MED-VIEW AIRLINE PLC 2016 ANNUAL REPORT AND FINANCIAL STATEMENTS

MED-VIEW AIRLINE PLC 2016 ANNUAL REPORT AND FINANCIAL STATEMENTS

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MED-VIEW AIRLINE PLC ANNUAL REPORTS AND FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2016 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Notes Gross Revenue 5 25,962,545 14,098,805 Operating Cost 9 (21,895,300) (10,700,764) Gross Profit 4,067,245 3,398,041 Other Income 7 176,182 63,399 Exchange Gain 8 56,375 - Gains on property revaluation 15 55,500 - Administrative expenses 10 (3,321,332) (2,434,779) Finance Costs 12 (193,937) (195,749) Profit before tax 32 840,033 830,912 Tax expense 13 (67,182) (102,392) Profit for the year 32 772,851 728,520 Other Comprehensive Income for the period, - - Total comprehensive income 772,851 728,520 Earnings Per Share Basic(kobo) 25 7.93 9.34 Diluted (kobo) 25 7.49 7.47 The notes on pages 51 to 74 are an integral part of these financial statements 47

MED-VIEW AIRLINE PLCANNUAL REPORTS AND FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2016 STATEMENT OF FINANCIAL POSITION ASSETS Notes Property, plant and equipment 14 7,851,847 5,716,048 Investment property 15 270,500 215,000 Intangible Assets 16 1,890,000 2,020,000 Available for sale financial assets 17 32,585 32,585 Security deposit 18 1,573,593 381,780 Deferred tax asset 13 61,541 46,357 Non-current assets 11,680,066 8,411,770 Inventories 19 15,932 162,414 Trade and other receivables 21 3,074,820 2,827,475 Prepayments- Current Portion 20 136,640 - Cash and cash equivalents 22 525,879 607,568 Current Assets 3,753,271 3,597,457 Total Assets 15,433,337 12,009,229 Equity and liabilities Equity Issued share capital 24 4,875,325 3,900,000 Capital reserve - 309,971 Retained earnings 1,549,152 759,383 Total Equity 6,424,477 4,969,354 LIABILITIES Borrowing 26 322,434 876,793 Non-current liabilities 322,434 876,793 Trade and other payables 27 7,488,641 4,316,976 Current income tax payable 13 230,484 168,118 Borrowing 28 967,300 1,677,988 Current liabilities 8,686,425 6,163,082 Total equity and liabilities 15,433,337 12,009,229 Approved by the Board of directors on March 24,2017 and signed on its behalf by: Muneer Bankole Chief Executive Officer (FRC/2015/ICEN/00000011889) Adedayo Olaniyan Executive Director, Finance & Account (FRC/2016/ICAN/000000013729) The notes on pages 51 to 74 are an integral part of these financial statements 48

MED-VIEW AIRLINE PLCANNUAL REPORTS AND FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31,2016 STATEMENT OF CASHFLOWS Profit before tax 840,033 830,912 Non- cash adjustments: Depreciation charge 300,225 223,824 Revaluation surplus (55,500) Amortization 130,000 - Tax Provision - (30,000) Finance Charges 193,937 195,749 1,408,695 1,220,485 Working capital adjustments Decrease /(Increase) in inventories 146,482 225,042 Decrease/(Increase) in trade and other receivable (247,345) 1,081,119 Increase/(Decrease) in Current Prepayments (136,640) - Increase /(Decrease) in trade and other payables 3,171,666 1,397,224 Increase/(Decrease) in borrowings (710,688) 1,541,623 Net cashflow from operating activities 3,632,170 5,465,493 Investing activities Purchase of properties, plant and equipment (2,419,106) (3,207,044) Movements in available for sale financial assets - 165,300 Movement in Security Deposits (1,191,813) (381,780) Tax paid during the year (20,000) (20,147) 1,251 2,021,822 Financing activities Increase in share capital 975,325 1,900,000 Reserve taken up - (1,900,000) Capital Reserve changes (309,971) - Finance Charges (193,937) (195,751) (Decrease)/Increase in borrowings (554,357) (1,445,791) Net increase in cash and cash equivalent (81,689) 380,280 Cash and cash equivalent at 1 January 607,568 227,288 Bank Overdrafts Cash and cash equivalent at 31 December 525,879 607,568 The notes on pages 51 to 74 are an integral part of these financial statements 49

