AFRICANA HOME RESTAURANT

FEASIBILITY STUDY

June 2016

Prepared for

Interested Investors

AHG Ref. NBP001-OMO-FSR-DOC-001 Rev.0

June 2016

Africana Home Restaurant and Grills www.africanahome.com

P.O. Box 57978, Sharjah, UAE Email: Africana@gmail.com
Tel: +971 4 224 2533
Mob: +971 55 1125316
I. REVISION HISTORY

Issue for
Client
0 16-Jun-16 Information N/A 14+ BOA NB KEB

Pages Total
Rev Date Description Affected Pages Prepared Checked Approved

“This document contains Confidential/proprietary information belonging to Company (Africana Home

Restaurant) or its affiliated companies and shall be used only for the purpose for which it was supplied. It
shall not be copied, reproduced or otherwise used, nor shall such information be furnished in whole or in
part to others, except in accordance with the terms of any agreement under which it was supplied and with
the prior written consent of Company. Africana Home Restaurant makes no representation of the
accuracy or reliability of any information or opinion as may be contained in any report that doesn’t bear the
authorized signature and official stamp of the Company”

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II. ABBREVIATIONS

Abbreviations Descriptions
BL Baseline

CEMP Construction Environmental Management Plan

AHG Africana Home Group.

CPI Cost Performance Index

CV Cost Variance

EPC Engineering, Procurement, Construction

EVA Earned Value Analysis

HSE Health Safety and Environments

ITP Inspection Test Plan

LLI Long Lead Items

LTI Lost Time Injury

NCR Non-Conformance Report

NOC No Objection Certificate

P.O Purchase Order

PBG Performance Bond Guarantee

PC Proceed with Comments

QA/QC Quality Assurance / Quality Control

RFI Request for Inspection

SPI Schedule Performance Index

SV Schedule Variance

TPI Third Party Inspection

WBS Work Break Down Structure

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 CONTENTS
I. REVISION HISTORY ...........................................................................................................2

II. ABBREVIATIONS .................................................................................................................3

1. EXECUTIVE SUMMARY ......................................................................................................6

1.1. NOTICES .........................................................................................................................7

2. INTRODUCTION ..................................................................................................................7

2.1. BACKGROUND INFORMATION .....................................................................................7

2.2. KEY TO SUCCESS ..........................................................................................................7

2.3. OPPORTUNITY AND THREAT .......................................................................................8

3. MANAGEMENT ....................................................................................................................9

3.1. MANAGEMENT CONSULTING SERVICES....................................................................9

3.2. MARKET PLANNING .......................................................................................................9

4. MARKET ANALYSIS ..........................................................................................................10

5. RISK ASSESESMENT AND MANAGEMENT ....................................................................12

6. COMPETITIVE ANALYSIS .................................................................................................12

7. FINANCIAL SUMMARY .....................................................................................................15

7.1. OPTION A ......................................................................................................................15

7.2. OPTION B ......................................................................................................................16

7.3. OPTION C ......................................................................................................................17

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 LIST OF TABLES
Table 3.1-1 OPTION A - Start Up Summary .................................................................................8

Table 3.1-2 OPTION A - 10 Year Forecasted Cash Flow .............................................................8

Table 3.1-3 - Summary List of Assets .........................................................................................16

Table 3.2-1 OPTION B - Summary of Start-Up Expenses ..........................................................16

Table 3.2-2 OPTION B- 10 Years Cash Flow .............................................................................16

LIST OF FIGURES
Figure 3.1-1 - % Rate of Return ..................................................................................................16

Figure 3.2-1 Option B - % Rate of Return ...................................................................................17

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1. EXECUTIVE SUMMARY

This report presents the preliminary technical & commercial feasibility study of Africana Home
Restaurant’s New Branch Project for interested investors. The Scope of the feasibility report is to
appraise the commercial viability of the business concept taking into account 3 viable options and
thereby establish the cost estimate for the project for further investment decision; the degree of
accuracy of the estimation presented in the report has been limited to Order of Magnitude
resulting in an accuracy range of ± 15-20%. Preliminary market feasibility study was conducted
on the limitations of the business parameters set in this report as such diversification or
improvement to the business design may have cost impact not specified in this report.

The Approach to the design of the business concept has been tailored to the market demand in
Entertainment while utilizing the existing unique expertise of AHG in African cuisine. The three
considered options are labelled Option “A”, “B” and C”.

