BLAKENEY MANAGEMENT

Blakeney Management is an independent London based firm dedicated to investment in inefficient stock markets. Blakeney was started in 1990 by its current Chairman, Miles Morland. It has been the pioneer investor in many of the stock markets of Africa and the Arab world and we are today the only international firm which focuses exclusively on that area. We are the largest, and sometimes only, foreign portfolio investor in many of the markets of sub-Saharan Africa and the Arab world. We invest in both listed and private companies. We are an active investor and have played a role as a catalyst in the development of the telecommunications and banking industries in our region.

We are a small, focused firm offering specialised money management services solely to institutional clients most of whom we have come to know through referral.

We spend our time analysing corporate, economic and political information about the areas in which we invest. As a result we have accumulated what may be a unique knowledge base about public companies in Africa and the Middle East. We hope this makes us better able to make money for our clients. We don't make our research available to anyone but them.

We do not make information about the company and its activities available on the web because we like to know to whom we are talking. We don't have any salesmen but if you are an institution who has a serious interest in knowing more about us, please telephone our office in London and ask for one of the investment team or e-mail Annie McNab and ask her to put you in touch with one of us. You could even write her a letter if you prefer. We don't like to send out material to people we haven't met. (And good luck with your MBA thesis on Nigerian capital flows but please don't ask us to help you with it.)

Investment Team:

Nina Beale, Khalifa Biobaku, James Hancocks,

Karim Jetha, Merlin Marr-Johnson, Hadi Kabalan, Obi Ogbunude, Caspar Romer

Blakeney Information Memorandum

Telephone: +44 20 7352 4117 e-mail: am@blakman.com

Blakeney Management, 29 Chelsea Wharf, Lots Road, London, SW10 0QJ

We are authorised and regulated by the Financial Services Authority and

do not offer our services to the general public in the United States.

Statement on the Stewardship Code