MED-VIEW AIRLINE PLCANNUAL REPORTS AND FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2016 STATEMENT OF CHANGES IN EQUITY Issued share capital Retained earnings Capital Reserve Total Equity As at 1 January 2015 2,000,000 1,930,862 309,971 4,240,833 CHANGES IN EQUITY 2015 Retained Earning shared by Shareholders 1,900,000 (1,900,000) - - Total comprehensive income for the period 0 728,521 728,521 As at 31 December, 2015 3,900,000 759,383 309,971 4,969,354 CHANGES IN EQUITY 2016 Revaluation during the year 0 Increase in share capital 665,354 665,354 Transfer to Share Capital 309,971 (309,971) 0 Adjustments in retained earnings 16,918 16,918 Total comprehensive income for the period - 772,851 772,851 As at 31 December, 2016 4,875,325 1,549,152-6,424,477 The notes on pages 51 to 74 are an integral part of these financial statements 50

MED-VIEW AIRLINE PLCANNUAL REPORT AND FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2016 5. REVENUE Rendering of Services Hajj and Cargo Operations 5,619,552 3,643,944 Domestic Operations 11,614,874 8,551,611 International Operations 8,728,119 1,903,250 25,962,545 14,098,805 6. Segment Reporting Products and Services from which reportable segments derive their revenues. Information reported to the Company's Chief Executive for the purposes of allocation and assessment of segment performance is focused on the category of products for each type of activity. The principal sales channels are Hajj, International and Domestic Operations. The company's reporting segment under IFRS 8 are therefore as follows: Hajj, Domestic and International Operations. 6.1 SEGMENT REVENUE & GROSS PROFIT Dec-16 Hajj International Domestic Operations Operations Operations Total Revenue 5,619,552 21.6 8,728,119 33.62 11,614,874 44.74 25,962,545 100 Operating Cost (2,964,139) 13.5 (8,455,058) 38.62 (10,476,103) 47.85 (21,895,300) 100 Gross Profit 2,655,413 273,061 1,138,771 4,067,245 Dec-15 Hajj Operations International Operations Domestic Operations Total Revenue 3,643,943 25.8 1,903,252 13.50 8,551,611 60.65 14,098,806 100 Cost of Sales (1,583,069) 14.8 (1,537,030) 14.36 (7,580,666) 70.84 (10,700,765) 100 Gross Profit 2,060,874 366,222 970,945 3,398,041 62

MED-VIEW AIRLINE PLC ANNUAL REPORTS AND FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2016 Notes to the financial statements (continued) 7. OTHER INCOME Miscellaneous Income 136,489 63,398 Insurance Claims 10,558 - Interest Income 2,714 - Provisions no longer required 26,421-176,182 63,398 Miscellaneous income represents income from excess bank charges as well as from third party use of training facility 8. EXCHANGE GAIN AND LOSSES Exchange Gain 56,375-9. OPERATING COST Aircraft lease - Hajj Operation 2,672,722 807,829 Aircraft lease - Local Operation 1,304,347 688,304 Aircraft Maintenance 945,824 986,254 Aviation fuel -ATK 8,099,767 3,858,811 Handling charges 1,158,536 503,836 Catering 985,442 411,355 Statutory Charges (NCAA/FAAN/NAMA) 3,717,827 1,690,748 Over flight /navigation charges 686,549 184,439 Hotel Accomodation 433,257 284,617 Insurance and aircraft inspection 408,897 392,305 Govt. Agency/ Royalty - NAHCON 572,141 162,432 Weighing charges 19,000 39,000 Flight attendants allowance 120,404 70,071 Commission 512,444 426,479 Depreciation: Aircraft 258,143 194,284 21,895,300 10,700,764 63