Option A considers a restaurant location in malls targeting middle class and stylish enough for
upper class society this option does not consider a major form of entertainment as attraction but
rather relies almost solely on the marketing strategy of introducing African cuisine to the world.
The preliminary capital cost estimate for starting up the business is AED (8,209,500.00)
corresponding to USD (2,235,124.55); detailed break-up is annexed to this report in Annexure A.

Option B takes into account more the strategic local of the restaurant in targeting more of
Africana’s usual customer base while also aiming to target a broader more diverse customer
base. The preliminary capital cost estimate is AED (8,497,100.00) corresponding to USD
(2,313,426.73); detailed break-up is annexed to this report in Annexure B

Option C considers targeting the entertainment life style of Dubai using the market demand for
the upbeat style of African entertainment together with introducing African cuisine to broader and
more diverse customer base. The preliminary capital cost estimate is AED (9,737,200)
corresponding to USD (2,651.057.28); detailed break-up is annexed to this report in Annexure B

The economic forecasts and projected profitability presented in this report are estimates of Rough
Order Magnitude. There are many method of estimating profitability; Return on Investment (ROI),
Internal Rate of Return (IRR) and payback period is just a few. In this report, we have used the
ROI, as the primary measure of the estimated project profitability. It is worth noting that the ROI
doesn’t take into account the time value of money. From the Profitability analysis conducted, the
Internal Rate of Return (IRR) is estimated as approximate 40% and the payback period is
estimated to fall after 5 year from of the Project initial Operation start up. From the review of the
literature on investment, a 15% ROI is usually the minimum acceptable return for any type of
business proposition. The outcome of the economic analysis of the Project reveals a ROI of 164%
based on the various assumptions noted in this report. This return compares well with other
petrochemical industry projects and it is likely that the project can attract investment. However,
further improvement can be achieved with concerted effort to further optimize the cost of the
processing units to achieve a lower capital cost and reduction on the operating cost, thereby
improving the overall net profit, and consequently increase the ROI.
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 The details market feasibility study considered in this report has been based on the excerpt of the
Market feasibility study conducted by the AHG; hence any impact of changes in the market trend
or other assumptions presented in such report hasn’t been considered in the profitability analysis.
The revenue analysis has been based on the information provided by the Client. Based on the
result of this study, the Project may be recommended for further development stage. The
feasibility is positive subject to confirmation of long term crude supply

1.1. Notices

a) This report was prepared for the sole and exclusive benefit of the Client by Africana Home
Restaurant. Any other use or, or reliance on this report by any third party shall be at that party’s
sole risk.
b) This document is meant to be read as a whole, and sections should not be read or relied upon
out of context. This document contains the expression of the professional opinion of AHG
based on information available at the time of preparation. The quality of the information,
conclusions and estimates contained herein is consistent with the intended level of accuracy
as well as the circumstances and constraints under which the study was performed.
c) This study has been conducted utilizing reasonable care and skill in applying methods of
analysis consistent with normal industry practice. All results are based on information available
at the time of preparing the report. Changes in factors upon which the review is based could
affect the results.

2. INTRODUCTION

2.1. Background Information

Powered by an unrivalled taste and its commitments to its standards and customers in the last
23 years, Africana Home Restaurants, Headquartered in Dubai, United Arab Emirates has solidly
consolidated its reputation as the leading providers of African Cuisine in the region.

Enriched with the Knowledge and expertise in its chosen field, Africana Home as enjoyed a steady
growth and success in the Middle East and is now equipped with the experience and expertise to
carry out expansions within the Middle East and other strategic locations worldwide.

As the company started proving its capability and earning its reputation it was necessary to
diversify to different regions, Africana Home Working with the Nigerian Ministry of Pilgrim in 2010,
started its Hajj Operations, catered for Nigerian Hajj Pilgrims and has commenced its operation
in the Kingdom of Saudi Arabia.

2.2. Key to Success

UNIQUENESS OF SERVICE

All over the UAE they are approximately 5 restaurants serving African food out of which 4 of them
are listed online, of this 4 only 3 has been around for more than 3 years. There are approximately
20,000 registered Nigerians, an approximate total of 25,000 West Africans, and 15,000

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 cumulative of Tanzanians Ugandans & Kenyans. This is the Ideal primary target when talking
about African food in the UAE. Africana Home restaurant with over 22 years in the UAE remains
a strong contender in the UAE and already has a name and is known worldwide as one of the
best African restaurants in the Middle East, it’s just one more step to moving our business to the
right consumers in the right places.

