetheeffortsmadetoreduce emissions andadapt activities toclimate change

To embed climate-related risks and opportunities into the policies and practices that guide our governance, due
diligence, risk management, and engagement of portfolio companies.

30

Portfolio Impact|2022

Contribution to
the SDGs
At Mediterrania Capital Partners, we areintegrating the SDG Compass Methodology toassess and maximise our contribution to theUnited Nations Sustainable Development
Goals (SDGs). We are assisting our portfolio
companies in recognising significant activities,
sectors and overarching megatrends. This
enables them to gain a deeper

understanding of where their genuine impactlies and how they can optimise their positive
returns by aligning with the SDGs.

06

Appendix III:
Mediterrania
Capital IV

Executive summary
Clear investment strategy replicating that of MC III

Mediterrania Capital IV – MC IV
KEY TERMS• Target Size: €350 M (First Close +€200 M; Hard Cap €400 M)• Fund Term: 10 years (5+5)• 2% management fee; 20/80 Carried with Catch-Up with
reduction to 1.8 % after €300 M and 1.5 % after €350 M• 1.5 % GP commitment• Hurdle rate: 8%• First Closing: March 31, 2023 (Rolling First Close: June 30,
2023)

INVESTMENT STRATEGY
Geography• North and Francophone West Africa(Same geography as MC III)
→ North Africa: 75% (~€210 M)→ Sub-Saharan Africa: 25% (~€70 M)
Investments• Investment Tickets: €20 M to €50 M• Focus on Mid-Cap Companies• Majorities and very significant minorities• Focus on Growth/Buy-Out investments• Offering €150 - €200 M of Co-Investments (€75 M
delivered)

Targeted Mid• Sectors:
1. Healthcare
2. Education
3. Financial Services
4. FMCG• Type of company
1. Fast growing
2. Strong Management
Teams
3. Appealing market• Use of Funds:
1. Equity
2. Quasi Equity

Portfolio Construction:
8-10 investments in:••••

2-4 – Morocco
2-3 – Egypt
1 – Tunisia/Algeria
2-3 – SSA

• Domicile: Mauritius• Strong focus on CoInvestments

34

Fundraising timelineFirst Closing – March 31, 2023

Official
Fundraising
LaunchFirst Closing –Signing of thesubscription
agreement

Final Closing

Q4 ‘21

Q1 ‘23

Q1 ‘24Q2 ‘22Q4 ‘22Q2 ‘23First Draft of the
LPA

Side Letter
Negotiation

Rolling First Close

Drafting & Finishing of legal documentation

35

Impact of mc iv
Making a mark in Africa

Employment of 30,000 people by fund portfolio companies
Access to affordable healthcare for 30 million people
Access to affordable financial services for 30 million people
Reduction of 30% in Co2 emissions
Increase women in the workforce by 45%, by the end of the fund life
Access to affordable pharmaceutical products for 22 million people

3636

07

Appendix IV:
Sample pipelineSample of Selected pipeline
Company
Name

Country

SectorShareholders
Structure

Deal Status

Turnover

Expected
Ownership

Deal size over fundlife (EUR M)

Deal TypeUse of Proceeds

Project 1

MoroccoPharmaFamily Business

Closed May 2023

110

Minority75

Mix Growth &Cash out

Facility expansion

Project 2

MoroccoFinancial Services

Family Business +Family Office

LOI Signed

83

Minority57

Mix Growth &Cash out

International expansion &Development of M-Wallet
App

Project 3

Ivory Coast

Insurance

Family Business

Advanced Discussions

44

Majority

20

Cash in

Build-up Strategy

Project 4

Ivory Coast Communications

Local
Corporations

Early Discussions

6

Majority

20

Cash out

N.A
Expansion plan to launch
new products andregistration of newpharmaceuticalformulations

Project 5

Egypt

PharmaFamily Business

Early Discussions

20

Minority70

Mix Growth &Cash out

Project 6

Egypt

Insurance

Family Business +Financial Sponsors

Early Discussions

40

Minority

25-30

Cash In andOut

Cash Out and capitalincrease to expand license
to penetrate new sectors

Project 7

Egypt

F&B

Family Business

Early Discussions

55

Majority

60-70

Cash OutCash Out

Project 8

Egypt

Early Discussions

58

Minority

30-40

Cash In andOut

Regional Acquisitions

Project 9

Egypt

Early Discussions

13

Minority

15-20

Cash In andOut

Organic Expansion

Financial Services Financial investors

Healthcare

Family Business38

Project 1-laprophan
A leading pharmaceutical company in Morocco
Key Facts• Constitution: 1949
• Country: Morocco• Business segment: Pharmaceuticals Industry• # of employees: 900

Sales Evolution MAD M

Pharmaceuticalspecialties

15+

Therapeutic
areas

30+

Exportdestinations

20%

50%

2022 EBITDA
marginFemaleemployees

22m

140+ years

Potential newclients

58m+

Tons of annual
production
capacity

Combinedmanagement
experience

1,307

81.2

68.3

66.4

67

438.1

492.5

504.7

497.8

607.6

537.2

593.6

2019A

2020A
Imported Finished Goods

2021A
Own Products

2022A
2023E
Licensed Products▪ Business Description:➢ A pioneering company in the Moroccan pharmaceuticalindustry and one of the undisputed local leaders in the
manufacturing,
distribution,
importandexportofpharmaceutical products.

