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Financials NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2016 Indirect Subsidiaries Names of Dangote Cement South Africa (Pty) Limited Subsidiaries Sephaku Development (Pty) Ltd Sephaku Delmas Properties (Pty) Ltd Blue Waves Properties 198 (Pty) Ltd Mining right holder Investment property Exploration Sephaku Limestone and Exploration (Pty) Ltd Exploration Sephaku Enterprise Development (Pty) Ltd Social responsibility Portion 11 Klein Westerford Properties (Pty) Ltd Investment property Name of Dangote Industries (Zambia) Ltd subsidiary Dangote Quarries (Zambia) Ltd 17.2 Investments in subsidiaries Dangote Cement South Africa (Pty) Limited Dangote Industries (Ethiopia) Plc* Dangote Industries (Zambia) Limited Dangote Cement Senegal S.A Dangote Cement Cameroun S.A Dangote Cement Ghana Limited Dangote Industries Limited, Tanzania Dangote Cement Congo S.A Dangote Cement (Sierra Leone) Limited Dangote Cement Cote D’Ivoire S.A Dangote Industries Gabon S.A Dangote Cement Marketing Senegal SA Dangote Cement Bukina faso SA Dangote Cement Chad SA Dangote Cement Mali SA Dangote Cement Niger SARL Dangote Cement Madagascar Limited Dangote Industries Benin S.A. Dangote Cement Togo S.A. Dangote Cement - Liberia Ltd. Dangote Cement Kenya Limited Dangote Quarries Kenya Limited Dangote Quarries Mozambique Limitada Dangote Cement Nepal Pvt. Ltd. Dangote Zimbabwe Holdings (Private) Limited Dangote Cement Zimbabwe (Private) Limited Dangote Energy Zimbabwe (Private) Limited Dangote Mining Zimbabwe (Private) Limited Dangote Cement Guinea SA Cimenterie Obajana Sprl- D.R. Congo Itori Cement Plc. Okpella Cement Plc. Dangote Takoradi Cement Production Limited Limestone mining Group 31-Dec-16 ₦’million - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 31-Dec-15 ₦’million - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Percentage of voting power held by Dangote Cement South Africa (Pty) Limited 2016 2015 South Africa 100.00% 100.00% South Africa 100.00% 100.00% South Africa 100.00% 100.00% South Africa 80.00% 80.00% South Africa 100.00% 100.00% South Africa 100.00% 100.00% Percentage of voting power held by Dangote Ind. (Zambia) Ltd Zambia 49.90% 49.90% Company 31-Dec-16 ₦’million 25,381 39,338 - 29 9 - 13,851 3 18 16 6 - 3 3 3 5 - 3 5 - - - - - - - - - - - - - - 78,673 31-Dec-15 ₦’million 24,283 1,619 - 29 9 - 70 3 18 16 6 4 3 3 3 5 - 3 1 - - - - - - - - - - - - - - 26,075 * Part of the loan advanced to Dangote Industries Ethiopia Plc was converted to equity during the year resulting in the incease in the investment. Annual Report 2016 187

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