Option A

 Uniqueness of services in desired location: Most of our desired expansion areas

have no established African restaurant, which means we get the first hit at those
locations, and coupled with our experience in the food industry, we are well equipped to
prevail.
 Marketing and management strategy: we have tested and proven methods developed
over our long years of experience constantly being improved and reinvented by getting
younger minds to keep our ideas fresh and broaden our demographic to maximizes our
sales and profit.

Option B

 Location is Key, Business continuity and primary target focus. Focus on Student and
middle working class residents.
 Marketing strategy, Décor, and uniqueness of service remains a key factor and an
incentive to the target class. Secondary target focuses on non-African customers.
Selling the idea as an introduction to African food. The appeal will also reach out to
health enthusiast due to the method of preparation of African food as well as the
selection of earthy ingredients used in preparation of most African food.

Option C

 Unequalled Assess to Entertainment: This option utilizes the uniqueness of the

investor’s assets, primarily, the pull in the entertainment sector, to facilitate the unique
blend of African cuisine and African entertainment.

2.3. Opportunity and Threat

Opportunity - The current trend shows that the world as a growing interest in African culture as
a whole, which as unprecedentedly primed the world to take interest in African Food. Our goal as
an organization is to do just this, bring African cuisine to the fore front of the culinary world.

Africana Home Restaurants already has a renown and a growing demand to expand to certain
areas of UAE and Middle East as a whole,

Undoubtedly, Africana culinary excellence is unquestioned, putting forward the accumulated

experience and excellence in its chosen field, coupled with the resource and managing acumen
to see its targets through.

Threats - One current establishment with similar setup, KIZA- is an establishment that caters to
middle class residence in the UAE, it claims to serve African Dishes but with countless trials and
survey does not meet the standard set by Africana Home Restaurant. KIZA also caters to a night
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 life setting, however with the unique asset of our Investor, it is clear that we will have a better pull
in the entertainment sector as well, but however remains a threat, but not an un-mitigatable threat.

3. MANAGEMENT

Africana Home Group’s portfolio is designed to provide not just the expertise of Africana Home
Restaurant but also the following expertise

1. Overall Management control for its affiliates (management consulting): business

strategy, organizational development, profit modeling, sustainable competitive
advantage identification;
2. Market Planning: market analysis, value proposition creation, partnership identification,
marketing mix development, launch strategies, messaging;
3. Communication Services control: press release development, proposal writing, image
creation, marketing/sales collateral construction;
4. Effect IT Control: website development and management, online presence and control

Culinary Services

1. Dine-In & Take-Away

2. Delivery
3. Retail distribution of combo meal parcels
4. Events Catering
5. Special Orders
6. Catering Contracts
7. Large Scale Catering Contracts
8. Party Booking

3.1. MANAGEMENT CONSULTING SERVICES

Africana Home Group is equipped to provide targeted marketing and management for all
businesses related to it and its affiliates. From designing the business plan to ensure that
complete scope and feasibility of business prospects are covered to ensuring that the outlined
scoop are achieved, to creating

3.2. MARKET PLANNING

Deciding how to present an innovative idea to the market is critical. Africana Home Group has
expertise in turning that idea into a successful business venture. Our market planning services
will help determine the best messaging for the company through extensive market and
competitive analysis. A preliminary market and competitive analysis are detailed in the
subsequent sections (i.e. sections 4 and 5).

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3.3. FUTURE SERVICES

STRATEGY

Africana Home Group has a three-part strategy for managing business growth. Initially the New
investment will cover downtown, knowledge village, Al-Barsha and Marina are of Dubai. Which
are the prime areas for our business.

Starting from these areas, our three-point growth strategy is as follows;

1. Expansion of Restaurant business: we will add new restaurant locations to other

desirable location in and out if the UAE
2. Introduction of New services a products: introduce new services and new products;
an example is targeting a new market interest, such as covering a cuisine for an African
country not covered in the menu.
3. Evolution of Business Operation: Evolving the business will entail, targeting higher
class contracts, such as airplane catering. Etc.

