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PowerPoint Presentation · Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Revenue per tonne EBITDA per tonne* Volume ('000 tonnes) 61.8% 53.3% 44.0%

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Page 1: PowerPoint Presentation · Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Revenue per tonne EBITDA per tonne* Volume ('000 tonnes) 61.8% 53.3% 44.0%
Page 2: PowerPoint Presentation · Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Revenue per tonne EBITDA per tonne* Volume ('000 tonnes) 61.8% 53.3% 44.0%

• ₦

Page 3: PowerPoint Presentation · Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Revenue per tonne EBITDA per tonne* Volume ('000 tonnes) 61.8% 53.3% 44.0%

₦ ₦

Page 4: PowerPoint Presentation · Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Revenue per tonne EBITDA per tonne* Volume ('000 tonnes) 61.8% 53.3% 44.0%

₦B

Page 5: PowerPoint Presentation · Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Revenue per tonne EBITDA per tonne* Volume ('000 tonnes) 61.8% 53.3% 44.0%

₦ ₦ ₦

Page 6: PowerPoint Presentation · Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Revenue per tonne EBITDA per tonne* Volume ('000 tonnes) 61.8% 53.3% 44.0%

₦ ₦

Page 7: PowerPoint Presentation · Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Revenue per tonne EBITDA per tonne* Volume ('000 tonnes) 61.8% 53.3% 44.0%

Page 8: PowerPoint Presentation · Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Revenue per tonne EBITDA per tonne* Volume ('000 tonnes) 61.8% 53.3% 44.0%

₦ 19,780

₦ 23,743

₦ 25,738

₦ 28,192

₦ 37,817

₦ 40,412

₦ 45,070 ₦ 44,960 ₦ 44,023₦ 43,816

₦ 12,060

₦ 14,674 ₦ 13,729

₦ 12,407₦ 24,859

₦ 26,175

₦ 29,630₦ 28,972

₦ 29,176 ₦ 29,059

2,500

3,000

3,500

4,000

4,500

5,000

₦ 0

₦ 5,000

₦ 10,000

₦ 15,000

₦ 20,000

₦ 25,000

₦ 30,000

₦ 35,000

₦ 40,000

₦ 45,000

₦ 50,000

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018

Revenue per tonne EBITDA per tonne* Volume ('000 tonnes)

61.8% 53.3%44.0%

65.7%

64.8%

61.0%

65.7%

64.4%

66.3%

66.3%

Page 9: PowerPoint Presentation · Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Revenue per tonne EBITDA per tonne* Volume ('000 tonnes) 61.8% 53.3% 44.0%

Page 10: PowerPoint Presentation · Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Revenue per tonne EBITDA per tonne* Volume ('000 tonnes) 61.8% 53.3% 44.0%
Page 11: PowerPoint Presentation · Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Revenue per tonne EBITDA per tonne* Volume ('000 tonnes) 61.8% 53.3% 44.0%
Page 12: PowerPoint Presentation · Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Revenue per tonne EBITDA per tonne* Volume ('000 tonnes) 61.8% 53.3% 44.0%

• ₦

Page 13: PowerPoint Presentation · Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Revenue per tonne EBITDA per tonne* Volume ('000 tonnes) 61.8% 53.3% 44.0%

Cameroon Congo Ethiopia

Page 14: PowerPoint Presentation · Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Revenue per tonne EBITDA per tonne* Volume ('000 tonnes) 61.8% 53.3% 44.0%

Ghana Senegal Sierra Leone

Page 15: PowerPoint Presentation · Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Revenue per tonne EBITDA per tonne* Volume ('000 tonnes) 61.8% 53.3% 44.0%

South Africa Tanzania Zambia

Page 16: PowerPoint Presentation · Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Revenue per tonne EBITDA per tonne* Volume ('000 tonnes) 61.8% 53.3% 44.0%
Page 17: PowerPoint Presentation · Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Revenue per tonne EBITDA per tonne* Volume ('000 tonnes) 61.8% 53.3% 44.0%

₦₦ ₦

₦₦ ₦

Page 18: PowerPoint Presentation · Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Revenue per tonne EBITDA per tonne* Volume ('000 tonnes) 61.8% 53.3% 44.0%

Page 19: PowerPoint Presentation · Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Revenue per tonne EBITDA per tonne* Volume ('000 tonnes) 61.8% 53.3% 44.0%

0

5

10

15

20

25

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Manufactured Imported

Page 20: PowerPoint Presentation · Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Revenue per tonne EBITDA per tonne* Volume ('000 tonnes) 61.8% 53.3% 44.0%