<h1 style="text-align:center;">Update From the Field</h1><figure class="image"><img src="/uploads/norway_december_1_25c41fb7dc.jpg"></figure>I am writing to give you a brief update on RENEW’s upcoming travel schedule and activities. I wish you and your family a happy holiday. We hope 2012 was a prosperous and healthy year for you.A brief update: Our U.S. and European-based teams continue making impressive progress with their investor outreach activities. Over the next four weeks we have a number of meetings scheduled in Europe and the U.S. with investors interested in Ethiopia. This swell of interest is exciting because, despite its current foreign investment challenges, it means that Ethiopia’s brand is strengthening in the global marketplace. As always, I emphasize that changes take time and require exceptional amounts of work to ensure Western investors and Ethiopian businesses have successful investment relationships. However, as we continue to meet (and meet, and meet) with members of the Ethiopian government, we’re encouraged by their heightened state of awareness about the importance of receiving feedback about how to improve Ethiopia’s support for foreign investors.We are also engaged in a number of exciting projects with local companies. Here, we have observed notable change, specifically towards business owners’ perspectives around the value and importance of bringing on equity partners. We are seeing an acceptance that the global market is coming to Ethiopia, and with it, increased competition. Once closely-held family companies are starting to open up to foreign partnerships and realizing that capital and knowledge transfer are keys to staying competitive.All of this, and more, has been incorporated into our “Unwritten Rules” training. We’re excited to say that we piloted this training twice in December, with great success, and will be offering it to a small group in January.What's next: Our executive team is currently in Norway – it’s cold and snowy compared to the beautiful warmth of Ethiopia. Here we are continuing discussions with investors that we started back in October. After the holidays, we will be traveling around the U.S. to meet with investors in Colorado and North Carolina. Our core team will return to Ethiopia mid-January, at which time we will be preparing for a number of investor trips we have scheduled for the first quarter of 2013. As a reminder, only businesses that have taken the “Unwritten Rules” will be introduced to investors. If you would like to attend the January session, please contact Kathleen DeLaHoussaye <a href="mailto:kdelahoussaye@renewcapital.com">kdelahoussaye@renewcapital.com</a>, to reserve a spot.In a few weeks we will be releasing our 2013 priorities – activities that will continue building a new investment bridge between the West and Africa.Happy Holidays.

An update from Norway and what's coming up in 2013...

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Update From the Field

<h1 style="text-align:center;">In the News... The Africa Beats</h1>Welcome to RENEW's In the News…The Africa Beats. The following post includes highlights on topics such as Investing in Africa, Impact Investing and more:Ethiopia BBC - A special report from the BBC details the rise of booming businesses in Ethiopia and how a country once associated with complete poverty is yielding returns as high as 30%. <a href="http://www.bbc.co.uk/programmes/p0104gjj">Watch the full video</a>Invest in Africa Africa Mentor - An interview conducted this week from with US and UK based investment firms points to promising investment opportunities in Africa. The interview revealed important insights for individuals and companies considering African investments, including that productivity and consumption in Africa have been rising since 2000, and forecasts show that consumption will nearly double again by 2020. This would put Africa at the same level as China in 2009. <a href="http://africamentor.com/african-investment-why-it-is-attractive/">Read full article</a>Ventures – Last week a report was released detailing the top 40 African investment highlights of 2012, ranging from $115 million five-star hotel in Port Elizabeth, South Africa, by Emfuleni Resorts, to $100 million technology center in Ghana by RLG Communications, Africa’s leading mobile phone and computer assembler, to a $40 million healthcare facility in Morocco. <a href="http://www.ventures-africa.com/2012/12/top-40-investment-highlights-in-africa-2012/">Read full article</a>Impact Investing AdvisorOne – The third annual survey by J.P. Morgan and the Global Impact Investing Network confirm that impact investing is on the rise. The survey found that respondents had committed to invest $8 billion in impact investments in 2012, and in 2013 they were planned to invest $9 billion. Additionally, 68% reported that their portfolios’ 2012 financial performance was in line with their expectations, with 21% reporting out performance. <a href="http://www.advisorone.com/2013/01/07/impact-investing-on-the-rise-survey-says">Read full article</a>

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In the News... The Africa Beats - Part 4

