BOARD OF DIRECTORS OF AFRICA50 ON APRIL 13, 2017 TO ABIDJAN IN COTE D'IVOIRE

It was held on April 13, 2017 in Abidjan (Ivory Coast), the board of directors of AFRICA 50 under the chairmanship of Dr. Akinwumi A. Adesina, Chairman of the Board of Directors, and President of the African Bank Development Bank (ADB) of the Central Bank of Central African States (BEAC).

Present at this meeting were board members and bank experts J.P.Morgan Chase and Co.

Félicité Célestine OMPORO-ENOUANY, director for the Republic of Congo, took part in this council through video conference at J.P.Morgan Bank headquartered in Shanghai (China)

Points examined:

• October 31, 2015 Board of Directors' Minutes: Unanimously adopted by all directors without amendment;

• Report on the strategy of structuring and fundraising on behalf of Africa 50:

J.P.Morgan Chase Bank and Co is the agent selected for fundraising. It must raise 1 to 2 billion US dollars by the end of 2018 from Financial Development Institutions (IFD), African Pension Funds and institutional investors in order to access long-term funds and concessionary rates and maximizing private sector participation. The rate of 5% for the commissions paid to the group J.P.Morgan and associates on the fundraising being considered too high, the administrators asked the lowering of the rate and postponed the validation of this report.

• Review of audited accounts:

- Africa50- Project Financing

The authorized share capital according to the articles of association of AFRICA 50 -FP is 3.000.000.000 USD. It represents 90% of the amount of the share capital. The subscribed capital is USD 736.665.997 and the paid-up capital amounts to USD 200.818.702.

- Africa 50 -Development of projects

The authorized share capital according to the AFRICA 50 -DP statutes is 3.000.000.000 USD. It represents 10% of the amount of the share capital. The subscribed capital is USD 736.665.997 and the paid-up capital amounts to USD 200.818.702.

• Other share ownership issues:

The Chairman of the Board made two recommendations:

- To send the directors on mission to countries that have not yet subscribed to the capital of Africa50. These missions will aim to attract these governments to their membership;

- To forward to Cabinet Reynolds for review and validation, JP Morgan's proposals on fundraising from IFDs and pension funds.

• Next General Assembly: will be held in Dakar, Senegal from August 30 to September 1, 2017 under the patronage of President Macky SALL.