Corporate Strategy & Research- MEP

Assessment
of the IMEP
Market in
Select African
& South East
Asian
Countries

1. Objectives of the Project
2. Regional Economic Overview of Africa (Section 1)
3. MEP Market in Select African Countries (Section 2)
4. MEP Market in Nigeria (Section 3)
5. MEP Market in Ghana (Section 4)
6. MEP Market in Ivory Coast (Section 5)
7. MEP Market in Kenya (Section 6)
8. MEP Market in Senegal (Section7)
9. MEP Market in South Africa (Section 8)
10. MEP Market in Tanzania (Section 9)
11. MEP Market in Indonesia (Section 10)
12. MEP Market in Philippines (Section 11)
13. MEP Market in Vietnam (Section 12)
14. MEP Market in Myanmar (Section 13)
15. Strategic Programme for the Countries of Interest (Section 14)
Contents

Objectives of the Project
v To ascertain the size and attractiveness of the MEP Market on a past, current & futuristic basis within the following
African and South East Asian countries of interest and specific to the sectors of Leisure & Hospitality, Food Processing,
Healthcare, Retail and Commercial within them (Market Sizing)
v To ascertain vital information across the sectors of interest for the countries of interest
v To devise a strategy for entering into the MEP Market of select African & South East Asian countries where a sound
level of attractiveness prevails
Sectors of
Interest
Leisure &
Hospitality
Retail Healthcare
Food
Processing
Commercial
Africa East Africa
Ethiopia
West Africa
Ghana
Southern Africa
South Africa
Kenya Ivory Coast Angola
Tanzania Nigeria Mozambique
Senegal Zambia
South East Asia Indonesia Philippines Vietnam Myanmar

15. Company’s Strategic Programme for the Countries of Interest (Section 14)
Sectional Contents

African Economy- An Overview
v Africa’s economy has had an average growth of over 5% a year since 2000, with the Sub-
Saharan region’s averaging growth of close to 6%.
v The larger emerging economies of this region, such as Nigeria, Kenya, Angola and
Ethiopia, have been the key drivers of the continent’s growth.
v Regional growth will pick up slightly in 2018, driven by gradual economic recoveries in
the region's two largest economies, Nigeria and South Africa.
GDP
(US$
bn,
2016)
GDP
growth (av,
2017-20)
Constructio
n output
(US$ bn,
2016)
Construction
output
growth (av,
2017-20)
Country Risk
(A- low risk;
E - high risk)
Doing
Business
(rank, out of
190)
Population
(m)
Ghana 39.9 7.0 13.1 7.4 C 108 28.0
Ivory
Coast
35.5 7.5 4.9 7.5 B 142 23.3
Kenya 67.5 6.4 9.0 9.7 B 92 47.3
Nigeria 412.5 2.2 47.7 9.9 D 169 185.3
Senegal 14.9 7.0 2.7 8.2 B 147 14.5
South
Africa
290.9 1.9 33.4 1.6 B 74 55.9
Tanzania 46.1 6.8 13.3 7.6 C 132 49.8
Source: Timetric
North
Africa
West
Africa
East
Africa
Central
Africa
Southern
Africa
An Overview on the 7 African Countries of Interest

3%
13%
26%
28%
30%
Regional Economic Overview
Source: IMF, Timetric
v Africa’s overall economy stands at around US$2.1 trillion, and is
forecast to expand by 4.1% on an annual average basis in 2016-
2020.
v East Africa, which accounts for around 13% of the total African
economy, will be the fastest growing region, posting an annual
average growth of 5.6% in 2016-2020.
v Western Africa, which accounts for 30% of the continents
economic value, will post relatively good growth of 4.8%.
Southern Africa: 2.6%
Eastern Africa 5.6%
Western Africa: 4.8%
North Africa:4.1%
Central Africa: 4.1% Economic Growth (%)
Economic Growth (%) Based on GDP 2016-20
Share of Africa’s Economy (GDP) in 2016
Source: Timetric

93
51
61
43
67.7
60.7
57.5
27.4
2013 2014 2015 2016
East Africa- Regional Construction (2013-2016)
No of Projects Value (USD Bln)
Energy & Power
26%
Transport
46%
Real Estate
12%
Oil & Gas
2% Shipping & Ports
9%
Healthcare
5%
East Africa- Projects by Sector (%) in 2016
[Total No of Projects- 43]
Construction Industry in East Africa- (2013-2016)
• Real Estate:5.16 Projects where MEP Contracting Work is Required
• Healthcare: 2.15 Projects where MEP Contracting Work is Required
Source of Information : Africa Construction Trends Report 2016

Government
86%
Lebanon
3%
Private
Domestic
2%
Singapore
2%
South Africa
2%
Others
5%
East Africa- Projects in 2016 –
Who Owns?
African DFIs
23%
Private
Domestic
5%
Government
11%
International
DFIs
19%
EU
5%
China
23%
Others
14%
Who Funds?
China
41%
Private
Domestic
25%
US
5%
Japan
5%
South Korea
5%
Turkey
5%
Others
14%
Who Builds?
Construction Industry in East Africa- Year 2016
• The Transport Sector accounts for the greatest share of projects, with 15 Road & Bridge projects currently underway.
• Energy & Power Projects are also significant, making up just over a quarter of all projects, and account for over 10.7 BLN USD of investments.
• Of the 11 Energy & Power Projects, 6 are renewable energy focused.
• Governments own the majority of projects (86%) while only 2.3% are owned by Private Domestic companies.. The remainder 11.6% are owned by German & British
companies.

Country Project Sector Bln USD
Ethiopia
Grand Ethiopian
Renaissance Dam
Energy & Power 4.1
Kenya Mombasa-Nairobi Railway Transport 3.8
Uganda Karuma Hydropower Plant Energy & Power 2.2
Kenya Tatu City Project Real Estate 2.1
Ethiopia
Awash Woldia Hara Gebeya
Rail Project
Transport 1.7
Ethiopia
Mekelle Hara Gebeya Woldia
Railway Project
Transport 1.5
Tanzania Mtwara Gas Project Energy & Power 1.3
Kenya Lamu Port Berths Shipping & Ports 1.0
Kenya
Lake Turkana Wind Power
Project
Energy & Power 0.9
Uganda Isimba Hydropower Plant Energy & Power 0.6
East Africa- Top 10 Projects by Value (Bln USD) in the Year 2016

66 66
79
92
49.9
74.8
116.2
119.8
2013 2014 2015 2016
West Africa- Regional Construction (2013-2016)
Energy & Power
19%
Transport
34%Real Estate
22%
Water
2%
Mining
2%
Oil & Gas
3%
Shipping & Ports
12%
Social
1%
Healthcare
3%
Education
2%
West Africa- Projects by Sector (%) in 2016
Construction Industry in West Africa- (2013-2016)
• Real Estate:20.24 Projects where MEP
Contracting Work is Required
• Healthcare: 2.76 Projects where MEP

Construction Industry in West Africa- Year 2016
Government
78%
Nigeria
4%
South Africa
2%
Private
Domestic
4%
EU
7%
China
2%
US
2%
Australia
1%
West Africa- Projects in 2016 –
Who Owns?
African DFIs
10%
China
11%
Government
34%
Private
Domestic
9%
International
DFIs
8%
Nigeria
4%
South Africa
4%
UK
4%
France
4%
Others
12%
Who Funds?
Private
Domestic
26%
China
17%
France
7%
Italy
7%
UK
4%US
3%
SA
3%
Other African
8%
Other Asian
8%
Other EU
3%
Others
14%
Who Builds?
• Nigeria has embarked on a number of large Transport projects, with Road & Bridge projects totaling US$8bn. Although there are currently three Airport projects
under construction in Ghana, these are small, with a combined value of US$300m.
• Projects in West Africa are predominantly owned by Government (78.3%), followed by European Union countries (6.5%) and Private Domestic owners (4.3%).
• Projects are largely built by Private Domestic contractors, followed by China, contractors from other African countries (Côte d’Ivoire, Ghana, Guinea, Morocco, Tunisia
and Zambia) and then contractors from other Asian countries such as India, Japan, Malaysia and Singapore.

Guinea Simandou Iron Ore Project Mining 20.0
Nigeria Centenary City Real Estate 18.6
Nigeria Egina Gas Field Oil & Gas 15.0
Nigeria Olokola Deepsea Port Ports 12.0
Ghana Block Offshore Cape Three Points Oil & Gas 7.0
Nigeria Lagos Free Trade Zone Port Ports 6.0
Ghana Block Deepwater Tano Oil & Gas 4.9
Nigeria Calabar-Kastina-Ala Super Highway
Road Project
Transport 3.0
Nigeria Onne Port Complex Ports 2.8
Nigeria East-West Road Project Transport 2.3
West Africa- Top 10 Projects by Value (Bln USD) in the Year 2016

22
8
29
42
6.7
9.1
25.8
76.1
2013 2014 2015 2016
North Africa- Regional Construction
(2013-2016)
Energy & Power
9%
Transport
43%
Real Estate
26%
Water
5%
Oil & Gas
12%
Shippin
g &
Ports
5%
North Africa- Projects by Sector (%) in 2016
Construction Industry in North Africa- (2013-2016)
• Real Estate:10.92 Projects where MEP Contracting Work is
Required

Construction Industry in North Africa- Year 2016
Government
67%
Private
Domestic
14%
UAE
7%
US
5%
Others
7%
North Africa- Projects in 2016 –
Who Owns?
African DFIs
2%
Private
Domestic
17%
Government
41%
International
DFIs
21%
Others
19%
Who Funds?
Private
Domestic
28%
Italy
17%
France
9%
China
7%
South
Kotrea
7%
Spain
5%
Turkey
5%
US
5%
Others
17%
Who Builds?
• Transport continues to lead the sectoral mix, with 42.9% of all projects in the region. This is followed by Real Estate (26.2%). In terms of the number of projects, Real
Estate is dominated by Commercial Real Estate, but in terms of value, Industrial Real Estate tops the list. There are a large number of Commercial Real Estate projects
under construction in Egypt, particularly Residential Estates.
• In 2015, North Africa only had 29 projects. The 45% increase in the number of projects and the nearly 200% increase in the value of projects between the previous year
and this year indicates North Africa’s infrastructure sector continues to recover, in line with the trend observed last year. Despite the political instability in countries
such as Egypt and the ongoing conflict in Libya, just over a quarter of the projects are privately-owned infrastructure projects.
• Government owns 66.7% of all projects followed quite some way behind by Private Domestic owners at 14.3%.

