Rating Release

Agusto & Co. assigns “A-” rating and a stable outlook to UACN Property Development Company Plc’s ₦4.355 Billion 5-Year 16% Fixed Rate Senior
Secured Bonds Due 2023

This rating expires 30 April 2021.

Agusto & Co. hereby affirms the “A-“ rating assigned to UACN Property Development Company Plc’s (“UPDC”, “the Company” or “the Issuer”) ₦4.355 Billion 5-Year 16% Fixed Rate Senior Secured Bonds Due 2023 (“Series 1”, “the Bond” or “the Issue”) under the ₦20 billion Bond Issuance Programme. The assigned rating is hinged principally on the credit ratings of the providers of credit enhancement – UAC of Nigeria Plc (50%), FBNQuest Merchant Bank Limited (25%) and Coronation Merchant Bank (25%) – with full coverage for 100% of the Series 1 Bond principal obligations.

UACN Property Development Company Plc is a subsidiary of UAC of Nigeria Plc (UACN). The Company issued the Series 1 Bond on 26 April 2018 at a coupon rate of 16% payable semi-annually over the five-year tenor of the Bond. The principal will be redeemed half-yearly after a three-year moratorium from the date of issuance until final maturity in April 2023. The net proceeds of the Issue were utilized to refinance existing
liquidity support facility as well as repay outstanding commercial papers.

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.