4. MARKET ANALYSIS SUMMARY

Africana Home Group intends to enter the market for providing top-class African cuisine and
African style entertainment. The sections below discuss our analysis of the environment, the
target market, our competitors, and the company.

Surveys were conducted to ascertain certain key elements to the finalization of this feasibility
study, such as;

 customer satisfaction with products and services of Africana Home Restaurant –

surveys were conducted around the universities located in Knowledge village Dubai,
Survey target audience were university students and a total of 400 surveys were filled
out. Details of our findings are disclosed below.
 Market findings on dining Habits in UAE – surveys were conducted using a survey
vendor called survey monkey (https://www.surveymonkey.com/).
 Market Interest in African Related Cuisine and Entertainment
(https://www.surveymonkey.com/).
 Total number of primary target market in the interested vicinity of Dubai and other Areas
in the UAE. – As a base estimate on primary target market (i.e. Nigerians), Alhaji Nasiru
of the Nigerian Consulate here in UAE, informed that Legal Nigerian in Dubai are
approximately 15,000, and a total sum of 5,115 Nigeria are spread across the res t of
UAE.
 Other West African communities are also to be considered as a part of our primary
Target making the rest of the populous our secondary target.
 For the purpose of Analyzing the Risk on investment the Number of

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 Less than As More than Consistently
Survey Questions expected expected expected more

1. Do you know Africana Home

100%
Restaurant?

How did you fine the food? 5% 75% 20%

How was the customer service,
75% 15% 5%
were our employees good to you?
Have you ever tried our delivery,
50% 45% 5%
if so? How did you find it?

Survey Questions Yes No

2. Africana want to open closer to you, do you think
95% 5%
it’s required? …
Africana now has a grill section serving suya, shawama &
5% 95%
waina in Deira Dubai, would like an outlet closer to you?
Or would you rather prefer a branch serving all major
5% 95%
African dishes?

The
Not
Survey Questions so good
Ok Awesome Absolute
Best!!!
On an Overall, how would you rate the first
African Restaurant in the UAE going 22 25% 75% 10%
years strong

Survey Questions Yes No

Do you currently live or often visit UAE? 100% 0%

Do you enjoy dining out in the UAE 95% 5%

Have you ever tried out African cuisine? 35% 65%

Survey Questions Sharjah Ajman Dubai Abu Dhabi RAK Fujairah

What part of UAE do you

10% 3% 74% 10% 2% 1%
live in?

Survey Questions Always Mostly Half of the time Once in a while Never

How often do you dine out? 45% 35% 10% 7% 3%

Survey Questions Most likely Likely Less Likely Never

If an African Restaurant opened in the

Marina district in UAE, how willing are 35% 45% 19% 1%
you to try it out with a friend?

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5. RISK ASSESESMENT AND MANAGEMENT

A Detailed risk register has been annexed as a part of this report, showing the affiliated risks
to the project and subsequently the business as a whole. The table below shows the Numeric
Rating Risk Matrix, which is measured in terms of a combination of the consequence of severity
of an event and their likelihood of occurrence. A suggested risk matrix of: “Likelihood x Severity”
computed as Risk Prioritization Number (RPN)

Table 5-1 - Numeric Rating Risk Matrix

Almost
Likelihood/ Remote Occasional Frequent
Rare (1) Certain
Severity (2) (3) (4)
(5)
Catastrophic
(5) 5 10 15 20 25
Impact

Major (4)
4 8 12 16 20
Moderate
(3) 3 6 9 12 15
Minor
(2) 2 4 6 8 10
Negligible
(1) 1 2 3 4 5
Probability

6. COMPETITIVE ANALYSIS

A competitor analysis has been carried out to assessment the strengths and weaknesses of our
businesses’ competitors. Finding of the same are presented below.