Egypt Shorouk Concession Oil & Gas 14.0
Egypt West Nile Delta Project Oil & Gas 12.0
Algeria Hauts-Plateaux Motorway Transport 8.9
Morocco Tangier - Casablanca Rail Transport 4.1
Egypt Mostorod Refinery Upgrade Project Real Estate 3.7
Algeria Reggane North Development Project Oil & Gas 3.0
Tunisia Reseau Ferroviaire Rapide Project Transport 2.8
Algeria Various Gas Power Projects Energy & Power 2.7
Morocco Safi Supercritical Coal-Fired Power Plant Energy & Power 2.6
Algeria Tissemlit-Boughezoul Rail Transport 2.1
North Africa-Top 10 Projects by Value (Bln USD) in the Year 2016

124
119
109
8583.2
144.9
140
93.4
2013 2014 2015 2016
Southern Africa- Regional Construction
(2013-2016)
Energy & Power
25%
Transport
20%
Real Estate
30%
Water
7%
Mining
5%
Oil & Gas
5%
Shipping & Ports
7%
Healthcare
1%
Southern Africa- Projects by Sector (%) in 2016
Construction Industry in Southern Africa- (2013-2016)
• Real Estate:26 Projects where MEP

Construction Industry in Southern Africa- Year 2016
Government
60%
Private
Domestic
26%
UK
5%
China
3%
France
2% India
2%
South Africa
2%
Brazil
1%
Southern Africa- Projects in 2016 –
Who Owns?
African DFIs
5%
China
8%
Government
32%
International
DFIs
10%
Private
Domestic
25%
Others
20%
Who Funds?
China
18%
Portugal
9%
South Africa
8%
Private
Domestic
28%
Government
3%
Others
34%
Who Builds?
• Private Domestic Construction organisations account for 28.2% of projects, followed by Chinese construction companies with 17.6% and construction organisations
from various other countries building 34.1% of projects.
• South Africa & Angola are home to 8 of the top 10 largest projects across Southern Africa with 4 projects each, while Mozambique & Zambia account for the
remaining projects.
• The top 10 projects in Southern Africa account for 65% of the total value of projects in the region.

Angola Kaombo, Block 32 Oil & Gas 16.0
Angola Lobito Refinery Oil & Gas 8.0
South Africa Kusile Coal-Fired Power Plant Energy & Power 7.9
South Africa Modderfontein City Real Estate 7.3
South Africa Medupi Power Station Energy & Power 7.0
Angola Lauca Hydropower Plant Energy & Power 4.3
Angola Luanda International Airport Transport 3.8
Mozambique Moatize Expansion Mining 2.1
South Africa Venetia Diamond Mine Mining 2.0
Zambia Kafue Gorge Lower Power Plant
Project
Energy & Power 2.0
Southern Africa- Top 10 Projects by Value (Bln USD) in the Year 2016

17
13
23
24
15.3
33.2
35.8
7
2013 2014 2015 2016
Central Africa- Regional Construction (2013-2016)
Energy & Power
29%
Transport
42%
Real Estate
9%
Water
4%
Mining
8%
Shippin
g &
Ports
4%
Social Development
4%
Central Africa- Projects by Sector (%) in 2016
• Real Estate:2 Projects where MEP
Construction Industry in Central Africa- (2013-2016)

Australia
4%
Government
88%
Switzerland
4%
US
4%
Central Africa- Projects in 2016 - Who
Owns?
African DFIs
17%
Australia
4%
China
33%
Government
4%
International
DFIs
25%
Private
Domestic
9%
Switzerland
4%
US
4%
Funds?
China
50%
Private
Domestic
21%
France
8%
Others
21%
Builds?
• Transport projects dominate the construction sector in Central Africa with 41.7% of projects, followed by Energy & Power at 29.2%. The Transport sector is also the
most valuable sector, accounting for nearly a third of all projects by value (US$2.3bn).
• Governments own 87.5% of projects, but fund only 4.2% of projects. China is the largest funder at 33.3%, followed by International DFIs (25%).
• The top 10 largest projects in Central Africa represent 72% of the total projects by value. All four of the Energy & Power projects listed in the top 10 are hydropower
projects, of which three are in Cameroon.
Construction Industry in Central Africa- Year 2016

DRC Katanga Copper Mine Mining 0.9
Cameroon Limbe Deep Sea Port Shipping & Ports 0.7
Gabon Libreville - Port-Gentil Road Project Transport 0.6
Cameroon Memve'ele Hydropower Station Energy & Power 0.6
DRC Mengo Potash Project Real Estate 0.5
Cameroon Yaounde-Douala Highway Transport 0.5
Cameroon Lom Pangar Dam and Hydropower Project Energy & Power 0.4
DRC Zongo II Hydropower Project Energy & Power 0.4
Gabon Libreville Housing Project Real Estate 0.4
Cameroon Menchum Dam Hydropower Project Energy & Power 0.3
Central Africa- Top 10 Projects by Value (Bln USD) in the Year 2016

23
Senegal
Ivory Coast
Ghana
Nigeria
South Africa
Tanzania
Kenya
33%
19%
39%
45%
10%
5%
17%
Ethiopia
17%
Angola
11%
Mozambique
17%
Zambia
4%
African Countries of Interest – Share of Regional
Mega-Project Construction Project Pipeline
v For a given country, its
corresponding % value is with
respect to its share in the total
regional construction output value.

Total MEP Market in Select African Countries- 2017 vs 2020
Countries Under Consideration in the Total MEP Market:
Ghana + Ivory Coast + Kenya + Nigeria + Senegal + South Africa + Tanzania+ Angola + Ethiopia + Mozambique + Zambia
CAGR: 7.4%
Source: Company’ Calculations on Construction Output Value Furnished by TIMETRIC
MEP Contracting Cost has been considered to be 3% of Total Construction Output Value
CAGR: 7.4%
714
757
816
885
2017 2018 2019 2020
Total MEP Market in Select African Countries
(Mln USD)
4639
4923
5307
5751
2017 2018 2019 2020
Total MEP Market in Select African Countries
(₹ Crores)

Total MEP Market in Select African Countries- 2017 vs 2020
Source: Company Calculations on Construction Output Value Furnished by TIMETRICIn a given sector, MEP Contracting Cost has been considered to be 3% of Total Construction Output Value, US$ Mln
185
130
103
80
61
45 43
27 23 16
1
NigeriaSouth
Africa
Ethiopia
Tanzania
Angola
Ghana
Kenya
Zam
biaIvoryCoast
Senegal
M
ozam
bique
Total African MEP Market of
714 Mln USD Under Consideration in 2017
Nigeria
26%
South Africa
18%
Ethiopia
15%
Tanzania
11%
Angola
9%
Ghana
6%
Kenya
6%
Zambia
4%
Ivory Coast
3%
Senegal
2%
Mozambique
0%
Commercial
45%
Retail
Buildings
34%
Healthcare
Buildings
11%
Leisure &
Hospitality
Buildings
7%
Food
Processing
3%
Distribution of Total MEP Market of 714
Mln USD Sectors of Interest Wise: 2017
235
153
142
103
61 58
40 39 32
21
2
Nigeria
EthiopiaSouth
Africa
Tanzania
Kenya
Ghana
AngolaIvory
Coast
Zam
bia
Senegal
M
ozam
bique
Nigeria
26%
Ethiopia
17%South
Africa
16%
Tanzania
12%
Kenya
7%
Ghana
7%
Angola
5%
Ivory Coast
4%
Zambia
4%
Senegal
2%
Mozambique
0%
Commercial
46%
Retail
Buildings
33%
Healthcare
Buildings
10%
Leisure &
Hospitality
Buildings
8%
Food
Processing
3%
Distribution of Total MEP Market of 885
Mln USD Sectors of Interest Wise: 2020

Bullish Stagnant Bearish
Overall
Score
Bullish Stagnant Bearish
Overall
Score
Kenya
Leisure and Hospitality
Buildings
75/75 Nigeria
Buildings
75/75
Retail Buildings Retail Buildings
Healthcare Buildings Healthcare Buildings
Food processing Food processing
Commercial Commercial
Ghana
Buildings
75/75 Senegal
Buildings
75/75
Ivory Coast
Buildings
75/75 South Africa
Buildings
50/75
Tanzania
Buildings
75/75 Ethiopia
Buildings
75/75
Angola
Buildings
25/75 Zambia
Buildings
75/75
INDEX 15 10 5
African Countries of Interest- Attractiveness Matrix
Source: Company’ Calculations on Construction Output Value Furnished by TIMETRIC

Getting the Total Construction Output Value for Nigeria- Base Data Sourced from UN Data
01
02
03
04
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Construction Industry Output (NGN
Million)
48,32,635 56,73,228 67,34,570 82,34,784 98,11,837 1,06,83,943 1,09,81,545 1,13,47,812 1,19,44,335 1,26,22,210 1,33,97,198
Nominal % change 13.5% 17.4% 18.7% 22.3% 19.2% 8.9% 2.8% 3.3% 5.3% 5.7% 6.1%
% of GDP 9% 9% 9% 10% 11% 10% 9% 8% 8% 7% 7%
Getting the 100% Distribution of Total Construction Output Value of Nigeria in Terms of the Broad Sectors Involved
2014 spending (based on 300 mega-
projects in database)
Analyst assessment on
bias due to mega-
projects
Survey Responses (Nov
2014, rounded
averages, adjusted to
total)
Benchmarking
averges (Morocco,
Tunisia, Egypt, South
Africa)
Analyst
assessment on
bias on
benchmarking
Final
structure -
for 2014
% of Total % of Total % of Total
Commercial sector 7.4 >>underestimated 14.0 15.8 12.4
Industrial sector 11.5 >> overestimated 4.5 6.8 7.6
Infrastructure sector 25 >> overestimated 27.5 29.4 27.3
Energy and utilities sector 48.1 >>overestimated 24.0 18.2
>>> Too low for
Nigeria, given oil
sector
23.1
Institutional sector 2.6 >>underestimated 5.0 11.9 6.5
Residential sector 5.4 >>underestimated 25.0 38.6 23.0
Getting the Sub Sector Construction Values By Taking Into Consideration the 100% Distribution of Each of the Broad Sectors
Commercial Construction Industrial Construction Infrastructure Construction Energy and Utility Institutional Construction Residential Construction
Leisure and Hospitality Buildings 10% Chemical and Pharmaceutical Plants 24%Rail Infrastructure 19%Electricity and Power 36%Educational Buildings 51%Single-Family Housing 58.50%
Office Buildings 44%
Manufacturing Plants (Includes Food
Processing) 31%Road Infrastructure 40%Oil & Gas 7%Healthcare Buildings 32%New Multi-Family Housing 41.50%
Outdoor Leisure Facilities 6%
Metal and Material Production and
Processing plants 24%Other Infrastructure Projects 40%Telecommunications 9%Institutional Buildings 7%
Retail Buildings 30% Waste Processing Plants 21% Sewage Infrastructure 25%Research Facilities 3%
Other Commercial Construction 10% Water Infrastructure 23%Religious Buildings 6%
Converting Values from Nigerian Currency to USD
Research Methodology Used for Deriving Base Construction Output Values

