COSTFIELD ASSOCIATES

VALUATION

Contract :- OFFICE/WAREHOUSE COMPLEX - Phase1 (Warehouse & External Works) Contractor :- Sojimi Services Limited Architect :- Uudex Associates Commencement Date :- 31st August, 2010 Valuation No :- Nine Contract Sum :- =N= 108,950,357.96 Preliminaries Builders' Work Nominated Sub-contractors(advance payment & work done) Builder's materials on site Attendance to Main Contractor on Specialist Works =N= : K 3,120,000.00 58,286,286.60 36,755,155.91 918,878.90 Completion Date :- 4th December,2010 Date :- 9th February 2012

GROSS VALUATION Less:Rentention:10% (main contractor only) Add Release of Retention

=N=

99,080,321.41

6,232,516.55 92,847,804.86 92,847,804.86

Advance Payment -

=N=

16,863,768.28 15,110,867.62 77,736,937.24

Less : Repayment (main contractor see page 12 for details) =N= Add Fluctuation (main contractor only see detail on page 9) Value Added tax VAT -5% (main contractor only) Total net amount payable to Contractors =N=

398,700.00 3,116,258.27 81,251,895.51

Less : Amount previously paid (see datails on page 13) Amount recommended for payment =N=

96,306,352.99 (15,054,457.48)

COSTFIELD ASSOCIATES Quantity Surveyors 1.00

COSTFIELD ASSOCIATES

VALUATION

Contract :- OFFICE/WAREHOUSE COMPLEX - Phase1 (Warehouse & External Works) Valuation No :- Nine Bill no. 1: Preliminaries Breakdown Initial Cost (installation) Running/Continous Cost Terminal Cost FOR VALUATION NO. 2 Initial Cost (installation) Running Cost- base on time interval - on Account 80% of 35% of =N=4,000,000.00 Bill no. 4: Warehouse Element no. 1 Substructure (Remeasurement) as at Valuation no. 2A Page WH/2/ F - G:100% completed Page WH/3/ D - E:100% completed Element no.1 Substructure =N= Element no. 2 Frame (Remeasurement) as at Valuation no. 8 Element no.2 Frame Element no. 3 Upper Floors (Remeasurement) as at Valuation no. 8 Element no.3 Upper Floors Element no. 4 Staircase Page WH/6/ A - N:100% completed Page WH/6/ P:100% completed Remeasurement-item WH/7/A Screeded bed on tread:14m2 @=N=1072.00 Remeasurement-item WH/7/B Screeded backing on risers:57m @=N=163.00 Page WH/7/ C - E:100% completed Remeasurement-item WH/7/F- J Thickness of terrazzo slab changed from 18mm to 36mm Item WH/7/ F:5m2 @ =N=3860.00:100% completed Item WH/7/ G -H:14m2 @ =N=3860.00:100% ditto Item WH/7/ J:57m @ =N=584.00:100% completed Page WH/7/ K - M:0% completed Element no.4 Staircase Carried forward: Date :- 9th February, 2012

