AFRICA VENTURE PARTNERS CAPITALIZES ON THE AFRICAN TELECOMS BOOM

JOHANNESBURG 5 January 2006: AVP Telecoms, a South African based specialist development, investment and management company, has a strong track record in building telecommunications and technology assets in Africa, ranging from strategic investments in Telkom SA to a significant stake and management role in Accelon, the fastest growing fixed broadband services provider in West Africa (Nigeria and Ghana).

AVP was instrumental in developing the African growth strategy as a member of the Elephant Consortium, which purchased the Thintana stake in Telkom in a $1 billion transaction.

Accelon was conceptualized 4 years ago by founding shareholder AVP to be Africa’s leading broadband provider with initial focus on West Africa, at a time when MTN had not yet launched in Nigeria. At that time, AVP attracted the Industrial Development Corporation as the financial equity partner and SES Astra, Europe’s largest satellite operator, as the strategic equity partner.

Accelon has now been operating for nearly 2 years, was the fastest growing broadband satellite IP provider in Nigeria and Ghana during the last year, and is now rapidly approaching break-even.

AVP’s strength is based on its partners’ diverse backgrounds, ranging from telecommunications development, private equity to purely entrepreneurial, but all have extensive African experience in common. The partners are Robert Tibbs (Swiss), David Keast (South African), Eric Wright (USA), Moetapele “Eta” Motlhabi (South African) and Fred Moturi (Kenyan). AVP and its principals have done extensive work with the major operators and financial institutions in South Africa over the years.

Chairman, Robert Tibbs, says that AVP Telecoms occupies a unique space as a successful telecommunications management company. “The largest international companies in the sector such as SES Astra are comfortable in partnering with us when expanding into Africa”.

CEO David Keast confirms that the company is now being invited into opportunities as a shareholder by financial institutions, based on its track record and demonstrable value-add. “We probably have 12 opportunities in the pipeline that are in different stages of assessment or development.”