206 Invest AD
206 2 4 5 I. 6 II. III. IV. 5 V. 20 2 Economist Intelligence Unit Limited 202
206 0 Invest AD-EIU Nazem Fawwaz Al Kudsi Invest AD 2 Economist Intelligence Unit Limited 202
206 206 EIU Invest AD 5 Invest AD James Watson Aviva Freudmann Stephen Edwards 202 Economist Intelligence Unit Limited 202
206 2 Invest AD 20 9 5 00 % 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
206 2 5 2 66% 44% 29% 5 20 6.% 5 5 00 4 24% % 206 5% 2004 2005 2 200 2 64% 0% 90% 0 2 0 4 9% 4% 5% 5 4% 40% 6% 0 n Economist Intelligence Unit Limited 202 5
206 I. 950 960 970 90 0 2009 McKinsey Global Institute 200 6 GDP 2020 2 6,000 2004 200 GDP McKinsey Global Institute 200 6 6.6% 90 990 2 2009 2.%200 4.9% 2 205.5%202 5.9% 202 206 GDP 4.9% 2.9% 2 20 4 20 206 % 5.5 5.0 4.5 4.0.5.0 2.5 2.0.5.0 0.5 0 20 202 20 204 205 206 Invest AD-EIU 20 9 6 Economist Intelligence Unit Limited 202
206 Ronald Pfende Stanbic Nigeria 2 2 % 202 206.5% 54 29 0,000 4% 5 7 29 44 66 Invest AD-EIU 20 9 00 52 50% 2000 27% 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
206 II. 0 20 960 99 5 92 99 0 0 6 720 HIPC Economist 20 0 4 990 %2000 % 2% 990 90 990 2000 200 2.7% McKinsey 5 Standard Bank 206.% 6 200 200 0 6 7 FDI 4 HIPC 20 9 6 5 McKinsey Global Institute 200 6 6 Standard Bank 20 9 6 7 Economist 20 6 2000 90 200 550 Unilever 0% 20 9 4% Mikkelstrup 9 2000 20 52.700 7.6 McKinsey Financial Times 20 0 4 GDP2004 202 2004 200 20 7. 6.7 6.9 202.7 4.7 5. 6.0 6. 6.7.4 0.6 5.7 Economist Intelligence Unit Limited 202
206 0 2000 20 7 0 4 4 4 40 45 46 46 49 49 5 52 5 54 57 56 55 57 55 56 64 6 6 62 65 64 60 62 6 6 62 67 66 70 7 4 2 990 4.2000 2.6 2 0 Abebe Selassie 200 2 5 2% % 5 4 2% 206 5% 5 9 Royal County of Berkshire Pension Fund 200 4 0% 2.5% Nick Greenwood 5 % 0% 0 % 2% 2 % 4% 4 5% 5% 5 2 24 0 6 7 7 0 7 Invest AD-EIU 20 9 4 9 26 Economist Intelligence Unit Limited 202 9
206 5 0 5 5 % 4 4 Invest AD-EIU 20 9 5% 0 206 5% 0 n 0 Economist Intelligence Unit Limited 202
206 III. 6 % 2 2 6 2 7 5 Invest AD-EIU 20 9 0 0 2 6 4 40 200 5200 6 BRICs Aktia Bank 7 200 200.0 2.4 2.2.9.4.2.4. 2.6.0 2.2 2.7 2.5 2.4 2.4 2.9 2.9 2.9 200 200 6.0 5. Aktia InvestAntti Vesa Greenwood.6 4. 4.5 4.4 4. 5.4 5.4 5. 2.0 2. Economist Intelligence Unit Limited 202
206 Nick Greenwood Greenwood 2 64%% 20Doing Business 20 52 94 7 200 5 200 52004 2005 5 5 % 2 4 5 7 27 7 0 5 20 2 2 5 2 0 6 0 2 5 2 2 5 9 4 5 29 5 4 4 25 6 4 6 7 4 Invest AD-EIU 20 9 2 Economist Intelligence Unit Limited 202