50% 35% 15% 4,000,000.00 = 100% 50% 2,000,000.00 1,120,000.00 3,120,000.00

=N= =N= =N= =N= =N= =N=

21,077,774.00 85,760.00 26,754.00 21,190,288.00 3,132,802.00 3,132,802.00

=N= =N=

4,383,067.00 4,383,067.00

=N= =N= =N= =N= =N=

315,585.00 5,360.00 15,008.00 9,291.00 25,934.00

=N= =N= =N= =N= =N= =N=

19,300.00 54,040.00 33,288.00 477,806.00 29,183,963.00 2.00

COSTFIELD ASSOCIATES

VALUATION

Contract :- OFFICE/WAREHOUSE COMPLEX - Phase1 (Warehouse & External Works) Valuation No :- Nine Brought forward: Element no. 5 External and Internal wall (Remeasurement) as at Valuation no. 8 At entrance to staircase 225mm block wall:2m2 @=N=3259.00 Element no.5 External and Internal Wall Element no. 8 Doors (Remeasurement) Page WH/11/ A -6no @=N=17,281.00 Page WH/11/ B -14no @=N=15,437.00 Page WH/11/ C :0% completed Page WH/11/ D -125m @=N=557.00 Page WH/11/ E -20no @=N=1,029.00 Page WH/11/ F -20no @=N=6,432.00 Page WH/11/ G -H :0% completed Element no.8 Doors Element no. 9 Fittings and Fixtures Page WH/12/ A - B :0% completed Element no. 9 Fittings and Fixtures Element no. 11 Floor,Wall & Ceiling Finishings Page WH/15/ A- B:100% completed Page WH/15/ C - E:118m2 @ =N=643.00 Page WH/15/ F - H:118m2 @ =N=1544.00 Page WH/15/J: 100% completed Additional works 12no transluscent ceiling sheets@ =N=2,500.00 Remeasurement-page WH/15/K Rendering to soffit of slab:468m2 @=N=1072.00 Page WH/15/ L:100% completed Page WH/15/M:29m2 @ =N=1029.00 Carried forward: Date :- 9th February, 2012 =N=

29,183,963.00

=N= =N= =N=

5,178,208.00 6,518.00 5,184,726.00

=N= =N= =N= =N= =N= =N= =N= =N=

103,686.00 216,110.00 69,625.00 20,580.00 128,640.00 538,641.00

=N= =N=

=N= =N= =N= =N=

1,588,747.00 75,874.00 182,192.00 48,020.00

=N=

30,000.00

=N= =N= =N= =N=

501,696.00 1,902,800.00 29,841.00 4,359,170.00 34,907,330.00 3.00

COSTFIELD ASSOCIATES

VALUATION

Contract :- OFFICE/WAREHOUSE COMPLEX - Phase1 (Warehouse & External Works) Valuation No :- Nine Brought forward: Page WH/16/A:48m2 @ =N=1029.00 Page WH/16/B:32m @ =N=103.00 Page WH/16/C:43 m @ =N=103.00 Page WH/16/D:48m2 @ =N=3087.00 Page WH/16/E:29m2 @ =N=1544.00 Page WH/16/F:32m @ =N=154.00 Page WH/16/G:43m @ =N=154.00 Remeasurement-page WH/16/H Rendering on ext.wall:1036m2 @=N=1072.00(100%) Page WH/16/ J:100% completed Element no. 11 Floor,Wall & Ceiling Finishings Element no. 12 Painting & Decoration Page WH/17/ A- B:60% completed Remeasurement-page WH/17/C
Painting to soffit of slab:468m2 @=N=729-70%complete

Date :- 9th February, 2012 =N= 4,359,170.00 =N= =N= =N= =N= =N= =N= =N= =N= =N= =N= 49,392.00 3,296.00 4,429.00 148,176.00 44,776.00 4,928.00 6,622.00 1,110,592.00 44,571.00

34,907,330.00

5,775,952.00

=N= =N= =N= =N= =N=

645,267.00 238,820.40 884,087.40

Page WH/17/ D - E:0% completed Page WH/17/ F - G:0% completed Element no. 12 Painting & Decoration Bill no. 5: External Works Site clearance Page EX/1/A - E: 100% completed Oversite Excavation Page EX/1/F: 100% completed Fence wall -front elevation Substructure Excavation for column pit:5m3@=N=1,072.00 Ditto trench for foundation:13m3 @ =N=1072.00 Reinforced conc.column bases:2m3@=N=21,440 Ditto column in foundation:1m3@=N=21,440 Reinforcement to column bases: 200kg @=N=206 Ditto for column in foundation:100kg @=N=206.00 Formwork to sides of col.in fdn:10m2 @=N=1029 Plain insitu conc.foundation bed:3m3@=N=18,010 225mm block wall filled solid:20m2 @=N=4717.00 Superstructure 225mm hollow block wall :20m2 @=N=3259.00 Reinforced conc.column:2m3@=N=21,440 Reinforcement to column: 200kg @=N=206 Formwork to sides of column:18m2 @=N=1029 Carried forward:

