About INCA

Infrastructure Finance Corporation Limited, trading as INCA, was established in 1996 as a response to the South African government's call for increased private sector involvement in infrastructure funding. Since its establishment, INCA has built itself as a brand that is synonymous with municipal finance and INCA became the primary private sector investor in socio economic infrastructure in South Africa, drawing on local and international marketing funds, raised through a series of INCA bond issues and long term loans from international Development Finance Institutions.

In 2009, due to the changes in the municipal market in South Africa, as well as a new rating approach by the rating agency who rates INCA, the competitive edge and business case of the company has changed. This resulted in lower returns to the shareholders of INCA and they took a decision to wind down the company, with minimal, if any, impact on all stakeholders.

INCA Portfolio Managers (Pty) Ltd, owned by the previous executives of INCA and staffed with the previous employees of INCA, was established to continue to provide professional services to municipalities and investors in this sector and were contracted by INCA for a three year period to manage INCA's portfolio out on behalf of shareholders. This contract runs until 30 June 2013.

INCA continues to maintain a high level of financial discipline and standards of governance, and the board and INCA Portfolio Managers are committed to managing the portfolio down and in doing so, serve the interests of all stakeholders.

Should you require any further information please contact:

INCA Portfolio Managers on (27) 11 202 2200

"It is most rewarding to contribute to the critical process of development in a commercially sound way that benefits shareholders, stakeholders and the people most in need of improved infrastructure service delivery - our communities." - Attie van Zyl
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