Chapel Hill Denham CHAPEL HILL DENHAM NIG INFR DEBT FD : NIGERIA INFRASTRUCTURE DEBT FUND QUARTER 2 FINANCIAL STATEMENT FOR 2024

Half Year 2024 Investor Report

For the period ended 30th June 2024

NIDF Overview

OVERVIEW

The Nigeria Infrastructure Debt Fund (NIDF) is the first listed infrastructure debt fund in Nigeria registered with and regulated by the Securities and Exchange Commission, Nigeria, and listed on the NGX and the FMDQ Exchange, Lagos. It is a closed ended investment trust which operates in the form of a company. NIDF offers the most attractive yield on the NGX and is renowned for paying quarterly distributions. Its objective is to provide investors with regular, sustained, long-term distributions and

IPO date

ISIN

Ticker

Listing Year-end Distributions

28-Jun-17

NGCHDNIDF005

NIDF

NGX, FMDQ

31 December Jan/Apr/Jul/Oct

to preserve capital over the long-term by generating exposure to Naira-denominated

Trading Information

infrastructure debt in Nigeria, which generates regular and predictable long-term cash flows.

PERFORMANCE
Cumulative performance to 30 June 2024
	*2018	2019	2020	2021	2022	2023	2024
NIDF Total Return1	142.3	168.7	188.5	206.9	236.5	289.5	309.6

Units in issue

Last traded unit price Net Asset Value per unit

NAV

Distribution

960,946,520

N114.00

N107.69

N103.49 billion

Nigeria CPI

115.9

129.7

150.2

173.6

207.1

265.6

309.5

• Base value of 100, as on 28 June 2017. 1 Total return is the amount of value an investor earns when all distributions are reinvested

UPDATES FOR THE PERIOD.

Q2 2024	N4.27 per unit
Distribution yield		18.02%

NIDF Parties

Portfolio summary

As at the period ending 30 June 2024, NIDF had a diversified portfolio of 25 investments. The infrastructure loan portfolio had a weighted average annualised yield of 20.6%, weighted average tenor at disbursement of 9.2 years, and weighted average remaining life of 4.8 years.

Performance

Notwithstanding inflation exceeding 30% for the first time since the late 1990s, NIDF is marginally ahead of the Consumer Price Index (CPI). NIDF continues to consistently outperform its benchmark: the 10-Year FGN bond. The loans are typically priced at 300-450bps over the benchmark on a floating rate basis.

Fund Manager

Joint Trustees

Custodian

Registrar

Auditor Valuation Adviser

Chapel Hill Denham

Management

NIDF CEO Saurabh Srivastava

Stanbic IBTC Trustees

Limited

STL Trustees Limited

Citi Nigeria Limited

Coronation Registrars

Limited

PWC Nigeria

KPMG Nigeria

Distribution

The Fund announced a quarterly distribution - for the second quarter ended 30 June 2024 - of 4.27 Naira per Unit on 11 July 2024 with a qualification date of 18 July 2024. This distribution will be paid to eligible Unitholders on 25 July 2024 and is fully funded from the cash inflows generated by the Fund during the quarter.

Going forward, it is the intention of the Fund Manager to continue paying quarterly distributions to Unitholders, in line with the actual performance of the Fund and the provisions of the Constitutional Documents.

Investment Committee

Chair	Philip Southwell
CIO	Bolaji Balogun
Independent	Jeremy Dolphin
Member	Anshul Rai

Advisory Board

1

Chair

NSIA

Stanbic IBTC Pension

AFDB

Progress Trust

NPF Pensions

Nominee of the Joint Trustees

Aminu Umar-Sadiq

Olumide Oyetan

Wale Shonibare

Joy Ojokavo

Representative of NPF

Pension

INVESTMENT PORTFOLIO AS AT 30th JUNE 2024

Student accommodation

1 site 3%

Off-grid solar
458 sites	Telecom towers
11%	1,125 sites
	20%
Marine infrastructure	Captive power plants
1 site	11 sites
15%	7%
Pipeline networks	Broadband Internet
176km	3 sites
19%	1%
Gas processing plant
2 sites	IPP
13%
2 sites
	5%
	Solar home systems
	6%

100%	Naira loans
94%	Senior secured loans
97%	Floating rate loans
16%	Construction Exposure
10	Sub-sectors represented in the portfolio
21 years	Longest tenor loan

