Official Listing of Prudential Registrars Plc Friday, January 11, 2013 at the N igerian Stock Exchange (N SE)

Peter A shade, M anaging D irector/CEO

OUR BUSIN ESS OVERVIEW

INTRODUCTION positively on the business, as reflected in the historical financial trend and which we believe will continue in the foreseeable future. The Director General, Nigerian Stock Exchange (NSE), Mr Oscar Onyema – our host for today; Executives and Council Members of The Board of Directors also consists of professionals in different the NSE; representatives of Capital Market regulators; Dealing fields with undisputed wealth of experience in the business world. Members of the NSE; Capital Market Operators; our friends from Please permit me to introduce them to you. the media; all other protocols observed; ladies and gentlemen. BOARD OF DIRECTORS I thank everyone for your various contributions towards the growth Chief (Mrs.) Fadayomi holds a LL.B Hons and stability of the Nigerian Capital Market. We are very glad that from the University of and was together, we have come this far, and now witnessing this first listing called to Nigerian Bar in 1972. Her work of the year 2013, which coincidentally is historical, as the first share experience spans several years in both register administration business to be listed in . the Public and Private Sectors. She was Africa Prudential Registrars Plc (formerly UBA Registrars) was a fully the Attorney General and owned subsidiary of UBA Plc. However, following the directive of Commissioner for Justice of Lagos State Central Bank of Nigeria (CBN) that banks should divest from all at a time; the first Commissioner for non-banking businesses, a court ordered meeting of shareholders Women Affairs & Poverty Alleviation as of UBA Plc was held on December 13, 2012 and a resolution was well as the Commissioner for Establishment, Training & Pensions at passed, granting the Company autonomy for competitiveness and profitability. Africa Prudential Registrars Plc is a leading share Chief (Mrs.) Eniola Fadayomi different times in the State. In the Chairman registration service provider in Nigeria. It ranks No.1 in terms of Private Sector, she is Principal Partner in automation and innovation among all corporate registrars in Eniola Fadayomi & Co. and was the Legal Adviser to First Bank of Nigeria. Nigeria. She was the Chairman, Afribank Nigeria The company has been a pacesetter in the infusion of technology PIc. She currently serves on several to the conventional Share Registration business model. We were boards, both in the Public and Private the first outfit in our niche to deploy an e-Stock software Sectors.

application in Nigeria. We have also succeeded in compressing the time and space of doing our business through an appropriate blend of technological innovations. For instance, since 2007, it I’m an investment banker with diverse became possible for shareholders, stockbrokers and our clients to academic and professional interact with the systems, while monitoring their portfolios from background. I have 23 years of remote locations. We complement traditional share registration cognate experience in the Nigerian with e-share registration services. Currently the Company has 31 Capital Market. clients in its portfolio. I hold a Bachelor of Science degree As part of our re-branding strategy, we recently relocated our (Hons) in Banking and Finance, in head office to a more customer-friendly office complex, located addition to a Master degree in Business at 220B Ikorodu Road, Palmgrove, Lagos. We also have regional Administration, with Marketing bias; offices in Abuja and Port-Harcourt with plans to open other branch Peter O. Ashade MBA (Marketing) from Obafemi offices to further serve our clients better. Managing Director/CEO Awolowo University, Ile-Ife. I am also a

member of many professional bodies. The pedigree and experience of the crop of young and dynamic These include, Fellow, Chartered management team of the company have significantly impacted Institute of Bankers (FCIB); Associate, Institute of Chartered Accountant of

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Nigeria (ACA), Fellow, and Institute of including Nigeria's first credit bureau, an Capital Market Registrars (FCMR) I am insurance company, group shared also entrusted with various services model, and the acquisition and responsibilities including; Treasurer, set-up of various banks in Africa, as well Institute of Capital Market Registrars; as other projects in the US, UK and Treasurer, Chartered Institute of Bankers India. In addition to graduating best in and Chairman, Finance & Investment class, Mr. Nwanze’s other key Sub-committee of CIBN, Lagos Branch. distinctions include the prestigious annual award, bestowed by the I have worked in an executive capacity Association of Corporate Treasurers in various top-range Share Register (ACT) of the United Kingdom. administration firms in Nigeria before joining Africa Prudential Registrars Plc.

