Press release of the Wednesday 9 March 2021 Board of Directors

Board of Directors acknowledges the good operational performance achieved in 2020 despite many challenges faced by the sector, including the COVID-19 Pandemic, and makes some organizational adjustments.

The Board of Directors of Eneo Cameroon S.A. met on Wednesday 9 March 2021 and was chaired by Mr. Seraphin Magloire Fouda. Due to constraints related to Covid-19, some of the directors attended via videoconference. Mr. Eric MANSUY, the General Manager, presented the points on the agenda.

The agenda included the review and follow-up of resolutions of the previous Board of Directors, reports of the various committees and the presentation of the company's performance as of January 2021, among other things.

The Board of Directors noted with satisfaction the progress made in 2020 by Management since the last meeting, notably:

• The transfer of 20 megawatts of thermal capacity from the South Interconnected Grid to the North Interconnected Grid (12 megawatts in Garoua and 8 in Ngaoundere), which already contribute to reducing the generation shortfall caused by a severe drop in hydrology in the North;
• The efforts made by the company to replace rotten wood poles with concrete ones, which contributes to improving the quality of service and reducing the risk of accidents. In 2020, 34,000 poles were replaced by a "concrete-metal-wood" mix throughout the territory;
• The raising of FCFA 100 billion from local banks to finance investments in the sector in the generation, distribution and commercial segments. This amount represents one fifth of the CFAF 521 billion that Eneo needs for these segments alone over the next ten years;
• The legal creation of the subsidiary that will manage Eneo's generation activities, once the process of transferring the generation activities to the subsidiary has been completed. With regard to this matter, the Board of Directors has taken note of the progress made and has:
  • Ruled on a plan for the partial transfer of the company's assets to a subsidiary and authorized the General Manager to proceed with the preliminary legal formalities for publication of the planned unbundling process;
  • Recommended the setting up of a joint steering committee for the unbundling process under the chairmanship of the Minister of Energy and Water Resources. This Committee will oversee the following stages of the unbundling process before the file is tabled again during the next Board of Directors' meeting.

Other main resolutions concerned the organization of the company, with adjustments including:

• The creation of a Directorate for Innovation and Information Systems (DISI);
• The creation of a Quality, Health, Safety and Environment (QHSE) Directorate;
• The appointment of Eamonn FURNISS as Director in charge of the Innovation and Information Systems Directorate, previously Director of Special Projects;
• The appointment of Mrs Mary NTANGTANG as Director in charge of the QHSE Directorate, previously Deputy Director of Health, Safety and Environment. She thus becomes the third full-fledged female director at Eneo, after the first two: Mrs Erica CONRAD of Human Resources and Mrs Ernestine MBOA of the Yaounde Regional Office;
• The appointment of Hamadou BIVOUNG as Central Director for Generation, previously Technical Adviser to the Director General and Director of the Generation Subsidiary Project;
• The appointment of Leslie CHEBIENKA as Technical Adviser to the Director General, previously Central Director for Generation.

Finally, various recommendations of the Board Committees were endorsed, including a specific approval given to the General Manager for the amicable settlement of certain disputes.

Séraphin Magloire Fouda
Chairman of the Board of Directors