Nigeria Profile - Overview
v In 2016, the Nigerian economy registered its worst economic performance in
over 20 years owing to the oil price slump, militant attacks on oil
infrastructure, tight liquidity in the FX market and depressed private
consumption.
v The fiscal deficit also widened over the year due to lower oil earnings and
non-oil tax revenues.
v The federal government of Nigeria believes substitute sources of revenue
generation will grow the economy out of its current situation provided areas
such as Agriculture and Manufacturing are ventured into passionately
v The World Bank Global Economic Prospects report released shows that the
sub-Saharan African growth is projected to slightly increase by 2.9
percent “while the global economic growth would pick up moderately to 2.7
percent in 2017
v Nigeria’s economy is showing prospects and that the economic will recover
from the recession by months to come.
GDP US$412.5 bn
Population 185.3 mn
GDP growth 4.3% (2016-20)
Country Risk D (A – low risk; E – high risk)
Doing Business 169th (Out of 190)
Corruption 26 (100 – least corrupt; 0 – most corrupt
Key Indicators
Source: Timetric

MEP Market in Nigeria- 2010 to 2020: Figures in USD Mln
Source: Calculations on Construction Output Value Furnished by TIMETRIC
12
13
16
19
22
20
15 16 16
18
20
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Nigeria Leisure and Hospitality Buildings
36
42
49
59
70
63
48 49 51
56
62
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Nigeria Retail Buildings
18
26
29
34
38
33
25 26 27
30
33
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Nigeria Healthcare Buildings
6
6
8
9
11
9
7 7
8
8
9
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Nigeria Food processing
63
74
87
105
124
111
85 87
91
100
110
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Nigeria Commercial
134
161
189
227
266
236
180 185 194
213
235
0
50
100
150
200
250
300
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Nigeria Total

Nigeria Profile – Leisure & Hospitality
Total Construction Output Value, US$ Mln
vThere is a bullish view on Nigeria’s leisure and hospitality sector, and a sustained
growth in construction in this segment is expected going forward.
vInternational tourists and business travellers will continue to be drawn to the country as
Nigeria’s economy develops further.
Main hotel chains
v Hilton – 667 rooms
v Intercontinental – 362 rooms
v Le Meridian – 249 rooms
v Best Western – 233 rooms
Key Metrics
Hotel rooms 111,236 2014
International visitors 919,000 2015
Capital investment US$5,330 mn 2016
Project Name
Valu
e,
US$
mn
Stage
Constru
ction
Start
Constru
ction
Comple
te
Location
Abuja Down Town Development 3,500
Plannin
g
Q1 2018 Q4 2022
Abuja
Federal
Capital
Territory
Jabi Lake Resort 2,000
Plannin
g
Q2 2018 Q4 2020
Abuja
Federal
Capital
Territory
Iganmu National Theatre
Redevelopment
530
Plannin
g
Q4 2017 Q4 2021 Lagos
Abuja Stratosphere Mixed-Use
Tower
468
Plannin
g
Q1 2018 Q4 2021
Abuja
Federal
Capital
Territory
Source: Timetric
388
449
529
633
748
670
511
524
550
605
665
0
100
200
300
400
500
600
700
800
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Leisure and Hospitality Buildings

Nigeria Profile – Food Processing
vNigeria’s food processing sector is underdeveloped due to the high cost of local food
processing activities and the weak physical infrastructure across the country.
vThe majority of inputs used by local food processors are imported.
vNigeria’s food processing sector is dominated by SMEs, although new entrants are
frequently coming onto the market.
Exported value in 2016 US$ mn
Cocoa and cocoa preparations 2,871.7
Miscellaneous edible preparations 38.9
Preparations of cereals, flour, starch or milk 129.7
Preparations of meat, of fish or of crustaceans 2.3
Preparations of vegetables, fruit, nuts 91.1
Sugars and sugar confectionery 27.1
Key Metrics
Project Name
Valu
e,
US$
mn
Stage
Constru
ction
Start
Constru
ction
Comple
te
Location
Lavun Sugar Factory
Development
450
Plannin
g
Q1 2018 Q4 2019 Niger
Lagos Sugar Plant Expansion 300
Plannin
g
Q4 2017 Q4 2020 Lagos
Grain Processing Plant and
Export Hub
250
Plannin
g
Q1 2018 Q4 2019 Nassarawa
Jigawa Sugar Refinery 250
Plannin
g
Q1 2018 Q4 2019 Jigawa
Sokoto Tomato Processing Plant 250
Plannin
g
Q1 2018 Q4 2020 Zamfara
Awka Omor Rice Mill Expansion 150
Plannin
g
Q1 2018 Q4 2019 Anambra
Edidi Cassava Production and
Processing Facility
100
Plannin
g
Q1 2018 Q1 2019 Kwara
Source: Timetric
189
216
252
306
357
308
234 240
252
277
305
0
50
100
150
200
250
300
350
400
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Food Processing

Nigeria Profile – Healthcare
vNigeria’s under-funded public health system is under immense pressure due to high
levels of poverty combined with the high incidence of diseases across the country. Key Metrics
Hospital beds 68,017 2004
Project Name
Valu
e,
US$
mn
Stag
e
Constru
ction
Start
Constru
ction
Comple
te
Location
Abuja Medical City
Development
650 Design Q1 2018 Q2 2019
Abuja
Federal
Capital
Territory
Abuja City Gate Development 394
Executi
on
Q2 2015 Q4 2020
Abuja
Federal
Capital
Territory
Imperial International Business
City
300
Plannin
g
Q1 2018 Q3 2021 Lagos
Kano Chinatown Mixed-Use
Development
300
Plannin
g
Q1 2018 Q2 2020 Kano
Lagos Medical Park 154 Design Q2 2017 Q1 2019 Lagos
Regional Medical Center of
Excellence
150
Plannin
g
Q1 2018 Q4 2019 Imo
Umuchukwu Orthopaedic
Hospital
40
Executi
on
Q3 2015 Q4 2017 Anambra
Abuja Kanu Cardiac Center 35
Plannin
g
Q3 2017 Q4 2018
Abuja
Federal
Capital
Territory
Source: Timetric
595
854
961
1123
1273
1109
848 869
913
1004
1104
0
200
400
600
800
1000
1200
1400
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Healthcare Buildings

Nigeria Profile – Retail
vThree trading platforms co-exist in Nigeria: the traditional open markets or street traders;
the semi-formal modernised markets; and Western-style shopping centres or formal retail
outlets.
vThe growing popularity of modern retailing is contributing to the overall growth of the
market, as consumers believe products are more likely to be genuine than if purchased
through less modern and informal channels.
Key Metrics
Completed shopping center floorspace
City Sq m
Abia 100,000
Cross River 80,000
Enugu 22,530
Federal Capital Territory 81,000
Kano 24,136
Lagos 121,000
Project Name
Value
, US$
mn
Stag
e
Constru
ction
Start
Constru
ction
Comple
te
Location
Abuja Down Town Development 3,500
Plannin
g
Q1 2018 Q4 2022
Abuja
Federal
Capital
Territory
Redevelopment
530
Plannin
g
Q4 2017 Q4 2021 Lagos
Abuja Stratosphere Mixed-Use
Tower
468
Plannin
g
Q1 2018 Q4 2021
Abuja
Federal
Capital
Territory
TBS World Trade Tower 400
Plannin
g
Q1 2018 Q4 2021 Lagos
Abuja City Gate Development 394
Executi
on
Q2 2015 Q4 2020
Abuja
Federal
Capital
Territory
Source: Timetric
1196
1394
1643
1977
2329
2086
1586 1625
1706
1877
2065
0
500
1000
1500
2000
2500
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Retail Buildings

Nigeria Profile – Commercial
vBroader economic development and the growth of the private sector in the country have
driven office space demand from domestic companies.
vNigeria’s growing reputation as a significant market in Africa and gateway to the Sub-
Saharan region has fuelled strong demand for office space in recent years.
Key Metrics
Gross Lettable Area
240,000 sq m total for office buildings in Lagos
Project Name
Valu
e,
US$
mn
Stag
e
Constr
uction
Start
Constr
uction
Compl
ete
Locatio
n
Abuja Down Town
Development
3,500
Plannin
g
Q1 2018 Q4 2022
Abuja
Federal
Capital
Territory
Redevelopment
530
Plannin
g
Q4 2017 Q4 2021 Lagos
TBS World Trade Tower 400
Plannin
g
Q1 2018 Q4 2021 Lagos
Imperial International
Business City
300
Plannin
g
Q1 2018 Q3 2021 Lagos
Abuja Multi-Purpose
Infrastructure Tower
300
Pre-
Tender
Q3 2017 Q4 2020
Abuja
Federal
Capital
Territory
Abeokuta City Center 300
Plannin
g
Q4 2017 Q4 2021 Ogun
Source: Timetric
2106
2461
2915
3513
4144
3705
2825 2896
3040
3344
3679
0
500
1000
1500
2000
2500
3000
3500
4000
4500
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Commercial

Ghana Profile - Overview
vGhana’s economy continues to face challenges. Economic growth
in 2016 has been estimated to come in at 3.6%.
vDelays in the resolution of the energy problems due to debt for
state owned enterprises (SOEs), technical difficulties in the oil
sector, continued weak commodity prices, and high outward
capital flows pose downside risks to Ghana’s economic outlook.
vThere is a great deal of potential across a number of key sectors in
the country, and that a wealth of opportunities exist, particularly
in accessing Ghana’s increasing middle class as well as the large
regional market.
vHowever, such growth could be constrained by endemic structural
weaknesses throughout the economy, low investment levels, the
nascent and relatively weak private sector, and widespread
poverty.
GDP US$39.9 bn
Population 28.0 mn
GDP growth 6.3% (2016-20)
Country Risk C (A – low risk; E – high risk)
Key Indicators
Source: Timetric

MEP Market in Ghana- 2010 to 2020: Figures in USD Mln
Source: Company Calculations on Construction Output Value Furnished by TIMETRIC
1.96 2.15
2.94
3.87
2.67 2.67
3.14
3.52
4.01
4.50
5.00
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Ghana Leisure and Hospitality Buildings
14
17
23
26
19
18
20 21
23
24
26
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Ghana Retail Buildings
3
5
8
9
7
6
7 7 7 8 8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Ghana Healthcare Buildings
1.02
1.22
1.81
2.08
1.53
1.40
1.53 1.59
1.72
1.85
1.97
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Ghana Food processing
6
7
11
13
10 10
11
12
13
15
17
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Ghana Commercial
26
33
46
54
40 38
42 45
49
53
58
0
10
20
30
40
50
60
70
20102011201220132014201520162017201820192020
Ghana Total

