UAC OF NIGERIA PLC

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Important Notice

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Contents

outlook4

Update on strategic thrusts

performance review (FY 2012 & Q1 2013)

Overview of the business in 2012Larry EttahGMD/CEO

Abdul BelloCFO

Joe DadaED Corp. Services

Larry EttahGMD/CEO

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Contents

outlook4

Update of strategic thrusts

performance review (FY 2012 & Q12013)

Overview of the business in 2012Larry EttahGMD/CEO

Abdul BelloCFO

Joe DadaED Corp. Services

Larry EttahGMD/CEO

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VISIONTo be number one in our

chosen markets, providing exceptional value to our

customers

MISSIONTo grow our top-line at twice the rate of GDP growth in Nigeria at a blended EBIT profitability of

15% OUR VALUES1. Our Customers are our Focus2. We act with Respect for the Individual3. We act with Integrity in everything we do4. Team spirit will give us good success5. Innovation for business sustenance and value creation6. We are Open and Communicate with our people

DESIRED OUTCOMEAdding value to the lives of our stakeholders

Operating Environment Review for 2012

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Business Review – UACN Plc

Food & Beverages Real Estate Paints Logistics Others

Grand Cereals Ltd. Grand Oil, Vital Feeds,

Grand Maize Flour, Grand Maize Grits, Rich Fill

UPDC Plc

Property Development

Facility Management

Property Sales

Property Lease

CAP Plc

Dulux Paints Caplux Paints

MDS Logistics Plc

Warehousing

Haulage

Redistribution

UNICO CPFA Ltd. In-house

Pension

UAC Foods Ltd. Gala, Funtime Cake,

Funtime Coconut Chips, Snaps Puffed Maize, Delite Fruit Juice, SWAN Water

UAC Registrars Ltd.(Divesting Interest)

UAC Restaurants Ltd(168 Outlets) Mr Bigg’s GM Nig. Ltd.

(Winding Down)Warm Spring Waters Nig. Ltd.

Gossy Water

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UAC

UAC has defined its holding company structure as a model consisting of a Corporate Centre overseeing a portfolio of interests

across 4 key verticals

FY 2012 Highlights

Spin-off of MDS Logistics and UAC Restaurants Spin-off of MDS Logistics and UAC Restaurants

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Operations Review

Sales and margin improvement despite dip in Q1 2012

Operational reviews of dairies segment resulting in improved margins

Tiger Brands partnership impacting: Asset Care Management (Production & Yield), Procurement Savings, Knowledge Transfer, Marketing & Distribution

Turnover of N28.94 billion up 21% (N23.86 billion Dec 2011)

Rights Issue fully subscribed

Installation of 6,000 MT per month Poultry Feed plant in Onitsha

Expansion of capacity of Fish Feed line

Loss exposure reduced significantly in 2012 following successful restructuring and review of operations

Improved compliance following regular franchise audits

Revamp of over 100 restaurants, creating new look and feel

UAC FOODS LTD GRAND CEREALS LTD UAC RESTAURANTS LTD

Operations Review

Turnover of N12.04 billion, up 78% (N6.78 billion Dec 2011)

Completed Grandville and Metro Gardens estates (both in Lagos)

Improvement in occupancy levels and revenues at UPDC Hotel (turnover up 10%)

Joint Venture opportunities being exploited

Turnover of N4.04 billion up 20% (N3.37 billion Dec 2011)

Significant growth in off-site inventory management services

Restructuring of Capacity Holding Framework

Strategic equity investor discussions progressing satisfactorily

Turnover of N5.23 billion up 21% (N4.31 billion Dec 2011)

Opened 4 Dulux Colour Centres and 8 Colour Shops

Launched Dulux Ecosure Products

Unveiled “Tea Dance” as Dulux Colour of the Year 2012

UPDC PLC MDS LOGISTICS PLC CAP PLC

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Contents

outlook4

Update on strategic thrusts

performance review (FY 2012 & Q1 2013)

Overview of the business in 2012Larry EttahGMD/CEO

Abdul BelloCFO

Joe DadaED Corp. Services

Larry EttahGMD/CEO

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ANALYSIS OF FINANCIALS

Important Notice

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Turnover recorded 17% growth despite adoption of full franchising model in UAC Restaurants

Review of Financial Performance

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Summary of Financial Performance (YoY)

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Summary of Financial Performance

Review of Financial Performance(N’Billion)

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turnover gross profit operating profit PBT PAT

