ABC CAPITAL MARKETS LTD | CORPORATE ADVISORY SERVICES

Disclaimer: This information sheet has been prepared by ABC Capital Markets Ltd. for information purposes only. Neither the opinion nor any opinion expressed constitutes financial advice nor recommendation to enter any business venture or buy or sell any securities that this document may refer to.


NEWS HIGHLIGHTS
For period of 16th to 20th April 2012

"#$%& '$#(#)*$ +,-&##.

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21#%3 #,-&*(04 #5 -60 /#701()0(- 81#91%))0 5#1 :;<:=:;<>
rosperlLy, connecLlvlLy and durablllLy are Lhe maln ob[ecLlves ouLllned by Lhe
lnLerlm resldenL of Lhe 8epubllc, "#$%&'( )*+,$-.(//(0(,'1 for Lhe
governmenL acLlon for Lhe nexL 3 years
1he governmenL wlll seek Lo explolL our excluslve economlc zone of 2.3 mllllon
square kllomeLre (area greaLer Lhan lrance, Cermany, lLaly and uk comblned)
1he governmenL wlll also engage on a new consLlLuLlonal reform Lo revlew Lhe
mode of elecLlon and Lhe role of Lhe resldenL of Lhe 8epubllc
CLher governmenL acLlons lnclude:
- WaLer supply 24/7 by 2013
- A 'one-off cash Lransfer" for sLudenLs succeedlng Lhelr CL exams wlll be
lnLroduced for low-class famllles. 1he allocaLlon wlll only be appllcable lf
Lhe sLudenL's aLLendance raLe aL school ls superlor Lo 90
- SeLLlng-up of 23 nurserles ln each nelghbourhood every year
- As from !anuary 2013, pre-school wlll be mandaLory for chlldren aged
beLween 3 Lo 3 years
- AllocaLlon sysLem for CL seaLs wlll be revlsed
- lnLroducLlon of a Chlld PealLh assporL" for each new-born
- 8evlslon of Lhe managemenL of prlvaLe colleges
- lnLroducLlon of a new law for lnsLalmenL sales
- AmendmenL of Lhe labour acL Lo proLecL worker's rlghLs
- lnLroducLlon of a ollce Complalns 8lll
- SeLLlng up of a charcoal power planL of 100Mw by 2013

?(704-)0(- *( @51*$%A B#)),(*$%-*#( *4 4#)0-*)04 -60 )%*( #C4-%$&0 -# 3070&#D
(0E C,4*(044 E*-6 @51*$%( $#)D%(*04
1he ",'2%3%'+ .'+%$(++ 4#'$5%/ 65*(7( sLaLes LhaL ouL of 30 emalls senL Lo
Afrlcan companles Lo prospecL new buslness, Lhey mlghL recelve a maxlmum of
3 emalls back, whlch ls noL very encouraglng
1he problem ls LhaL uslng lnLerneL and Lelephone/soclal neLworks ls noL Lhe
besL way Lo communlcaLe wlLh Afrlcan counLrles
lL ls advlsed LhaL any local company LhaL lnLends Lo do buslness wlLh Afrlca
should personally vlslL Lhe counLry and famlllarlze lLself wlLh Lhe Afrlcan
Chamber of Commerce or oLher promoLlng agency
WlLh Lhls flrsL conLacL, Lhey wlll creaLe a feel good facLor and develop a
LrusLworLhy relaLlonshlp for furLher buslness developmenL. CommunlcaLlon vla
emalls and phone calls wlll Lhen be more rellable
CLher ways Lo do buslness ln Afrlca ls Lo:
- arLlclpaLe ln 8uyers-Sellers MeeLlngs organlsed by 8$3(202%+( ",'2%3%'+
- ossess a webslLe wlLh a full descrlpLlon of Lhe company's producLs and
servlce offerlngs