206 Antti Vesa Aktia Invest Selassie 2009 9 200 2004 2005 200 2009 4 4 9 47 47 54 60 5 55 52 5 49 5 60 65 79 6 7 200 McKinsey 0 5 9 % 2 25 5 4 4 46 Invest AD-EIU 20 9 200,600 0 4,000 McKinsey 2004 Vesa 0 7 72% Economist Intelligence Unit Limited 202
206 0 60 40 20 00 0 60 40 20 0 MSCI MSCI MSCI MSCI 2007 200 2009 200 20 52% Vesa n 2 5 5 % 2 4 5 27 49 6 27 25 0 4 4 27 45 6 2 4 0 2 4 6 Invest AD-EIU 20 9 4 Economist Intelligence Unit Limited 202
206 IV. 2 % 6 5 0 5 20 2 27 5 4 9 Invest AD-EIU 20 9 2 20 9 2000 27% Selassie 9 20 4 20 4 2 % 2 2 20 20 29 9 4 Ernst & Young 2005 2007 0 2007 200 Invest AD-EIU 4 40% 0% 0 20 Ernst & Young 20 6 5 Invest AD-EIU 20 9 47 Economist Intelligence Unit Limited 202 5
206 5 2 % 5%29% 27% Berkshire Pension Fund Greenwood 250% 0.5% 20 20 27 2 5 PER5 Selassie Pfende 2006 2007 4 Pfende Invest AD-EIU 20 9 27 0 0 40 Greenwood 200 Attijariwafa Bank Ismail Douiri 6 5 5 % 2 0 4 Invest AD-EIU 20 9 6 Economist Intelligence Unit Limited 202
206 Stanbic Nigeria Attijariwafa Bank 2 Attijarawafa Bank 00 6 2 Ismail Douiri 2005M&A 20 Douiri Stanbic Nigeria 5,00 7 2009 2 Ronald Pfende Standard Bank 2007 Stanbic Pfende 40% 2,0009,000 Pfende 200 2 64% n Economist Intelligence Unit Limited 202 7
206 V. 4 0. 5,00 70 0 2000 90 2009 24 2 0 7%GDP GDP 4 7 0 5 % 2 9 7 6 6 5 5 25 5 4 4 5 Invest AD-EIU 20 9 Economist Intelligence Unit Limited 202
206 Doing Business 7 2. EAC 2005 200 5 2 5 990 2009 6.9% GDP 2000 7.7% 6.% EAC 2005 % EAC 5 4 2 Rand Merchant Bank 0. 0 GDP20.2%,00 00 5% 00 GDP 200 20570% Rand Merchant Bank 20 5 202 2 n Economist Intelligence Unit Limited 202 9
206 200 2009 20 29 BRVM BVMAC2 n 20 Economist Intelligence Unit Limited 202
206 %) 4 6 7 4 5 5 % 2 4 5 5 24 5 7 4 9 0 2 % 7 29 44 66 Economist Intelligence Unit Limited 202 2
206 5 % 5 0% 2 0 0 % 24 7 2% 0 7 2 % 7 4 4% 26 4 5% 6 9 5% % 0 5 5 6 20 27 2 4 5 9 Economist Intelligence Unit Limited 202
206 % 7 5 2 6 2 2 2 6 40 4 2 % 4 9 47 29 2 20 5 20 6 2 Economist Intelligence Unit Limited 202 2
206 2 % 5 0 2 40 27 27 0 20 4 20 5 5 % 2 4 5 7 27 7 0 5 20 2 2 5 2 0 6 0 2 5 2 2 5 9 4 5 29 5 4 4 25 6 4 6 7 4 5 5 % 2 4 5 0 27 49 6 27 25 4 4 27 45 6 2 4 0 2 4 6 24 Economist Intelligence Unit Limited 202
Economist Intelligence Unit Limited 202 25 206 5 % 5 4 5 4 25 6 5 5 2 9 7 6 5 5 4 4 2 5 % IT 46 5 4 4 25 2 0 0 9 9 4 2
Economist Intelligence Unit Limited 202 26 206 % 25 24 2 2 4 % 2 5 4 2 % 0 26 2 20 2 % 2 4,900 2 5,0004 9,900 59 9,900 049 5099 00249 250 5 5 9 7 4 5 6 % 75 4 25 9 6 % 2 0 5 4 2
206 % CFO 2 0 7 4 9 20 24 Economist Intelligence Unit Limited 202 27
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