#1uac since 1879 UAC of Nigeria PLC Investor Presentation June 2021 uac since 1879 Fola Aiyesimoju - Group Managing Director Funke ljaiya-Oladipo - Group Chief Financial Officer#2uac since 1879 Disclaimer This presentation contains forward-looking statements which reflect management's expectations regarding UAC of Nigeria PLC's ("UAC", the "Company" or "HoldCo") future growth, results of operations, performance, business prospects, operating markets and opportunities. Wherever possible, words such as "anticipate", "believe", "expects", "intend" "estimate", "project", "target", "risks", "goals" and similar terms and phrases have been used to identify forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management. Certain material factors or assumptions have been applied in drawing the conclusions contained in forward-looking statements. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally. UAC cautions readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in forward-looking statements. These factors should be considered carefully and undue reliance should not be placed on forward-looking statements. For additional information with respect to UAC's financial performance, reference should be made to the Company's periodic filings with the Nigerian Securities and Exchange Commission ("SEC") and The Nigerian Exchange Limited ("NGX"). The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 2#3Contents Overview Operating context Strategic focus uac since 1879 Outlook Appendix 4 9 12 18 20 20 3#4Overview uac uac#5uac since 1879 Holding company with some of Nigeria's most admired brands Agro-Allied Brands Vital Feed Grand Bestmate • LIVESTOCK FEEDS PLC AQUAMAX FISH FEED Reach/ Monthly Sales 5 production facilities providing national coverage 30 thousand metric tonnes output Packaged Food and Beverages Gala Swan Supreme Sce cream & Yoghurt Paints Dulux TRADE Dulux Quick Service Restaurants R Mr Bigg's Sandtex -Paints OHEMPEL DEBONAIRS PIZZA TRY SOMETHING AMAZING National distribution coverage 35 million units of snacks, water and dairy sold 94 retail outlets 800 thousand litres of paint 58 counters across Nigeria • 450 thousand unique transactions 5#6We are presently organized around 4 key verticals uac since 1879 HoldCo • N14.1 billion in Cash N2.1 billion in Eurobonds N2.3 billion in Investment Property Assets Agro Allied Packaged Food and Beverages Grand cereals LIVESTOCK FEEDS PLC UACFOODS LIMITED Q1 2021 Revenue Breakdown¹ 2% 10% 27% 61% Chemicals and Paints CAP plc Chemical and Allied Products P Quick Service Restaurants xupdc Non-Controlling Interests And ugg restaurants MOS LOGISTICS (Aber of Code ser P PORTLAND PAINTS & PRODUCTS NIGERIA PLC Q1 2021 EBIT Breakdown¹ (2%) 20% 44% 37% *updc REAL ESTATE INVESTMENT TRUST Q1 2021 Invested Capital Breakdown² Animal Feeds and Other Edibles Packaged Food and Beverages Paints QSR uac 1. since 1879 2. Results from the real estate and logistics segments are not consolidated Invested capital excludes cash and cash equivalents (3%) 20% 1% 82%#7uac since 1879 Meaningful domestic manufacturing presence... 11 factories across Nigeria Oyo Ogun Lagos Sokoto Katsina Zamfara Kebbi Kwara Niger Yobe Jigawa Kano Kaduna Bauchi Gombe FCT Plateau Nasarawa Osun Ekiti Kogi Benue Ondo, Enugu Edo Anambra Ebonyi Cross Delta Imo River Abia Akwa Bayelsa Rivers Ibom Taraba Adamawa 6 • Factories Borno 2 Factories 2 Factories 1 Factory South West • • Food Chemicals Agro Allied South East • Agro Allied North Central • Water Agro Allied North West • Agro Allied 7#8uac since 1879 supporting nationwide distribution Logistics - Warehouse Footprint Paint Retail Stores Quick Service Restaurants (QSR) Outlets 35 warehouses across 29 states 58 counters across 13 states Food and Agro-Allied Distributors 94 paint retail stores across 33 states 1,091 distributors across 32 states 8#9Operating context uac Swan NATURAL SPRING WATER Swan NATURAL WATER WAN Swan NATURAL SPRING WATER#1010 Jan-20 Feb-20 Source: National Bureau of Statistics, Central Bank of Nigeria, Access Bank Rateswatch, FMDQ Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 12% 12% 12% 12% 12% 13% 13% 13% 14% 14% 15% 16% 16% 17% Inflation (%) Feb-21 Mar-21 Apr-21 May-21 16% 14% 18% 18% 18% 12% 10% 8% 6% 4% 2% (6.1%) Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 2.6% 2.1% 2.1% 2.3% 600 1.9% 500 0.5% 