F#,1*4) 40$-#1

G#10 6#-0&4 *(704- *( -60 40-=,D #5 40%E%-01 304%&*(%-*#( D&%(-
SeawaLer desallnaLlon offers Lhe followlng advanLages Lo hoLels:
- 1he cosL lnvolved ls lnferlor Lo buylng waLer from Lhe 49:
- PoLels no longer has Lo suffer from 49: waLer cuLs
1he process ls Loday very proflLable as Lhe 4($32,/ 8/(532%5%3; .#,2< has lowered
lLs Larlffs whereas Lhe 4($32,/ 9,3(2 :'3*#2%3; has lncreased Lhelrs
Whlle elecLrlclLy represenLs 80 of Lhe producLlon cosL of desallnaLed waLer,
Lhe cosL of lnvesLmenL for Lhe seLLlng-up of a unlL depends malnly on lLs
producLlon capaclLy, approx. 8s 30,000 per m3. lor example, a unlL of 800 m3,
cosL of lnvesLmenL wlll amounL Lo 8s 24 mllllon
A malnLenance englneer from .(,5*5#7=(2 >#3(/+ lndlcaLes LhaL seawaLer
desallnaLlon now cosLs Lhe hoLel 8s 18.33 per m3 afLer Lhe 48. reduced lLs
Larlffs, as compared Lo 8s 26 per m3 prevlously
ComparaLlvely, buylng waLer from Lhe 49: was cosLlng Lhem 8s 30 per m3 buL
prlce has lncreased Lo 8s 34 per m3 slnce March 2012
up Lo Lhls daLe, .(,5*5#7=(2 has overall 3 hoLels equlpped wlLh seawaLer
desallnaLlon unlLs. 1he flrsL one was lnsLalled ln Seychelles ln 2002. 1hen ln lLs
hoLel ln Le Morne ln 2007, followed by Lhe seL-up of 2 planLs ln 1rou-aux-8lches
As for ?'@A1 Lhe followlng hoLels are equlpped wlLh such unlLs:
- ?'@ ?( "#2$(
- ?'@ B2,$< B,'=(
- C,7,++,
- D/( <(+ E('@ 4#5#+
CLher hoLels ln MaurlLlus whlch wlll be equlpped wlLh Lhe desallnaLlon unlL are:
- 4#$+3,$5( .(//(-",2( F/,G(
- >%/3#$ ",'2%3%'+ H(+#23 I 60,
- 63-HJG%+ K63,2L##<M
N(2,$<, ?(%+'2( I >#+0%3,/%3; ls noL yeL equlpped, buL Lhe pro[ecL ls under
sLudy


81#)#-*#(%& -%1*554 -# G%,1*-*%(4 3,1*(9 -60 &#E 40%4#(
1o flll ln Lhelr esLabllshmenLs durlng Lhe low season, hoLel groups are proposlng
speclal resldenL packages Lo Lhelr MaurlLlan cllenLele. lor example:
- ?,O,P 4*,7,2(/ offers a sLandard room for 2 persons on half-board basls
aL 8s 6,000
- very successful among lndlvlduals and corporaLe evenLs are Lhe speclal
evenlngs and Sunday brunches aL Lhe 4 .(,5* 4/'= of N(2,$<, ?(%+'2( I
>#+0%3,/%3;
- .(,5*5#7=(2 >#3(/+ has always pracLlced speclal Larlffs for MaurlLlans.
Slnce 2011, Lhey have been uslng Lhelr lacebook page Lo noLlfy Lhe publlc
of Lhe lnLeresLlng offers of Lhelr dlfferenL hoLels
- Q#'2 6(,+#$+ H(+#23 ",'2%3%'+ offers a nlghL aL 8s 17,300 excl. vaL on half-
board basls wlLh a speclal lncenLlve Lo golf players: golf wlLhouL llmlL on
Lhelr champlonshlp course 82$%( 8/+, buL also oLher acLlvlLles llke waLer skl