MED-VIEW AIRLINE PLCANNUAL REPORTS AND FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2016 Notes to the financial statements (continued) 10. ADMINISTRATIVE EXPENSES Advertisement 270,782 266,408 Business Development 185,194 164,005 Fuel( PMS/AGO) 73,977 15,892 Insurance 29,017 7,342 Motor Vehicle expenses 20,391 14,076 Printing & Stationery 19,884 17,667 Office Rent 130,147 37,130 Staff Cost/Medical/Training/Welfare 1,851,354 1,516,131 Transport 12,403 7,673 Telephone /Communication 4,927 6,331 Courier Services & Postages 48,228 41,161 Entertainment 20,419 13,229 Electricity 4,432 6,808 Office Repairs & maintenance 5,732 4,410 Depreciation: Charge for the year 42,081 29,538 Amortization of intangible assets 130,000 - Subscription charges 75,366 34,288 Security services 65,642 45,098 Professional fees 38,908 25,094 Bank Charges 174,343 50,104 Legal & Other Consultancy fees 66,173 30,466 Operational expenses - Hajj 3,469 7,385 Other repairs and maintenance 21,689 11,998 Bad debts 26,774 Exchange loss - 82,546 3,321,332 2,434,779 64

MED-VIEW AIRLINE PLCANNUAL REPORTS AND FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2016 Notes to the financial statements (continued) 11. AUDITORS' REMUNERATION The analysis of auditors' remuneration is as follows: Fees Payable to the Companys' auditor for the audit of the company's annual account 30,000 5,000 12. FINANCE COST Interest on loan 172,626 161,240 Interest on overdraft 21,311 34,508 193,937 195,748 13. TAXATION Current Income Tax Payable The movement on income tax payable account during the year was as follows: Per income statement Income tax Prior year under provision - - Income tax for the year 68,638 64,968 Education tax for the year 13,728 12,994 Deferred tax (15,184) 24,430 67,182 102,392 Per Statement of financial position Balance brought forward 168,118 140,303 Charged for the year 82,366 77,962 Provision no longer required - (30,000) Paid during the year (20,000) (20,147) Balance carried forward 230,484 168,118 Deferred tax Balance brought forward (46,357) (70,787) (Write back)/charged for the year (15,184) 24,430 (Asset)/liability carried forward (61,541) (46,357) The charge for taxation is based on the provisions of the companies Income Tax Act C21 LFN 200 as amended to date, Education Tax Act E 4 LFN 2004 and IAS 12. 65

MED-VIEW AIRLINE PLCANNUAL REPORTS AND FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2016 04 65

MED-VIEW AIRLINE PLCANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2017 14. PROPERTY, PLANT AND EQUIPMENT Cost or valuation LAND & MOTOR COMPUTER PLANT/OFFICE &COMMUNICA TION FURNITURE, FITTING & CAPITAL WORK-IN - BUILDING VEHICLES EQUIPMENT EQUIPMENT PARTITIONING AIRCRAFT PROGRESS TOTAL As at January 1, 2016 271,293 94,914 61,182 77,876 61,897 5,661,788 6,228,950 Additions - 53,788 11,956 9,644 12,519 49,344 2,281,854 2,419,106 Reclassification - - - - - - - - As at 31st December, 2016 271,293 148,702 73,138 87,520 74,416 5,711,132 2,281,854 8,648,056 Depreciation 1st January 2016 15,194 49,518 36,002 30,849 32,964 348,375-512,902 Adjustments - - - - - (16,918) (16,918) 15,194 49,518 36,002 30,849 32,964 331,457-495,984 Charges for the year 512 15,776 5,246 12,484 8,063 258,143-300,225 Impairment Losses - - - - - - - As at 31st December, 2016 15,706 65,294 41,248 43,333 41,027 589,601-796,209 At 31st December, 2016 255,587 83,408 31,890 44,187 33,389 5,121,531 2,281,854 7,851,847 At 31 December, 2015 256,099 45,396 25,180 47,027 28,933 5,313,413 5,716,048 14.1 Capital Work-in-progress This represents the amount expended in acquiring a property toward the financial year end and stock of spare parts for the aircrafts. 14.2 Comitment Financial commitments The following properties were used as collateral for properties enjoyed by the company from financial institutions ( i) TLM over property located at 23 Olowu str., Ikeja, Lagos with OMV of N230,000,000 as at 17/09/2013 as value by Ajayi Patunola & Co (ii) Legal Mortgage over property located at 2/3 Samota Falola Street, Olowu Ikeja, Lagos with OMV of N195,500,000 as at 17/09/2013 as valued by J. Ajayi Patunola & Co 14.3 Capital commitments Capital expenditure commitments at the year -end authorized by the Board of Directors comprise: Approved and contracted - - Approved but not contracted - - 66

