Meridian Port Services Limited

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Meridian Port Services Limited (“MPS” or the “company”) will develop a greenfield container terminal in the Port of Tema in Ghana to replace the existing terminal operated by MPS. MPS is 70% owned by a joint venture between APM Terminals (“APMT”) and Bolloré Africa Logistics (“Bolloré”), and 30% owned by the Ghana Ports and Harbours Authority (GPHA). MPS has been present in Tema for over 10 years under a 20-year concession granted in 2004, and has finalized in June 2015 a concession extension to build the new container terminal (the “new terminal”) in phases. The new terminal is part of a new port area included in the Tema Port master plan developed by GPHA. The location of the new terminal is immediately west of the existing port and around 25 km east of the capital Accra on the Gulf of Guinea. The land affected by the construction of the new terminal is owned by the GPHA. The new terminal will include: construction of a 3.85 km breakwater, dredging and reclamation (7 million m3 to be dredged and 9.8 million m3 to be reclaimed), construction of a 1,400 meter quay for four berths, and construction of 121 hectares (ha) of yard (of which 76 ha of container yard), infrastructure and buildings (operations, staff, customs, gate, workshop, backup power generation). IFC project (the “project”) represents investments related to Phase 1A of the new terminal. It primarily entails: (i) constructing a 700 meter quay for two container berths; (ii) building a 70 ha yard; (iii) constructing the 3.5 km breakwater; and (iv) dredging up to 19 meters. Upon completion of the project, the new terminal is expected to have an annual capacity of 1 million twenty-foot equivalent units (“TEUs”) and be able to serve large container ships. The existing container terminal will revert to GPHA.