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Table 6-1 - Competitive Analysis Report
Strengths, Weaknesses, Opportunities, and Threats Analysis
Strengths Upcoming Investments
 Quality of Food
What are your business advantages?
 Entertainment
 Food,
What are your core competencies?  Customer Service,
 Quality Entertainment
Where are you making the most money?  Food and Entertainment
 Introducing African
What are you doing well?
Cuisine to non-Africans
Weaknesses
What areas are you avoiding?  N/A
Where do you lack resources?  N/A
What are you doing poorly?  N/A
Where are you losing money?  N/A
AHG Ref. NBP001-OMO-FSR-DOC-001 Rev.0
Africana Home Restaurant
KIZA Restaurants and Lounge
(Current)
 Lounge Area with Music
 Best Quality of Food in UAE
and Night Club
 Quality of Food  Entertainment
 Food  Entertainment
 Authenticity and taste of food.
 Ambience and
 Consistency in Quality verified
Entertainment
on a variety of dishes.
 Quality and Taste of Food
 Inexperience of Managing
 Higher Profile Commercial
Team in the Food Sector
Contracts
 No sound Business
Strategy
 Delivery staff & stronger in-  Competent Business
house management staff Management personnel
 Not so well on the Night
 Delivery life scene, and poorly on
the restaurant front
 customers requiring Delivery in  Losing customers in their
further locations to the restaurant sector due to
restaurant quality of food
Feasibility Study Report
Prime Chef Afro Fusion
 Location and
 Location and closeness to
closeness to
desirable Market
desirable Market
 Not Known  Not Known
 Food  Food
 Not Known  Not Known
 Quality and Taste of  Quality and Taste of
Food Food
 Inexperience of  Inexperience of
Managing Team in Managing Team in the
the Food Sector Food Sector
 No sound Business  No sound Business
Strategy Strategy
 Competent Business
 Competent Business
Management
Management personnel
personnel
 Delivery staff
 Delivery staff
 Competent Marketing
 Competent
strategy
Marketing strategy
 Poor quality of food  Poor quality of food
 Poor delivery time  Poor delivery time
 Poor marketing  Poor marketing
 Losing customers due  Losing customers due to
to quality of food quality of food
13 June 2016
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  Restaurant part of their  Marketing strategy
 customers requiring Delivery in  Marketing strategy
Business  Business strategy
What needs improvement?  N/A further locations to the  Business strategy
 Marketing strategy  Operational
restaurant  Operational procedure
 Business strategy procedure
Opportunities

 University Students,  University Students, labor  University Students, labor  University Students,  University Students, labor
Any beneficial trends?
labor Staffs Staffs Staffs labor Staffs Staffs
 commercial contracts for
 commercial contracts  commercial
 commercial contracts for companies with  commercial contracts for
for companies with contracts for
Niches that competitors are missing? companies with African labors African labors companies with
African labors companies with
  Stronger Management African labors
 African labors
Strategy,
New technologies?  Under Development  None  None  None  None
 An Authentic, High
 An Authentic, High Class  An Authentic, High Class  An Authentic, High Class
Class African
New needs of customers?  African Restaurant. With African Restaurant. With African Restaurant. With
Restaurant. With
Quality Food Quality Food Quality Food
Quality Food
Threats
 Decline in restaurant &  Decline in restaurant  Decline in restaurant
Obstacles to overcome?  Refer Risk assessment  Expansion to key locations
Night club revenue revenue revenue
 KIZA (potential  KIZA & Africana
Aggressive competitors?  KIZA  Africana Home Restaurant  KIZA & Africana Home
competitor) Home
 Africana Home  Africana Home
 Africana Home Restaurant
Successful competitors?  N/A  None Restaurant in the Restaurant in the Food
in the Food sector
Food sector sector
 Reduction of African
 Reduction in African merchant
Tourist in the UAE
in the UAE  Reduction of African  Reduction of African
Negative economic conditions?  None  Reduction in Taste for too
 Reduction of African Tourist in Tourist in the UAE Tourist in the UAE
high class luxury attributed
the UAE
to reduction in oil price

Government regulation?  N/A  N/A  N/A  N/A  N/A

 Recession due to oil  Recession due to oil

Changing business climate?  None  Reduction in African Merchants  Recession due to oil crisis
crisis crisis
 Target market &
Vulnerabilities?  None  location  Business strategy  Target market & quality
quality

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7. FINANCIAL SUMMARY

7.1. Option A

Option A considers a restaurant location in malls targeting middle class and stylish enough for upper
class society this option does not consider a major form of entertainment as attraction but rather relies
almost solely on the marketing strategy of introducing African cuisine to the world. The preliminary
capital cost estimate for starting up the business is AED (8,209,500.00) corresponding to USD
(2,235,124.55) Refer below for complete summary of cost break up.

