Acquisition of a Stake in BPEC Togo

Cauris Management, through its Cauris Croissance Fund, has just acquired a stake of approximately 20% in the Banque Populaire pour l’Epargne et le Crédit (BPEC), formerly the Caisse d’Epargne du Togo, which is a commercial and microcredit bank focused primarily on collecting small savings. This investment will enable the bank to comply with new banking regulations regarding the minimum capital requirement for WAEMU banks (5 billion CFA francs as of December 31, 2010), further institutionalize the bank’s capital structure, and support it in its development program.