RATING RELEASE

 Agusto & Co. assigns “A-” rating and a stable outlook to UAC of Nigeria Plc.

This rating expires 30 June 2020.

Agusto & Co. hereby affirms the “A-“ rating assigned to UAC of Nigeria Plc (“UACN”, “the Holding Company” or “the Company”). The assigned rating reflects our opinion on the Company’s good financial condition as well as its strong capacity to repay obligations on a timely basis. In addition, Agusto & Co. notes positively the various initiatives introduced by the new management team to reposition the Company and create value for shareholders

UAC of Nigeria Plc is the Holding Company of the UAC Group – a leading conglomerate with business interests in the animal feeds & other edibles, packaged foods, quick service restaurants, real estate, paint and logistics sectors of the Nigerian economy. The Company’s main sources of income include dividend from equity investments in subsidiaries, interest income earned on short-term deposits and management fees.

The opinions expressed in this rating release do not represent investment or other advice and should therefore not be construed as such. Visit www.agusto.com for further information.

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