<figure class="image"><img src="/uploads/timkat_flags_january_20_2012_ab56f1252e.jpg"></figure><h1 style="text-align:center;">RENEW Update</h1>The RENEW team is back in Addis!After almost a month of traveling around Europe and the U.S. meeting with investors and business executives interested in Ethiopia's growing private sector, we're excited to be back in Ethiopia to begin preparing for a number of investor trips we will be hosting over the next several months. As part of RENEW's effort to build a business and investment bridge between Ethiopia and the U.S. and Europe, I'd like to share some of the feedback we gathered during our recent meetings.The RENEW team started our tour in December with a return to Norway. Yes, it was cold. Our partners in Oslo had arranged a number of meetings with investors we had met with in October and with some Members of Parliament. During the investor meetings, Norwegians were clearly excited about the potential, and asked specific questions about "how an investment in an Ethiopian company would work." Specifically, they wanted to know about exit strategies, repatriation of capital, taxation and the risks of inflation. The MPs were interested in RENEW's model of partnering with development organizations to lower the transaction costs and risks for investors. There seems to be a growing interest for these types of programs vs. traditional aid programs.In the U.S., we took a week off to visit with family and friends, then we traveled to Denver, Colorado and Charlotte, North Carolina to meet with more investors. No, we didn't ski in Colorado. Yes, I wish we had. During these meetings we learned about a growing frustration wealthy philanthropists have with traditional giving and how many want to move towards more impact investment solutions (<a href="http://www.campdenfb.com/article/wealthy-philanthropists-becoming-more-impact-driven">Read more about the trend.</a>). Not surprisingly, we also met with some NGOs and faith-based organizations working in Ethiopia that want to start impact investment programs as well. The shift is happening. We are tentatively planning a meeting in Denver, CO in the late spring or early summer for a forum around impact investment strategies in Ethiopia!We have a number of investors coming to Ethiopia over the next three months and we are looking forward to introducing them to many Ethiopian entrepreneurs and showing them the great investment potential here.Happy 2013! And if you are in Ethiopia...Happy Timkat!

An update from the RENEW team and what's coming up in 2013...

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RENEW Update

<figure class="image"><img src="/uploads/photo_5_0_cd7310392b.jpg"></figure><h1 style="text-align:center;">Angel Investor Trip Update</h1>“Are Americans serious about investing in Ethiopia?” questioned an entrepreneur attending RENEW’s recent Unwritten Rules workshop. We think so. After a year of testing the market, RENEW has attracted interested private capital including more than $10M from U.S. angels, $10M from impact funds, and a potential $5M from NGOs and foundations looking to invest in Ethiopian SMEs. And this is only the beginning…The RENEW team recently concluded another successful week hosting several angel investors from North Carolina here in Ethiopia. The group is part of a growing network of Impact Angels from the United States and Europe that RENEW has been building since 2007. So far this year, we have hosted two groups, and several more are scheduled in the coming months. These investors are coming to Ethiopia in search of opportunities to create impact and returns beyond what traditional aid and charity models or investment funds currently offer them.As our list of visiting investors continues to grow, we would like to share some feedback we captured from the most recent group to help encourage and guide businesses and development partners who are eager to engage with this growing class of investors for Africa.We’ve learned that it’s necessary to clarify what an angel investor is. These are sophisticated investors who make direct investments into promising businesses. Impact angels are different from a fund, and very different from a charity or grant making entity. In the words of one of our impact angels, “We’re making investments. This is not charity and it’s not a grant. We’re here to do real investments with a profit and values motive.”These angels are looking for good returns and good impact - such as helping empower women in leadership roles, creating jobs and sustainability, and lowering Africa’s dependence on charity and aid. They are well-connected and experienced in growing and running successful companies. RENEW facilitates investment from these impact angels into promising businesses in Ethiopia and across Africa.Check back next week for more details and photos about what our angel investors were up to last week!

"Are Americans serious about investing in Ethiopia?" We think so...