=N= =N=

628,006.00 373,433.00

=N= =N= =N= =N= =N= =N= =N= =N= =N= =N= =N= =N= =N= =N=

5,360.00 13,936.00 42,880.00 21,440.00 41,200.00 20,600.00 10,290.00 54,030.00 94,340.00 65,180.00 42,880.00 41,200.00 18,522.00 1,473,297.00

41,567,369.40 4.00

COSTFIELD ASSOCIATES

VALUATION

Contract :- OFFICE/WAREHOUSE COMPLEX - Phase1 (Warehouse & External Works) Valuation No :- Nine Date :- 9th February, 2012 Brought forward: =N= 1,473,297.00 Fence wall -front elevation continues Superstructure continues Rendering on front fence wall :40m2 @=N=1029.00 =N= 41,160.00 Rendering on front fence columns:36m2 @=N=1029 =N= 37,044.00 Fence wall -existing fence & generator house Substructure Excavate trench for foundation:3m3 @ =N=1072.00 Plain insitu conc.foundation bed:1m3@=N=18,010 225mm block wall filled solid:4m2 @=N=4717.00 Superstructure 225mm hollow block wall :10m2 @=N=3259.00 Cement & sand rendering on ditto:10m2@=N=1072 Fence wall -rear & left hand side elevations Cement & sand rendering ditto:163m2@=N=1072 Gate House Page EX/4/A - L: 100% completed Page EX/5/A - L: 100% completed Page EX/6/A - C: 100% completed Page EX/6/F - L: 100% completed Page EX/7/G: 100% completed Page EX/7/H: 0% completed Page EX/7/J- K: 0% completed Page EX/8/A - B: 0% completed Page EX/8/C: 100% completed Page EX/8/D: 0% completed Generator House Page EX/9/A - M: 100% completed Page EX/10/A - J: 100% completed Remeasurement-item EX/10/K 230mm block wall:25m2 @=N=4717.00 Remeasurement-item EX/10/L 230mm block wall:66m2 @=N=3259.00 Page EX/10/M: 100% completed Page EX/10/N - P: 100% completed Page EX/11/A - C: 100% completed Page EX/11/F - L: 100% completed Page EX/11/M - N: 0% completed Carried forward:

41,567,369.40

=N= =N= =N= =N= =N= =N=

3,216.00 18,010.00 18,868.00 32,590.00 10,720.00 174,736.00

=N= =N= =N= =N= =N= =N= =N= =N= =N= =N=

130,231.00 349,026.00 100,932.00 72,368.00 26,800.00 38,073.00 -

=N= =N= =N= =N= =N= =N= =N= =N= =N= =N=

277,461.00 406,169.00 117,925.00 215,094.00 6,690.00 64,320.00 104,001.00 119,086.00 3,837,817.00 41,567,369.40

5.00

COSTFIELD ASSOCIATES

VALUATION

Contract :- OFFICE/WAREHOUSE COMPLEX - Phase1 (Warehouse & External Works) Valuation No :- Nine Date :- 9th February, 2012 Brought forward: =N= 3,837,817.00 Bill no. 5: External Works continues Generator House continues Additional works Asbestos ceiling tiles including hardwood noggins & covering strip:9m2 @=N=943.00 =N= 8,487.00 Page EX/12/H: 100% completed Page EX/12/J: 0% completed Remeasurement-item EX/12/K Cement & sand screeded bed:9m2 @=N=1029.00 Page EX/12/L: 100% completed Page EX/13/A: 0% completed Underground WaterTank Page EX/14/A - L: 100% completed Page EX/14/ M: 0% completed(not done) Page EX/15/A - J: 100% completed Remeasurement-page EX/15/K Page EX/15/K:36m2 @=N=3829-100% completed Page EX/15/L: 100% completed Remeasurement-page EX/15/M Page EX/15/M:36m2 @=N=1072-100% completed Page EX/15/N: 100% completed Remeasurement-page EX/15/P Page EX/15/P:36m2 @=N=815-100% completed Page EX/15/Q: 100% completed Remeasurement-page EX/15/R Page EX/15/R:36m2 @=N=617-100% completed Remeasurement-page EX/16/A Page EX/16/A:55m2 @=N=1544-100% completed Paved area Additional works
Total paved areas within the site:958m2, Average excavation depth:470mm

