I. 6 II. III. IV. 5 V Economist Intelligence Unit Limited 202

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1 206 Invest AD

2 I. 6 II. III. IV. 5 V Economist Intelligence Unit Limited 202

3 206 0 Invest AD-EIU Nazem Fawwaz Al Kudsi Invest AD 2 Economist Intelligence Unit Limited 202

4 EIU Invest AD 5 Invest AD James Watson Aviva Freudmann Stephen Edwards 202 Economist Intelligence Unit Limited 202

5 206 2 Invest AD % 4 9,900 Ismail Douiri Attijariwafa Bank Antti Vesa Aktia Invest Robert Mikkelstrup Danske Capital Abebe Selassie Nick Greenwood Royal County of Berkshire Pension Fund Ronald Pfende Stanbic Nigeria 4 Economist Intelligence Unit Limited 202

6 % 44% 29% % % % 206 5% % 0% 90% % 4% 5% 5 4% 40% 6% 0 n Economist Intelligence Unit Limited 202 5

7 206 I McKinsey Global Institute GDP , GDP McKinsey Global Institute % % % % % GDP 4.9% 2.9% % Invest AD-EIU Economist Intelligence Unit Limited 202

8 206 Ronald Pfende Stanbic Nigeria 2 2 % % ,000 4% Invest AD-EIU % % 60% 2007Standard Bank Stanbic Nigeria Ronald Pfende Danske Bank Group 750 Danske CapitalRobert Mikkelstrup 0% 40% 0 90% 2000 % 990 % 2000 GDP 59% 990.9% GDP -4.6% -.% McKinseyErnst & Young Research and Markets 0 0 n Economist Intelligence Unit Limited 202 7

9 206 II HIPC Economist %2000 % 2% % McKinsey 5 Standard Bank 206.% FDI 4 HIPC McKinsey Global Institute Standard Bank Economist Unilever 0% % Mikkelstrup McKinsey Financial Times GDP Economist Intelligence Unit Limited 202

10 Abebe Selassie % % 5 4 2% 206 5% 5 9 Royal County of Berkshire Pension Fund % 2.5% Nick Greenwood 5 % 0% 0 % 2% 2 % 4% 4 5% 5% Invest AD-EIU Economist Intelligence Unit Limited 202 9

11 % 4 4 Invest AD-EIU % % 0 n 0 Economist Intelligence Unit Limited 202

12 206 III. 6 % Invest AD-EIU BRICs Aktia Bank Aktia InvestAntti Vesa Greenwood Economist Intelligence Unit Limited 202

13 206 Nick Greenwood Greenwood 2 64%% 20Doing Business % Invest AD-EIU Economist Intelligence Unit Limited 202

14 206 Antti Vesa Aktia Invest Selassie McKinsey % Invest AD-EIU , ,000 McKinsey 2004 Vesa % Economist Intelligence Unit Limited 202

15 MSCI MSCI MSCI MSCI % Vesa n % Invest AD-EIU Economist Intelligence Unit Limited 202

16 206 IV. 2 % Invest AD-EIU % Selassie % Ernst & Young Invest AD-EIU 4 40% 0% 0 20 Ernst & Young Invest AD-EIU Economist Intelligence Unit Limited 202 5

17 % 5%29% 27% Berkshire Pension Fund Greenwood 250% 0.5% PER5 Selassie Pfende Pfende Invest AD-EIU Greenwood 200 Attijariwafa Bank Ismail Douiri % Invest AD-EIU Economist Intelligence Unit Limited 202

18 206 Stanbic Nigeria Attijariwafa Bank 2 Attijarawafa Bank Ismail Douiri 2005M&A 20 Douiri Stanbic Nigeria 5, Ronald Pfende Standard Bank 2007 Stanbic Pfende 40% 2,0009,000 Pfende % n Economist Intelligence Unit Limited 202 7

19 206 V , %GDP GDP % Invest AD-EIU 20 9 Economist Intelligence Unit Limited 202

20 206 Doing Business 7 2. EAC % GDP % 6.% EAC 2005 % EAC Rand Merchant Bank 0. 0 GDP20.2%, % 00 GDP % Rand Merchant Bank n Economist Intelligence Unit Limited 202 9

21 BRVM BVMAC2 n 20 Economist Intelligence Unit Limited 202

22 206 %) % % Economist Intelligence Unit Limited 202 2

23 206 5 % 5 0% % % % 7 4 4% % 6 9 5% % Economist Intelligence Unit Limited 202

24 206 % % Economist Intelligence Unit Limited 202 2

25 206 2 % % % Economist Intelligence Unit Limited 202

26 Economist Intelligence Unit Limited % % IT

27 Economist Intelligence Unit Limited % % % % 2 4, ,0004 9, , % %

28 206 % CFO Economist Intelligence Unit Limited

29 Design: Cover image Nigel J Dennis

30 Invest AD P.O. Box 4609 Abu Dhabi, UAE Tel (Int l): Tel (UAE): 00 INVESTAD (4672) clientservices@investad.com Invest AD MEA Limited Office No. 6, Level 4, Al Fattan Currency House, DIFC P.O. Box 4200 Dubai, United Arab Emirates Tel: Fax: Istanbul office: ADIC PE Management LLC Türkiye İstanbul İrtibat Bürosu Büyükdere Caddesi No: 9 APA Giz Plaza, Kat: 24 Levent, Şişli Istanbul

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