400+

1,166

1,096

1,114

1,031

66.5
466.5

Distribution Facilities

534.5

691.5

Blue-chip international partners

5,000 storage
places2 tri-directional
lifts & 4 stackers

3 reception
platforms

3 shipping
platforms

1 platform
dedicated toexport5 cold-storage
rooms

May 2023
Expectedclosing date39

Project 2
A leading financial services company mainly active in money transfers in Morocco
Key Facts• Constitution: 2004
• Country: Morocco• Business Segment: Financial Services• # of employees: 839

2017 – 2021 Revenues (MAD m)▪ Business Description:➢ Founded in 2004 the financial services company began as a money transfer
company before it expanding its services to digital and payments of bills (tax,phone bills and many others)➢ The financial services offers :▪ National and International Money Transfer▪ Payment of phone bills, electricity, water among others▪ Delivery services send and receive to the broad locations of theprovider▪ Other services include purchasing airline and rail tickets, paying for ecommerce products, and several more.

3,200+Stores within
retail network

600k+

Mobile walletaccounts

100%

48%

21%

Regional coveragein Morocco

Femaleemployees

Employees
under 2530%

36%

Dec. 2023

EBITDA margin

598.0

CAGR +41%

Market share of
Expectednational remittances closing datein Morocco

431.0

150.0

2017

200.0

2018

254.0

2019

2020

2021

Partners
Money Transfer Partners

Telecom

GamingOthers40

08

Appendix V:
African
Demographics

North & West Africa:
Great Potential to Catch Up
By 2023, Africa will contribute to 42% of the world’s youth
AfricaPopulation 2022

1.4bn

Size of working
population, 1950-2050
In Millions | Age 15 - 64

By 2030, Africa will be home to 5 cities of more than ten million people each, as three morecities join Cairo and Lagos. By 2040, that figure will amount to 10 cities.

2015

2030

Nominal GDP 2022

$3.0trGlobal FDI 2020

4%

African cities bypopulation

Japan
Population 2021126m

African cities bypopulation

By 2050, Africa will add 796 million
people to the global workforce andbe home to the largest and youngest
population.

Nominal GDP 2021

$4.9tr

Source: IMF, Population Reference Bureau, World Bank, McKinsey,
UNCTAD Quarterly, Africa’s overlooked business revolution, 2018

1 Greater Johannesburg includes the City of Johannesburg,
Ekurhuleni, and the West Rand.
Source: UN World Population Prospect, June 2014 revision, UN
population division; McKinsey Global Institute analysis

42

North and West-African
Middle Class
Target Markets*

Africa’s Middle Class is growing exponentially
Total GDP

2022 GDP Growth

Urbanisation$0.8tr4.7%

63%(30.8% of Africa)(vs. 3.6% of Africa)

Unemployment(vs. 47% Av. Africa)
Total Population

Consumer Spending

9.5%

265m

$1.3tr

(vs. 11.8% Av. Africa)(20.4% of Africa)- More than India

Gross Income Growth Index 2020-2040

350

Ivory Coast
Egypt

300

Morocco250

Middle East &Africa
World

200
150

Source: BearingPoint, based on ADB data, 2015, McKinsey 2018, Euromonitor* Egypt, Algeria, Tunisia, Morocco, Senegal, Ivory Coast, Cameroon

2040

2039

2038

2037

2036

2035

2034

2033

2032

2031

2030

2029

2028

2027

2026

2025

2024

2023

2022

2021

100

2020

2020 = 100

Poverty reduction on the continent has led to therise of a new consumer class – the Middle Class.

43

Mike Portanier
Head of Investor Relations
mportanier@mcapitalp.com

Albert Alsina
Founder and CEO
aalsina@mcapitalp.com

ABIDJAN
Résidence “La TULIPE”
Cocody Les Deux-Plateaux
01 BP 3631 Abidjan 01
Ivory Coast

BARCELONASBC Diagonal Trade
Gran via Carles III 98 – North Tower
08028 Barcelona
Spain

CAIRO
2, Ahmed Ragheb St.
Garden City
Cairo
Egypt

CASABLANCA
Tour CFC, Lot 58, 6ème étage
Quartier Casa-Anfa
Hay Hassani, Casablanca 20240
Morocco

MAURITIUS
5th Floor, Nexsky Building
Ebène
Cybercity 72201
Mauritius

VALLETTAWhitehall Mansions – Level 2
Ta’ Xbiex Wharf
Ta’ Xbiex XBX 1026
Malta

www.mcapitalp.com