AVCA Annual General Meeting 6th November 2006

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AVCA Annual General Meeting6th November 2006

• Dakar, Senegal

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AGENDA

• Attendance and apologies
• AVCA Operations Report on 2005/6 and priorities
  for 2007
• Resolutions Board Elections, Budget
• General

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AVCA BOARD/EXCO, SECRETARIAT

• Barbara James, AVCA, UK (Managing Director)
• Davinder Sikand, Aureos Capital, Kenya
• Tshepidi Moremong, Aureos Capital, South Africa
  (Training)
• Rotimi Oyekanmi, African Capital Alliance,
  Nigeria (Advocacy)
• Tokunbo Ishmael (Avante)

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AVCA Purpose

• The Association is a non-profit entity. Its
  purpose is to promote, develop and stimulate the
  private equity industry in Africa thus providing
  equity finance to companies with sound
  development potentials. The Association will
  promote the establishment of high ethical
  standards of business conduct and professional
  competence in the venture capital industry.
• The Association shall stimulate the promotion,
  research and analysis of venture capital in
  Africa and in other countries or territories,
  indicated in the list decided by the Board of
  Directors, and facilitate contact with
  policy-makers, with research institutions,
  universities, trade associations and other
  relevant institutions.
• The Association shall also encourage the
  creation, development and use of equity markets
  appropriate to the needs of venture capital
  investors and investees.
• The Association shall collect, circulate
  information with regard to its sector of
  activities, promote training and best practices
  among the members

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Evolution of AVCA
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1. Association 2006-7 Priorities

• Manage transition process to new MD- Search
  initiated AfricSearch assisting.
• Strengthen administration and financial process
  - New MD to play a key role financial consultant
  engaged new Treasurer to oversee
• Build on the momentum developed in the core
  offerings and expand selectively the offerings in
  2007 (See next few pages)
• Develop path to financial self-sufficiency in
  next 1-2 years

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2.1 Membership

• Progress in 2005/6 Membership now stands at 92
  members (56 Full Members and 36 Associate and
  Individual Members) versus 67 members the
  previous year (49 Full and 18 Associate and
  Individual Members).
• Plans for 2007 To continue to expand our
  membership. We aim to exceed 120 members in 2006.

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2.2 Information resources newsletter, website

• Progress in 2005/6 (www.avcanet.com) The new
  AVCA website was launched in 2004. During the
  last two years more functionality was added to
  the website.
• Members are able to submit items for the
  newsletter online, new members are able to join
  AVCA online.
• Members and others have commented favourably on
  the new website.
• We have published a quarterly newsletter since
  March 2004 and have received many complementary
  comments on the newsletter.
• Plans for 2007
• We plan to further improve the website
  (www.avcanet.com), for example to make it
  possible to make online credit card payments for
  conferences, training events, etc., and continue
  the quarterly newsletter.

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2.3 AVCA Annual Conference

• Progress in 2005-6 The AVCA 2006 Conference,
  5-7th November is in Dakar, Senegal and we are
  pleased to have increased the number of
  participants to in excess of 300.
• Plans for 2007 We will continue to have an
  annual Conference, most likely in Southern
  Africa. We plan to hold the 7th Annual AVCA
  Conference in late 2007 or early 2008.

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2.4 Training

• Progress in 2005/6 The first AVCA Foundation
  Training Programme was held in Tunisia in October
  2005. The programme was led by professors from
  the London Business School, and participants
  indicated that they found the case-study
  methodology of teaching to be very effective.
  The second AVCA Foundation Training Programme is
  scheduled to be held in Lagos, Nigeria in early
  December 2006 with nearly 40 delegates already
  registered, a considerable increase from the
  approximately 15 that attended the first course.
  A new case, developed around an African private
  equity investment, has been developed and will be
  used for the first time at this course.
• Plans for 2007 We plan like to run the training
  programme again in 2007 and to continue to
  attract up to 40 participants. We aim to maintain
  a case-study methodology and increase the number
  of African-based case studies. We are considering
  a training programme for LPs.

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2.5 Publications and Research

• Progress in 2005-6 We are very pleased to be
  launching the AVCA 2006 Investment Activity
  Report which is based on a survey conducted in
  the first half of 2005 and additional research
  work, done with partners Thomson Venture
  Economics and PriceWaterhouseCoopers. An
  increased number of fund managers responded to
  the 2006 survey versus the previous year. In
  addition the AVCA 2006 Directory of Members is
  being published for the 3rd year.
• Plans for 2007 We encourage all fund managers to
  participate in the survey to be done in 2007, so
  that we can further improve the coverage and
  value of the Investment Activity Report. We will
  also see how we can improve co-ordination on this
  with other organisations such as the Southern
  Africa Venture Capital Association (SAVCA). We
  will continue to produce on an annual basis the
  Directory of Members. We expect to progress the
  Development Impact Study.

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2.6 Other Initiatives

• Progress in 2005/6 We decided in 2006 to put our
  focus into the areas already covered and to keep
  on the back-burner and to limit our focus on
  other initiatives, including Entrepreneurship
  Project, Regulatory Review Project, Advocacy,
  Corporate Communications, Relationship Building.
  
• Plans for 2007 We plan to evaluate the capacity
  to handle a select number of new initiatives in
  2007, given that this next year will be an
  important transition year for the Association
  with a new MD to be hired and to take office. The
  expression of interest form from the Conference
  will help in determining what is tackled.

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Resolutions

• Approval of 2005 Financial Accounts
• Ratification of 2006 Budget
• Approval of 2007 Budget
• Election of the Board of Directors

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Thanks for your participation today. We wish
you all success at AVCA Dakar 2006.