Investment profile

November 2011

 

Curriculum Vitae

General information

Name: Isabel Jos? dos Santos
Date of birth: April 20, 1973

Place of birth: Azerbaijan
Nationality: Angolan

Marital status: Married

Academic background
Mrs. Dos Santos holds an in Electronic Engineering from the University of London;

Mrs. Dos Santos is fluent in Russian, Portuguese, English, French, Italian and Spanish;

Professional background

Mrs. Dos Santos is a recognized entrepreneur and manager with experience in a broad
number of sectors. Mrs. Dos Santos is a board member of Unitel, BIC, BFA and ZAP.

Investment profile March 2011 2

Highlights

Main investments are distributted by the following four sectors

 

 

Telco?s Industry

 

 

 

 



cE zap y,

Nova Gimangola
LT I I A

 

 

Financial Energy

 

 

 

 

IBPI .BFA 
angf?e - II

Investment profile March 2011 3

 

Highlights

 


Shares 25%
Mrs. Dos Board
Santos member
5' . .
Governance 
Influence

10%

Limited
influence

3)

221resrdent Board Board
of the -
member member
Boa rd
Majority Limited Significant Significant
control Influence influence influence

a)

-



Nov- Clmn'dl

59%

President of
assembley

Majority
control

a) In BPI and ZON, the Mrs. Dos Santos shareholding allows the appointment of one and two non executive board members;
b) In GALP, throw Exem, a Deutch BV, appoints one executive member of the board of directors of Galp Energia;

Significant influence Majority control the shareholding allows the nomination of one or more members of the executive board.
Limited influence the shareholding allows the nomination of one or more non executive board members

Investment profile March 2011

 



6%

Significant
influence
bl

Highlights

 

 

ZON zacb EBPI a BFA 

MULTIMEDIA Nova 

Shares 25Market value

. . .
(100%) na $1.55bl na $1.5bl $950m na na $17.5bl

Dividends
2009
(received in $600m $69m - $98m $160m $37m $21m $233m
2010)


based on the valuation of the bank underlying its acquisition in 2008 to BPI
1.40
na not available

Investment profile March 2011 5

u. Ll?l'u'EL'

pun .m mais pr?ximo.

 

Unitel

Market leader in mobile telecommunications sector in
Angola, with more than 5.7m active clients;

Unitel results from a partnership between Mrs. Dos
Santos, Sonangol, Portugal Telecom (a Portuguese listed
company in NYSE) and other Angolan investors;

Since its incorporation, Unitel?s has evidenced a positive

and consistent performance in terms of market share
and profitability. The reported ARPU in 2009 was $25;

In 2010, Unitel distributed dividends to shareholders in
the amount of 600 million (according to PT annual
accounts);

Mrs. Dos Santos is a board member of Unitel7000
6000
5000
4000
3000
2000
1000

 

UnitelKPl's
888888888



-Revenues 

Subscribers

 

1007
2007
3007
4007
1008
2008
3008
4008
1009
2009
3009

Investment profile March 2011

 

100%

80%

60%

40%

20%



 



1010
2010

4009
1010
2010



6

ZON

MULTIMEDIA

 

 

ZON

Market leader in pay tv and number two in broad band
subscribers in the Portuguese market.

ZON is listed in Euronext, with a market cap of 1.15 bn.
Mrs. Dos Santos holds 10% of share capital, being

the second largest shareholder and nominating two
board member of the company;

In 2010, Zon approved the distribution of dividends to

shareholders in the amount of 49 million;

ZON KPl's
1000

 

 

 

 

800

600

 

 

400

 

 

200

 

 

2007 2008 2009 2010

-Revenues ?Clients



Investment profile March 2011 7

 

 

1.62
1.6

-- 1.58

1.56
1.54

1.52

1.5
1.48

1.46

1.44



a

 

ZAP

Partnership between Mrs. Dos Santos and ZON for the
developed of satellite TV in the Angolan market and
regional area. The company started activity in 2010;

