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Presenting the

Presenting the. Managed by Decorum Capital Partners (Pty) Limited Portfolio Committee on Minerals & Energy, Parliament. Principal Managers. Arthur Mashiatshidi John Taylor Neil Gardyne Paul Mwasinga Richard Shead. Background & Motivation. Mineralisation in the region

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Presenting the

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  1. Presentingthe Managed by Decorum Capital Partners (Pty) Limited Portfolio Committee on Minerals & Energy, Parliament

  2. Principal Managers Arthur Mashiatshidi John Taylor Neil Gardyne Paul Mwasinga Richard Shead

  3. Background & Motivation • Mineralisation in the region • Absence of junior mining culture • New mining legislation in SA • Existence of mining systems & knowledge • Favourable investment climate • Risk mitigation

  4. Description of NAMF Fund • Incorporated in SA as a Bewind Trust • Private Equity Fund • Providing Risk Capital • Competitive Return on Capital • Focusing on Junior Mining Opportunities • Investing in diversified minerals • Regional Focus: The African Continent

  5. Framework • Competitive Returns on Investor Capital • Fund projects with potential for a high return • Invest in projects with commercial merit • Sanlam option to receive capital protection • Support SA transformation objectives • Access to funding (non traditional) • Mitigate risks • Facilitate access to skills

  6. Stage of Focus Feasibility Resource Definition Pre-Feasibility Discovery Focus on opportunities seeking risk capital Risk Capital (Equity) Quasi Equity Debt Finance Production DecreasingRisk Harvest Value Curve Increasing Project Value IPO MBO NAMF FOCUS Etc. Project Stages

  7. Salient Terms Finite life of 10 Years Draw-Down Basis 6 Year Commitment Period Rand Denominated Optional Capital Protection Aim to raise between R1 billion and R2 billion of commitments

  8. Corporate Governance • Board of Trustees • Reputable business and mining leaders • Responsible for setting policy direction • Investment Committee • Balance between investors and trustees • Significant investor representation • Responsible for final investment approval • Conflicts committee • Actively address opportunities for conflicts

  9. Investors • ABSA Corporate Merchant Bank • BHP Billiton Limited • Development Bank of Southern Africa • Gold Fields Limited • Harmony Gold Mining Limited • Industrial Development Corporation • International Finance Corporation • Kumba Resources Limited In Excess of R 460 million already committed

  10. Participation Options • Sanlam Investment Management (SIM) • 2nd Largest Asset Manager in Africa • Manages > R 200 billion in assets • Optional Up to R1 Billion Capital Guarantee New Investors Current Investors SIM Fund of Funds New Africa Mining Fund Other Fund Other Fund

  11. Challenges/ • Skills and Expertise • Technical • Financial • Managerial • Operational • Expectations • Regulatory • Commercial / BEE • Royalties • Beneficiation Mentor Group No Resources Structured Incentives Flow Through Shares Access to Financial Markets

  12. Contact Details: Arthur +27 82 560 0469

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