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Angel Investor Trip Update

<figure class="image"><img src="/uploads/cac_1_3503ca2056.jpg"></figure><h1 style="text-align:center;">&nbsp;</h1><h1 style="text-align:center;">North Carolina Impact Angels Visit Ethiopia</h1>We had an incredible time hosting our North Carolina Impact Angels in Addis two weeks ago! Some members of the group were familiar with Ethiopia before arriving, while for others it was a first-time, eye-opening experience. We spent six days in Addis meeting with a number of businesses and leaders, including: the President of Ethiopia, the Ethiopia Commodities Exchange, presidents and executives from local banks and insurance companies, countless business and development stakeholders, and twelve business owners.<figure class="image"><img src="/uploads/cac_6_f35f137106.jpg"></figure>The investors were surprised to see so much development, growth and opportunity in Addis. They noticed signs of a rising middle class, such as private healthcare needs, workout facilities, and hair salons. They were encouraged by the great people they met that want to work and build their country, and the returning Diaspora that see an opportunity to return home.Our investors were also surprised to hear first-hand the desires of Ethiopians to work and partner with U.S. investors, and the wide range of sectors in which to invest, from manual labor to technology.<figure class="image"><img src="/uploads/cac_3_52dafb3d33.jpg"></figure>As the group was able to speak with more Ethiopian entrepreneurs, they grew more excited about the positive attitude and drive of the management teams they met, the education of the trained workers within the businesses, the signs everywhere pointing to growth in the agriculture, healthcare, energy, and technology sectors, and seeing that many companies are actively looking to move women into leadership roles and working to improve the lives of their employees.Overall, the North Carolina Impact Angels had a successful and exciting week learning more about Ethiopia and the many opportunities here. We look forward to more groups of Impact Angels coming to Ethiopia as we continue our efforts to implement a new model for impact investing in Africa.<figure class="image"><img src="/uploads/cac_4_b234adaa32.jpg"></figure>&nbsp;

Read about what our North Carolina Impact Angels were up to in Ethiopia...

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North Carolina Impact Angels Visit Ethiopia

<h1 style="text-align:center;">RENEW Welcomes New Members to the Ethiopia Team</h1>Dawit Deresse, Bethel Yemaneberhan and Biruk Abayneh, all of Ethiopia, join the RENEW team<figure class="image"><img src="/uploads/et_team_photo_ae1858aa5a.png"></figure>RENEW is happy to announce that we have hired three exceptionally talented local staff members for our Addis Ababa office.<a href="https://renewcapital.com/team/dawit-deresse">Dawit Deresse</a> joins RENEW PLC as a financial analyst. Dawit comes to us from Zemen Bank where he was the principal risk management officer. Dawit will help lead RENEW's finance team and focus on investment risk analysis. Dawit has a bachelor's in business management from Jimma University, and has been trained and certified in asset and project financing and financial management.<a href="https://renewcapital.com/team/bethel-yemaneberhan">Bethel Yemaneberhan</a> joins RENEW PLC as a financial analyst. Bethel comes to us from KPMG in London after returning home to Ethiopia after several very successful years as an auditor in the U.K. private banking sector. Bethel will help RENEW source, assess, and close investments in high-quality, high-potential SMEs, as well as build our angel network in the U.K. She has a master's in international business from Regent's College and is ACA qualified (Chartered Accountants in England).<a href="https://renewcapital.com/team/biruk-abayneh">Biruk Abayneh</a> joins RENEW PLC as our office manager and logistics coordinator. Biruk comes to us from Precise Consult where he was a business intelligence specialist and office manager. Biruk will help RENEW PLC become a high-functioning office and streamline and lower closing costs by running exceptional logistics between the private and government entities. He has a master's of business administration from Unity University.We are thrilled to welcome these three new members to our Ethiopia team!

RENEW announces three new team members on our Ethiopia team.

RENEW Welcomes New Members to the Ethiopia Team

<h1 style="text-align:center;">Out and About in Ethiopia - The Coffee Ceremony</h1>The coffee ceremony is part of daily life in Ethiopia. First, the green beans are roasted, creating a glorious aroma. Then the beans are ground, traditionally with a wooden mortar and pestle, but now more commonly in an electric grinder. The ground coffee then goes into a clay vessel, called a jebena, along with water, and the vessel is placed on the fire.Then the fun begins - sweet popcorn, incense and the most delightful brew. I've asked many and they say there is no religious meaning behind the ceremony, but the smells, taste and time to savor offer a welcome relief in the midst of any busy day. Incense, such as frankincense or gum arabic, is burned on hot coals that sit on a tiny clay base. The coffee is poured into small cups - Cini in Amharic - and more rounds are brewed. The first round of coffee is called "Abol," the second "Tona" and the third "Bereka", which means "to be blessed." And one of the most surprising parts for me is that some people choose salt in their coffee instead of sugar!<figure class="image"><img src="/uploads/coffee_ceremony_81936bc994.jpg"></figure>

The coffee ceremony is a daily part of life in Ethiopia...