41,567,369.40

=N= =N= =N= =N= =N=

47,334.00 9,261.00 56,595.00 -

=N= =N= =N= =N= =N= =N= =N= =N= =N= =N= =N=

632,793.00 932,161.00 137,844.00 20,368.00 38,592.00 15,485.00 29,340.00 13,851.00 22,212.00 84,920.00

Excavation :450m3 @=N=1,072.00

Total paved areas outside the site(ramp):127m2, Average excavation depth:400mm

=N=

482,400.00

Excavation :51m3 @=N=1,072.00 Remove excavated material from site :501m3 @=N=643.00 Carried forward:

=N=

54,672.00

=N= =N=

322,143.00 6,746,275.00

41,567,369.40 6.00

COSTFIELD ASSOCIATES

VALUATION

Contract :- OFFICE/WAREHOUSE COMPLEX - Phase1 (Warehouse & External Works) Valuation No :- Nine Date :- 9th February, 2012 Bill no. 5: External Works continues Brought forward: =N= 6,746,275.00 Paved area continues Page EX/17/A: 0% completed (not executed) =N= Remeasurement Page EX/17/B: 683m2 @ =N=729.00 =N= 497,907.00 Page EX/17/C: 530m2 @ =N=712.00 =N= 377,360.00 Page EX/17/D: 573m2 @ =N=815.00 =N= 466,995.00 Additional paving outside the site (ramp area) BRC mesh for concrete paving:112m2 @=N=815.00 =N= 91,280.00 Concrete paving Page EX/17/E: 573m2 @ =N=5274.00 =N= 3,022,002.00 Additional paving outside the site (ramp area) concrete paving:112m2 @=N=5726.00 =N= 641,312.00 Page EX/17/F: 0% completed Drainage Page EX/17/G - L: 100% completed Page EX/18/A - G: 100% completed Page EX/18/H - J : 0% completed Page EX/18/K : 80% completed Page EX/18/L - N : 0% completed Page EX/19/A - H : 0% completed Septic Tank Page EX/19/J - M: 100% completed Page EX/20/A - M: 100% completed Page EX/21/A - C: 100% completed NOTE:Only 1no septic tank is included with warehouse Soak Away Pit:size 1200 x 1200mm x 1500mm deep Page EX/23/A - M: 50% completed Page EX/24/A: 50% completed NOTE:Only 1no is included with warehouse Soak Away Pit:size 2100 x 2100mm x 1800mm deep Page EX/24/B - N: 100% completed Page EX/25/A - B: 100% completed Additional works Transformer Base Excavation:1m3 @=N=1029.00 150mm hardcore:1m2 @=N=772.00 50mm concrete blinding:1m2 @=N=712.00 Concrete base:1m3 @ =N= 21,440.00 Reinforcement:48kg @ =N= 206.00 Formwork to sides:6m2 @ =N= 1029.00 Carried forward: =N= =N= =N= =N= =N= =N= =N= =N= =N= =N= 171,806.00 2,541,577.00 122,935.20 100,899.00 824,191.00 89,016.00

41,567,369.40

=N= =N=

187,532.00 4,866.00

=N= =N=

350,525.00 57,422.00

=N= =N= =N= =N= =N= =N= =N=

1,029.00 772.00 712.00 21,440.00 9,888.00 6,174.00 16,333,915.20 41,567,369.40 7.00