0.1% 400 300 200 (3.6%) 100 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 3Y 5Y ⚫7Y 10Y Sep-20 Oct-20 Nov-20 Dec-20 Secondary Market Bond Yields (%) 2009 2010- 2011- 2012 2013 2014- 2015 2016- 2017- 2018- 2019 Jan-20 Feb-20 Mar-20 Apr-20 Low growth, rising inflation, and currency under pressure... Real GDP Growth (%) Exchange Rate #:$ May-20 Jun-20 Jul-20 Aug-20- Sep-20 Oct-20 Nov-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Dec-20- Jan-21 Feb-21 Mar-21 ■CBN Parallel Apr-21 May-21 uac since 1879#11uac since 1879 ...impact on gross margin partially offset by operational efficiency Gross Profit Margin (%) for Operating Segments Q1 2020 vs Q1 2021 10.5% 11.8% Q1 2020 Q1 2021 48.1% 33.5% 31.4% 22.8% 23.0% 17.1% Animal Feeds & Other Edibles Paints Packaged Food & Beverages Quick Service Restaurants Operating Expenses Trend for Operating Segments: Opex/ Sales (%) Opex growth: -3% Opex growth: -13% Opex growth: -16% Opex growth: +5% 28% 26% 26% 23% 9% 8% 21% 14% Animal Feeds & Other Edibles Paints Packaged Food & Beverages Quick Service Restaurants 11#12Strategic focus Dulux . Excellent W Withstands Superior Du A BRAND FROM Nobel Matt Emulsion#13uac since 1879 We have identified three clear levers for value creation Value created 1 Return of capital Stable dividend payout Liquidate non-core assets 2 Grow operating platforms Aggressive growth plans for core platforms 3 Acquisitions Selective M&A and bolt-ons Consolidate overlapping subsidiaries Divest underperforming businesses Time 13#14uac since 1879 ..and recently executed the following strategic initiatives Return of Capital N7.1 billion in dividend and capital return planned for 2021 representing 34% of UAC's market capitalisation¹ at the beginning of the year Combination of ordinary dividend, special dividend, and unbundling of units in the UPDC Real Estate Investment Trust Unlocked N7.5 billion in cash proceeds from partial divestments of stakes in UPDC and MDS Logistics Investments for Growth Restructuring • • N2.7 billion invested in the Packaged Food and Beverages business to drive growth, including capacity expansion for water segment, cold chain for ice-cream and good manufacturing practice for snacks N1.4 billion invested in land for potential new factory site and N2.3 billion committed for further expansion of spring bottled water (SWAN) capacity N4.0 billion committed to scale Quick Service Restaurants business via focus on corporate stores In line with our ambition to simplify the Group structure, our paint subsidiary companies are in the process of a merger The combination will streamline UAC's Group structure and create a leading paints company Technology • Completed transition from on premise office applications to office 365 In the process of implementing SAP S/4 Hana with N1.8 billion committed. Completion in H1 2022 1- UAC market capitalization of N21 billion as at 31 December 2020 14#15We are gaining traction in our focus on growth Animal Feeds & Other Edibles 1 16% -24% FY 2018 FY 2019 Quick Service Restaurants 1 uac 1. since 1879 3% FY 2018 17% FY 2019 13% 5% FY18-20 Average -1% Packaged Food & Beverages 1 FY 2020 Q1 2021 | Paints¹ 2% FY 2020 21% FY18-20 Average 7% 13% 8% 2% 25% FY 2018 FY 2019 FY 2020 Q1 2021 | I 6% 1 10% 15 FY18-20 Average 8% FY18-20 Average 4% I I I -5% -5% I FY 2018 FY 2019 FY 2020 Q1 2021 Q1 2021 Q1 2021 growth rate was determined using Q1 2020 revenue as a base Average growth rate (2018-2020)#16uac since 1879 ..and will work to streamline our balance sheet to drive ROIC 1. -234 2. 3. 4. Investment in subsidiaries Cash and cash equivalents Other ■ UAC (the HoldCo) has N46.7 billion in total assets of which N14.6 billion¹ (31%) relate to our subsidiary holdings ■ These businesses generated N4.6 billion² of attributable EBIT in FY 2020 Allocating capital to high ROIC subsidiaries will drive overall performance ■ N14.8 billion³ in cash and US$5.9 million³ invested in Eurobonds with an average yield of 8% present a drag on returns ■ We retain this for strategic investing flexibility ■ Our HoldCo cash balance supports investments, acquisitions and shareholder distributions " N2.3 billion³ in real estate, N3.7 billion³ stake in UPDC, N1.6 billion³ stake in MDS Logistics (associate companies) ■ NO.2 billion share of loss from UPDC and MDS Logistics in Q1 2021 NO.23 billion in rental income, yield