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J*((01K4 L,D01)%1.0- 0MD%(34 *-4 %$-*7*-*04 &#$%&&H %(3 %&4# *(-0(34 -# $#(N,01
'%4-=@51*$%( $#,(-1*04
AfLer openlng several supermarkeLs ln Lhe dlfferenL locallLles of MaurlLlus, Lhe
company's new sLraLegy ls Lo go reglonal
LasL-Afrlca ls experlenclng slgnlflcanL growLh and lLs populaLlon ls wllllng Lo
supply lLself from large dlsLrlbuLlon cenLres
As for lLs local expanslon, 9%$$(2R+ wlll be:
- Cpenlng lLs 20Lh supermarkeL ln 8ouleL-8ouge, llacq by november 2012
- 8enovaLlng and expandlng lLs currenL locaLlon ln 8ambous. Works Lo be
compleLed by end of Aprll 2012 and wlll feaLure a bakery and pasLry shop,
Lhe 13Lh 9%$$(2R+ lncludlng Lhls faclllLy
- 8elocaLlng lLs SalnL-lerre supermarkeL ln Lhe S($<2, 4#77(25%,/ 4($32(.
A LoLal area of 1,100 sq meLre and 200 parklng spaces wlll be avallable.
CosL of lnvesLmenL for Lhls new locaLlon amounLs Lo 8s 43 mllllon
1hey are also relocaLlng Lhelr head offlce ln Lhe ex-bulldlng of 9*%3( 6,$< C#'2+

O*(%($*%& 4017*$04 40$-#1

2@? /1#,D 0MD%(34 *-4 5*(%($*%& 4017*$04 %$-*7*-*04 *( @51*$%
1he sub-Saharan Afrlca represenLs varlous opporLunlLles for Lhe developmenL
of Lhe flnanclal servlces secLor
AfLer belng llsLed on Lhe S($;,$ 63#5O 8@5*,$G(, .:D S($;, ls pro[ecLlng lLs
reglonal expanslon sLraLegy ln 4 Afrlcan counLrles, namely SouLh-Sudan,
8wanda, 1anzanla & uganda
1hey are focuslng malnly on flnanclal servlces, fund managemenL and properLy
developmenL
.:D ls Lhe maln shareholder ln .:D S($;,, Lhe leader ln Lhe lnsurance secLor ln
kenya. .:D S($;, ls also an lmporLanL shareholder ln 8&'%3; .,$O

?(-01(%-*#(%& %(3 P09*#(%& I0E4

@51*$%( $#,(-1*04 #5501*(9 -60*1 &%(3 -# G%,1*-*%( C,4*(04404 5#1 3070&#D)0(-
/%C#(
AfLer Lhe Mozamblque, Congo, Chana, 1anzanla and CLe d'lvolre, lL ls now
Cabon LhaL wlsh Lo aLLracL MaurlLlan companles
A Cabonese delegaLlon recenLly vlslLed MaurlLlus has made proposal for publlc-
prlvaLe cooperaLlon for Lhe developmenL of some 200,000 hecLares of land
ro[ecLs Lo be developed ln Lourlsm, sugar, flnanclal servlces & seafood secLors

G#Q%)C*N,0
4#70,G$%( <(+ C2#%+ :7%+ has obLalned a LoLal area of 4000 hecLares for rlce
culLlvaLlon. lanLaLlon has begun wlLh 200 hecLares buL Lhe whole surface Lo be
culLlvaLed ln Lhe nexL 2 years. 1he flrsL harvesL ls expecLed for end of 2013
.:D plans Lo culLlvaLe soya, corn and sunflower
D$$#<%+ ?3< plans Lo expand lLs poulLry farm

B#(9#
1he counLry ls lnvlLlng MaurlLlan lnvesLors so as Lo sLrengLhen lLs exlsLlng
economlc relaLlonshlp wlLh MaurlLlus
1hey are offerlng a Lrlangular parLnershlp Lo MaurlLlus LogeLher wlLh Slngapore
for Lhe developmenL of a speclal economlc zone
CpporLunlLles ln Lhe secLor of hosplLallLy, poulLry farmlng are belng offered, as
well as flnanclal servlces and agrlculLure

/6%(%
)5(,$ F2#<'53+ B*,$, ?3<. managed by SLephane laL, produces oll rlch ln
Cmega3, exLracLed from Luna
1hls commodlLy ls desLlned for Lhe manufacLurlng of baby foods producLs