SAVCA-GIBS Advanced Programme

in Private Equity

Best Practice in Private Equity Portfolio

Valuation Reporting

A master-class in the IPEV Guidelines and their application

in reporting to investors

1 October 2015

GIBS Campus, Illovo,

Johannesburg

SAVCA-GIBS Advanced Programme in Private EquityBest Practice in Private Equity Portfolio Valuation ReportingA master-class in the IPEV Guidelines and their application in reporting to investors

THURSDAY 1 October 2015, GIBS Campus, Illovo, Johannesburg

A master-class in the IPEV Guidelines and their application in reporting to investors

This course is designed to give investment practitioners and advisors insights into the methodology and application of the International Private Equity and Venture Capital Valuation (IPEV) Guidelines. The training is targeted at private equity fund managers, venture capital fund managers and other long-term investors into unlisted assets; institutional investors into private equity funds; regulators and advisory fi rms to the industry.

08.30 - 10.00 Introduction to the International Private Equity and Venture Capital Valuation GuidelinesRory Ord and Heleen GoussardRisCura

10.00 - 10.30 Coffee break

10.30 – 12.00 Practical Applications of the IPEV Valuation Guidelines to Private Equity (Part 1) Rory Ord and Heleen GoussardRisCura

12.00 – 13.00 Lunch

13.00 – 14.00 Practical Applications of the IPEV Valuation Guidelines to Private Equity (Part 2)Rory Ord and Heleen GoussardRisCura

14.00 – 14:45 Presentation: IFRS vs GAAP: The Approach to Fair ValueTrevor Derwin, Deloitte & Touche

14.45 – 15.15 Coffee break

15.15 – 16.30 Panel Discussion: Comparing perspectives from buyout funds, funds with multiple jurisdictions and cross-border assets, and VC funds

• Ahmad Mazhar, The Abraaj Group• Craig Beney, Convergence Partners• Craig Dreyer, Ethos Private Equity• Keet van Zyl, Knife Capital• Richard Flett, Horizon Equity• Thandie Mashego, Vantage Capital

Craig Beney, Chief Operating Offi cer, Convergence Partners

Craig Beney is responsible for all operational aspects of Convergence Partners with a particular focus on governance and risk issues within both Convergence Partners and in their investee companies. Prior to joining Convergence Partners, Craig spent two years as the Chief Operating Offi cer of Phatisa Group. Craig has considerable expertise in treasury, risk and capital management in the fi nancial services sector, having worked, for over 20 years, for regulatory and fi nancial institutions both in the United Kingdom at the Financial Services Authority, UBS and Barclays Capital; and in South Africa at Investec Bank (as head of operations for currency and derivatives trading within their Treasury division) and then as a founding shareholder of Integer.

Trevor Derwin, Partner, Audit - Accounting and Auditing: Deloitte & Touche

Trevor Derwin joined Deloitte & Touche in 1998 after a period of 3 years as a Project Director at the South African Institute of Chartered Accountants (SAICA). Trevor has advised clients in South Africa on the implementation of IFRS and on the accounting implications of IFRS on transactions entered into. He has provided IFRS training in numerous countries both to clients and Deloitte personnel. Trevor was involved with the formation and initial running of the Deloitte Global Offi ce on IFRS and continues to participate in the setting of global IFRS policies for Deloitte.

Craig Dreyer, CFO: Ethos Private Equity

Craig Dreyer joined Ethos in 1998 as the Company’s Chief Financial Offi cer. Prior to this he was a partner of the Johannesburg offi ce of the international auditing fi rm BDO. Craig is responsible for reporting, valuations, governance and administration of Ethos. He has served as a committee member of South African Venture Capital and Private Equity Association since 1998. Craig holds a Bachelor of Commerce degree in accounting and a post graduate Bachelor of Accounting degree from the University of Witwatersrand. He is a member of the South African Institute of Chartered Accountants. Craig represented South Africa at the Fireball World Sailing Championships in San Francisco in 1984. Craig is a keen photographer and tries to ride a mountain bike. Craig is married to Linda and has two daughters.

Richard Flett, Managing Director: Horizon Equity Partners

Richard Flett is a managing director of Horizon Equity Partners, a fi rm he co-founded in 1996 and which now manages R300 million in capitals for private equity investments in South African companies. He has led a number of key investments for Horizon and served as a non-executive director on numerous boards. He was a founding director of SAVCA and was responsible for launching the Foundation training programme. Currently, he serves on SAVCA’s regulatory subcommittee. He holds a B.Sc. (Honours) from Manchester University and an MBA from INSEAD, France.

and Auditing: Deloitte & Touche

Richard Flett, Managing Director: Horizon Equity Partners

Heleen Goussard, Associate: RisCura

Heleen Goussard, an Associate for RisCura, works in RisCura’s unlisted investment advisory division primarily managing calculation of an independent unlisted valuation, highlighting any discrepancies in value and methodology, preparing of all numerical information used in quarterly reports and IRR calculations for both reporting and fund raising purposes. Heleen has performed and reviewed in excess of 50 valuations at RisCura and undertaken the valuation of Infrastructure projects at both Greenfi eld and Brownfi eld stages of development. She has developed specialised skills in the valuation of Infrastructure, including renewable energy, rail concessions, and refi neries. Heleen is a chartered accountant based in Cape Town. Her previous experience includes Technical Partner at PFK (CPT) Inc. CA (SA); CFA

Thandie Mashego, Chief Financial Offi cer: Vantage Capital Group

Thandie Mashego is the Chief Financial Offi cer of Vantage Capital, and is responsible for fi nancial and risk management activities of the Group, Portfolio valuations and Fund reporting. She joined Vantage in June 2014. Prior to that, she held various senior roles at the Industrial Development Corporation (IDC), where she led and concluded a number of project and corporate fi nance deals. She also managed IDC’s Loan and Unlisted Equity Portfolio in Mining, Health-care, Transportation and Financial Services. Thandie holds a Bcom and Honours degree from University of Natal and is a CA (SA). She served articles at KPMG and Transnet.

Ahmad Mazhar, Director: The Abraaj Group

Ahmad Mazhar is a member of The Abraaj Group’s Southern African investment team and is based in Johannesburg.

Mr. Mazhar has over 10 years’ experience in the private equity industry. His transactionexperience includes the acquisition of Libstar, one of the largest FMCG players of itskind in South Africa, Fan Milk International, the largest FMCG transaction in Sub Saharan Africa (outside of SA), and the acquisition of Egyptian Fertilizers Company, the largest leveraged buyout in the MENA region.

Mr. Mazhar graduated with a Bachelor of Science in Electrical Engineering from the Georgia Institute of Technology and has an MBA from the Wharton School, University of Pennsylvania.

Rory Ord, Principal: RisCura

Rory Ord has headed RisCura’s private equity advisory group since 2008, and is one of Africa’s leading experts in private equity investment. He regularly speaks on African private equity, as well as valuation, regulation and performance measurement. Rory also trains African pension fund trustees across the continent on private equity and is well known for several research reports on African private equity including the Bright Africa series of reports on equity investing on the continent, the RisCura SAVCA Southern Africa Private Equity Performance Report as well as the Search for Returns report which surveyed global investor attitudes to African private equity. Rory is a chartered accountant and previously worked at Deloitte in the United Kingdom and South Africa, and is based in Cape Town.