MED-VIEW AIRLINE PLCANNUAL REPORTS AND FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31,2016 Notes to the financial statements (continued) 15. Investment properties Balance brought forward 215,000 215,000 Revalution Gain on Property 55,500 - Additions during the year - - At 31 December 270,500 215,000 Investment Property is represented as follows: At Cost At Revaluation Landed property at 23, Olowu str, Ikeja 95,500 108,500 Landed property along Mobolaji Bank Anthony way 120,000 162,000 The company uses fair value model in accounting for investment property. The properties were revalued by Mervic Consulting on December 5, 2016 15.1 Financial Commitments The property located at 23 Olowu Str., Ikeja, Lagos with OMV of N230,000,000 as at 17/09/2013 was commited to facilities enjoy from financial institution as at year end. 16. INTANGIBLE ASSETS 2016 As at January 2,020,000 2,020,000 Additions - - Amortised during the year (130,000) - As at December 1,890,000 2,020,000 Intangible assets represents the licenses which authorises the company to operate as an airline and also the designations It also includes the Software acquired by the company The intangible assets are made up of the following licences: a. Airline Operating Certificate b.iata Licensed Travel Agent c. IATA Operational Safety audit certificate d.air Transport Licence e. Tour Operators Licence f.air Carriers Permit g. Route Designation Licence h. Vidcom Reservation System Software i. Sage 50 Quantum Accounting Software 17. Investments Available for sale financial assets N N As at January 1 32,585 197,885 Reclassified to Security deposit - (165,300) As at December 31 32,585 32,585 The reclassification of investments refers to security deposits made in the year. The amount of N165,300,000 has been reclassified as security deposits 67

MEDVIEW AIRLINE PLCAUDITED ACCOUNTS AND FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2016. Notes to the financial statements (continued) 18. Security Deposit N N As at January 1 381,780 - During the year 1,191,813 216,480 Reclassified from Investment - 165,300 As at December 31 1,573,593 381,780 An amount of N1,189,231,921 of the security deposit represents forward option to Central Bank of Nigerian (CBN) in respect of Form A for the purchase of foreign currency This amount was booked on December 23, 2016 for the next 90 days. 19. Inventories Spare parts for aircraft 15,932 162,414 15,932 162,414 This refers to the company's consumable spare parts relating to the aircrafts 20. PREPAYMENTS Current Portion 136,640 - Prepayments relates to the amount paid in advance for the maintenance of the aircrafts The non-current portion relates is due after one year wihile the current portion is due within the next year. 21. Trade and other receivables Trade receivables 1,258,697 1,159,310 Other receivables 756,607 763,693 Intercompany receivables 22.1 1,059,516 904,472 3,074,820 2,827,475 21.1. These represent balances outstanding in respect of settlements made by the company on behalf related entities and Med -View International Travels and Cargoes Limited Bad and Doubtful Debts Provision: Provision for doubtful debts is made only for debts that are above 365 days and above due While 100% provision is made for debts that are overdue by 91 days and more. Despite making provision for the overdue debts, the company still makes efforts to collect the outstanding debts. Only debts that have been provided for which cannot be collected after exhausting all debts recovery efforts are eventually written off as bad debts. Credit Policy It is the policy of the company to subject sales agents to credit worthiness test. The credit worthiness of each agent is assessed by considering the history of their business transactions. Credit limits are set for each agents based on their volume of transactions. Corporate entities are granted credit after considering their credit worthiness 68