Ghana Profile – Leisure & Hospitality
Source: Timetric
Main Hotel Chains
v Kempinski - 269 rooms
v Mövenpick - 260 rooms
v Best Western - 246 rooms
v Golden Tulip - 238 rooms
v Accor - 192 rooms
v Holiday Inn - 168 rooms
Key Metrics
International visitors 1,093,000 2014
Capital investment US$279 mn 2016
Project Name
Value
, US$
mn
Stage
Constru
ction
Start
Constru
ction
Comple
te
Location
Hope City Mixed-Use
Development
10,000
Plannin
g
Q2 2018 Q3 2021
Greater
Accra
Point of Return Mixed-Use
Development
6,500
Plannin
g
Q4 2017 Q4 2023
Greater
Accra
Eco Medical Village
Development
500
EPC
Award
Q4 2017 Q1 2031
Greater
Accra
Accra Mixed-Use Development 250
Plannin
g
Q1 2018 Q3 2020
Greater
Accra
Takoradi Logistics Center 150
Plannin
g
Q1 2018 Q4 2019 Western
Garden City Shopping Mall 130
Executio
n
Q3 2015 Q4 2018 Ashanti
Source: Timetric
65
72
98
129
89 89
105
117
134
150
167
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Ghana Profile – Food Processing
Source: Timetric
Key Metrics
Project Name
Value, US$
mn
Stage
Constr
uction
Start
Construc
tion
Complet
e
Locatio
n
Sugar Manufacturing
Plant
250 Planning Q1 2018 Q4 2020
Unconfirm
ed
34
41
60
69
51
47
51
53
57
62
66
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Ghana Profile – Healthcare
Key Metrics
Project Name
Value,
US$ mn
Stage
Construc
tion
Start
Constru
ction
Complet
e
Locat
ion
37 Military Hospital
Expansion
519
Executio
n
Q2 2015 Q2 2017
Greater
Accra
Eco Medical Village
Development
500
EPC
Award
Q4 2017 Q1 2031
Greater
Accra
KATH Tower
Development
300
Announc
ed
Q1 2018 Q2 2021 Ashanti
Sewua Regional Hospital 63
Executio
n
Q1 2015 Q4 2017 Ashanti
Kumawu District
Hospital
30
Executio
n
Q1 2015 Q2 2017 Ashanti
Source: Timetric
99
176
251
297
225
205
220
227
240
250
259
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Ghana Profile – Retail
Source: Timetric
v Ghana ranks ninth on AT Kearney’s 2015 African Retail Development Index.
v Market attractiveness remains modest, but country risk is quite low and the market is far from saturated.
v The country’s economy has remained steady in recent years, and the middle class is large and growing.
v These dynamics will continue to boost retail sales, and international companies are increasingly keen to
move into the market.
Key MetricsCompleted shopping center floorspace
City Sq m
Accra 103,000
Kumasi 50,000
Project Name
Valu
e,
US$
mn
Stage
Construc
tion Start
Construct
ion
Complete
Locati
on
Hope City Mixed-Use
Development
10,000
Plannin
g
Q2 2018 Q3 2021
Greater
Accra
Point of Return Mixed-Use
Development
6,500
Plannin
g
Q4 2017 Q4 2023
Greater
Accra
King City Mixed-Use
Development
885
Plannin
g
Q2 2018 Q4 2025 Western
Eco Medical Village
Development
500
EPC
Award
Q4 2017 Q1 2031
Greater
Accra
Accra Mixed-Use Development 250
Plannin
g
Q1 2018 Q3 2020
Greater
Accra
Takoradi Logistics Center 150
Plannin
g
Q1 2018 Q4 2019 Western
Executi
on
Q3 2015 Q4 2018 Ashanti
The Exchange – Greater Accra 115
Executi
on
Q3 2016 Q3 2018
Greater
Accra
Kumasi City Mall 110
Executi
on
Q1 2015 Q2 2017 Ashanti
Source: Timetric
470
562
763
868
649
600
659
692
755
808
852
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Ghana Profile – Commercial
Total Construction Output Value, US$ Mln Key Metrics
Gross Lettable Area
Accra currently has around 93,000 sq m of modern retail space
Project Name
Value,
US$
mn
Stage
Constr
uction
Start
Construct
ion
Complete
Locat
ion
Hope City Mixed-Use
Development
10,000
Plannin
g
Q2 2018 Q3 2021
Greater
Accra
Accra Mixed-Use
Development
250
Plannin
g
Q1 2018 Q3 2020
Greater
Accra
Appolonia Mixed-Use
Development
247
Plannin
g
Q1 2018 Q4 2025
Greater
Accra
Skyville Apartments and
Kassardjian Office Complex
200
Executi
on
Q4 2015 Q4 2018
Greater
Accra
Executi
on
Q3 2015 Q4 2018 Ashanti
The Exchange – Greater
Accra
115
Executi
on
Q3 2016 Q3 2018
Greater
Accra
Accra Office Complex 32
Plannin
g
Q1 2018 Q4 2020
Greater
Accra
Source: Timetric
191
248
367
450
329
317
364
399
449
507
579
0
100
200
300
400
500
600
700
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Ivory Coast Profile - Overview
vGrowth in the economy of the Ivory Coast has accelerated in recent
years, with 7.9% GDP growth in 2014 and 8.2% growth in 2015.
vFollowing the return of political stability after the 2010-2011 civil war,
the economy has bounced back after a decade of stagnation that
culminated in the civil war.
vLarge scale infrastructure development that will encourage growth is
expected in the 2017 to 2020 period, with average GDP growth of 7.2% a
year anticipated.
vThe country currently has a sovereign risk rating of B, despite the high
levels of growth demonstrated in recent years.
vAgriculture is the largest sector in the economy, and the country is the
largest producer of cocoa in the world, producing 40% of global output. It
also produces palm oil, rubber, coffee, crude oil and mines gold and
manganese.
GDP US$35.5 bn
Population 23.3 mn
GDP growth 7.7% (2016-20)
Country Risk B (A – low risk; E – high risk)
Doing Business 142nd (Out of 190)
Key Indicators
Source: Timetric

MEP Market in Ivory Coast- 2010 to 2020: Figures in USD Mln
0.43 0.43
0.74
1.01 1.16 1.28
1.70
2.25
2.85
3.54
4.12
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Ivory Coast Leisure and Hospitality
Buildings
2 2
3
4
5 5
7
8
10
11
13
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Ivory Coast Retail Buildings
0.41 0.41
0.69
0.81 0.88 0.97
1.25
1.54
1.87
2.19
2.50
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Ivory Coast Healthcare Buildings
0.16 0.17
0.33 0.39 0.44 0.49
0.66
0.88
1.14
1.44
1.75
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Ivory Coast Food processing
1.94 1.97
3.50
5.02 5.65 6.27
8.18
10.41
12.72
15.11
17.49
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Ivory Coast Commercial
4.67 4.73
8.20
11.55 12.99 14.26
18.47
23.37
28.40
33.64
38.77
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Ivory Coast Total

Ivory Coast Profile – Leisure & Hospitality
v The tourist industry was well developed in the Ivory Coast in the late 1990s, but two civil wars
(2002 and 2011) decimating the industry and significantly reduced the number of hotels
throughout the country.
v Nevertheless, following the return of political stability in recent years the tourist industry has
rebounded, in part due to a growth in business tourism.
Main Hotel Chains
v Sofitel Hotels – 426 rooms
v Radisson Blu – 270 rooms
v Novotel Hotels – 258 rooms
v Ibis Hotels – 247 rooms
Source: Hotel websites
Key Metrics
Hotel rooms 10,000 EST
Project Name
Value,
US$ mn
Stage
Constr
uction
Start
Construct
ion
Complete
Locatio
n
Abidjan Aerocite Mixed-Use
Development
2,075 Planning Q3 2018 Q4 2023 Abidjan
Abidjan Hotel Development 113 Planning 2015 2018 Abidjan
Abidjan Five Star Hotel 62 Planning Q1 2018 Q4 2020 Abidjan
Source: Timetric
14 14
25
34
39
43
57
75
95
118
137
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Ivory Coast Profile – Food Processing
v The Ivory Coast is the largest producer of cocoa in the world, the central ingredient of chocolate
products. In the crop year 2015/2016 the Ivory Coast produced 1,690,000 tonnes, a slight fall from
1,796,000 in 2014/2015.
v Traditionally, the majority of cocoa produced was exported abroad for processing, however in recent
years the government has increased efforts to process a greater amount of cocoa domestically in
order to retain greater value.
• Cocoa and cocoa by-
products
• Coffee
• Pineapples
• Bananas
• Corn
• Tapioca
• Edible Oils
• Sweet Potatoes
• Miscellaneous foods
• Sugar and confectionery
• Meat and dairy products
• Fish products
Major Types of Food Processing Activity
Source: Timetric
Key Metrics
Project Name
Value
, US$
mn
Stage
Constru
ction
Start
Constru
ction
Complet
e
Location
Abidjan Brassivoire Brewery
Plant
162
Construct
ion
Complete
Q4 2015 Q1 2017 Abidjan
Source: Timetric
5 6
11
13
15
16
22
29
38
48
58
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

v The Ivory Coast previously had a more established healthcare system that included large
hospitals and clinics in Abidjan, Bouake, Daloa and Korhogo.
v However, civil wars in 2002 and 2011 wrecked the system and many health professionals left
the country, with a shortage of staff remaining an issue today.
Ivory Coast Profile – Healthcare
Total Construction Output Value, US$ Mln Key Metrics
Hospital project owners
Agronomix
Project Name
Value
, US$
mn
Stage
Construc
tion
Start
Construc
tion
Complet
e
Location
Abidjan New City Benene
Development
233 Design Q1 2018 Q4 2020 Abidjan
Source: Timetric
14 14
23
27
29
32
42
51
62
73
83
0
10
20
30
40
50
60
70
80
90
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Ivory Coast Profile – Retail
v Prosuma is the most established with retail, wholesale and distribution networks and they also own
the Cap Sun and Cap Nord shopping centres in Abidjan.
v CDCI is another established company and is the owner of the King Cash retail network, selling
budget food and non-food items.
Total Construction Output value, US$ Mln
v AT Kearney in their Africa Retail Development Index states there is a basic level of
development of retail activity and give the Ivory Coast a ARDI rank of 13.
v There is 61,000 sq m of gross leasable area in Abidjan, Ivory Coast which equates to
13 sq m/1000 people.
Key Metrics
Abidjan has 5 large malls in the city center:
CFAO & Carrefour Mall: 20,000 sq m
Cap Sud Mall (Marcory): 3,000 sq m
Cap Nord Mall (Cocody): 4,700 sq m including 1,400 sq m of supermarket and 1,900 sq m of
retail space excluding supermarkets.
Prima Center Mall (Marcory): 2,200 sq m
Espace Latrille Mall (Cocody): 3,200 sq m
Project Name
Value
, US$
mn
Stage
Constru
ction
Start
Constru
ction
Complet
e
Location
Development
2,075 Planning Q3 2018 Q4 2023 Abidjan
Abidjan New City Benene
Development
233 Design Q1 2018 Q4 2020 Abidjan
Source: Timetric
58 58
98
144
162
175
222
276
328
379
430
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Ivory Coast Profile – Commercial
v The majority of multinationals establishing headquarters in the Ivory Coast focus on
Abidjan, given its position as the main economic centre of the country, despite not being
the capital of the country.
v The Plateau district is where the majority of Grade A international quality office buildings
are located, and therefore it is the area with the highest demand among large firms.
Key Metrics
Gross Lettable Area
There is 150,000 sq m of total gross lettable office space in Abidjan.
Project Name
Value
, US$
mn
Stage
Constru
ction
Start
Constru
ction
Comple
te
Location
Development
2,075
Plannin
g
Q3 2018 Q4 2023 Abidjan
Abidjan Tour Postel 2001
Renovation
30
Executio
n
Q3 2015 Q1 2017 Abidjan
Abidjan Headquarters Building 26
Plannin
g
Q1 2017 Q1 2020 Abidjan
Source: Timetric
65 66
117
167
188
209
273
347
424
504
583
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Kenya Profile - Overview
v In terms of economic health, Kenya remains one of the strongest
performing economies in its region, with GDP growth rates above
5% throughout 2016, with mining and quarrying in particular
driving growth.
v The current-account deficit remains high, although this is
somewhat offset by healthy currency reserves and effective
monetary policy.
v Banking sector risk has been increased owing to the government’s
interest rate cap introduced in September 2016, with subsequent
reductions in banking sector lending to the private.
v The central bank must also exhibit a tougher stance market
regulation, due to concerns relating to corruption and a lack of
financial oversight among certain lenders.
v Political risk is a key concern in Kenya with presidential elections
scheduled for August 2017.
GDP US$67.5 bn
Population 47.3 mn
GDP growth 6.2% (2016-20)
Key Indicators
Source: Timetric

