There was a total change of ownership and financing. The following were highlights of 2019-2020:

1. Previous shareholders and NROCC achieved an agreement to facilitate their exit from TJH
2. NROCC, funded via an Equity Bridge Loan, acquired100% of TJH. Change of control triggers a repayment of existing debtholders. Refinancing Bridge Loan is used to pay debtholders.
3. Bond issuance is used to repay the refinancing Bridge Loan
4. Funds from TJH’s IPO used to repay the Equity Bridge Loan

Management outlined the impact of the current pandemic as follows:

• The consequences of the global health crisis continuesto be felt 8 months after the start of the covid-19 epidemic observed in March 2020.
• The various restrictions imposed by governments to contain the spread of the virus are still weighing on travel and therefore on the level of traffic observed on most road network across the globe.
• On Highway 200 East-West, the decline during the 3^rdquarter of 2020 was 10.1% when compared to Q3 2019.
• At present, the continued postponement of the start of the school year and the use of distance learning continues to weigh on the current level of traffic, as does the maintenance of the curfew and the ban on large gatherings.
• Between January and September 2020, the decrease in traffic over one year is now 16.4%.
• Unfortunately, the forecast is directly dependent on the measures which are imposed by the Government to control the pandemic.

OUTLOOK 

Management noted that, “the difficulties associated with the present context should not prevent us from preparing for the future of the Company.” As such, many areas of development are currently under study:

• Right of TJH to own and/or operate Phase 1C of Highway 2000 East- West (May Pen to Mandeville). This project would add a further 28km (more than 50%) to the existing to the existing highways being operated:

• • Tolling Strategy Developed
  • Initial Traffic Studies completed (Traffic volumes are expected to similar to May Pen and Vineyards)
  • Toll Compatibility discussions being held to ensure the system is compatibility with TJH existing system
  • Current estimated completion: October 2022

• TJH is in discussions with Developers along the alignment to provide new ramps to improve access onto the Highway especially in the areas around Spanish Town and Bernard Lodge.

According to the Company, other plans include:

• Construction of second gas station at the Portmore toll plaza (Total gas station)
• Development of new commercial offers for frequents users
• Modernization of the toll system
• Continue to explore possibilities for real estate developments around motorways

The Company also outlined its outlook for strengthening its marketing activities:

• Frequent User Rewards Ad Campaign: Radio Ads, SMS blasts, Flyers, Website Articles
• T-Tags Benefits Ad Campaign
• Special ‘10% Online Bonus’ promotion: customers reloading T-Tag accounts online at specific times (Easter weekend, 1^stweek September and Christmas holidays)
• Promotion of mobile app “T-Tag to Go”
• Participation and promotion of Road safety Awareness campaigns both locally and intentionally
• Upgrade of our Sales Offices at all toll plazas to enhance customer experience: repainting and installation of Glass-like Notice Boards, TV Screens at Portmore & Vineyards toll Plazas
• KIOSK Installation at the Portmore toll plaza; enhance customer “top up” experiences
• Opening of the TOTAL Service Station & Convenience store (November 2019) at the Old Harbour off-Ramp