59.64

15.86

7.72 6.993.41

69.63

19.05

11.53 10.757.1

2011 2012

Analysis of Margins…EBIT MarginGross Margin

Comments

Gross Margin sustained at 27% despite increases in input costs in key categories

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20112012

27%27%

20122013

13% 17%

Improving Returns…ROAROE

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ROE and ROA grew on the back of a robust performance over the last 12 months

2011 2012

6%

12%

2011 2012

3%

6%

Review of Financial Position

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Non-current assets up due to increase in UPDC investment property

Summary of Financial Position

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Summary of Cash flows

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Total Equity (N’Billion)Total Debt (N’Billion)

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Total Debt reduces as a result of reduced leverage in Grand Cereals following successful Rights Issue. Debt to Equity ratio down from 0.59x to 0.5x

Capital Structure

20112012

33.8930.27

20112012

57.07 60.95

Segmental Analysis - TurnoverFY 2011FY 2012

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The Food & Beverage, Real Estate, Logistics and Paints segments contributed 98% to total revenues for 2012 and 2011

Segment Analysis – PBTFY 2011FY 2012

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Food & Beverages; 50%

Paints; 15%

Real Estate; 27%

Others; 2%

Logistics 5%

The Food & Beverage, Real Estate, Paints and Logistics segments contributed 97% of Group PBT for 2012

Food & Beverages; 41%

Paints; 15%

Logistics; 11%

Real Estate; 30%

Others; 3%

Performance of Key Subsidiaries

UPDC (N’Billion)

Grand Cereals (N’Billion)UAC Foods (N’Billion)

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CAP (N’Billion)

Turnover PBT

12.56

1.59

14.68

1.82

2011 2012

Turnover PBT

23.87

3.14

28.94

2.42

2011 2012

Turnover PBT

6.78

2.4

12.04

2.45

2011 2012

Turnover PBT

4.31

1.36

5.23

1.66

2011 2012

Margin pressures from grains prices, haulage & new factory take-off costs

Margins by Subsidiaries

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Gross Margins EBIT Margins

CAP UAC Foods UPDC

27%

11% 11%

28%

37%

CAP UAC Foods UPDC

47%

16%

28%

33%

42%

CAPEX (N’Million)

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CAP UAC Foods UPDC

138

3130

635466

185

• Grand Cereal Capex comprises installation of new plant in Onitsha and expansion of Fish Feed Plant in Jos.

• In addition, UPDC expenditure on inventory builds was N9.7 billion

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Q1 2013 FINANCIAL HIGHLIGHTS

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Summary of Financial Performance

Summary of Financial Position

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Summary of Cash Flows

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Total Equity (N’Billion)Total Debt (N’Billion)

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Capital Structure

2012 2013

30.27

39.62

2012 2013

60.6 61.92

Total Debt up N9.3 Billion due to increased financing activity in Grand Cereals (Debt/Equity ratio 0.5x vs. 0.64x). UPDC REIT proceeds to curtail this.

Improving Returns…ROA (Annualized)ROE (Annualized)

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ROE and ROA record improvements due to growth in profitability over the review period

2012 2013

6%

8%

2012 2013

4%

6%

Margins by Subsidiaries

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EBIT Margins PBT Margins

CAP UAC Foods UPDC

29%

8%

11%

21%24%

CAP UAC Foods UPDC

31%

4%

11%

23%

14%

PBT margins impacted by interest burden in Grand Cereals and UPDC

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NEW INITIATIVES

SAP ERP IMPLEMENTATION

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Contents

outlook4

Update on strategic thrusts

performance review (FY 2012 & Q1 2013)

Overview of the business in 2012Larry EttahGMD/CEO

Abdul BelloCFO

Joe DadaED Corp. Services

Larry EttahGMD/CEO

Acquisition of Livestock Feeds Plc

Transaction consummated via Secondary Market trades (11%) and Primary Market Offer (40%)Transaction consummated via Secondary Market trades (11%) and Primary Market Offer (40%)

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M&A Update

Grand Cereals’ Rights Issue of N3 Billion fully subscribed; Debt exposure reducedGrand Cereals’ Rights Issue of N3 Billion fully subscribed; Debt exposure reduced

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Contents

outlook4

Update on strategic thrusts

performance review (FY 2012 & Q1 2013)

Overview of the business in 2012Larry EttahGMD/CEO

Abdul BelloCFO

Joe DadaED Corp. Services

Larry EttahGMD/CEO

FY 2013 FORECAST (as submitted to the NSE)

• Turnover – N81.9 Billion • PBT – N12.2 Billion• PAT – N8.6 Billion

2013 Forecasts

2013 Key Priorities

Conclude on-going M&A activities by Q2

THANK YOU!

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