MEP Market in Kenya- 2010 to 2020: Figures in USD Mln
Source: Company's Calculations on Construction Output Value Furnished by
TIMETRIC
1.61 1.53
1.89 2.05 2.27 2.44
2.82
3.33
3.90
4.51
5.24
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Kenya Leisure and Hospitality Buildings
7 7
9 9
11 11
12
13
14
15
16
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Kenya Retail Buildings
2 2
3 3
3 3
3
4
4
4
5
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Kenya Healthcare Buildings
0.56 0.56
0.67
0.77
0.88 0.91
1.02
1.12
1.22
1.33
1.45
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Kenya Food processing
11 10
13 14
16 17
19
22
26
30
34
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Kenya Commercial
22 22
27 29
33 34
38
43
49
55
61
0
10
20
30
40
50
60
70
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Kenya Total

Kenya Profile – Leisure & Hospitality
v Kenya has a strong tourism industry, and is recognised among international travellers as an ideal
location for safari trips, with 7.5% of the total country protected wildlife conservation areas. It also has
836 km of beaches, with numerous resorts along the coast.
v Tourism is an important source of foreign exchange for Kenya, however international tourism in Kenya
has displayed a downward trend in recent years, falling by 12.6% from 2014 to 2015.
Main hotel chains
Sarova Hotels – 768 rooms
Serena Hotels – 610 rooms
Sentrim Hotels – 406 rooms
Hilton Hotels – 287 rooms
Radisson Blu – 271 rooms
Source: Timetric
Key Metrics
Project Name
Value
, US$
mn
Stage
Constru
ction
Start
Constru
ction
Complet
e
Location
Nairobi Konza Technology City 14,500
Executio
n
Q4 2016 Q4 2036
Nairobi
Area
Bomas International Conference
and Exhibition Center
561
Pre-
Tender
Q2 2018 Q4 2019
Nairobi
Area
Wyndham Amboseli Golf Resort
and Spa
200 Design Q3 2017 Q4 2018
Nairobi
Area
Hass Towers Commercial
Complex
180
Executio
n
Q4 2016 Q4 2020
Nairobi
Area
Isiolo Resort City 170 Planning Q1 2018 Q4 2020 Isiolo
Westlands Mixed-Use Complex 98
Executio
n
Q3 2015 Q4 2018
Nairobi
Area
Four Points by Sheraton Nairobi
Airport
60
Executio
n
Q1 2016 Q4 2017
Nairobi
Area
Source: Timetric
54 51
63
68
76
81
94
111
130
150
175
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Kenya Profile – Food Processing
v The Kenyan food-processing sector (including beverages and tobacco) remains the largest
component of the manufacturing industry.
v The majority of food processing companies in the country are small, employing less than 50
people, but there is currently widespread investment in food processing facilities by larger
companies.
Source: Timetric
Cocoa and cocoa preparations 6.9
Key Metrics
Project Name
Value
, US$
mn
Stage
Constru
ction
Start
Constru
ction
Complet
e
Location
Mavoko Manufacturing Facility 63
Executio
n
Q2 2015 Q2 2017 Machakos
Kericho Sugar Manufacturing
Plant
58 Planning 2017 Q2 2018 Kericho
Thika Beverage Plant 40
Executio
n
2016 Q2 2017 Thika
Nakuru Milk Processing Facility 30
Executio
n
Q3 2016 Q2 2017 Nakuru
Source: Timetric
19 19
22
26
29
30
34
37
41
44
48
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Kenya Profile – Healthcare
v The Kenyan healthcare sector is split between three main providers - public sector, private sector and
faith based organisations. In total there are around 7,000 separate healthcare facilities in Kenya.
v The private sector in particular is expected to post growth with businesses recognising the need to
satisfy the increasing demand for high quality services.
Key Metrics
Source: Timetric
v Ruby Hall Clinic (RHC) and Africa Medicity Limited (AFL);
v Ministry of Health; County Government of Kakamega (CGK);
v The Nairobi Hospital
Project Name
Value
, US$
mn
Stage
Constru
ction
Start
Constru
ction
Comple
te
Location
Executio
n
Q4 2016 Q4 2036
Nairobi
Area
Eldoret Referral Hospital
Development
563
Executio
n
Q4 2016 Q4 2019 Uasin Gishu
Green Isinya City Housing
Development
247
Plannin
g
Q1 2018 Q2 2020 Kajiado
Nairobi Hospital Development 95
Plannin
g
Q1 2018 Q4 2019
Nairobi
Area
Kakamega Teaching and Referral
Hospital
58
Executio
n
Q2 2016 Q4 2019 Kakamega
Nairobi Hospital Expansion 55
Executio
n
Q1 2017 Q2 2019
Nairobi
Area
East Africa Kidney Institute 38 Tender Q3 2017 Q4 2019
Nairobi
Area
Kasarani Children's Hospital 32 On Hold Q3 2015 Hold On
Nairobi
Area
Kenyatta National Hospital
Private Unit Expansion
31
Pre-
Tender
Q1 2018 Q4 2020
Nairobi
Area
Source: Timetric
64 65
85
91
103 103
114
125
135
145
152
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Kenya Profile – Retail
v The general outlook for the Kenyan retail sector is strong, supported by continued GDP
growth and improved consumer purchasing power.
v Retail sales have grown from US$10 bn in 2005 to over US$25 bn by 2014. By 2019 this figure
is expected to surpass US$40bn. Food accounted for 65% of total retail sales in 2014.
Total Construction Output Value, US$Mln Key Metrics
Source: Timetric
Kenya’s capital Nairobi has a gross leasable area (sq m/1,000 people) of 104
and an overall gross leasable area of 391,000 sq m.
Project Name
Value
, US$
mn
Stage
Constru
ction
Start
Constru
ction
Comple
te
Location
Tatu City Mixed-Use
Development
5,000
Executio
n
Q4 2015 Q4 2030
Nairobi
Area
Athi River Economic Zone
Development
750
Plannin
g
Q2 2018 Q2 2020
Nairobi
Area
Development
247
Plannin
g
Q1 2018 Q2 2020 Kajiado
Elono Plains Mixed-Use
Development
200
Executio
n
Q3 2016 Q4 2020
Nairobi
Area
Upper Hill Mixed-Use Tower 54
Plannin
g
Q1 2018 Q4 2019
Nairobi
Area
Naivasha Mixed-Use
Development
40
Executio
n
Q4 2015 Q4 2019 Nakuru
Crystal Rivers Mixed-Use
Development
40
Executio
n
Q2 2015 Q4 2018 Machakos
Meru Rising Tower 25
Plannin
g
Q3 2017 Q4 2019 Meru
Source: Timetric
246 237
293
316
358 361
391
429
465
498
530
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Kenya Profile – Commercial
v There is currently widespread growth and development in all commercial property sectors,
especially in the capital, Nairobi. Solid economic growth combined with stable inflation has
boosted the commercial property market, with surging prices in numerous areas.
v A key government policy has been to create satellite cities to ease pressure on Nairobi,
which lacks the infrastructure to deal with the influx of people from rural regions that has
occurred over the last decade.
Key Metrics
Gross Lettable Area
There was 733,058 sq m of lettable office space in 2015, of which 340,000 sq m was in
Nairobi.
Project Name
Valu
e,
US$
mn
Stage
Constru
ction
Start
Constru
ction
Comple
te
Location
Executio
n
Q4 2016 Q4 2036
Nairobi
Area
Tatu City Mixed-Use
Development
5,000
Executio
n
Q4 2015 Q4 2030
Nairobi
Area
Athi River Economic Zone
Development
750 Planning Q2 2018 Q2 2020
Nairobi
Area
Development
247 Planning Q1 2018 Q2 2020 Kajiado
Hass Towers Commercial
Complex
180
Executio
n
Q4 2016 Q4 2020
Nairobi
Area
Westlands Mixed-Use Complex 98
Executio
n
Q3 2015 Q4 2018
Nairobi
Area
Akili Mixed-use Tower 55 Planning Q2 2017 Q4 2018
Nairobi
Area
Upper Hill Mixed-Use Tower 54 Planning Q1 2018 Q4 2019
Nairobi
Area
Upper Hill Commercial Building
Development
39 Planning Q1 2018 Q4 2021
Nairobi
Area
Westlands Office Building 28
EPC
Award
Q2 2017 Q2 2019
Nairobi
Area
Source: Timetric
363 349
430
461
526
559
639
745
863
989
1140
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Senegal Profile - Overview
vUnder its Emerging Senegal Plan (PSE), the government of
Senegal is pursuing ambitious plans for economic reforms and a
series of investments intended to double economic growth in
2014-2017.
vThe plan calls for concerted efforts to promote private sector
investment across the agribusiness, mining, tourism, housing,
and infrastructure sectors.
vMoreover, the government has made progress in several reforms
to facilitate private investment, including improving the business
climate, a new law on public-private partnerships (PPPs), and
land-tenure reforms.
vEconomic growth remained strong in 2016. The primary sector is
the fastest growing sector, with extractives, fishing, and
agriculture dominating the economy.
vOver the year, the agriculture sector was buoyed by good rainfall
and positive results from government programs (including
groundnuts, rice, and horticulture).
GDP US$14.9 bn
Population 14.5 mn
GDP growth 6.9% (2016-20)
Key Indicators
Source: Timetric

MEP Market in Senegal- 2010 to 2020: Figures in USD Mln
1.21
1.45
1.33 1.44
1.62
1.49
1.66
1.86
2.06
2.30
2.57
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Senegal Leisure and Hospitality Buildings
2.91
3.55
3.26
3.55
3.95
3.54
3.84
4.18
4.54
4.96
5.45
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Senegal Retail Buildings
2
2
2
2
2
2
2
2
2
3
3
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Senegal Healthcare Buildings
0.27
0.32
0.29
0.31
0.35
0.31
0.33
0.35
0.38
0.41
0.44
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Senegal Food processing
5
6
6
6
7
6
7
7
8
9
9
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Senegal Commercial
11
13 12 13
15
13
15
16
17
19
21
0
5
10
15
20
25
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Senegal Total

