Access Capital is the premier investment company in Ethiopia.

The Company has three divisions: investment research, investment advisory/banking services and investment management.

About Access Capital

Our Investment Banking and advisory service group looks for opportunities for our business clients and offers long-term capital solutions of various transaction sizes and sectors. The team has on-the-ground deal sourcing and execution expertise. The management team has 20 years collective experience in investment banking space in Wall Street. Today, the division has various investment opportunities in the pipeline particularly in real estate (hotels, commercial and residential market) and consumer goods and agri-business sectors. We have forged strategic partnership with international broker dealers and investment houses to meet our clients capital needs and structure deals. Leveraging the expertise of our research team, the Investment Management division develops strategies looking at significant market trends, themes, and investment opportunities and allocates investment capital in companies with high growth potential that will lead to superior return to our shareholders. Below are some of current investment and performance history. Access Capital Investment Summary and Performance History

The Investment Research team provides the most comprehensive insight on the economy, industry and markets. Access Capitals analysts, economists and strategists have earned an authoritative reputation through timely, in-depth analysis of sectors, industries, markets, and related policy analysis for both domestic and foreign business clients. Access Capital not only forecasts economic activity, inflation, interest and exchange rates but also provide regular insights into policy and economic trends providing the basis for a top-bottom investment approach. For complete research reports, please visit our web site at http://www.accesscapitalsc.com/research/research-highlights

Zemen Bank. In 2007, Access Capital raised 150 million ETB in the local market from about 3,000 shareholders to provide start-up equity capital for Zemen Bank (www.zemenbank.com), a commercial bank tailored to Ethiopia's growing middle class and high-net worth individuals as well as to large corporate clients. The Founder and former board chairman of Zemen Bank is Mr. Ermyas Amelga, the founding CEO and former board Chairman. Today, Zemen Bank is one of the best performing commercial banks in the country with 2011 revenue of 218 million ETB, a 62% increase from previous year, a gross profit of 121 million ETB, and 85 million ETB in net income with year-over year growth of 100%. The bank has over 10,000 corporate and retail clients, 0.8 ETB billion in funded loans, 1.4 billion ETB in deposits, and total assets of 1.8 billion ETB. In the just completed fiscal year, the bank has delivered a return to equity of 58% to its shareholders (versus private banks' average of 33%) and a return on assets of 6.3% (versus private banks' average of 3%). Zemen differentiates itself from its competitors by bringing technology-based banking and attributes its exceptional financial and operational performance in part to its unique business model which relies mainly on a single branch but is supplemented by multiple service points and distribution networks such as ATMs, Internet Banking, Foreign Exchange Bureaus, and banking kiosks. This distinctive business model has allowed for low overhead costs without impacting the Banks deposit-taking, lending, and international banking activities. Access Real Estate (ARE). Access Capital raised initial capital of 34 million ETB in 2008 to start the Company. The founder, CEO and board chairman of ARE is Mr. Ermyas Amelga, the founder, CEO and board chairman of Access Capital. Today, ARE has become one of the largest real-estate development company in Ethiopia. Since its operation in 2009, ARE has acquired land in the most desirable locations of Addis Ababa for residential and commercial real estate development. ARE builds and sells mixed-use buildings
Democratic Republic of Congo Street| Mentewab Bldg, 2nd fl |P.O. Box 28119, Code 1000| Addis Ababa, Ethiopia |Tel: 251-11-552-1341| Fax: 251-11-552-1310

