A.P. Møller Capital P/S

A.P. Moller Capital successfully raised USD 865m in commitment to their first fund “Africa Infrastructure Fund 1”

ABOUT A.P. Moller Capital was established in 2017 with A.P. Moller Holding as the largest shareholder with the purpose of managing stand-alone capital funds focusing on infrastructure investments in growth markets. A.P. Moller Capital is headquartered in Denmark and is regulated by the Danish Financial Supervisory Authority (FSA).

In August 2017, A.P. Moller Capital launched its first fund, The Africa Infrastructure Fund 1 (AIF1). The fund aims to build and operate infrastructure projects in Africa, targeting projects within transportation and energy such as rail, roads, ports and warehousing to power plants, transmission, pipelines and distribution.

STRATEGY REVIEW The investment thesis for AIF1 is strong. With the population estimated by experts to double by 2050, the need for new infrastructure in Africa is clear. The investments into infrastructure are critical to build a foundation for job creation and prosperity in Africa. Increasing exports and rising consumer demand will take a toll on infrastructure. A.P. Moller related companies have more than a century of history and engagement in Africa. Our global mindset, long experience and local knowledge support the continued development in Africa.

THE YEAR IN BRIEF AND RECENT DEVELOPMENTS The first close constitutes USD 650m in commitments from anchor investors PFA Pension, PKA, PensionDanmark, Lægernes Pension as well as A.P. Moller Holding.

In January 2018, A.P. Moller Capital announced its joint bid with CDC to acquire Copperbelt Energy Corporation, a Zambian publicly listed company.

In March 2018, the Fund obtained second close with support from Danica and SEB bringing the total commitment to USD 865m, close to the target of USD 1bn in commitment.

A.P. Moller Capital currently employs nineteen employees in their offices in Copenhagen and Dubai.

FINANCIALS The fund has an initial target of ten to fifteen investments and an operational period of ten years. EXECUTIVE LEADERSHIP • Kim Fejfer (Managing Partner) • Lars Reno Jakobsen (Senior Partner) • Joe N. Nielsen (Partner and CFO) • Jens Tomassen (Partner)

BOARD OF DIRECTORS • Robert M. Uggla (Chairman) • Lars–Erik Brenøe • Martin Larsen