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Introduction YEAR IN FIGURES Capacity 43.6Mta n/c 14.3 8.6 29.3 420.1* 230.8* Sales volumes Revenues 23.6mt +25.0% 14.8** ₦615.1B +25.1% 195.0 EBITDA ₦257.2B -2.0% 26.4 Nigeria Pan-Africa Earnings per share ₦10.86 ₦251.9B Capex ₦11.34 Dividend per share 4.5% -45.9 % ₦136.2B KEY RATIOS EBITDA margin ₦8.0 Net debt ₦204.2B ₦8.5 6.25% ₦240.8B 17.9% Net debt/EBITDA Net gearing ROCE 41.8% (53.4%) 0.94x (0.7x) 30.2% (31.7%) *After inter-company eliminations ** Excludes inter-company sales of 0.2mt & exports of 0.2mt Annual Report 2016 7 18.0% (20.9%)

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