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Out and About in Ethiopia - The Coffee Ceremony

<h1 style="text-align:center;">In the News... The Africa Beats</h1>Impact Investing Raising the Profile and Opportunity in Africa Rockefeller Foundation - "Although Africa is often the destination of impact investing capital, the continent has rarely been the genesis of the conversation. In the past two months, however, impact investing in Africa has been the topic of convenings bringing together investors, thought leaders, philanthropists and impact entrepreneurs from across the continent. Impact investing might seem to an obvious topic of common interest amongst the investor community in Africa, given the massive unemployment challenge and growing social inequities despite what is an incredibly positive growth picture." <a href="http://www.rockefellerfoundation.org/news/news/impact-investing-raising-profile">Read full article</a>Invest in Ethiopia Chinese Investment Creates a New Global Hub in Ethiopia The Africa Report - "Huajian Group and other investors are creating a shoe manufacturing cluster that is set to employ more than 100,000 Ethiopians over the next 10 years." <a href="http://www.theafricareport.com/East-Horn-Africa/chinese-investment-creates-a-new-global-hub-in-ethiopia.html">Read full article</a>Brazil to Boost Investments in Ethiopia Reuters - "Brazil signed cooperative agreements with Ethiopia on Friday and Brazilian companies are looking to expand investments in the fast-growing Horn of Africa country, an Ethiopian minister said. 'There is a desire on the part of Brazilian companies to involve themselves here and the government along with us is ready to inform Brazilian enterprises to engage in Ethiopia as there is a huge opportunity here,' Gebrekristos told journalists in Addis Ababa on the sidelines of an African Union summit." <a href="http://news.yahoo.com/brazil-boost-investments-ethiopia-074357484.html">Read full article</a>Ethiopia, Japan Hold Investment Forum Bikya News - "Following the successful conclusion of the TICAD V summit, the Ethio-Japan Investment forum was held on Monday in Tokyo, at the headquarters of the Japan External Trade Office (JETRO). Minister of Foreign Affairs Dr. Tedros Adhanom, in his address, noted that Japan is a strategic partner of Ethiopia. He added that the two countries are enjoying a successful partnership. However, he pointed out that the trade and investment relation between the two countries leaves much to be desired and invited Japanese investors to take part in Ethiopia’s dynamic growth." <a href="http://bikyanews.com/89152/ethiopia-japan-hold-investment-forum/">Read full article</a>Invest in Africa Africa’s Emerging Middle Class Drives Growth and Democracy Reuters - "After years of headlines about Africa's poverty, its emerging middle class is now grabbing attention as a driver of growth and democracy and an expanding pool of consumers for market-hungry retailers. Consumer demand is a motor of Africa's economic and investment surge, and analysts see middle class buyers with swelling disposable income as fuelling this boom from South Africa to Nigeria and Kenya. 'It's probably the fastest growing consumer class in the world, as a region,' said Michael Lalor, director of Ernst &amp; Young's Africa Business Center in Johannesburg." <a href="http://www.reuters.com/article/2013/05/10/us-africa-investment-idUSBRE9490DV20130510">Read full article</a>Google Makes First Renewable Investment in Africa EcoSeed - "Internet giant Google has made its first ever renewable energy investment in Africa. Located in the Northern Cape province of South Africa, the $12 million Jasper Power Project has 96 megawatts of solar photovoltaic capacity. The P.V. plant will be of the largest installations in the continent when completed, providing clean electricity to approximately 30,000 South African homes. 'We believe this investment not only makes financial sense, but also has potential to help grow the renewable energy industry and move the world closer to a clean energy future,' said Google, which has committed over $1 billion to renewable energy investments." <a href="http://www.ecoseed.org/business/other-markets/16540-google-makes-first-renewable-investment-in-africa">Read full article</a>Japan to Invest Billions in Africa All Africa - "Japan will provide $1 billion in aid over the next five years to northern Africa for economic development and humanitarian efforts, including help with security and counter-terrorism measures. Japanese Prime Minister Shinzo Abe announced the assistance Sunday, on the second day of the three-day Tokyo International Conference on African Development, being held in Yokohama, south of the capital city. Abe says the investment of public and private funds over the next five years is aimed at helping growth on the continent and encouraging Japanese companies to invest there." <a href="http://allafrica.com/stories/201306031068.html">Read full article</a>Job, Wealth Creation will Liberate Africa CapitalFM - "President Uhuru Kenyatta has called on African countries to invest enormous resources towards wealth and job creation. He said this will stimulate greater African social-economic integration and achieve the African aspiration for renewal and renaissance. President Kenyatta observed that to attain this great dream, African states must also avail the requisite resources to the African Union Commission to enable it implement programmes that promote peace and advance development of the continent." <a href="http://www.capitalfm.co.ke/news/2013/05/uhuru-job-wealth-creation-will-liberate-africa/">Read full article</a>United Nations Calls for Peace in Africa to Promote Trade and Investments Standard Digital News - "United Nations is calling on African Countries to promote peace to attract investments and grow its trade with other continents. Speaking on Sunday during a meeting to address issues relating to Private Sector,Trade and Investment as Engines of Development in the ongoing Tokyo International Conference on African Development (TICAD) in Japan, UN attributed the low foreign investments in the continent to unstable peace which scares potential investors. 'There is need for governments, players in the private sector and civil society organisations to enhance peace so as to create a conducive environment for economic development,' said Ban Ki-Moon, the UN Secretary General said. 'Exports from sub Saharan Africa to Europe, Asia and the West is still very minimal in the world and there is need for paradigm shift so as to integrate Africa in the world economies,' he said." <a href="http://www.standardmedia.co.ke/?articleID=2000085050&amp;story_title=un-calls-for-peace-to-promote-investments<br%20/>">Read full article</a>

