This newsletter has been prepared by Africa Partners GmbH independently of the companies mentioned and is distributed for informational purposes only.

This newsletter does not constitute or form part of any offer to sell or subscribe for securities or any invitation to an offer to purchase or subscribe for securities. Neither this newsletter, nor any part of this newsletter, constitutes the basis for any contract or commitment, and should not be used in support of any such contract or commitment or constitute an inducement to enter into such a contract. or commitment.

All opinions, forecasts, projections and/or estimates that may be formulated in this document are entirely those of Africa Partners GmbH and are given in the context of its usual research activities and should not be considered as having been authorized or approved by any other person. .

All opinions, forecasts, projections and/or estimates that may be contained in this newsletter reflect the judgment of Africa Partners GmbH on the date on which it is published, and it cannot be guaranteed that future results or events are in line with these opinions, forecasts, projections and / or estimates. These opinions, forecasts, projections and/or estimates may be subject to change subsequently without notice or notification, their accuracy is not guaranteed and they may be incomplete or summarized. This document may therefore not contain all the information relating to the Company.

Africa Partners GmbH draws the reader's attention to the fact that in compliance with the regulations in force, its directors or employees may own, in a personal capacity, securities or financial instruments likely to give access to the securities issued by the Company. Company, without this fact being such as to call into question the independence of Africa Partners GmbH within the framework of the establishment of this newsletter.

Any investor must make his own judgment as to the suitability of an investment in any transferable security issued by the Company, taking into account the merits and risks associated therewith, his own investment strategy and his situation. legal, fiscal and financial.

Africa Partners GmbH has not independently verified the information provided in this newsletter. As such, no declaration or guarantee, implicit or explicit, is given as to the sincerity, accuracy, completeness or veracity of the information, opinions, forecasts, projections and / or estimates contained in this newsletter. Africa Partners GmbH, nor any of its members, officers, employees or advisers, or any other person accepts any liability (due to negligence or otherwise) for any prejudice of any kind. which would result from the use of this newsletter, its content, its accuracy, any omission in this newsletter, or linked in any way to this newsletter.

This newsletter may not be reproduced, communicated or disseminated, directly or indirectly, in whole or in part, in any way whatsoever without the consent of Africa Partners GmbH.

This document may not be distributed to persons subject to certain restrictions. Thus, in particular, in the United Kingdom, this document is intended only for persons who (i) are investment professionals within the meaning of Article 19 (5) of the Financial Services and Markets Act 2000 (Financial Promotion ) Order 2005 (as currently in force, hereinafter the “Financial Promotion Order”), (ii) are referred to in Article 49 (2) (a) to (d) (“high net worth companies, unincorporated associations etc.”) of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activities (as defined in section 21 of the Financial Services and Markets Act 2000) in the context of the issue or sale of any transferable securities may be legally communicated, directly or indirectly (all of these persons being together referred to as the “Qualified Persons”). This document is intended for Authorized Persons only and may not be used by any person other than an Authorized Person. Anyone other than an Approved Person should refrain from using or relying on this document and the information it contains.

Neither this document nor any copy of it may be transmitted or distributed in the United States of America, or be distributed, directly or indirectly, in the United States of America. Any breach of this restriction may constitute a violation of stock market regulations in the United States of America.

Neither this document nor any copy of it may be transmitted or distributed in Canada, Australia, or Japan. The distribution of this document in other jurisdictions may constitute a violation of the legal and regulatory provisions in force. Persons coming into possession of this document must inform themselves and comply with these laws and regulations. By agreeing to receive this research note, you agree to be bound by the restrictions referred to above.

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About Africa Partners GmbH

Africa Partners GmbH is a limited liability company under German law, registered in Germany, District Court of Frankfurt am Main, HRB 93798.

Registered office: Auf der Kuhr 36, 60435 Frankfurt am Main, Germany

Tax registration number: 045 228 09347, tax office Frankfurt am Main III

Contact: contact@capitalnewsafrica.com