Ali holds a BA (Hons) Degree and MSc Degree in Public Public Admin. Mrs. Yinka-Abiodun holds a B. Sc Hons Economics from the University of Lagos. She is a retired Federal Permanent She started her banking career at the Secretary, who commenced her civil Central Bank of Nigeria before joining service career as a Planning Officer in the United Bank for Africa PIc, where the Borno state Ministry of Lands and she retired as Manager, Victoria Island Survey, Maiduguri. She rose to the Area. She has attended various courses position of Permanent Secretary and, in on credit analysis and branch that capacity, served in the State management. Ministries of Education, Women affairs, Ammuna Lawan Ali

Non-Executive Director, Commerce, Industries and Tourism. Mrs. Irene Gbemisola Yinka- Independent Abiodun Non-Executive Director She later moved the Federal Civil Service as Director and then the

Ministries of Women Affairs, Social Development and Finance. Sam Nwanze holds a MSc. Degree in Finance and Management from She was later appointed a Federal Cranfield School of Management, Permanent Secretary and served in United Kingdom. He is the Chief various Ministries, including those of Executive Officer of HH Capital Limited, Commerce; Petroleum Resources; where he is responsible for the Transportation; Works; Environment administration and management of the Housing and urban development: and Group's overall financial activities and briefly in the Office of Civil Service and investment programs. Ministry of Information and Communications. Mr. Sam Nwanze Prior to joining Heirs Holdings Group, Mr. Non-Executive Director Nwanze served as Group Treasurer with She is a recipient of National Honours Bank PHB Plc, Lagos, Nigeria. He was (OON), and a member of the National responsible for the overall management Institute for Policy and Strategic Studies of Treasury for the Bank PHB Group (NIPSS) Kuru. (including five banks and several non- bank subsidiaries) which included the restructuring of the trading desk, dealing in financial markets: Money Mmarkets, Bonds, Treasury Bills, currencies, Bankers’ Acceptance and Commercial Papers, as well as liquidity and capital management. Before taking the role at Bank PHB, he served as the head of Financial Performance Management and Budgets in UBA Plc.

Mr. Nwanze has also worked on a number of projects and start-ups - Page 2 -

MANAGEMENT TEAM STRATEGIC BUSINESS OVERVIEW

Generally, the share registration business in Nigeria has been

viewed as a back-office function for a very long time. Also, there Catherine majors in Banking and has not been any significant technology differentiation in the Finance and also holds a degree in market. This is why service differentiation is difficult among Management Science from University of operators in Nigeria. However, this trend is fast changing, Education, Winneba, Ghana. She especially as Africa Prudential Registrars Plc is blazing the trail. We equally has a Masters degree in launched our online share registration portal since 2008, the first of Business Administration (MBA Marketing its kind in Nigeria, and have since been improving our processes & Management bias). and quality of service to our clients. Catherine is an investment banker of Added to this is another recently launched online product - Claim repute with over 20 years experience in It™ - with which shareholders can now claim their outstanding Share Register Administration. She is a dividends with ease by simply logging on to the portal and Catherine Nwosu tested member of professional bodies, Chief Operating Officer following the Claim It™ link. which include, Associate Membership of Institute of Capital Market Registrars Our overall strategic intent is to be the market leader in our (ACMR), and Certified Pension Institute industry in the next three to five years. of Nigeria (CPIN).

Key internal business drivers:

Mohammed holds a B.Sc in Banking & o Deploy our robust information technology platform to Finance from Olabisi Onabanjo drive service efficiency. University, and a Masters degree (MBA) o Invest in a number of Research and Development in General Management from Obafemi initiatives to further aid our product offerings and Awolowo University. He has vast introduce more customer-friendly services. financial market experience spanning over 24 years. He is also an Associate, o Leverage on our existing business relationships to increase Chartered Institute of Bankers of Nigeria our clientele base. (ACIB), and Nigerian Institute of o Utilize the professionalism and skills of our people to Management (NIM). enhance our processes