Brazil signed cooperative agreements with Ethiopia, and Brazilian companies are looking to expand investments in the fast-growing Horn of Africa country.

In the News... The Africa Beats - Part 1

<h1 style="text-align:center;">RENEW Facilitates Investment into dVentus Technologies</h1>RENEW is pleased to announce the close of an investment into dVentus Technologies, an Ethiopian clean energy company. The investment was capitalized by members of the Ethiopia Angel Network (EAN), the Charlotte, North Carolina-based chapter of RENEW's global Impact Angel Network, along with other members throughout the U.S.<figure class="image"><img src="/uploads/photo_dventus_b547c80ff5.jpg"></figure>dVentus Technologies is a clean energy company based in Ethiopia focusing on system integration and energy efficiency solutions for renewable energy projects and advanced transportation. The angel investors began discussions with dVentus' CEO Daniel Gizaw in February 2013 during an <a href="https://renewcapital.com/investor-lounge/econ-tourism">Econ-Tourism trip</a> to Addis Ababa.The EAN was drawn to dVentus both for the high potential for social impact and the company's exemplary management team. Mr. Gizaw has 25 years' experience developing and manufacturing the latest energy conversion technology. He and members of his team have worked on a variety of high technology innovations for General Electric, Ford Motor Company, NASA and United Technologies, among others.The investment will allow dVentus to develop prototypes of energy efficiency products including smart grid application solutions. dVentus plans to manufacture and deliver these technologies to Ethiopian and international clients. The efficiencies created by these systems could save the equivalent of a large hydroelectric dam. Anticipated social impacts include 200 new highly skilled, professional and primarily engineering jobs and millions of Ethiopians with access to more reliable, efficient energy.<figure class="image"><img src="/uploads/photo_dventus3_69cd87cf94.jpg"></figure>Tip Moore, one of the members of the Ethiopia Angel Network, is hopeful about the implications the investment will have for Ethiopia and other African countries. "We are extremely excited about our investment in dVentus. This investment will allow dVentus to take their operations to an even greater level and help Ethiopians better manage their energy. Energy management is the wave of the future and dVentus is helping lead the way."RENEW is excited to be part of Africa's changing story and we are thrilled to see the potential of this investment unfold in Ethiopia. &nbsp;