NEF’s CEO Address: Value Cement Launch

ADDRESS BY THE CEO OF THE NATIONAL EMPOWERMENT FUND,

Ms PHILISIWE BUTHELEZI,

ON THE OCASSION OF THE LAUNCH OF THE VALUE CEMENT

12 June 2012 in WESTONARIA, 11H00

· The Board, Shareholders and management of Value Cement (Pty) Ltd,

· The Chairperson, Trustees and management of the National Empowerment Fund,

· Representatives, strategic partners and friends of Value Cement,

· Respected members of the media here present,

· Distinguished Guests,

Good morning. On this cold winter’s day, we are met here to celebrate a truly heart-warming culmination of an intense process that began with pre-investment assessment for a business case, followed by fund-management scrutiny, due-diligence and executive oversight, and ultimately, approval by the NEF’s Board Investment Committee. Resounding congratulations are therefore due to Value Cement for presenting a formidable and compelling value proposition, as well as to the NEF’s team of diligent investment associates, Fund Managers and Executives, for giving us this day. While one is currently away on official business abroad to assess investment opportunities in the nuclear sector, I am privileged to recognise in our midst here this morning some of the people from our team who have been part of this journey, and these are:

· In her official absence as stated, Ms Hlengiwe Makhathini, the Divisional Executive for Venture Capital and Corporate Finance, who is a Chartered Accountant,

· Ms Louisa Stephens, another Chartered Accountant and Manager of the uMnotho Fund, a funding vehicle within the NEF that is designed to increase access to BEE capital, and under whose auspices this transaction was domiciled, as well as

· Mr Zakhele Mzolo, the Transaction Leader and a professional of admirable finesse,

· Mr Joel Mphela, a Senior Investment Associate and specialist who provided investment support,

· Ms Nokuthula Nhlapo, a young and illustrious Chartered Accountant who played a key role as a Financial Analyst, and last, but not least,

Ms Emily Hendrickse, a remarkable corporate lawyer who provided advice on all matters legal.

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