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INTERVIEW WITH THE GROUP CHIEF EXECUTIVE OFFICER We increased overall Group sales volumes by 25.0% to almost 23.6Mt and that was in line with what we had been forecasting at the beginning of the year. As a result of this volume growth we increased Group revenues by a very healthy 25.1% to ₦615.1B. EBITDA fell slightly to ₦257.2B because of lower pricing for much of the year and the increase in fuel costs associated with the disruptions to our gas supply. However, the final quarter was very strong and EBITDA rose sharply compared to the quarter before, because of the price adjustment in September and a better fuel mix. In fact, in financial terms it was our strongest ever quarter, so that gives a sense of how 2017 could evolve. Onne van der Weijde Group Chief Executive Officer The highlight was the strong volume growth in Nigeria, where we increased local sales volumes by 11.1%, and began exports in volumes that turned Nigeria into a net exporter. We also delivered good growth in our Pan-African operations, increasing sales by 54.0% to more than 8.6Mt. We delivered strong growth across Africa in what was not an easy year for some of its economies, increasing sales volume by 25%. Last year you said the aim for 2016 was to achieve good growth across Africa; did you achieve that? Yes, I think we delivered strong growth across Africa in what was not an easy year for some of its economies. 52 Annual Report 2016 What were the main pressures facing Dangote Cement in 2016? In previous years I think we had to focus on managing our own growth and delivering our expansion timetable on schedule, and these were very much internal factors. We were achieving success by opening modern and competitive plants in countries that, by and large, were experiencing good growth and relative stability. Compared with 2015, I think it is fair to say the economy deteriorated much further for us in 2016. We faced the devaluation of the Naira in June, the shortage of foreign currency in Nigeria and attacks on pipelines in the South of Nigeria that disrupted our gas supplies and forced us to use expensive LPFO to fuel our kilns. Other countries across Africa were also experiencing economic downturns and pressures on their currencies, notably Zambia and South Africa, where we had opened plants only in the past couple of years. In Ethiopia there were political tensions and civil unrest that disrupted our production and distribution. All of these pressures were external factors that we couldn’t control.

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