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

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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 DP World/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 Naira!!

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 CMA 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 else's port.

At DP World I made a decision that unless we get 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 of 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,

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 Gabriel 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

Dear Jide,

I agree with you let’s meet first so you can understand better our position to advise us which is the best approach. I am in Dubai during Eid holiday. Please coordinate with Adnan Mahmood, my office manager, who is copied on this email.

Yours,

Sultan Bin Sulayem

Sent from my iPhone

Dear Mr. Zeitlin,

Greetings from DP World.

Hope this message finds you well. In reference to your below correspondence with our chairman please advise if Tuesday 19th June (around 10 am) is convenient for you to meet in our headquarters (DP World, JAFZA 17, 6th Floor, Jebel Ali Free Zone) in Dubai.

Look forward to hearing from you soon.

Thanks & Kind Regards,

Adnan

Adnan Mahmood

Officer

Group Chairman & CEO Office

DP World

6th Floor, JAFZA 17

Jebel Ali Free Zone

PO Box 17000

Dubai – U.A.E.

dpworld.com

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