Yahaya M. Agefu Head, Compliance/ Internal o Deepen our research capabilities and strategic Control implementation drive

o Explore both organic and inorganic ways of growing our business. Patrick holds a Bachelor of Science degree (Hons) in Business Administration External business drivers from University of Abuja, and an M.Sc in o Government investment in infrastructure and flow of FDI Corporate Governance from Leeds will drive debt and equity raisings in the nation’s capital Metropolitan University, United market Kingdom. His client-friendly disposition reflects an array of investment banking o Major reform being carried out in the nation’s capital experience spanning over 20 years. market makes full recovery imminent with the expected list of more securities on The NSE His membership of professional bodies o The recent valuation of the nation’s capital market as the include: Chartered Institute of Bankers Patrick B. Ukanah third most profitable stock market in the world by analysts Head, Business Development of Nigeria (CIBN); Associate, Institute of is also an indication that the nation’s capital market is Capital Market Registrars (ACMR); and poised to start the year on a high note. Nigerian Institute of Management (NIM). o Economic growth is projected at an average of 7% over the next few years [Source: National Bureau of Statistics’ His oversight spans Bond & Corporate Economic Outlook] Debt/ Mutual Fund/Offers in addition to Abuja and Port-Harcourt offices. KEY FINANCIAL INFORMATION

Africa Prudential Registrars Plc APR has an authorized and fully paid share capital of N500 million made up of 1 billion ordinary - Page 3 -

shares of 50 kobo each. Our profitability has also experienced a steady growth as shown below. A close look at our historical financial performance evidently avers (N' million) the dedication of our Management team as the business has ITEM FY2010 FY2011 FY2012E remained profitable amidst internal and external challenges. The Revenue 564 606 1,034 following are key indicators of our financial prowess; Operating expenses -330 -295 -394 • Increase in Revenue from N564m in 2010 to N1. 034bn in PBT 234 311 640 2012, representing 35.4% CAGR (Compound Annual PAT 151 188 530 Growth Rate) Shareholder's funds 1,619 1,808 2,338 EPS(N ) 1.51 0.19 0.53 • 100% increase in 2012 PBT of N0.640bn as against 2011 FY performance of N.311bn. BVPS(N ) 16.19 1.81 2.34 ROE (% ) 10% 11% 26% • Consistent growth in shareholders fund from N1.6bn in P/E(x) 1.05 8.37 3.00 2010 to N2.3bn in 2012 to help sustain our business and increase profitability. P/B(x) 0.10 0.88 0.68 N O TE: • Our ROE continues to improve year-on-year; a clear • M arket Value per share=N 1.59 indication that Management is focused on extracting • Total shares outstanding w as 100 m illion in 2010 and 1 billion since 2011 value from resources and enhancing returns for shareholders. P & L, Last three years • Growth in earning per share amongst other strong 1500 variables evidencing our ability for better performance in 1000 future.

500 Without doubt, the indicators above coupled with our altruistic workforce clearly depict our ability to consistently grow our 0 business and maximise shareholders’ wealth. FY2010 FY2011 FY2012E Revenue Opex PBT CONCLUSION

As shown in our performance figures above, our financial

objective is consistent return on our shareholders’ investment. Our track record till date speaks volume. Our 1st Quarter 2013 financial Earnings Per Share, Last three years projections have been forwarded to the NSE. 2 We reiterate that our key success factors have been the quality of our people, technology, and processes. There is no doubt that 1 these factors will enable us to continue successfully as a listed company. 0 Therefore, I speak with a reasonable degree of optimism, to begin FY2010 FY2011 FY2012E to look forward to what the New Year will bring as we continue the EPS (N ) trend of leading the change in our industry.

We believe that today’s listing will expand the frontiers of investment opportunities in the Nigerian capital Market. Return on Eq uity, Last three years 30 Thank you very much for your support towards restoring investors’ confidence in the Nigerian Stock Exchange. Thank you for 20 believing in Africa Prudential Registrars Plc.

10 If you have further enquiries, please contact Anuoluwapo Akindolire on +234-1-875-2604 or via email at 0 [email protected] FY2010 FY2011 FY2012E

ROE (% ) Peter Ashade Managing Director/CEO - Page 4 -

LAG OS: 220B, Ikorodu Road, Palmgrove, Lagos. Tel: 01-8401153 | ABUJA: 11, Lafia Close, Area 8, G arki, Abuja. Tel: 09-8701645 PORT-HARCOURT: Plot 137, Oluobasanjo Road, (2nd floor), Port Harcourt, Rivers State. Tel: 08-4803171 E-MAIL: [email protected] | WEBSITE: www.africaprudentialregistrars.com