Mrs. Dos Santos holds 70% of ZAP and ZON the
remaining shares. Isabel is chairman of the board of
directors of the company;

As of 31 March 2011, ZAP has 75 thousand gross

subscribers;

Titulo do Grafico

 

 

 

 

 

 

 

 

 

 

300000 700
250000 - 600
200000 500
400
150000
100000 200
0 . . . 0
2011 2012 2013 2014
Revenues EBITDA ?Su bscribers '000

Investment profile March 2011



8



 

BPI

BPI is the 5th largest bank in the Portuguese market by
assets;

BPI is listed in Euronext with a marketcap of 1.5bi;
Mrs. Dos Santos holds 9.69% of the share capital of BPI
since 2009. In accordance with Portuguese law, this
acquisition of a qualified participation was approved by
the Portuguese Central Bank, which attested the
suitability, reputation and financial means of Mrs. Dos
Santos;

The main shareholders of the BPI are La Caixa, Itau and
Allianz; Mrs. Dos Santos nominates one board member
of BPI.

BPI is also shareholder in ZON with 8% of the share
capital;

BPI has 50.1% of BFA in partnership with Mrs. Dos
Santos;

BPI ranked 1St in between the Portuguese banks in the
stress tests performed to European banks;

In 2010, BPI approved the distribution of dividends to
shareholders in the amount of 70 million (S 91
million);

KPl's BPI

Financial

 

 

Assets 40.546
Net income 355,1
ROE 24,70%
Tier 6,20%
Dividends 142
Employees 9.345
Branches 864

Investment profile March 2011

43.003 47.449 45.660
232,0 175,0 185,0

13,60% 8,80% 8,80%

8,80% 8,60% 8,70%
60 70 0
9.498 9.437 9.494
933 945 959



9

EBFA

 

 

BFA KPl's
BFA
- Through Unitel, Dos Santos controls 49.9% of the l" 2007 2008 2009 2010
share capital of BFA, in a partnership with BPI which Assets 2348 4-386 4-086 4-881
controls the remaining shares. Mrs. Dos Santos is Vice- Net income 73:8 135,4 174:1 198,0
President of the bank and appoints three executive ROE 31,00% 41,20% 39,50% 37,50%
board members and four non executive board members DiVidendS na na 117,4 123,7
of the bank; Employees 1.528 1.598 1.838 2.038
Retail banks in Angola have been growing in recent Branches 96 113 129 143

years, with the increased access from the population to
the system. Although the size of the banks is small by
European standards, the profitability is very attractive;

In 2010, BFA approved the distribution of dividends to
shareholders in the amount of 128m (according to BPI
annual accounts);


Investment profile March 2011 10

BancoBlC

 

Financial

 

BIC

BIC shareholder structure is divided between Mrs. Dos
Santos and Grupo Am?rico Amorim with equal shares of
25% of the bank and the CEO (Mr. Fernando Teles) with
20% of the share capital

Mrs. Dos Santos is a board member of 

Retail banks in Angola have been growing in recent
years, with the increased access from the population to
the system. Although the size of the banks is small by
European standards, the profitability is very attractive;
In 2009, BIC decided to distribute 37 million in

dividends to shareholders (according to BIC annual

accounts);

BIC Angola KPl's

Sin million 2008
Assets 4.529
Net income 141,0
ROE 48%
Dividends na
Employees 1.092
Branches 100

Investment profile March 2011

 

2009 2010

4.330 4.868
149,0 142,0
32% 05
37 05
1.190 05
119 05



11

BancoBlC Financial

   

 

BIC Portugal KPI's

BIC Portugal
0 BIC Portugal is a non listed Portuguese bank with similar em milh6es 2008 2009 2010
shareholders to BIC. BIC Portugal is regulated by the Assets 215 419 1.066
Portuguese Central Bank; Net income 0,2 2,3
0 The banks, although offering a wide range of services Employees 46 72 84
focuses its activity in the economic relations between Branches 2 6 7