MED-VIEW AIRLINE PLCANNUAL REPORTS AND FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31,2016 Notes to the financial statements (continued) 21.2 Trade and other receivables (continued) Ageing of past due but not impaired receivables 30-60 days 855,231 833,940 30-90 days 369,122 297,835 Above 91 days 61,118 59,567 1,285,471 1,191,342 Trade Receivable comprise of the following: Trade Receivables 1,285,471 1,191,342 Less Provision for bad debts (26,774) - 1,258,697 1,191,342 Movement in the allowance for doubtful debts Balance at the beginning of the period - - Amount wriiten off during the year as uncollectible 26,774 - Amount recovered during the year - - Balance at the end of the period 26,774-22. Cash & cash equivalents Cash Balances 1,692,885 281417 Bank Balances 471,744 456,046 2,164,629 737,463 Bank Overdrafts (1,638,750) (129,895) 525,879 607,568 23. Cashflow from operating activities Profit before tax 840,033 830,912 Non- cash adjustments: Depreciation charge 300,225 223,824 Revaluation surplus (55,500) - Amortization 130,000 - Fixed assets adjustment (149,170) - Tax Provision - (30,000) Finance Charges 193,937 195,749 1,259,525 1,220,485 Working capital adjustments Decrease /(Increase) in inventories 146,482 225,042 Decrease/(Increase) in trade and other receivable (247,345) 1,081,119 Increase/(Decrease) in Current Prepayments (136,640) Increase /(Decrease) in trade and other payables 3,171,666 1,397,224 Increase/(Decrease) in borrowings (710,688) 1,475,994 Net cashflow from operating activities 3,483,000 5,399,865 24. Share Capital Share Capital comprises: Authorized: As at January 1 4,000,000,000 ordinary shares of 50k each 6,000,000 2,000,000 During the year: 8,000,000,000 ordinary shares of 50k each - 4,000,000 12,000,000,000 ordinary shares of N50k each 6,000,000 6,000,000 Issued & Allotted: As at 1 January 3,900,000 2,000,000 Issued during the year 665,354 1,900,000 Transferred from Capital Reserve 309,971 As at 31 December 4,875,325 3,900,000 During the year, the company divided the shares into 50k per unit of share, the total share of the company stands at 12,000,000,000 ordinary shares of 50k each. 69

MED-VIEW AIRLINE PLCANNUAL REPORTS AND FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2016 Notes to the financial statements (continued) 25. Earning Per Share The calculation of the basic and diluted earning per share is based on the following data: earning for the purpose of basic earnings per share being the net profit attributable to the owners of the company '000 '000 Profit after tax 772,851 728,520 000' Units 000' Units Number of shares Ordinary shares of 50kobo each 9,750,649 7,800,000 Earnings per 50kobo share Naira(Basic) 7.93 9.34 Earnings per 50kobo share Naira(Diluted) 7.93 7.47 26. NON CURRENT LIABILITIES Long-term borrowings Opening Balance 2,554,781 2,448,163 Addition during the year 391,013 1,016,000 Less Repayments (1,656,060) (909,382) 1,289,734 2,554,781 Less: Amount due within one year (967,300) (1,677,988) Amount due after one year 322,434 876,793 Finance lease liabilities are secured by the assets leased. The borrowings are a mix of debt with repayment periods not exceeding four years. variable and fixed interest rate.the weighted average interest rates paid during the year were: % % Bank Overdraft 24 22 Finance lease 24 21 70

