Investment Portfolio

Acorn General Fund One
Investee Company	Nature of Business	Sector	Shareholding
Lesotho Milling Company	Wheat and maize mill that is a major low-cost producer and distributor of top quality branded food products into Lesotho and South Africa.	Food	25.1%
Target Investments	Wheat mill situated in Durban that is strategically located for procurement purposes and supplies a large part of Kwa-Zulu Natal.	Food	25.0%
USC Metering	South Africa’s leading supplier of advanced water management devices that control and monitor the flow of water in domestic households.	Utilities / Water management	41.6%
Grassroots Group Holdings	Produces high quality niche, natural health and lifestyle food products based on dried fruit which includes edible and decorative dried fruit, health snacks and phytomedicinal products.	Food	34.0%
Saint Pie	Produces and supplies high quality pies mainly to the convenience and retail food sectors in South Africa.	Food	30.0%

Acorn Venture Technology Fund One
Investee Company	Nature of Business	Sector	Shareholding
USC Metering	South Africa’s leading supplier of advanced water management devices that control and monitor the flow of water in domestic households.	Utilities / Water management	15.0%
Gecco Holdings	Produces high quality fuel and other value added products from the refining of renewable resources such as used lubricating oils, plastics and other waste materials.	Renewable Energy & Waste Remediation	10.3%