RE: Nigeria

Dear Jide

Jeffrey introduced us a while ago

We are very interested in Nigeria

The two locations available are Badagry and Lekki We prefer Badagry because the infrastructure is better We know that 3 years ago Maersk line has signed an agreement with the government to develop Badagry But so far Maersk hasn't started any construction We can start to develop Badagry Lekki is another location but it has no infrastructure and 10 years ago Government has given concession to an Indian company We are very interested I understand Have good contact with Bollore we are interested in their portfolio let's talk

Yours
Sultan

Sent from my iPhone

Dear Jide

I agree we should meet but for our meeting to be fruitful please give some information in your proposal we are willing to sign an NDA agreement with you.

Background of Dpworld/Nigeria

We have been many times to Nigeria from 2005 till 2018 1-met the previous two presidents at their invitation 2-met the current Lagos Governor at his invitation.

3-Met a private port owner in Lagos discussed acquisition/ joint venture it didn't work as he insisted that we pay his dividends in dollars while our earnings in Nigerian Nira !!

4- January 2018 met transport minister who was overwhelmed with my presentation but he offered we build an industrial park in Lekki since Port is already given to a consortium of an indian developer/ Chinese contractor and a French shipping company to manage I declined the offer as there is no benefit for us to create an industrial zone to produce cargo for someone's else port.

At Dpworld I made a decision that unless we get what a compelling offer we stay away from Nigeria until such a time. The only way we will invest in Nigeria :

1-As a green field in Badagry which had good infrastructure

2- a brown field port in Lagos area either acquire an existing terminal .

I am in Dubai till end if this month

But it's meaningless to meet without the information on what is proposed so I can study and correspond with you our precise interest.

Yours
Sultan

Sent from my iPhone

Dear Sultan,

It is nice to receive your note. Thank you for writing.

We should meet to begin to get to know each other, we then can discuss specific opportunities.

As Jeffrey may have shared with you, I am recently back from Abuja and Paris. Are you in Dubai through Eid or are you in the West during the next couple of weeks? I am in New York and Washington this week and then London and Monaco this coming Monday and Tuesday (11/12 June) before returning to New York.

I hope all is well with you,

Jide

Dear Sultan,

Thank you for your clear response. I appreciate your desire to review a proposal, but I do not have one. The reason I suggested we first meet and then develop a proposal is that I need to better understand your objectives and capacity--at a greater depth than I can glean from your bullet points below. I understand Nigeria well and talk with all the appropriate players, from the president, to the relevant ministers, to Gabriele Volpi--it is a requirement in my role as chair of the sovereign fund where we now spend half our funds on developing domestic infrastructure.

I have a decent sense as to how you are viewed in Nigeria and some of the challenges you have faced.

I look forward to finding a time to talk in person after Eid.

Best regards,

Jide