… Fund Raising: Black SME Growth Fund …

South African entrepreneurs do not have adequate access to capital to ensure sufficient
growth and development of SMEs. The Financial Sector Charter identified Black SMEs as
one of the four targeted investment areas where gaps or backlogs in economic development
and job creation have not been adequately addressed by financial institutions. At the 2002
United Nations Summit Conference on Finance for Development it was identified that the key
to job growth, innovation, and accelerated financial and economic reform is the fostering of
venture enterprises using risk capital and venture capital techniques. To assist in addressing
the need for access to finance by SMEs, Tactic Capital is in the process of raising funding of
R150 million for the establishment of a dedicated Black SME Growth Fund, to invest in South
African Black SMEs demonstrating exceptional growth potential.

Tactic Tourism has raised funding and is in the final stages of negotiating terms for the
acquisition of a boutique game lodge in Northern Natal , as well as a boutique hotel and
conference venue in Johannesburg .