of 10% Investment in subsidiaries EBIT of subsidiaries prior to consolidation Carrying values for the Holdco as at 31 December 2020 Share of profit from associates for the period recognized in the consolidated financial statements 16#17uac Focus on these areas will drive earnings growth and shareholder value Paints ■ Poor performance in Q1 2021 on account of supply chain disruptions (Resins, Dulux Trade inventory, and Packaging) limiting ability to meet demand ■ Action to offset 51% increase in weighted average raw material cost only implemented in June ■ We expect recovery over the course of 2021 ■ We have #5.3 billion in capital in our associate companies UPDC and MDS Logistics Associate ■ These businesses recorded a combined operating loss of NO.17billion in Q1 2021 companies ■ We are confident that management of these businesses will turnaround performance Gross margin Branding ■ Raw material costs increased 60%, 24%, and 37% at our Animal Feeds and Other Edibles, Packaged Food and Beverages, and Quick Service Restaurant businesses respectively ■ To mitigate the impact on gross margin we have taken price increases across all segments and continue to focus on operational efficiencies ■ We have received consistent feedback regarding improving communication of our strategic initiatives and investor relations ■ We are going to increase focus on this area in a cost-effective manner 1. Carrying value of investments in the Company's financial statements as at 31 December 2020 since 1879 17#18Outlook B Biggs Mr Big Mr Rigg's ALWAYS GOOD B Mr Bigg's ALWAYS GOOD B Bigg's Start Your Day Right Enjoy Lip Smacking Meals OPENING HOUR 6:45AM Enjoy Lip Smacking Meals OPENING HOUR 645AM B#19uac since 1879 Outlook · We will continue to focus on driving growth in our core operating platforms • • . ➤ Animal Feeds and Edible Oils: Investing in higher margin oil and dog food segments. Driving capacity utilisation ➤ Paints: Aggressive colour centre roll out ➤ Packaged Food and Beverages: Expand water capacity Quick Service Restaurants: Aggressive corporate store roll out We will improve margin through thoughtful pricing strategies and cost control We will work with our partners at UPDC and MDS Logistics to improve performance N18.5 billion in cash and non-core assets, represents 72% of our market capitalisation, provides strategic flexibility to return capital or invest for growth 19#20Appendix 1 Operating segment overview Grand FUNE SOIN DE 14 JAN 2020 FCH 10200114/G UOC Grand LEVI uac Grand PURE SOYA OIL, ROVED No Cholesterol 2.75 litres#21uac since 1879 Snapshot of the animal feeds segment Value creation Expansion of oil capacity (higher margin product) • Overview Grand Cereals Limited Grand Private company; 71% ownership Produces animal feed, cereals, oils and dogfood Core brands: Vital Feed, BestMate, and Grand #2 player in Poultry Feed; #1 player in Fish Feed Livestock Feeds PLC LIVESTOCK FEEDS PLC Public company listed on The NSE; 73% ownership Produces animal feed and distributes full fats soya Core brands: Livestock Feeds and Aquamax #7 player in Poultry Feed Key Products Margins Unlock Capital • • Improve procurement processes to leverage combined scale for direct sourcing Rationalise excess capacity to free up capital for higher ROIC projects Q1 2021 Key Financial Highlights (in #mn) Poultry Feed . Fish Feed Other Edibles Sold to commercial broiler and layer farmers Targeted at Nigeria's growing domestic aquaculture market Higher-margin branded edible products such as edible oils, cereals, dog food and cornflakes Revenue Gross Profit Other Other Oils 9% 11% 6% Oils 7% Fish Feed 12% 14,016 9% Fish 1,656 Feed 74% Poultry Feed 21 72% Poultry Feed#22Snapshot of the paints segment Overview Chemical and Allied Products PLC Ⓒ CAP plc Chemical and Allied Public company listed on The NSE; 52% ownership Produces decorative paint; sells via dedicated distribution network Technology licensee and distributor for Akzo Nobel in Nigeria • #2 player by value Portland Paints & Products Nigeria PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC Public company listed on The NSE; 85% ownership Acquired in 2013 to establish presence in the industrial segment Distributor for Hempel's industrial products in Nigeria Value creation Expand Range Deepen Retail Penetration • Aggressive footprint expansion Expand