STARTUP EXPENSES TOTALS

Buildings/real estate AED 2,540,000.00

Leasehold improvements AED 550,000.00

Capital equipment AED 1,650,000.00

Location/administration expenses AED 1,214,500.00

Opening inventory AED 700,000.00

Advertising/promotional expenses AED 355,000.00

Other expenses AED 0.00

Contingency fund AED 600,000.00

Working capital AED 600,000.00

Total AED 8,209,500.00

Cumulative Net % Return on

Periods Income Expense Net revenue
Revenue Investment

Year 0 - 8,209,500 - 8,209,500 - 8,209,500 0.00%

Year 1 16,170,000 14,204,600 1,965,400 - 6,244,100 78.64%

Year 2 19,404,000 14,559,715 4,844,285 - 1,399,815 85.92%

Year 3 21,344,400 14,923,708 6,420,692 5,020,877 110.21%

Year 4 22,411,620 15,669,893 6,741,727 11,762,604 141.39%

Year 5 23,532,201 16,453,388 7,078,813 18,841,417 177.92%

Year 6 24,708,811 17,276,057 7,432,754 26,274,171 218.80%

Year 7 25,944,252 18,139,860 7,804,391 34,078,562 263.41%

Year 8 27,241,464 19,046,853 8,194,611 42,273,173 311.37%

Year 9 28,603,537 19,999,196 8,604,342 50,877,515 362.47%

Year 10 30,033,714 20,999,156 9,034,559 59,912,073 416.63%

Total 239,393,999.49 171,272,426.33 68,121,573.16 241,396,476.35

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 % Return on Investment
450.00%
400.00%
350.00%
300.00%
250.00% Year 10, 416.63%
200.00%
150.00%
100.00%
50.00% Year 3, 110.21%

0.00%

Year 10
Year 1

Year 9
Year 0

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

Year 8
Figure 7.1-1 - % Rate of Return

Table 7.1-1 – OPTION A - Summary List of Assets

CAPITAL EQUIPMENT LIST AMOUNT

Furniture AED 100,000.00

Equipment & Appliances AED 500,000.00

Fixtures AED 50,000.00

Machinery AED 500,000.00

Delivery Vehicles AED 500,000.00

Total AED 1,650,000.00

7.2. Option B

Table 7.2-1 OPTION B - Summary of Start-Up Expenses

STARTUP EXPENSES TOTALS

Buildings/real estate AED 2,800,000.00

Leasehold improvements AED 550,000.00

Capital equipment AED 1,650,000.00

Location/administration expenses AED 1,242,100.00

Opening inventory AED 700,000.00

Advertising/promotional expenses AED 355,000.00

Other expenses AED 0.00

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 Contingency fund AED 600,000.00

Working capital AED 600,000.00

Total AED 8,497,100.00

Table 7.2-2 OPTION B- 10 Years Cash Flow

Cumulative % Return on
Periods Income Expense Net revenue
Net Revenue Investment

- - -
Year 0 8,497,100 8,497,100 8,497,100 0.00%
-
Year 1 17,389,000 15,051,000 2,338,000 6,159,100 80.42%
-
Year 2 20,866,800 15,427,275 5,439,525 719,575 90.21%

Year 3 22,953,480 15,812,957 7,140,523 6,420,948 117.41%

Year 4 24,101,154 16,603,605 7,497,549 13,918,497 151.65%

Year 5 25,306,212 17,433,785 7,872,427 21,790,924 191.39%

Year 6 26,571,522 18,305,474 8,266,048 30,056,972 235.65%

Year 7 27,900,098 19,220,748 8,679,350 38,736,323 283.79%

Year 8 29,295,103 20,181,785 9,113,318 47,849,641 335.47%

Year 9 30,759,858 21,190,875 9,568,984 57,418,625 390.47%

Year 10 32,297,851 22,250,418 10,047,433 67,466,058 448.73%

Total 257,441,079.60 181,477,921.85 75,963,157.75 276,779,312.76

% Return on Investment
500.00%
450.00%
400.00%
350.00%
300.00%
250.00% Year 10, 448.73%
200.00%
150.00%
100.00%
50.00% Year 3, 117.41%
0.00%
Year 10
Year 5
Year 0

Year 1

Year 2

Year 3

Year 4

Year 6

Year 7

Year 8

Year 9

Figure 7.2-1 Option B - % Rate of Return

7.3. Option C

AHG Ref. NBP001-OMO-FSR- Feasibility Study Report 13 June 2016

DOC-001 Rev.0
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