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(residential, retail and commercial offices). To date, the Company has acquired approximately 50 (fifty) sites in prime locations within Addis Ababa and vicinity accommodating an approximately 6000 residential/retail mixed-use properties. The Company has already begun the construction of ten properties and is expected to begin the construction on its remaining plots over the next six months. ARE has grown tremendously from its beginning in just over three years to become the Nations largest homebuilder with approximately 60% market share. Currently, ARE is looking to sell its securitized receivablesthe first product of its kind worth $30 million USD in the local market with the help of IFC and other strategic partners. The Company is also looking to raise additional capital in order to build approximately 3000 units per year. For detailed information, an executive summary is available. Access Leasing (AL). Access is the first capital goods leasing company in Ethiopia. Established in 2011, the Company has a firm commitment of investment from IFC and a strategic partnership with Sri Lankan-based publically-listed leasing company, Central Financial Company, to build the first leasing firm in the market. Central Financial Company will take the operational and management of the company and roll out the business to ensure AL becomes the leading provider of capital goods leasing for businesses in Ethiopia. In a market like Ethiopia where access to long-term capital is highly restricted, the Company will focus on products custom tailored to fit the needs of its business clients and provide solutions that can enhance their liquidity, help manage cash flow and optimize their balance sheet. It will focus initially in agriculture, health care, construction and industrial sectors. AL believes capital goods leasing will fuel the economic growth as businesses benefit from higher efficiency, higher returns and increase in cash flow from the use of new equipments. For detailed information, an executive summary is available.

Access Resorts & Hotels PLC (ARH), is a hotel and resort developer in urban markets of Ethiopia. ARE acquires, develops and manages hotel real-estate assets. The Company is looking to attract international four-and-five star hotel operators to Ethiopia. The Company has an ambitious growth strategy to build and maintain a leading position in entertainment and leisure-inclusive hotel and hotel developments. To date, the Company has five renovation projects and three Greenfield projects throughout the urban markets in Ethiopia. Through a strategic partner, the Company is also looking for a partner to rebuild the Royal Juba hotel in South Sudan. ARHs most recent project is the renovation of Grand Imperial Hotel in Bole District of Addis Ababa, a small-sized boutique hotel with 75 rooms. Renovation is to begin in Q1:2012 and the hotel is estimated to be completed by Q1:2013. For details, an executive summary is available. Debre Berhan Water Bottling Company, is one of the three investments of Access Capital in consumer goods sector with a focus on beverage industry. Acquired in 2011, Debre Berhan produces high-end water from the region of Debre Berhan, known for its water purity and freshness under the brand name Aqua Safe.
Democratic Republic of Congo Street| Mentewab Bldg, 2nd fl |P.O. Box 28119, Code 1000| Addis Ababa, Ethiopia |Tel: 251-11-552-1341| Fax: 251-11-552-1310

Pioneer Agro Industries PLC (PAI). Established in 2010, PAI is one of the leading meat and livestock exporting companies in Ethiopia. With a focus on food production, PAI is looking to become a major meat processing and selling company in the region. PAI is looking to capitalize on the high Middle East demand for quality meat to grow its export base. Today, the company has 8,000 hectors of land for commercial farming and several cattle fattening centers. In 2010, the Company began building robust logistics capabilities for supply chain management of dedicated overland transport and secured the use of maritime transport vessel to facilitate increased shipping to Middle East markets from Djibouti port. To date, PAI has already entered into an agreement with several companies abroad to supply 70,000 live sheep and goats per year, 72,000 camels and bulls per year and 20,000 cows. In addition, PAI has entered an agreement with foreign firms to provided chilled steer and is expects to grow at about 15% per year. Domestically, the Company is looking to build its distribution capability throughout major sales channels, such as supermarkets, hypermarkets, wholesale clubs, restaurants, hotels, caterers and ancillary processors. PAI is also looking to utilize 20,000 hectares of land for commercial farming and supply animal feed for cattle. For more information, please request for the business plan.