MED-VIEW AIRLINE PLCANNUAL REPORTS AND FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2016 27. Trade and other payables Notes Trade payables 4,397,029 2,411,858 Other payables & accruals 1,246,350 893,415 Intercompany balance 838,645 720,942 Directors' c 28.1 1,006,617 290,761 7,488,640 4,316,976 27.1 These represent balances outstanding in respect of settlements made on behalf of the company by related entities Med-View Konsult Limited Trade and other payables principally comprise amounts outstanding for trade purchases and on going costs. The average credit period taken purchase is sixty days. The directors consider that the carrying amount of trade payables approximates their fair values. 28. Short-term borrowings Note Current Portion of long term: Borrowings 20 967,300 1,677,988 967,300 1,677,988 Borrowings refer to the current portion loans repayable within the next one year 29.COMMITTMENT AND CONTINGENT LIABILITIES (i) Commitment Financial Commitments The Company did not charge any of its assets to secure liabilities of third parties other than those stated in the note 15.2 of this financial statement. The Directors are of the opinion that all known liabilities and commitments have been taken into account in the preparation of these financial statements. (ii) Contingent Liabilities There are contingent liabilities in respect of legal actions against the company amounting to N43,794,000 (there were no contingent laibilities in the previous year).management has not made provision for this liability as consultations with the Company's external solicitors has indicated that the likely outcome of the legal actions may favour the Company. 30. RECLASSIFICATION OF BALANCES Certain comparative balances have been reclassified to ensure proper disclosure and uniformity with the current year's presentation. 71

MED-VIEW AIRLINE PLC ANNUAL REPORTS AND FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2016 31. INFORMATION REGARDING EMPLOYEES 31.1 The table below shows the number of staff of the company whose emolument during the year excluding pension contributed were within the range stated: Less than 500,000-1,000,000 109 60 1,000,001-1,500,000 41 34 1,500,501-2,000,000 62 37 2,000,001-2,500,000 77 55 2,500,001-3,000,000 36 35 3,000,001-3,500,000 4 8 3,500,001-4,000,000 7 8 4,000,001-4,500,000 7 4 4,500,001-5,000,000 8 11 5,000,001-5,500,000 1 1 5,500,001-6,000,000 4 0 6,000,001-6,500,000 3 4 6,500,001 and above 44 48 403 305 i. The related salaries and wages amounted to N1,840,097 (2015: N1,465,852) Staff cost relating to the above were: Salaries and wages 1,840,097 1,465,852 Pension and Social benefit 4,237 38,468 Staff Medical Expenses 7,020 11,811 1,851,354 1,516,131 31.2 RETIREMENT BENEFIT SCHEME (i) The Company operates pension scheme in accordance with the provisions of the Pension Reform Act 2004. The scheme applies to all employees of the Company and is funded through monthly contribution. by both the company and the employees. The Company uses about nine pension managers for its contribution scheme. 72

MED-VIEW AIRLINE PLCANNUAL REPORT AND FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2016 Notes to the financial statements (continued) 31.3 The average number of persons, excluding directors, employed by the company during the year was as follows: Number Number Management 18 13 Senior Staff 96 70 Junior Staff 289 222 403 305 31.4 Employee benefit expenses Staff costs for the above persons (excluding executive Directors): Salaries and wages Defined contribution plan 32. Profit before taxation The profit before taxation is stated after charging the following:- Depreciation of fixed assets 300,225 - Auditors remuneration 12,500 7,500 Directors' Emoluments: 103,967 65,345 Operating lease rental payment: Domestic operations 1,304,347 807,829 Hajj operation 2,672,722 688,304 Profit/(Loss) on disposal of Fixed Assets - - Foreign Exchange Gain/(Loss) 56,375 (82,546) 33 Chairman and Directors Emoluments Chairman - - Other Directors 103,967 65,345 As Directors Fees - - Emolument as Executives 103,967 65,345 73

