<h1 style="text-align:center;">2014: What's Next</h1>Next year will be focused on scaling. We plan to make more great investments and focus on adding value to our portfolio companies. We will also be doing more work with our angel network. We plan to work more closely with our current chapters and expand organically into a few more cities. We’ll be offering our angels more trip options, benefits for their family members, and creative ways for them to help engage and work with their investments.We will also embark on some innovative projects to strengthen our analysis by gathering and mining sources of local market data, and monitoring and evaluating our portfolio so we can accurately capture and report post-investment metrics.Finally, we hope to create some great success stories, and we will do our best to profile these throughout the year.So stay tuned. Thank you all for your continued support of our company, and we hope to hear from you soon.<figure class="image"><img src="/uploads/photo_ethiopia_whats_next_for_2014_fc1a0de3da.jpg"></figure>Contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> or follow us on Twitter @RENEWLLC to find out more.

A look into what's in store for RENEW in 2014.

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2014: What's Next

<h1 style="text-align:center;">RENEW and the Impact Angel Network Close Sixth Investment in East Africa</h1>RENEW is excited to announce that members of the Impact Angel Network (IAN) closed an investment in the food and beverage industry in Ethiopia. The investment is in partnership with a leading producer of paper products in Ethiopia. The company sees an opportunity to leverage the management’s experience in fast-moving consumer goods (FMCGs) and the IAN and RENEW’s support to gain significant market share in the growing food and beverage industry by offering low-cost, locally produced alternatives to expensive imports.<figure class="image"><img src="/uploads/merkato_f7d9ce0c21.png"></figure>With the world’s fourteenth largest and fourteenth fastest growing population, Ethiopia is likely to see some of the strongest growth in FMCGs among African countries.* Demand within Ethiopia in relevant segments of the food and beverage industry, in particular, has exhibited significant growth in recent years, with compound annual growth rates in the double digits.**Anticipated impact includes creation of 125 new jobs in Ethiopia’s manufacturing and value addition sectors, increased purchases of produce from over 900 small holder farmers in Upper Awash, an impoverished area in the Afar region of Ethiopia, benefitting farmers and their families in that region, and reductions in foreign currency expenditures as a result of import substitution.This is the IAN’s fifth investment in Ethiopia since 2013, and their sixth investment in the East Africa region.<a href="https://renewcapital.com/sites/default/files/press_release_-_ethiopian_food_and_beverage_co.pdf">Download the press release</a>, contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a>, follow us on Twitter @RENEWLLC or find us on Instagram @impactangelnetwork to learn more.*<a href="https://www.cia.gov/library/publications/the-world-factbook/geos/et.html">The World Factbook</a> and <a href="https://www.kpmg.com/Africa/en/IssuesAndInsights/Articles-Publications/General-Industries-Publications/Documents/Fast-moving Consumer Goods in Africa.pdf">Fast Moving Consumer Goods in Africa</a> **<a href="http://ethemb.se/wp-content/uploads/2013/07/Production-of-Fruits-and-Vegetables-in-Ethiopia.pdf">Investment Opportunity Profile for the Production of Fruit and Vegetables in Ethiopia</a>

The IAN invests in an Ethiopian food and beverage company.

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RENEW and the Impact Angel Network Close Sixth Investment in East Africa

<h1 style="text-align:center;">Crowdsourcing Better Deals</h1><figure class="image image-style-align-left image_resized" style="width:21.64%;"><img src="/uploads/giin_logo_ffa8da7d81.jpg"></figure>RENEW has been selected as one of the winners of the Africa Impact Economy Innovations Fund (IEIF), funded by the Rockefeller Foundation and the Tony Elumelu Foundation, in partnership with the Global Impact Investing Network (GIIN).IEIF provides grant capital for entrepreneurs with projects that create jobs in underserved sectors and supports proposals geared toward enabling capital solutions, fostering entrepreneurial ecosystems and promoting impact investing industry infrastructure. In addition to RENEW, Investisseurs &amp; Partenaires (Senegal), M.Lab Africa (Kenya), Policy and Economic Research Council (Tanzania), Doreo Partners (Nigeria), GIMPA Centre for Impact Investing (Ghana) and SliceBiz (Ghana) were selected as winners.The vision for the winners is to enable through their various projects, opportunities for additional entrepreneurship activities across Africa to thrive. “The winners were selected for their work in bridging the gap between African businesses and financing options. We, at the Foundation are excited to be part of the process of supporting interventions that contribute to sustained economic development across the continent.” Dr. Wiebe Boer, CEO of the Tony Elumelu Foundation, explained.RENEW is delighted to be selected and will be using the grant to pilot a methodology, originally developed by Global Giving in the non-profit space, to test whether crowdsourced qualitative data can be used to help impact investors identify quality deals in developing countries. "The high costs associated with finding and vetting companies is one of the barriers preventing more investors from investing in countries like Ethiopia. We are hoping this approach may uncover the potential for new types of data to enter the investment process." said Matthew Davis, a partner at RENEW.Contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> or follow us on Twitter @RENEWLLC to find out more.

RENEW selected as winner of Africa Impact Economy Innovations Fund.

