Kgori Insights – Quarter ended March 2020

May 27

Dear Colleagues, Clients, and Friends of Kgori Capital,

I hope our 2020 first quarter Insights find you in good spirits and taking care during this unprecedented and challenging time as countries the world over are grappling to protect their citizens in the face of the Coronavirus (COVID-19) pandemic.

As Kgori Capital, we continue to do our best to work through this period and to continue to deliver to our
stakeholders with PRIDE. In this spirit, I am pleased to share this Q1 issue with you of our Kgori Insights, a
platform dedicated to sharing key thoughts and information, while keeping our readers up to date with the
latest developments regarding our local and global markets.

For the first quarter of 2020, we cemented our commitment to introducing new solutions and platforms
designed to add value to our customers. To this effect, we launched the Kgori Secure Services, an online
transaction platform that is the first of its kind in Botswana. The service is a secure web-based solution that
allows Kgori Capital Unit Trust investors to transact online. Now, more than ever before, digital platforms are
paramount to enabling continued operations and functionality for our clients, and we are pleased to have
launched this well before it became a true necessity.

In addition, we also received very exciting news as the Directorate of Public Prosecutions (“DPP”) withdrew
charges related to the ongoing NPF case against Kgori Capital Directors, Ms. Sharifa Noor and Mr. Alphonse
Ndzinge. The charges against both were subsequently formally withdrawn by a Judge Order on 24th March
2020. This, to the Kgori Capital family, means that we look forward to our future with renewed hope, ambition
and focus to serve our clients with PRIDE, putting this matter to bed and well behind us. The future ahead is
our priority, and to this we remain as committed as ever.

As a business and as a team, we join the rest of the world in keeping a close eye on all the developments
since the outbreak of COVID-19 in December 2019. The impact of the pandemic cannot be understated, both
locally and internationally. In this issue, we explore in depth the economic impact of the pandemic, leveraging
our economic insights to unpack what the future may hold.

As we navigate through these challenging times, Kgori Capital remains a proudly Botswana business cognisant
of our role in the development of Botswana and her people. We are also steadfast in playing a meaningful role
in transforming our industry, now and well into the future. Now is very much a time for unity – together we
can beat COVID-19 and together we can build an even more resilient Botswana, in terms of our people,
our markets and our story.

Thank you for taking the time to peruse this issue, and we look forward to sharing more in 2020.

Please stay safe and stay well

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Best,
Kennedy Melamu
Chairman