MED-VIEW AIRLINE PLCANNUAL REPORT AND FINANCIAL STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2016. Notes to the financial statements (continued) The table below shows the number of Directors whose emoluments during the year excluding pension contibutions were within the range stated: Number Number Less than -1,000,000 - - 1,000,001-2,000,000 - - 2,000,001-3,000,000 - - 3,000,001-4,000,000 - - 4,000,001-Above 4 4 4 4 Number of Directors who had no emoluments 4 4 34. Related Party Transactions 34.1 During the year, the company entered into the following transactions with related parties Receipts Payments Med-View Travels Konsult Agency Ltd 508,472 668,305 626,175 1,505,557 Med-View International Travels and Cargoes Ltd 509,581 263,093 354,537 479,295 Minas International Travels and Cargoes Ltd 122,322 21,390 93326 69,682 1,140,375 952,788 1,074,038 2,054,534 During the year, the Company traded with related parties on terms similar to such transactions entered into with third parties 34.2 Directors' Interest in Contract The company had transaction with Skycare Catering services during the year: Skycare Catering Services 277,046 188,721 35 Pension Fund Administrators In respect of the pension fund scheme, the company uses the following pension fund administrators fund administrators: 1. Stanbic IBTC Pensions Limited 2. AIICOn Pensions Limited 3. Leadway Pensure Limited 4.ARM Pension Limited 5. FUG Pensions Limited 36. EVENTS AFTER THE REPORTING PERIOD There were no events after the reporting period that could have had a material effect on the financial statements of the company that had not been adequately provided for or disclosed in the financial statements 74

MED-VIEW AIRLINE PLCANNUAL REPORTS AND FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2016 STATEMENT OF VALUE ADDED 2016 % 2015 % Revenue 25,962,545 14,098,805 Other Operating Income 288,057 63,399 26,250,602 14,162,204 Bought in materials aand services (23,065,053) (11,420,018) Value Added 3,185,549 100 2,742,186 100 Applied as follows: To pay employees Salaries, wages, pension and benefits 1,851,354 58.1 1,516,131 55.29 To pay providers of capital Finance costs 193,937 6.1 195,749 7.14 To pay government Taxation 67,182 2.1 77,962 2.84 To provide for replacement and development Depreciation 300,225 9.4 223,824 8.16 Retained Profit for the year 772,851 24.3 728,520 26.57 3,185,549 100 2,742,186 100 Value added represents the additional wealth which the company had been able to create by its own, and it employees' efforts. This statement shows the allocation of that weath among the employees, government, providers of finance and that retained for the future creation of more wealth. 76

MED-VIEW AIRLINE PLCANNUAL REPORTS AND FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31,2016 FIVE YEAR FINANCIAL SUMMARY Statement of Financial Position ASSETS 2014 2013 2012 Non-current assets 11,680,066 8,861,770 5,385,670 3,395,839 2,557,376 Current assets 3,753,271 3,727,354 4,569,692 1,929,609 1,490,707 Total Assets 15,433,337 12,589,124 9,955,362 5,325,448 4,048,083 Equity and liabilities Equity Issued share capital 4,875,325 3,900,000 2,000,000 1,401,881 1,168,640 Capital Reserve - 309,971 309,971 309,971 - Retained earnings 1,549,152 762,983 1,930,962 1,411,583 1,514,082 Total equity 6,424,477 4,972,954 4,240,933 3,123,435 2,682,722 Non current liabilities 322,434 876,793 2,322,585 125,578 439,156 Current liabilities 8,686,425 6,739,377 3,391,944 2,076,435 926,205 9,008,859 7,616,170 5,714,529 2,202,013 1,365,361 Total equity and liabilities 15,433,337 12,589,124 9,955,462 5,325,448 4,048,083 Statement of comprehensive income 2014 2013 2012 Revenue 25,962,545 14,162,204 10,518,595 9,344,584 3,629,146 Profit/Loss before tax 840,033 830,912 306,354 166,645 163,591 Profit/Loss after tax 772,851 728,520 209,308 207,472 140,587 Basic Earnings Per Share 7.93 9.34 5.23 7.4 6.01 Adjusted Earnings Per Share 8.62 7.47 5.23 7.40 1.44 77