COSTFIELD ASSOCIATES

VALUATION

Contract :- OFFICE/WAREHOUSE COMPLEX - Phase1 (Warehouse & External Works) Valuation No :- Nine Date :- 9th February, 2012 Bill no. 5: External Works continues Brought forward: =N= 16,333,915.20 Additional works Machine Base Excavation:1m3 @=N=1029.00 150mm hardcore:3m2 @=N=772.00 50mm concrete blinding:3m2 @=N=712.00 Concrete base:2m3 @ =N= 21,440.00 Reinforcement:96kg @ =N= 206.00 Formwork to sides:4m2 @ =N= 1029.00 Isolation base Excavation:1m3 @=N=1029.00 150mm hardcore:1m2 @=N=772.00 50mm concrete blinding:1m2 @=N=712.00 Concrete base:1m3 @ =N= 21,440.00 Reinforcement:48kg @ =N= 206.00 Formwork to sides:1m2 @ =N= 1029.00 225mm hollow block wall :5m2 @=N=3259.00 Engr Instruction dated 20/09/11 & 26/10/11 on Columns @ main,inner & pedestrian gate Substructure Excavation:10m3 @=N=1029.00 Return,fill &rammed: 7m3 @=N=450.00 Cart away excavated material: 3m3 @=N=643.00 Column base &stub:3m3 @ =N= 21,440.00 Reinforcement:300kg @ =N= 206.00 Formwork to column stub sides:9m2 @ =N= 1029 Superstructure Column:2m3 @ =N= 21,440.00 Reinforcement:200kg @ =N= 206.00 Formwork to column sides:26m2 @ =N= 1029.00 Bill no. 5: External Works Grand Total:Builders' Works

41,567,369.40

=N= =N= =N= =N= =N= =N=

1,029.00 2,316.00 2,136.00 42,880.00 19,776.00 4,116.00

=N= =N= =N= =N= =N= =N= =N=

1,029.00 772.00 712.00 21,440.00 9,888.00 1,029.00 16,295.00

=N= =N= =N= =N= =N= =N= =N= =N= =N= =N= =N=

10,290.00 3,150.00 1,929.00 64,320.00 61,800.00 9,261.00 42,880.00 41,200.00 26,754.00 16,718,917.20 58,286,286.60

8.00

COSTFIELD ASSOCIATES

VALUATION

Contract :- OFFICE/WAREHOUSE COMPLEX - Phase1 (Warehouse & External Works) Valuation No :- Nine Material on site as at 9th February 2012 Flush doors:5no @=N=14,500.00 Cement:374bags @=N=1,650.00 Sharp sand:40tons @=N=3,500.00 Granite:60tons @=N=6,000.00 Reinforcement:5tons @=N=155,000.00 The Client paid for them Fluctuation Claim Total amount approved to date(see costfield letter dated 14th July 2011 Nominated Sub contractors' works M/S BELDICO (Electrical Installation) Accepted Quotation Cumulative amount paid on electrical work done (See Prime Associates Valuation no.2 dated 19th October,2011) Less: Retention -5% Less previouslypaid(certificate no. 8) Amount due in this Valuation Note Calculation of the amortization of advance payment Total contract sum: =N= Total amount of advanced payment to be amortized: Gross valuation for electrical sub contractor Adv.payment to be deducted from this valuation =N= =N= =N= Date :- 9th February, 2012

=N= =N= =N= =N= =N= =N=

72,500.00 617,100.00 140,000.00 360,000.00 775,000.00 -

=N=

398,700.00

=N=

11,778,175.76

11,184,872.00
559,243.60 10,625,628.40 10,625,628.40 -

11,778,175.76

9.00

COSTFIELD ASSOCIATES

VALUATION

Contract :- OFFICE/WAREHOUSE COMPLEX - Phase1 (Warehouse & External Works) Valuation No :- Nine Nominated Sub contractors' works continues MAPROMAR NIGERIA LIMITED (Mechanical Installation) Accepted Quotation Additional works 1?????????? Additional works 2????????? Additional works 3????????? Date :- 9th February, 2012