Crowdsourcing Better Deals

<h1 style="text-align:center;">Real Stories of Real Investments</h1>One of RENEW's core beliefs is that great businesses are the engines of a thriving economy. Over the past year, RENEW 's Impact Angel Network has invested in three incredible businesses in Ethiopia. We believe that investing in these businesses and others like it will create the engine that lifts nations out of poverty.<figure class="media"><oembed url="https://youtu.be/KXJfBFJXoPQ"></oembed></figure>To celebrate these successes, we've created a short video that tells part of the story of each entrepreneur. Celebrate with RENEW, the Impact Angel Network and the entrepreneurs behind these growing companies by watching their stories unfold.Contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> or follow us on Twitter @RENEWLLC to find out more.

Watch a video that tells the story of three investments that RENEW's Impact Angel Network made in the last year.

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Real Stories of Real Investments

<h1 style="text-align:center;">3 Reasons It's Time for Angel Investors to Go Global</h1>Times are changing - Markets around the world are opening up, technology is shrinking 3,000 miles to 30 miles, and angel investing is the new "VC". At RENEW, we think it's time for U.S. angel investors to start going global. Here's why:<figure class="image"><img src="/uploads/renew_banners_connect_grow_1_2296e046e9.jpg"></figure>1. The risk return profile of frontier markets is changing. Small, mid-size and large companies across sub-Saharan Africa are sprouting up to meet growing domestic and international demand. Per the IMF, “the same crucial developments that presaged the arrival of institutional financial investors in emerging markets in the 1980s are taking place in parts of sub-Saharan Africa today—growth is taking off, the private sector is the key driver of that growth.”* Local companies are starved for capital as their financial markets scramble to keep up. This presents a good opportunity for investors to enter into regions where valuations are low. Still, investors must be very cautious. Do your due diligence, partner with people you trust, and know what you are getting into. This is the Wild West.2. Thankfully, frontier markets like Ethiopia, Kenya and Rwanda are more accessible through Western firms that have offices in these countries. Whether it is large institutional players or boutique investment firms, Western investors can find investment professionals working out of offices in Addis Ababa, Nairobi and Accra. In Ethiopia, where RENEW has an office, we offer our angel investors a full, turnkey, in-country investment service. This is encouraging news for investors since “sub-Saharan Africa is expected to continue being the second fastest growing region in the world” with growth rates at around 5% in 2014, and expected rates at 5.75% for 2015.**3. You receive two returns. When you invest in an ethically run company a frontier market, you have the chance of making both a financial return and significant social returns. You can receive the same in developed markets, but the dollar does go a lot farther in countries where wages are low. Last year, RENEW's angels created over 500 jobs. Their investments also help stabilize the economy by generating taxes to offset foreign aid, and bring in hard currency to help stabilize inflation.So, when you find yourself looking for that next big thing or an exciting venture to take on, consider joining the ranks of rock stars like <a href="http://blogs.wsj.com/briefly/2015/03/30/why-private-equity-is-moving-into-ethiopia-at-a-glance/">Bob Geldof</a> and war heroes like <a href="http://media.kkr.com/media/media_releasedetail.cfm?ReleaseID=852684">David Petraeus</a>, and invest in frontier markets like Ethiopia.We welcome U.S. angels to participate in the discussion on angels going global at our May 1 National Gathering in Washington, D.C. Please contact a RENEW team member at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> to find out more.

At RENEW, we think it's time for U.S. angel investors to think about going global...

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3 Reasons It's Time for Angel Investors to Go Global

<h1 style="text-align:center;">Sustainatopia Impact Conference 2014</h1>Leaders in impact investing convened in Miami for <a href="http://www.connectionmiami.com/">Sustainatopia's Impact Conference 2014</a>. RENEW partner, <a href="https://renewcapital.com/team/tom-scriven">Tom Scriven</a>, joined leaders of global banks, impact investing firms, NGOs and governmental and international agency officials for a three-day conversation about trends and challenges in the fast-growing impact investing industry. They gathered Wednesday night for a fashion show and Sustainability Awards ceremony attended by local advocates for sustainability and impact investing working in fashion (Amber Arbucci, photographer and former Victoria's Secret model, other fashion models and designers), local government officials (Philip Levine, Miami Beach mayor), architecture (Chad Oppenheim) and international finance (JP Capello), among others advancing sustainable development.Keynote speaker Bina Venkataraman (Senior Advisor to the President of the United States on Climate Change Innovation) opened the conference speaking on President Obama's initiatives to use big data to evaluate and promote sustainable development solutions.Tom joined leaders of other firms catalyzing impact investments in speaking on their work with early stage and other companies underserved by the capital markets. Tom and <a href="http://www.connectionmiami.com/2014-speakers">fellow panelists</a> spoke on the importance of intermediaries' work in readying SMEs in emerging markets for foreign investment and in catalyzing that investment into frontier markets, such as East Africa, rural communities in the United States and Southeast Asia.A recurring theme of this discussion and others at the conference, including one led by Cornerstone Capital founder and former head of research at UBS, Erika Karp, was that demand for impact investments continues to grow, particularly as intergenerational transfers of wealth occur from baby boomers to their millennial children. The impact investing community needs to respond to this demand by offering a range of investment products across asset classes for both accredited and retail investors.Contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> or follow us on Twitter @RENEWLLC to find out more.