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SUMMARY OF FINANCIAL STATEMENTS
Statement of Financial Position
Figures in NGN'000	H1 2024	FY 2023
(Unaudited)	(Audited)
Assets
Cash and cash equivalents	19,466,656	21,228,804
Other receivables	3,487,077	586,247
Financial assets held at fair value through profit or loss	85,487,908	85,812,843
Financial assets held at amortised cost	200,000	170,000
Total assets	108,641,640	107,797,894
Liabilities
Other payables	1,047,519	1,224,169
Distribution payable	4,106,968	3,267,724
Total liabilities	5,154,487	4,491,893
Net assets	103,487,153	103,306,000
Capital and reserves
Member's funds	103,487,153	103,306,001
Net assets attributable to unitholders	103,487,153	103,306,001
Number of units	960,947	960,649
NAV per unit (Naira per unit)	107.69	107.54

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Statement of Comprehensive Income
Figures in NGN'000	H1 2024	H1 2023
(Unaudited)	(Unaudited)
Income
Interest income on infrastructure loans	7,966,754	5,670,173
Net fair value losses on infrastructure loans	208,250	783,070
Other income	1,285,620	1,607,020
Total Income	9,490,024	8,060,263
Expenses
Operating expenses	1,115,843	827,484
Total Expenses	1,115,843	827,484
Total operating profit	8,374,181	7,232,778
Profit before tax	8,374,181	7,232,778
Profit after tax	8,374,181	7,232,778

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IMPORTANT NOTICE

This document is issued by Chapel Hill Denham Management Limited ("Chapel Hill Denham" or the "Fund Manager") an asset management firm, registered with the Securities & Exchange Commission (SEC), Nigeria ("SEC"). Chapel Hill Denham Funds comprise the Chapel Hill Denham Money Market Fund, Women's Investment Fund, Paramount Equity Fund, Nigeria Real Estate Investment Trust and Nigeria Infrastructure Debt Fund and are collectively referred to as "Chapel Hill Denham Funds", "Funds" or "products", and individually as the "Fund". The Funds offered by the Fund Manager are registered with and regulated by SEC.

This document is intended solely for the information of the person to whom it is provided by Chapel Hill Denham. It is not intended as and does not constitute an offer or solicitation for the purchase of units of any Fund and should not be relied on by any person for the purpose of accounting, legal or tax advice or for making an investment decision. Persons into whose possession this document may come must inform themselves about and observe any and all restrictions on the distribution of this document and the offering, sale and trading of the units.

This document may contain certain forward-looking statements with respect to the financial condition, results of operations and business of the Funds. These forward-looking statements represent the Fund Manager's expectations or beliefs concerning future events and involve known and unknown risks and uncertainty that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Additional information on the Funds may be found in the Programme Prospectus, for Nigeria Infrastructure Debt Fund, or the Newsletter for the other Funds.

The payment of distribution and the repayment of capital are not guaranteed by the Fund or the Fund Manager. Any forecast, projection or target is indicative only and not guaranteed in any way, and any opinions expressed in this Report are not statements of fact and are subject to change, and the Fund Manager is not under any obligation to update such opinions.

The information contained herein is confidential and is solely for use by those persons to whom it has been addressed. The information contained is not intended for distribution to the public and may not be reproduced, redistributed or published in whole or in part for any purpose without the written permission of Chapel Hill Denham. Neither Chapel Hill Denham, nor its advisers, directors, employees or any of its affiliates accept any liability whatsoever for the actions of third parties in this respect. This product may not be used to create any financial instruments or products or any indices. This document is being distributed in Nigeria only.

US Residents: This document is not intended for distribution in the United States of America ("US"). Any persons into whose possession this document comes, should inform themselves about and observe the restrictions imposed by law within the US jurisdiction and applicable to US persons.

UK Residents: This document is classified as "marketing communication" as defined by the United Kingdom ("UK") Financial Conduct Authority ("FCA") Handbook. It has not been prepared in accordance with the EU legal requirements designed to promote the independence of equity research. Chapel Hill Denham is not authorised by the FCA.

Chapel Hill Denham, its directors, employees or any of its affiliates may have or may have had interest in any of the Funds or products contained herein or hold long or short positions in any of the securities mentioned herein. Chapel Hill Denham however relies on its policies such as 'Conflicts of Interest' and 'Information barriers/Chinese walls' as well as its robust Compliance programme to control the flow of information.

Risk Warning: Investors should remember that the value of an investment and the income received from an investment can go down as well as up, and they may not get back the amount they invested. Past performance is not a reliable indicator of future performance. As with all capital market investments, you may lose your principal/initial investment and we do not guarantee any portion of your investment; either principal or realised/unrealised capital gains made.

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