Portugal and Angola and in private banking, both with
Portuguese and Angolan individuals;

Although being a new bank in the Portuguese system,
reached #2 1bn in assets in 2010;
Mrs. Dos Santos is a board member of BIC Portugal. To

be approved as a board member of BIC Portugal, Mrs.
Dos Santos has to be registered and accepted by the
Portuguese Central Bank in accordance with Portuguese
and European rules;


Investment profile March 2011 12





Nova Olmangola

 

Financial

 

Ciminvest
Holding company with investments in the cement
industry in Angola;

The main asset of the company is 59% of the share
capital of Nova Cimangola;

Nova Cimangola is a cement factory with an actual
capacity of 1.8 Mtpa of cement and 0.5 Mtpa of klinker.

Nova Cimangola will start the construction of a new

cement factory by 2011, in an investment of 370m and

a total capacity of 2 Mtpa of cement and 1.6 Mtpa of
klinker;

Nova Cimangola has a strong balance sheet, which
allows the company to sustain its competitive and
develop its strategy in the local and regional area;

Mrs. Dos Santos holds 70% of the shares of Ciminvest;

KPI's of Nova Cimangola

in million 2008 2009 2010
Income 207 212 157
EBITDA 51,7 57,3 38,1
Net income 38,3 39,9 22,2
Dividends 25,0 20,7 0
N9 employees 842 826 737



Investment profile March 2011 13

 angola
galp energla LNG 

 

 

Galp Energia

Galp Energia is an oil company, market leader in
distribution and refining in Portugal and key player in the
Spanish market. The company is also part of a joint
venture with Petrobras in Brasil with proven reserves of
oil of 8 bi barrels of crude;

In partnership with Sonangol, through Esperaza Holding,
has a joint-venture with Grupo Am?rico Amorim
(Amorim Energia BV) holding 33.34% of Galp Energia.
The remaining shareholders of Galp are ENI (with
the Portuguese State (with and the
remaining share are free float;

Galp Energia is listed in Euronext with a marketcap of 
12.5bi. Amorim Energia BV became shareholder in 2006,
with a purchase price of 4.8 (actual price 15.1).

Exem is part of a consortium in a LNG project in Angola
with ENI, Sonangol, Gas Natural and Repsol;

Galp Energia KPl's

in million 2008 2009 2010
Income 14.860 11.728 14064
EBITDA 975,0 619,0 841
Net income 478,0 213,0 306
Dividends 265,0 166 OS
N9 employees 7.817 7.493 7311

Oil Exploration Production

Galp Energia took part in over 25 discoveries in Angola.
Since 1991, the accumulated working interest
production reached 33 million barrels.

The block 14 is Galp Energia's main focus in Angola.
Located 80 km offshore, the Tombua-L?ndana field is
expected to reach a production of 100 thousand barrels
a day in 2011. In addition, Galp Energia has an
integrated natural gas project in Angola (partner in LNG
project) .



Investment profile March 2011 14

 

Real estate development

Mrs. Dos Santos has several investments in the real
estate market in Angola;

Luanda, the capital of Angola, is one of the most
expensive cities in the world due to the insufficient offer
and high demand in the market;

In the next years it is expected the increase in this
market with more competitive offer of new building
both in the residential sector, retail and offices;

Mrs. Dos Santos is developing important projects in
Talatona, the new business and residential area of
Luanda.

Other projects

Mrs. Dos Santos has also investments in hotels,
restaurants and mining. Additionally, it was recently
announced the objective to start a retail distribution
project in Angola with an European retail chain (Sonae
Group).

Investment profile March 2011

 

15

IBPI 25p YW
IBFA 0 (V

Nova Cimangola

galp energia angf?s - 
MULTIMEDIA

Investment profile March 2011 16