Senegal Profile – Leisure & Hospitality
v The Senegalese government is aware of the importance of the travel and tourism industry to the
development of internal economy.
v As a result, the current government´s objective is to increase the number of tourists to two million by
2019, and Senegal is likely to focus on improving its infrastructure.
Main hotel chains
v Radisson Blu Hotel – 241 rooms
v Hôtel Fleur – 112 rooms
v Terrou-Bi Beach & Casino Resort – 168 rooms
Key Metrics
International visitors 836,000 2014
Capital investment US$128.2 mn 2016
Project Name
Valu
e,
US$
mn
Stag
e
Constru
ction
Start
Constru
ction
Comple
te
Location
Aristide Le Dantec Hospital
Redevelopment
133 Study Q2 2018 Q2 2020 Dakar
Saraba Village Resort
Development
70
Plannin
g
Q2 2017 Q4 2018 Thies
Dakar Hotel Development 35
Executi
on
Q2 2016 Q1 2018 Dakar
Source: Timetric
40
48
44
48
54
50
55
62
69
77
86
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Senegal Profile – Food Processing
v Aid to the agricultural sector has been proving positive in supporting the Senegalese government’s
sectoral development principle, the Accelerated Growth Strategy (SCA).
v Senegal has started to attract foreign investment in the export-oriented horticultural sector.
Key Metrics
• Ground nuts
• Canned Fish
• Tomato concentrates
• Sugar refining
• Flour milling
• Soda water
• Milk Powder
Source: Timetric
9
11
10
10
12
10
11
12
13
14
15
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Senegal Profile – Healthcare
v A good level of medical treatment is generally available in the capital, with many of
the country’s doctors working in Dakar.
v Outside of the capital city, however, and in rural areas in particular, the situation is
generally poor.
Key Metrics
Source: Timetric
50
59
54
59
66
60
66
73
81
89
99
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Senegal Profile – Retail
v The retail segment in Senegal offers many long-term growth opportunities, with only two
international competitors and little local competition in the modern segment.
v The highly unsaturated market does offer companies strong economic growth and a
burgeoning retail sector.
v Senegal ranks tenth on AT Kearney’s 2015 African Retail Development
Index.
v Market attractiveness is quite low due to the high incidence of poverty in
the country and low incomes, but economic growth remains strong and
retail spending is expected to continue growing.
v Moreover, country risk is fairly low for the West Africa region, and the
market is highly unsaturated.
Key Metrics
Dakar - 45,000 sq m
Source: Timetric
97
118
109
118
132
118
128
139
151
165
182
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Senegal Profile – Commercial
v The office market in Senegal is primarily located in the capital city, Dakar.
v The largest office submarket, Plateau, is located towards the south of the peninsula, with a number
of government agencies being located in this part of the city.
Key Metrics
Gross Lettable Area
An estimated 80,000 sq m total for office buildings in Dakar
Project Name
Value
, US$
mn
Stage
Constru
ction
Start
Constru
ction
Complet
e
Location
Diamniadio Technology Park 120
Executio
n
Q2 2015 Q4 2020 Dakar
Dakar Arena Multipurpose Sports
Complex
38
Executio
n
2016 Q2 2018 Dakar
Dakar Expo Center 25
Executio
n
2016 Q4 2018 Dakar
Source: Timetric
170
208
191
208
231
209
226
244
264
286
312
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

South Africa Profile - Overview
vEconomic growth in South Africa was fairly weak in 2016, chiefly
on the back of depressed commodity demand from China, low
global commodity prices, low investment, erratic capital flows,
and low consumer and business confidence.
vPersistent electricity shortages have had a knock-on effect
throughout the economy, and severe drought has weakened the
agriculture sector, and the sector’s contribution to real GDP has
been dramatically curtailed.
vNevertheless, economic growth is projected to rebound in 2017
and strengthen further in 2018, driven by household
consumption and investment.
vIn particular, the improvement in electricity production should
remove bottlenecks and boost confidence and, therefore
investment, provided that political uncertainties dissipate.
vSome opportunities may be relatively limited, however, due to
the highly saturated segments across much of this developed
economy, particularly compared to other emerging markets in
Sub Saharan Africa.
GDP US$290.9 bn
Population 49.8 mn
GDP growth 1.8% (2016-20)
Key Indicators
Source: Timetric

MEP Market in South Africa- 2010 to 2020: Figures in USD Mln
Source: Company’s Calculations on Construction Output Value Furnished by
TIMETRIC
28
16
9
7
8 7 6 6 7 7 7
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
South Africa Leisure and Hospitality
Buildings
67
74
59
48
57
50
45 45 46 46 47
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
South Africa Retail Buildings
8
11
10
9 9
8
7 7 7 7 7
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
South Africa Healthcare Buildings
5 5
6
4
4
4
3 3 3 3 3
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
South Africa Food processing
83
64
72
96
78
70 65 68 72 75 78
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
South Africa Commercial
191
170
156 164 155
138 127 130 134 138 142
0
50
100
150
200
250
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
South Africa Total

South Africa Profile – Leisure & Hospitality
v Stringent visa regulations, regional concerns regarding the Ebola virus, and broader economic downturn
weighed on international tourism flows into South Africa in 2015.
v In 2016, however, the devaluation of the rand against major currencies and the relaxation of visa
regulations had a positive impact on the tourism industry in South Africa.
Key Metrics
Capital investment US$4,328 mn 2016
Project Name
Valu
e,
US$
mn
Stage
Constru
ction
Start
Constru
ction
Comple
te
Location
Roodepoort Precinct
Development 1,000
Plannin
g Q2 2018 Q4 2022 Gauteng
Blue Rock Village Mixed-Use
Development 900
Plannin
g Q4 2017 Q4 2022
Western
Cape
Rietfontein Farm 61R Mixed-Use
Development 500
Plannin
Plettenberg Bay Harbour
Development 438
Plannin
g Q4 2018 Q4 2022
Western
Cape
Times Square at Menlyn Maine 295
Executi
on Q4 2015 Q1 2018 Gauteng
The Oceans Umhlanga
Development 285
Executi
on Q4 2016 Q4 2019
KwaZulu-
Natal
The Central Mixed-Use
Development 150
Executi
Loftus Park Commercial
Development 115
Executi
The Yacht Club Mixed-Use
Development 87
Executi
on Q4 2016 Q2 2018
Western
Cape
Centurion Hotel Development 84
Plannin
Source: Timetric
928
533
289
218
273
238 216 216 218 221 222
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

South Africa Profile – Food Processing
v South Africa’s food processing industry obtains the majority of its primary inputs from the
country’s agricultural sector, creating strong backward linkages.
v Further, there are strong forward linkages with the tertiary sector, which consists of trade,
transport and finance.
• Aquaculture (marine and fresh water
sub-sector)
• Floriculture
• Fruit and vegetables
• Dairy
• Meat (poultry, exotic meat, ostrich,
equine, sheep, beef and goat)
• Grains
• Edible oils
• Sugar and confectionery sector
Miscellaneous edible preparations 1,255.7
Preparations of vegetables, fruit, nuts 1,830.6
Sugars and sugar confectionery 1,264.7
Key Metrics
Project Name
Value
, US$
mn
Stage
Constru
ction
Start
Constru
ction
Complet
e
Location
Halaal Agri-Processing Facility 72 Study Q3 2018 Q4 2020
Western
Cape
Tshwane Food and Energy
Center
40
Constructi
on
Complete
Q2 2015 Q2 2016 Gauteng
Source: Timetric
163 165
200
145
136
118
107 107 109 111 112
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

South Africa Profile – Healthcare
v South Africa has over 400 public hospitals and more than 200 private hospitals. The public
sector provides health care for 80% of the population, but it accounted for less than 50% of
total health care spending in 2012.
v Provincial health departments manage the larger regional hospitals directly, while smaller
hospitals and primary care clinics are managed at the district level.
Key Metrics
Project Name
Valu
e,
US$
mn
Stag
e
Constr
uction
Start
Constr
uction
Comple
te
Location
Rietfontein Farm 61R Mixed-
Use Development
500
Plannin
g
Q1 2018 Q4 2022 Gauteng
Dr Pixley Ka Isaka Seme
Memorial Hospital
Development
179
Executi
on
Q1 2015 Q1 2019
KwaZulu-
Natal
Kempton Park Hospital
Redevelopment
109
Plannin
g
Q1 2018 Q3 2019 Gauteng
Siloam Hospital
Redevelopment
72
EPC
Award
Q1 2017 Q2 2018 Limpopo
New GF Jooste Hospital
Development
58
Plannin
g
Q2 2018 Q3 2023
Western
Cape
The OriginHealth Fairview
Hospital
54
Executi
on
Q3 2015 Q1 2018
Eastern
Cape
Isiphethu District Hospital
Upgrade
30
Executi
on
Q4 2016 Q4 2019
Eastern
Cape
Khutsong TB Hospital Upgrade 26
EPC
Award
Q1 2018 Q4 2018
Eastern
Cape
Nessie Knight District Hospital
Upgrade
25
Executi
on
Q3 2016 Q4 2018
Eastern
Cape
Source: Timetric
271
364
336
285
292
252
228 228 230 231 232
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

South Africa Profile – Retail
v The total shopping centre floor area per 100 inhabitants is a good indicator of the level of supply in
relation to the total population, and is also an indirect indication of disposable income per capita per
country.
v South Africa has 40 m² per 100 people. Metropolitan centres represent 66% of the total, cities 11%,
towns 19%, and rural areas 4%.
Key Metrics
South Africa has 1,785 shopping centres larger than 2,000 sq m.
In the 2,000 sq m - 20,000 sq m size category, South Africa has 901 centres,
and 144 shopping centres between 20,000 sq m - 40,000 sq m. Almost 75%
of all shopping centres are located in Gauteng, the Western Cape, and
KwaZulu-Natal.
South Africa has 23,000,000 sq m of shopping centre floor space
Project Name
Valu
e,
US$
mn
Stag
e
Constr
uction
Start
Constr
uction
Comple
te
Location
Coega Ridge Mixed-Use
Development
1,655
Plannin
g
Q1 2018 Q4 2028
Eastern
Cape
Roodepoort Precinct
Development
1,000
Plannin
g
Q2 2018 Q4 2022 Gauteng
Blue Rock Village Mixed-Use
Development
900
Plannin
g
Q4 2017 Q4 2022
Western
Cape
Vaal River City Mixed-Use
Development
793
Plannin
g
Q4 2017 Q4 2030 Gauteng
Athlone Power Station Site
Redevelopment
717 Study Q2 2018 Q4 2020
Western
Cape
Use Development
500
Plannin
g
Q1 2018 Q4 2022 Gauteng
Pinelands Mixed-Use
Community
500
Plannin
g
Q2 2018 Q4 2024
Western
Cape
Source: Timetric
2228
2465
1951
1602
1889
1651
1501 1506 1532 1549 1566
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