Piko Juice Factory, PLC, a juice manufacturing and processing firm was established in 2009. Piko houses two brands including SNAP, a 150 ml juice from concentrate with three flavors and PIKO, a 250 ml juice drink

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TGMD Trade Works PLC, a mass-market water bottling firm, is the third acquisition of Access Capital within the beverage industry. Acquired in 2008, the Company currently supplies water products to the local market under a brand called REAL. Access Believes beverage industry is likely to grow fast in Ethiopia due to population as well as income growth. Ethiopia offers one of the most exciting domestic demand stories in Africa taking account of a population of 85 million and a rise in income boosting the existing demand and sustaining the industry's growth. Access believes the industry is likely to undergo consolidation in the next five years and the company is poised for growth with consolidation of its three companies. The items will be commissioned in October 2011 and TGMD is looking to begin producing Cola drinks in three initial flavors Q1:2012. PP Polytechnic, is a bulk food packing material manufacturing firm supplying package and innovative for agricultural and industrial sectors in Ethiopia. Acquired in July 2008, the company employs 600 people and produces up to 3 tons of PP bags per day of woven polypropylene bags suited for packaging and shipping products such as grain, vegetables, gravel, sand etc. Access Capital has acquired a soft drink production line and hopes to be in the market with three soft drink flavors by Q2:2012.

also in three flavors. In addition, the Company has acquired one-liter Tetra Pack line filling which should be operational 2:2012. The Company will produce 1 liter juice in three flavors.

In addition, Access Capital is working in the Republic of Sudan in partnership with Afrikadit Holdings and Access Capital has several investment opportunities including:

MA Thermo Plastics Industry PLC, consumer plastic manufacturing firm. Established in 1971, is one of the largest producers of plastics in Ethiopia. Acquired in 2008, MA thermoplastic is a pioneer in the domestic production of plastic products in Ethiopia.

Juba Road Construction. Sitting on 640,000 square km, the Republic of South Sudan is about the size of Austria, Belgium, Denmark, Holland, Germany and Portugal combined. South Sudan shares borders with Kenya, Uganda, North Sudan and Ethiopia. However, Juba, among other major cities, does not have adequate administrative buildings and accommodation to support government administration. Further, even the available road network has deteriorated as a result of a long civil war, budgetary cuts imposed for economic stabilization, and limited access to foreign capital and technology. Over the period of conflict, the road sector in South Sudan has witnessed serious erosion of the institutional capacity of the implementing agencies. Afrikadit Holdings is bidding for multiple road projects in Juba. Juba Residential Housing. While South Sudan has achieved its long-awaited independence, the nation-building process is just beginning. The Republic of South Sudan starts independence facing huge challenges among others, housing. It is estimated that up to 12 million people reside in South Sudan. A quarter who had fled outside of Sudan have recently returned in addition to another 2.2 million who had been displaced into other parts of South Sudan. Another 400,000-500,000 Southern Sudanese, currently in the north, are expected to return to the south. In addition to building the infrastructure of the country from the ground up from roads and hospitals the worlds newest

Royal Juba hotel. Royal Juba hotel is sitting on 45,000+ sqm site is 200-room five-star hotel and 33 bungalow resort located five minutes from the airport in the heart of Juba where old Juba hotel (built in 1936) is currently located. Royal Juba Hotel is has the interest of international brands for operation and management of the resort. The resort is ideally located in the city center to service tourists, transit passengers and most importantly the business, NGO and international community Juba airport has about 1,500 passengers per day with 30 planes landing per day on average. There are about sixty international NGOs and about 40 regional NGOs in Juba alone.

Democratic Republic of Congo Street| Mentewab Bldg, 2nd fl |P.O. Box 28119, Code 1000| Addis Ababa, Ethiopia |Tel: 251-11-552-1341| Fax: 251-11-552-1310

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nation faces remarkable challenges in building housing for its residents. Afrikadit Holdings is working to build affordable residential housing and alleviate the unprecedented housing challenge facing the nation. Rahel H Kidane, Executive Vice President Investment Funds Tel: 251-11-552-1341| Fax: 251-11-552-1310| Mobile: +251-92-130-3126 Email: rahel.kidane@accesscapitalsc.com Skype: rahelinathetaurus www.accesscapitalsc.com For more information, contact Rahel Hanna Kidane.

Democratic Republic of Congo Street| Mentewab Bldg, 2nd fl |P.O. Box 28119, Code 1000| Addis Ababa, Ethiopia |Tel: 251-11-552-1341| Fax: 251-11-552-1310

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