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FINANCE & GENERAL PURPOSE COMMITTEE REPORT prior to the meetings to better understand issues and any areas of concern, and to allow sufficient time for meaningful discussion at the meeting. Roles and responsibilities The Committee’s main roles and responsibilities are to assist the Board in fulfilling its oversight responsibilities regarding the following: • To advise the Board on matters pertaining to the Company’s capital structure and the corporate finance strategy of the Company, including the issuance of equity and debt securities, general financing plans, debt ratings, share repurchase philosophy and strategy, share redemption and purchasing activities, and the Company’s dividend policy • To review, in consultation with the independent auditors, the integrity of the Company’s internal and external financial reporting processes and controls • To review and recommend to the Board on matters pertaining to Group treasury operations, investment strategies, banking and cash management arrangements and financial risk management • To review thoroughly and make recommendations to the Board on matters pertaining to major investments, mergers, acquisitions, divestitures, joint ventures or similar transactions and the policies and processes of the Company related thereto Members and meeting attendance Director Olusegun Olusanya (Chairman) Olakunle Alake Sani Dangote Ernest Ebi Devakumar Edwin Emmanuel Ikazoboh Fidelis Madavo Douraid Zaghouani Financial reporting matters The Committee reviewed the financial reports submitted by management during its meetings and assessed whether suitable accounting policies and standards were adopted and whether the management team made the appropriate estimates and judgments related to the Group’s performance. The Committee also reviewed the Group’s quarterly financial results, relevant disclosures, external auditors’ reports, financial disclosures in the Annual Report and reports by external auditors that highlighted any issues arising from the audit. The specific areas of audit and accounting matters reviewed by the Committee include: • Critical accounting judgements and estimates that affect the reported amount of assets, liabilities, revenue and expenses • Appropriateness and consistency of application of accounting policies and their compliance with accounting standards • Impairment testing of tangible and intangible assets • Risks and associated controls over the financial reporting process • Adequacy and clarity of reporting disclosures and compliance with applicable financial and reporting standards 27/01/16 29/02/16 20/04/16   -   - -        -      -  -  26/07/16 25/10/16 09/12/16       -            -  -    112 Annual Report 2016

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