South Africa Profile – Commercial
v Gauteng continues to dominate office investment activity, with the province accounting for some 60% of
office space investment in 2015. This has declined from 70% of investment in 2014.
v Larger cities, such as Johannesburg and Cape Town, are becoming saturated due to rising competition
and more established commercial property sectors.
Key Metrics
Gross Lettable Area
There was 733,058 m2 total for office buildings in 2015
Project Name
Valu
e,
US$
mn
Stag
e
Constr
uction
Start
Constr
uction
Compl
ete
Locatio
n
Coega Ridge Mixed-Use
Development
1,655
Plannin
g
Q1 2018 Q4 2028
Eastern
Cape
Roodepoort Precinct
Development
1,000
Plannin
g
Q2 2018 Q4 2022 Gauteng
Vaal River City Mixed-Use
Development
793
Plannin
g
Q4 2017 Q4 2030 Gauteng
Use Development
500
Plannin
g
Q1 2018 Q4 2022 Gauteng
Pinelands Mixed-Use
Community
500
Plannin
g
Q2 2018 Q4 2024
Western
Cape
Plettenberg Bay Harbour
Development
438
Plannin
g
Q4 2018 Q4 2022
Western
Cape
Richmond Park Mixed-Use
Development
365
Executi
on
Q3 2016 Q4 2019
Western
Cape
The Central Mixed-Use
Development
150
Executi
on
Q1 2016 Q4 2017 Gauteng
Waterfall City Headquarters
Building
131
Executi
on
Q2 2015 Q1 2018 Gauteng
Loftus Park Commercial
Development
115
Executi
on
Q2 2016 Q4 2019 Gauteng
Source: Timetric
2764
2142
2411
3206
2583
2335
2178
2264
2386
2489
2588
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Tanzania Profile - Overview
vInadequate power and transport infrastructure is a constraint to business
in Tanzania.
vReport suggest that many companies, particularly in power-intensive
industries, have developed their own sources of electricity-generation
rather than relying on the national grid.
vFurther, online retailers lament the lack of paved roads and proper street
addresses, which makes delivering goods difficult.
vTanzania is implementing large-scale infrastructure projects such as the
Chinese-funded 542km natural gas pipeline from Mwaura, in the south, to
Dar es Salaam, aimed at improving power generation.
vTanzania is upgrading of the railway infrastructure on the Dar es Saalam-
Isaka section of the East African Central Corridor; and establishing a new
US$11bn port and special economic zone in Bagamoyo. Construction of
new roads is also ongoing.
vWhile business leaders cite political stability as one of the benefits of
operating in Tanzania, corruption remains a key concern.
vBusiness success in Tanzania requires companies to have local managers
who are well versed in the local environment. Limited skilled talent in a
competitive labour market is, however, a challenge.
GDP US$46.1 bn
Population 49.8 mn
GDP growth 6.7% (2016-20)
Country Risk C (A – low risk; E – high risk)
Key Indicators
Source: Timetric

MEP Market in Tanzania- 2010 to 2020: Figures in USD Mln
Source: Company’s Calculations on Construction Output Value Furnished by TIMETRIC
5 5 4
5
7 7 7
8
9
9
11
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Tanzania Leisure and Hospitality
Buildings
10
14 14
16
23 23 23 24
26
28
31
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Tanzania Retail Buildings
5
6 7
9
12 13 13
14
15
15
16
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Tanzania Healthcare Buildings
0
1 1
1
1
1 1
1
1
2
2
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Tanzania Food processing
12 14
17
25
29 30 31
33
36
39
44
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Tanzania Commercial
33
39 42
56
72 75 75 80
87
94
103
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Tanzania Total

Tanzania Profile – Leisure & Hospitality
v Tanzania is a country with many tourist attractions, and approximately 38% of Tanzania's land area is set
aside in protected areas for conservation. There are 16 national parks, 29 game reserves, 40 controlled
conservation areas, and marine parks. Tanzania is also home to Mount Kilimanjaro, the highest point in
Africa.
Main Hotel Chains
v Hyatt Hotels – 216 rooms
v Best Western – 152 rooms
v Marriot Hotels – 122 rooms
v Four Seasons – 77 rooms
Key Metrics
Capital investment US$1,201.5 mn 2016
Project Name
Valu
e,
US$
mn
Stag
e
Constru
ction
Start
Constru
ction
Comple
te
Location
Zanzibar Amber Resort 1,600
Executi
on
Q1 2017 Q4 2024
Zanzibar
Urban/Wes
t
Hyatt Regency Arusha 50
Executi
on
Q1 2015 Q4 2017 Arusha
Verde Hotels Development 25
Executi
on
Q4 2016 Q1 2018
Zanzibar
Urban/Wes
t
Element Oyster Bay Dar Es
Salaam Hotel
25
Plannin
g
Q3 2017 Q4 2018
Dar es
Salaam
Source: Timetric
154 151
138
161
226
237 242
262
288
314
352
0
50
100
150
200
250
300
350
400
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Tanzania Profile – Food Processing
v Currently, the vast majority of Tanzania’s agricultural produce is exported raw or unprocessed.
v Opportunities in processing and other value adding activities from agricultural raw materials are
beginning to emerge as local and foreign investors increasingly recognize this sector’s potential.
Total Construction Output Value, US$ Mln Exported value in 2016 US$ mn
Source: Timetric
Key Metrics
Project Name
Valu
e,
US$
mn
Stag
e
Constru
ction
Start
Constru
ction
Comple
te
Location
Iringa Malting Plant 50
Plannin
g
Q4 2017 Q4 2018 Iringa
Mtwara Cashew Nut Processing
Plant
40
Plannin
g
Q1 2018 Q4 2019 Mtwara
Source: Timetric
16
19
21
27
36
38 39
43
48
51
55
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Tanzania Profile – Healthcare
v As with many developing countries, those in urban areas have better access to private and public
medical facilities. Insurance has only been introduced in recent years, although pension schemes have
been around longer.
v In 2009 there were over 7,000 reported cases, due primarily to poor sanitation.
v Additionally, the HIV/AIDS epidemic also puts a huge strain on Tanzania’s health care system. Around
1.2 million adults (aged 15 or over) live with the disease, accounting for over 5% of the adult
population.
Key Metrics
Source: Timetric
v Aga Khan Hospitals
v Apollo Hospitals Enterprise Ltd;
v Government of Tanzania
v National Social Security Fund
Project Name
Value
, US$
mn
Stage
Constr
uction
Start
Constru
ction
Complet
e
Location
Salama Creek Satellite City Mixed-
use Development
1,000 Planning Q4 2017 Q4 2025
Dar es
Salaam
Kigamboni Satellite City
Development
653 Planning Q2 2018 Q4 2021
Dar es
Salaam
Dar es Salaam Aga Khan Hospital
Expansion: Phase II
80 Execution Q3 2016 Q4 2018
Dar es
Salaam
Dar es Salaam Hospital
Development
70 Planning Q4 2017 Q4 2019
Dar es
Salaam
Mkoani Abdulla Mzee Hospital
Upgrade
30
Construct
ion
Complete
Q3 2015 Q4 2016
Pemba
South
Source: Timetric
162
209
223
306
401
420 424
451
488
515
542
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Tanzania Profile – Retail
v There are a number of factors that will boost the country’s retail segment over the coming years:
v The development of natural gas industry holds significant upside potential for the economy;
Total construction output value, US$ mn
Key Metrics
v Tanzania ranks fifth in AT Kearney’s 2015 African Retail Development Index.
Its large and stable economy provides a pull for retailers, but the country
remains poor and is still predominantly rural.
v Therefore market attractiveness is relatively low, but low political risk is a
positive. However, it is far from saturation point, as few retailers are
currently operating in the market.
Source: Timetric
Dar es Salaam: 107,000 sq m
Project Name
Value
, US$
mn
Stage
Construc
tion
Start
Construc
tion
Complet
e
Location
Salama Creek Satellite City Mixed-
use Development
1,000 Planning Q4 2017 Q4 2025
Dar es
Salaam
Kigamboni Satellite City
Development
653 Planning Q2 2018 Q4 2021
Dar es
Salaam
Safari City Residential
Development
600
Executio
n
Q2 2016 Q4 2020 Arusha
Control Center and Office Building
Development
60 Tender Q4 2017 Q4 2019
Dar es
Salaam
Peninsula Plaza Shopping Mall 60
Executio
n
Q1 2016 Q2 2018
Dar es
Salaam
Peninsula Plaza 60
Executio
n
2016 Q2 2018
Dar es
Salaam
Mlimani City Mall Expansion 27
Executio
n
2016 Q2 2017
Dar es
Salaam
Source: Timetric
337
462 472
519
759 774 775
810
878
934
1025
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Tanzania Profile – Commercial
v Dar es Salaam remains the main focus of office market activity in Tanzania, with a number of
significant new developments coming to the market in the city centre.
v Following the coming into force of the Unit Titles Act of 2008, Dar es Salaam is seeing the emergence
of an office sales market.
Key Metrics
Gross Lettable Area
Dar es Salaam- 140,000 - 180,000 sq m
Project Name
Valu
e,
US$
mn
Stage
Constru
ction
Start
Constru
ction
Comple
te
Location
Upanga Financial Square
Development
500
Plannin
g
Q1 2018 Q4 2024
Dar es
Salaam
PPF Pensions Fund Head Office 103
Executi
on
Q4 2015 Q4 2018
Dar es
Salaam
Control Center and Office
Building Development
60 Tender Q4 2017 Q4 2019
Dar es
Salaam
Source: Timetric
415
454
556
837
969
1015 1025
1099
1213
1315
1467
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

15. S&W’s Strategic Programme for the Countries of Interest (Section 14)
Sectional Contents

81
89
83
78 78 81
92
101
110
119
129
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Indonesia- Leisure and Hospitality
Buildings
88
97
112 118 119 121
137
153
171
189
209
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Indonesia- Retail Buildings
69
75 77
74 74 72
80
87
95
103
113
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Indonesia- Healthcare Buildings
52 52 51 50 50
55
61
65
69
74
80
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Indonesia- Food Processing
339
371 378 376 368 371
415
453
490
524
563
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Indonesia- Commercial
629
684 701 696 689 700
784
860
936
1010
1094
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Indonesia- Total
MEP Market in Indonesia- 2010 to 2020: Figures in USD Mln

25 24
59
43
55
49
73
81
90
99
110
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Philippines- Retail Buildings
10 10
14
15 15
17
18
20
22
24
26
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Philippines- Healthcare Buildings
2 2
5 4
14
11
12
13
16
19
22
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Philippines- Food Processing
88
58 60
72
83
123
93
104
116
130
144
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Philippines- Commercial
5
23
13
17
29
10
39
44
50
58
67
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Philippines- Leisure and Hospitality
Buildings
132 118
152 152
196
210
234
263
294
330
368
0
50
100
150
200
250
300
350
400
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Philippines- Total
MEP Market in Philippines- 2010 to 2020: Figures in USD Mln

27
33
37 38
41
44
47
51
55
59
64
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Vietnam- Leisure and Hospitality Buildings
7
9
9 10 10
11
12
13
14
15
17
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Vietnam- Retail Buildings
9
11
12
13
14
16
17
18
19
21
22
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Vietnam- Healthcare Buildings
13
17
18
19
21
22
24
26
28
30
32
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Vietnam- Food Processing
19
23
25 26 27
30
32
35
38
42
46
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Vietnam- Commercial
75
92
102 107 113
123
132
143
154
167
181
0
20
40
60
80
100
120
140
160
180
200
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Vietnam- Total
MEP Market in Vietnam- 2010 to 2020: Figures in USD Mln

