1. Business Highlights J. Ayo Ajayi, Managing Director/CEO May 2005

3. Outline Financials Storm in the marketplace Facts behind the figures Innovation and Change Winning With People Digging new wells – the future

4. Group Performance Turn-Around

5. 1999 (Nm) 2000 (Nm) 2001 (Nm) 2002 (Nm) 2003 (Nm) Sales to third parties8,4078,47813,23817,51920,844 Profit from Operations(578)2788061,4601,548 Exceptional items5861111,3671791,422 Profit after tax141061,0071,1662,185 Earnings per share (Kobo)312111128240 Dividend Per Share (Kobo)00153560

6. 1999 (Nm) 2000 (Nm) 2001 (Nm) 2002 (Nm) 2003 (Nm) Capital Expenditure9961,1793,1213,9662,481 Shareholders Funds4,3204,5075,3656,4297,920 Net Current (Liabilities)/Assets(1,053)(1,630)(1,822)(3,642)(2,674) Group Performance Turn-Around 1999 (Nm) 2000 (Nm) 2001 (Nm) 2002 (Nm) 2003 (Nm) 2004 (Nm) 2005 (Nm) 2006 (Nm) Capex 9961,1793,1213,9662,4811,7253,2503,000 Net Assets 4,3204,5075,3656,4297,92011,15013,32915,152 Net Current (Liabilities/ Assets) (1,053)(1,630)(1,822)(3,642)(2,674)840400450

7. 2004 Performance 20042003% Growth Sales to third parties25,11620,84420.5 Profit from Operations1,9021,54822.9 Exceptional items5171,422(51) Profit after tax/M.I.1,5702,185(28) Earnings per share (Kobo) - Adjusted 137 - 240 191 (43) Dividend Per Share (Kobo) - Adjusted 85 - 60 48 42 Turnover including franchises (2003 = N21,041; 2004 = N26,002) Reduction in profits from Disposals (divestment program) EPS – Rights Issue expands share base

8. 2004 Performance 20042003 % Growth Capital Expenditure 1,7252,481(30.4) Shareholders Funds 11,1507,92041 Net Current (Liabilities)/Assets 840(2,674)

9. Dividend History

10. Share Price History (Year End)

11. Storm in the Marketplace … Increasing cost of operations – power, fuel, raw materials High inflation – still double digits at 17.5% average GSM weakening demand in other sectors Poor road infrastructures High cost of funds – re-bank consolidation

12. Storm in the Marketplace … Strikes occasioned by high fuel prices Dearth of good and committed people Still poor image of Nigeria to attract FDIs … there are still unmet gaps and opportunities to exploit!

13. Facts Behind the Figures Strategies … Growing existing businesses (opportunities exist!) -Mr. Biggs restaurants–122 (vs 97 end 2003) -production facility expansion – Ice cream, Feeds -customer focus/market knowledge -improving product availability

14. Facts Behind the Figures … Strategies Driving operational efficiencies -supply chain -distribution/logistics -improving processes/quality -new maintenance culture

15. Rights Issue -reducing the debt burden by N1.7billion -preparing for real growth More Cash business - franchising – Mr. Biggs, Innscor brands - debt collection Facts Behind the Figures

16. Winning With People … Attracting good people and retaining them is key success factor -improved corporate performance -competitive remuneration -performance-driven culture -retention strategies – career path, training & development, welfare

17. Digging new wells … creating the future! Strategies … 1.Focused diversification in 2 or 3 core areas (Vision & Mission-driven) -Food and food retail -Logistics

18. -Expanding QSRs portfolio to increase customer base – Biggs, Menu Masters -Manufacturing upgrade – snacks, ice cream -Broadening third party logistics – MDS Digging new wells … creating the future!

19. Digging new wells … creating the future! Strategies contd. 2.Consolidate market shares in existing business 3.Supply Chain Excellence

20. N4.3billion Proceeds ….. Rights Issue Nm Fast Food (Restaurants (Mr. Biggs + Innscor Brands)1,780 Expansion of MDS 540 Upgrade of IT & Financial Systems and Controls 300 Debt Reduction1,720

21. 2005 & 2006 Forecast 20052006 Capital Expenditure 3,2503,000 Shareholders Funds 13,32915,152 Net Current (Liabilities)/Assets 400450

22. 2005 & 2006 Forecast 20052006 Sales to third parties 30,57937,000 Profit from Operations 2,4053,006 Exceptional items 12050 Profit after tax 1,8112,200 Earnings per share (Kobo) 141172 Dividend Per Share (Kobo) 100100+ * Turnover including franchise (2005 = N32,279; 2006 = N39,900)

23. Thank you very much! … climbing to the top!