3,129,364.16 291,715.00 92,820.00 92,000.00 3,605,899.16

Cumulative amount paid on mechanical work done (See payment details from client Less: Retention -10% =N= Less previously paid (See payment detail fromclient Amount due in this Valuation Total amount paid to date

3,157,697.27 315,769.73 retention not deducted because of direct 2,841,927.54 payment 3,157,697.27 (315,769.73) 3,157,697.27

Note Calculation of the amortization of advance payment Total amount of NSC works including preliminaries: =N= Total amount of advanced payment to be amortized: =N= Gross valuation for mechanical sub contractor =N= Adv.payment to be deducted from this valuation =N= PRIMOTEK SYSTEM (Fire Alarm Syetem) Accepted Quotation Advance payment paid -70% CHIDEX METALCO. (NIG) (Metal Works) Accepted Quotation Additional works 1????????? Total amount paid as at 5th Oct,2011 CRITTALL - HOPE NIG. LTD (Roller Shutter doors) Accepted Quotation Advance payment paid -100%

552,365.63 386,655.94 previously paid without deducting retention

1,269,180.00 727,608.00 1,753,608.00 previously paid without deducting retention

1,479,848.00 1,479,848.00 previously paid without deducting retention

10.00

COSTFIELD ASSOCIATES

VALUATION

Contract :- OFFICE/WAREHOUSE COMPLEX - Phase1 (Warehouse & External Works) Valuation No :- Nine Nominated Sub contractors' works continues SAINT LLOYDS CONCEPTS LTD (Aluminium Windows) Accepted Quotation Total amount paid as at 1st Sept,2011 Date :- 9th February, 2012

1,227,950.00 1,104,590.00 previously paid without deducting retention.

TOWER ALUMINIUM (NIG) PLC (Aluminium Roofing) Accepted Quotation See payment detail from client

6,396,528.30 previously paid without deducting retention.

MICKODAM ENGINEERING NIG.LTD (Structural Steel Works) Accepted Quotation Variations:(see CIV-STRUCT letter dated 14th March, 2011 Additional steel mesh panel(item A) Monitor mesh panel(item B) Total Cumulative amount paid on Structural steel work (See payment details from client Amount due in this Valuation Payment to Nominated Sub Contractors. (as advance payment & work done) Attendance to Main Contractor on specialist Works(2.5% of =N=36,755,155.91)

10,850,000.00

300,000.00 300,000.00
11,450,000.00 11,850,600.00

36,755,155.91

=N=

918,878.90

11.00

COSTFIELD ASSOCIATES

VALUATION

Contract :- OFFICE/WAREHOUSE COMPLEX - Phase1 (Warehouse & External Works) Valuation No :- Nine Date :- 9th February, 2012 Calculation of the amortization of advance payment for main contractor Total amount of Builder's works including preliminaries: =N= 70,000,000.00 Total amount of advanced payment to be amortized: (see costfield letter dated 20th October, 2010) Gross valuation of Builder's work,preliminaries, attendance and fluctuation claim Advance Payment to be deducted from Main. Contractor Valuation no.9 Value Added tax - VAT -5% (main contractor only) Preliminaries Builders' Work Attendance to Main Contractor on Specialist Works =N= 16,863,768.28