6
8
9
11
12 13 13 13 13
14
14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Myanmar- Leisure and Hospitality Buildings
2
2
2
3
3 3 3 3
3
4
4
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Myanmar- Retail Buildings
2
3
3
4
4 4 4 4 4
4
4
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Myanmar- Healthcare Buildings
3
3
4
4
4 4
5
5
6
7
7
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Myanmar- Food Processing
4
5
6
8
8
9 9 9
9
10
10
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Myanmar- Commercial
17
21
24
29
32 32 33 34
36
38
40
0
5
10
15
20
25
30
35
40
45
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Myanmar- Total
MEP Market in Myanmar- 2010 to 2020: Figures in USD Mln

Strategic Objective:
To Achieve a Total Order Book of 100 Mln
USD by 2020 within the MEP Market n Africa:
Strategic Objectives & Strategy for IMEP Market
1. For Africa:
To focus exclusively on the MEP Market in the following regions of Africa, targeting specifically the
segments of Hospitality & Leisure, Retail, Healthcare, Food Processing & Commercial within them
§ East Africa: Kenya, Tanzania + Uganda, Botswana/Verify business environment in Ethiopia i.e
.Currency and competitive (Chinese) scenario
§ West Africa: Ghana, Ivory Coast, Nigeria & Senegal
§ Southern Africa: South Africa
2. For East Africa to have the following Business Development resources in place:
• IMEP Sales Manager for East Africa: Based out of Kenya
• GBD Sales Manager for East Africa- Based out of Kenya
• BD Consultant /s- Commission based
3. For West Africa, to have a distinct set of business development resources targeting:
• English Speaking MEP Market: Nigeria, Ghana
• French Speaking MEP Market: Benin, BurKina Faso, Guinea Bissao, Ivory Coast, Mali, Senegal
• BD Consultant /s- Commission based
4. For Southern Africa, given the biased preference towards European contractors in South Africa, to
collaboratively work with the Group BD team in South Africa with the view of handling the biasedness in
favor of the company.
5. For SE Asia:
• To work with Local partner/ s to seek out business opportunities. Regulation in the countries forces
local partnerships
• Estimation team to visit and work on credible database for local material sourcing and costing.
6..To have the business development resources accessing & harnessing the following principal
coordinates for lead generation:
• Consultants (Engineering, Property & Infrastructure)
• Commercial Real Estate & Infrastructure Developers
• Commercial Real Estate & Infrastructure Financiers
• Dynamic Business Intelligence- Subscription Based
7. Business performance across regions to be reviewed on a monthly & quarterly basis by the
company’s MEP Headquarters in Mumbai, India
Strategy

Africa
West Africa
English Speaking
MEP Market
NIGERIA
Head Sales
(IMEP)
Manager Sales
(IMEP)
BD Consultant
(Commission
Based)
Ghana
Company Group
BD Professional
French Speaking
MEP Markets
Ivory Coast,
Burkina Faso,
Senegal, etc
Manager Sales
(IMEP)
East Africa
Company Group
BD Professional
Manager Sales
(IMEP)
BD Consultant
(Commission
Based)
Southern Africa
Company Group
BD Professional
SE Asia
Indonesia
Company Group
BD Professional
Philippines
Manager Sales
(IMEP)
Vietnam Myanmar
Structure for Addressing the MEP Market in Select African Countries

2017 2018 2019 2020
MEP Market S&W’s Target MEP Market S&W’s Target MEP Market S&W’s Target MEP Market
Company’s
Target
East Africa
Ethiopia 103 0.00 118 0.00 135 0.00 153 0.00
Kenya 43 3.04 49 4.89 55 6.81 61 9.19
Tanzania 80 5.86 87 9.18 94 12.08 103 15.94
Total 226 8.90 254 14.07 284 18.89 317 25.13
West Africa
Ghana 45 3.01 49 4.81 53 6.51 58 8.50
Ivory Coast 23 1.60 28 2.77 34 4.11 39 5.69
Nigeria 157 13.31 150 19.92 138 27.00 129 35.60
Senegal 16 1.17 17 1.82 19 2.44 21 3.23
Total 241 19.09 244 29.32 244 40.06 247 53.02
Southern
Africa
South Africa 130 134 138 142
Angola 61 51 44 40
Mozambique 1 0.09 2 0.14 2 0.19 2 0.25
Zambia 27 1.78 28 2.63 30 3.58 32 4.66
Total 219 1.87 215 2.77 214 3.77 216 4.91
Grand Total 686 29.86 714 46.16 741 62.72 779 83.06
Company’s Strategic Programme for the African Countries of Interest
Figures in USD Mln

2017 2018 2019 2020
Commercial 2.47 3.64 4.93 6.60
Food processing 0.03 0.07 0.12 0.12
Healthcare Buildings 1.35 2.20 2.63 3.25
Retail Buildings 1.21 1.98 2.80 3.84
Buildings
0.79 1.30 1.60 2.11
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
Tanzania
Company’s Strategic Programme for East Africa- Targeted Business Size
Targeted Market Share
Sectors 2017 2018 2019 2020
Leisure and
Hospitality Buildings
10.0% 15.0% 17.0% 20.0%
Retail Buildings 5.0% 7.5% 10.0% 12.5%
Healthcare Buildings 10.0% 15.0% 17.0% 20.0%
Food processing 2.5% 5.0% 7.5% 7.5%
Commercial 7.5% 10.0% 12.5% 15.0%
Figures in USD Mln
2017 2018 2019 2020
Kenya Commercial 1.68 2.59 3.71 5.13
Kenya Food processing 0.03 0.06 0.10 0.11
Kenya Healthcare Buildings 0.38 0.61 0.74 0.91
Kenya Retail Buildings 0.64 1.05 1.49 1.99
Kenya Leisure and Hospitality
Buildings
0.33 0.59 0.77 1.05
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
Kenya

2017 2018 2019 2020
Commercial 0.55 0.79 1.07 1.40
Leisure and
0.19 0.31 0.39 0.51
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
Senegal
2017 2018 2019 2020
Commercial 0.78 1.27 1.89 2.62
Buildings
0.23 0.43 0.60 0.82
0.00
1.00
2.00
3.00
4.00
5.00
6.00
Ivory Coast
2017 2018 2019 2020
Commercial 0.90 1.35 1.90 2.60
Leisure and
0.35 0.60 0.77 1.00
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
Ghana
Company’s Strategic Programme for West Africa- Targeted Business Size
Sectors
Targeted Market
Share 2017
Leisure and
Hospitality
10.0%
Retail Buildings 5.0%
Healthcare 10.0%
Food processing 2.5%
Commercial 7.5%
Figures in USD Mln
Sectors
Targeted Market
Share 2018
Leisure and
Hospitality
15.0%
Healthcare 15.0%
Commercial 10.0%
Sectors
Targeted Market
Share 2019
Leisure and
Hospitality
17.0%
Healthcare 17.0%
Commercial 12.5%
Sectors
Targeted Market
Share 2020
Leisure and
Hospitality
20.0%
Healthcare 20.0%
Commercial 15.0%
2017 2018 2019 2020
Nigeria Commercial 6.52 9.12 12.54 16.56
Nigeria Food
processing
0.18 0.38 0.62 0.69
Nigeria Healthcare
Buildings
2.61 4.11 5.12 6.63
Nigeria Retail Buildings 2.44 3.84 5.63 7.74
Nigeria Leisure and
1.57 2.47 3.08 3.99
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
Nigeria

Company’s Strategic Programme for the SE Asian Countries of Interest
Sector 2017 2018 2019 2020
Indonesia
Leisure and Hospitality Buildings 101 0.00% 0.00 110 2.50% 2.76 119 3.75% 4.47 129 5.00% 6.45
Retail Buildings 153 0.00% 0.00 171 2.50% 4.28 189 3.75% 7.10 209 5.00% 10.46
Healthcare Buildings 87 0.00% 0.00 95 2.50% 2.37 103 3.75% 3.87 113 5.00% 5.66
Food processing 65 0.00% 0.00 69 0.00% 0.00 74 0.00% 0.00 80 0.00% 0.00
Commercial 453 0.00% 0.00 490 2.50% 12.25 524 3.75% 19.66 563 5.00% 28.13
Total 860 0.00 936 21.66 1010 35.10 1094 50.70
Philippines
Food processing 13 0.00% 0.00 16 0.00% 0.00 19 0.00% 0.00 22 0.00% 0.00
Commercial 104 0.00% 0.00 116 2.50% 2.91 130 3.75% 4.86 144 5.00% 7.22
Total 263 0.00 294 6.95 330 11.67 368 17.33
Vietnam
Food processing 26 0.00% 0.00 28 0.00% 0.00 30 0.00% 0.00 32 0.00% 0.00
Commercial 35 0.00% 0.00 38 2.50% 0.95 42 3.75% 1.56 46 5.00% 2.28
Total 143 0.00 154 3.16 167 5.13 181 7.45
Myanmar
Food processing 5 0.00% 0.00 6 0.00% 0.00 7 0.00% 0.00 7 0.00% 0.00
Commercial 9 0.00% 0.00 9 2.50% 0.23 10 3.75% 0.37 10 5.00% 0.52
Total 34 0.00 36 0.74 38 1.16 40 1.63
Figures in USD Mln

NO. NAME OF PROJECT CLIENT
VALUE IN MILLION USD
($)
LOCATION
1 Asokoro Mall Cappa De Alberto $15.00 NIGERIA
2 Dayspring JULIS BURGER $31.00 NIGERIA
3 Sun Paper Cappa De Alberto $8.00 NIGERIA
4 Universtity of Gambia SPCL - MUMBAI $22.50 GAMBIA
5 Transcorp Hilton
Transnational Hotels and
Tourism Services
$10.00 NIGERIA
6 ITC One L&T $50.00 SRI LANKA
7 One Colombo at Srilanka Tata Projects Ltd $26.0 SRI LANKA
8 606 Proposed mixed devlopment project at Sri Lanka - $12.0 SRI LANKA
9 Hass Tower - $20.0 KENYA
10 Transformer Factory - $45.0 NIGERIA
11 Hyatt Enertech $4.1 INDONESIA
12 Gabon Airport SPCL $25.0 GABON
13 Mauritius Metro Afcons $2.9 MAURITIUS
14 Dangote Oil refinary, Nigeria SP, Nigeria $6.0 NIGERIA
15 Kwarleyz Group (Mixed used project) - $15.0 GHANA
16 Supreme Court NBCC $10.0 MAURITIUS
17 RIU, Maldives Climainsul $2.0 MALDIVES
18 Cape Sierra Villa Estate SPML, Dubai $1.3 SIERRA LEONE
TOTAL $305.8
Existing IMEP Quotes & Leads- Expected to Finalise in 2017-2018

Corporate Strategy & Research- MEP

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