RENEW's Tom Scriven joined other leaders in the impact investing field in Miami last week.

Sustainatopia Impact Conference 2014

<h1 style="text-align:center;">Mama Fresh Re-launches its Brand in the U.S. Market</h1>Mama Fresh Injera PLC, an Ethiopian company that is the largest commercial manufacturer and exporter of fresh-baked injera in Ethiopia, has re-launched its brand in the U.S. market and is now exporting injera and other Mama Fresh products to the United States.Injera is a staple bread of Ethiopian cuisine made from teff, a gluten-free, ancient grain. The Mama Fresh product line also includes other Ethiopian staples such as berbere, kocho, mitmita, shero, duro wat, and a variety of other products and spices. Mama Fresh products are now being distributed throughout the Washington, D.C, Virginia, and Maryland areas at local shops and restaurants.The owners of Mama Fresh, husband and wife team Hailu Tessema and Konjit Zewdie, are in the Washington, D.C. metro area through May 9, 2014 for a launch event with Mama Fresh investors and customers of Mama Fresh. The launch event on Saturday, May 3, 2014, will feature Mama Fresh products and provide a chance for customers and investors to meet.Investors in Mama Fresh, who are members of RENEW’s Impact Angel Network, will also be present at the event. RENEW LLC, based in Washington. D.C. and Addis Ababa, Ethiopia, introduced the U.S.-based investors to Mama Fresh on various trips to Ethiopia in 2012 and 2013. RENEW supports a global network of accredited angel investors dedicated to making positive social and financial returns on their investments.Mama Fresh sources teff from hundreds of smallholder farmers and employs more than 90 men and women in the company’s bakeries and kitchens. The company sells products domestically in Ethiopia and currently exports to Germany, Sweden, Norway, Nigeria and the United States. To find out more, visit <a href="http://www.mama-fresh.com/">www.mama-fresh.com</a>.Contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> or follow us on Twitter @RENEWLLC to find out more.

Mama Fresh Injera will hold a launch event in Washington, D.C., this Saturday.

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Mama Fresh Re-launches its Brand in the U.S. Market

<h1 style="text-align:center;">An Evening of Stories and Impact</h1>This past Friday evening, members of the Impact Angel Network (IAN) and distinguished guests met at the Cosmos Club in Washington, D.C. for their first annual National Gathering.<figure class="image"><img src="/uploads/img_7051_e33990fe28.jpg"></figure>The event started with guests mingling and enjoying cocktails in the West Garden. Members then moved into the Cosmos Club's Powell Room to hear the former Director of the CIA,&nbsp;<figure class="image"><img src="/uploads/img_7382_0_0644dbdea7.jpg"></figure>and now Chair of KKR's Global Institute, General (ret.) David H. Petraeus, share stories and insights on leadership, investing, Africa and Ethiopia. The evening continued as members gave toasts and shared stories throughout dinner of their Econ-Tourism trips and their investments in Ethiopia. The night concluded with Aman Adinew, CEO of <a href="http://metadplc.com/">METAD</a> , sharing how his specialty coffee farm created 500 jobs in 2014, positively impacted the local community and is on course to quadruple in size this year.Members of the IAN met the next morning for a breakfast to discuss multi-generational and legacy investing, and the next evening at the residence of the IAN's Washington D.C. chapter chair - <a href="http://renewcapital.com/impact-angel-network/chapters">Dr. Andrew Umhau</a>, to discuss updates on the portfolio and upcoming investment opportunities.The RENEW team would like to thank General Petraeus, Ambassador Tebege Berhe, and the IAN chapter chairs, Dr. Andrew Umhau, Jeff and Donna Turi, and Alan Gardner, and the staff of the Cosmos Club for helping deliver an unforgettable event. We also thank the members of the IAN and their families for coming to D.C. for a memorable spring weekend.If you are interested in learning more about RENEW, please contact Kathleen DeLaHoussaye at <a href="kdelahoussaye%40renewstrategies.html">kdelahoussaye@renewcapital.com</a>.

Impact Angel Network members came together in Washington D.C. for the first annual National Gathering.

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An Evening of Stories and Impact

<h1 style="text-align:center;">On the Road Again</h1>Matt and Laura Davis, partners of RENEW, will be heading from Ethiopia back to the United States to meet with investors at the end of April through the first two weeks of May. The partners will be traveling to the cities of Washington D.C., Omaha, Portland, Seattle, San Francisco and Salt Lake City.The purpose of RENEW’s investor roadshows is to meet with the members of the Impact Angel Network, foster new connections and provide some face time with the network’s founding members.<figure class="image"><img src="/uploads/screen_shot_2016_04_14_at_11_18_44_am_0_db1fdc9dba.png"></figure>If you have time to meet Matt and Laura, or know other like-minded investors in these cities, please let us know. We hope to see many of you in the coming weeks!

RENEW’s Matt and Laura Davis will be traveling to the Pacific Coast in April for a multi-city roadshow.

Investing in Africa