Investor Presentaiton

Port of Ondo Feasibility The Project is considered both economically and financially feasible Financial feasibility: The business case indicates a positive overall financial feasibility with a post- tax Internal Rate of Return of 12.1% and a Net Present Value of USD 295.2 M (based on a real WACC of 10.4%) for a budgeted USD 1.3 B investment. Financial Feasibility Inputs (in real terms) Financial Feasibility Outputs K III III WACC 10.4% IRR 12.1% NPV PBP $ 295M 10 years Traffic CAPEX OPEX Taxes Revenues Economic feasibility: From a national perspective the results are positive. The Economic Internal Rate of Return (EIRR) is estimated at 10.5% and the Economic Net Present Value (ENVP) is USD 2.0 B USD (based on a social discount rate (SDR) of 5.4%). Economic Feasibility Inputs (in real terms) Financial Feasibility Outputs K SDR 5.4% EIRR 10.5% Incremental Incremental Incremental Traffic CAPEX OPEX Transport Cost Savings Incremental Revenues ENPV $ 2.0B TEXT 25 24-01-2019 | Port of Ondo | Final Report Presentation mtbs

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