=N=

62,723,865.50

=N= 3,120,000.00 58,286,286.60 918,878.90

15,110,867.62

62,325,165.50 Value Added Tax to be paid through M.Contractor Amount previously paid: (a)Main Contractor Total amount paid to main contractor (excluding advance payment) as stated in the statement of payment made supplied by the Client(18/11/2010 to 30/01/2012) (b)Nominated Sub Contractors. M/S BELDICO Electrical Installation - adv payment& work done MAPROMAR NIGERIA LIMITED (Mechanical Installation -advance payment PRIMOTEK SYSTEM (Fire Alarm Syetem) CHIDEX METALCO. (NIG) (Metal Works) CRITTALL - HOPE NIG. LTD (Roller Shutter doors) SAINT LLOYDS CONCEPTS LTD (Aluminium Windows) TOWER ALUMINIUM (NIG) PLC (Aluminium Roofing) MICKODAM ENGINEERING NIG.LTD (Structural Steel Works) (Work done and advance payments) =N= 3,116,258.27

59,551,197.08

10,625,628.40

3,157,697.27 386,655.94 1,753,608.00 1,479,848.00

1,104,590.00

6,396,528.30

=N=

11,850,600.00 36,755,155.91 12.00

COSTFIELD ASSOCIATES

VALUATION

Contract :- OFFICE/WAREHOUSE COMPLEX - Phase1 (Warehouse & External Works) Valuation No :- Nine Summary of amount previously paid: (a)Main Contractor (b)Nominated Sub Contractors. Total amount paid to M.Contractor & NSC =N= Date :- 9th February, 2012

59,551,197.08 36,755,155.91 96,306,352.99

NOTE ON VALUATION Bill no. 1 Preliminaries: 78% has been paid to date.The balance is for outstanding running cost and terminal cost. Bill no. 2 Element no. 1: Substructure The outstanding works i.e concrete step has been done, therefore this element is 100% completed Element no. 2: Frame This element is 100% completed Element no.3:Upper Floor This element is 100% completed Element no. 4: Staircase The outstanding is painting works. Element no. 5: External & Internal Walls This element is 100% completed Element no. 6: Roof Nominated sub contractor's works Element no. 7: Windows Nominated sub contractor's works Element no. 8: Doors 3no.doors are yet be fixed and their ironmongery. Element no. 9: Fittings and Fixtures The items (hardwood lockers) under this element are not executed

Element no. 11: Floor, Wall &Ceiling Finishings This element is 100% completed Bill no. 5: External Works:Underground water tank,generator house,gatehouse(1no), septic tanks(2no), soakaway pit(2no) manholes are at advance stage of completion.

13.00

COSTFIELD ASSOCIATES

VALUATION

Contract :- OFFICE/WAREHOUSE COMPLEX - Phase1 (Warehouse & External Works) Valuation No :- Nine NOTE ON VALUATION continues Date :- 9th February, 2012

Main Contractor advance payment repayment The sum of =N=15,110,867.62 has been amortized out of =N=16,510,268.10 in this valuation. The balance is of =N=1,399,400.48 is yet to be amortised. Fluctuation As stated in Valuation no. 8 Materials on site The approximate quantities of materials found on site are as stated in the valuation. Nominated Sub contractors' works M/S BELDICO (Electrical Installation) The amount stated as paid in the valuation is based on the details of the payment supplied by the Client. Retentions are not deducted. MAPROMAR NIGERIA LIMITED (Mechanical Installation) The amount stated as paid in the valuation is based on the details of the payment supplied by the Client. Retentions are not deducted. MICKODAM ENGINEERING NIG.LTD (Structural Steel Works) As stated in Valuation no. 8

PRIMOTEK SYSTEM (Fire Alarm System) The Contractor is yet to start work on site. TOWER ALUMINUIM NIG (PLC) (Aluminium roofing) The amount stated as paid in the valuation is based on the details of the payment supplied by the Client. Retentions are not deducted. SAINT LLOYDS CONCEPTS LTD (Aluminium Windows) The amount stated as paid in the valuation is based on the details of the payment supplied by the Client. Retentions are not deducted. CHIDEX METAL CO. (NIG) (Metal Works) The amount stated as paid in the valuation is based on the details of the payment supplied by the Client. Retentions are not deducted. 14.00