mid-tier offering Grow industrial category Expand franchised distribution network Explore owned flagship stores / experience centers #4 player by value Brands AkzoNobel Hempel Owned Brands Dulux HAMMERITE DIRECT TO RUST METAL PAINT HAMMERED OHEMPEL uac since 1879 Dulux TRADE YEAR PROTECTION Sandtex -Paints CAPLUX Q1 2021 Key Financial Highlights (in #mn) Revenue Industrial 3% 2,569 Gross Profit Industrial 4% 859 22 22 97% 96% Decorative Decorative#23Snapshot of the packaged food & beverages segment Overview UAC Foods is a leading packaged food and beverages company Value creation Invest in greenfield state of the art factory Implement plans to optimise snacks margins Expand spring water bottling capacity to meet demand, especially in Southern Nigeria Grow • UAC Foods manages a family of brands across several product categories Snacks: Gala and Funtime Dairy: Supreme Water: Swan Owned by UACN (51%) and Tiger Brands (49%) Leading Product Portfolio Optimise Supply chain initiatives to reduce input costs Leverage technology - SAP refresh Tiger Brands Q1 2021 Key Financial Highlights (in #mn) • Gala was launched in 1962 Snacks • #1 player in the long-shelf life sausage roll segment Water 22% . Supreme, dates back to 1994, and is the company's dairy brand Dairy • • #2 player within the mass-market ice cream segment Swan, was launched in 1983 Pioneered bottled water in Nigeria. Leading player in the spring water segment. uac since 1879 Water Revenue 5,901 Dairies 15% 63% Snacks Gross Profit Water 36% 45% 1,346 23 19% Snacks Dairies#24Snapshot of the restaurants segment 24 24 Overview • • • UAC Restaurants (UACR) pioneered QSR in Nigeria with the launch of Mr Bigg's in 1986 In addition to the Mr Bigg's chain, UACR also operates the Debonairs Pizza brand in Nigeria UACR has historically pursued a franchise-only strategy, but will operate a hybrid model of franchised and company-owned stores going forward UACR revenue sources include royalty and food services income from franchised outlets as well as earnings from corporate store sales Owned by UACN (51%) and Famous Brands (49%) famous brands UACR Operates Two Distinct Brands R Mr Bigg's Indigenous Nigerian fast-food chain that serves domestic as well as international cuisine Low-cost, family-friendly offerings targeting the mass- market Value Creation Grow Optimise Piloted 5 company-owned stores earning annualised ROI of 39% (ahead of plan) • Now focused on scaling company-owned store count by 10x . Deep focus on technology and delivery capabilities to augment sales Optimize store setup costs to limit capital employed Continuously innovate to improve on store running cost (e.g. remote monitoring systems) Truly National Footprint uac since 1879 High quality offerings targeting discerning pizza lovers • DEBONAIRS PIZZA TRY SOMETHING AMAZING • Ongoing effort to grow footprint 58 counters across Nigeria#25LAYER FEEDS PLC. A-ONITSHA-KANG. CAT NTRATE Appendix 2 Financial information VESTOC ALANCED RATIONS 25KG NET FEEDS PLC. FOR POULTING I IKEJA-ABA-ONITSHA-KANO-JOS LAYER CONCENTRATE MADE IN NIS&CATTLE FESTOCK CEDRATIONS G NET FOR POULTRY FEEDS ONCENTRATE MADE IN NIGER IVESTOCK FEEDS PLC. BALANCED RATIONS 25KG NET IKEJA-ABA-ONITSHA-KANO-JOS FOR POULTRY PIGS & CATTLE MADE IN NIA LAYER CONCENTRATE#26uac Income statement #mn, unless otherwise stated Revenue Gross Profit Gross Profit Margin (%) Operating Profit Operating Profit Margin (%) Net Finance Income Share of Profit/(Loss) of Associates Profit Before Tax Tax expense Profit After Tax from Continuing Operations Profit/ (Loss) After Tax from Discontinued Operations Q1 20212 Q1 20201 A% FY 20203 FY 20193 A% 22,022 19,549 12.7% 81,358 79,202 2.7% 4,012 4,234 (5.2%) 15,990 16,627 (3.8%) 18.2% 21.7% (344 bps) 19.7% 21.0% (134 bps) 1,138 1,128 0.8% 3,597 5,666 (36.5%) 5.2% 5.8% (60 bps) 4.4% 7.2% (273 bps) 109 470 (76.9%) 550 1,790 (69.3%) (218) 71 (406.9%) 973 1,028 1,669 (38.4%) 5,121 7,456 (31.3%) (360) (522) (31.1%) (1,663) (2,111) (21.2%) 669 1,147 (41.7%) 3,458 5,345 (35.3%) 7176 (100.0%) 470 (14,602) (103.2%) Profit/ (Loss) for the period 669 1,864 (64.1%) 3,928 (9,256) (142.4%) Basic Earnings Per Share From Continuing Operations (Kobo) Basic Earnings Per Share From Discontinued Operations (Kobo) Basic Earnings Per Share For the Period 12 27 (56.1%) 71 132 (45.8%) 58 (100.0%) 21 (315) (106.5%) 12 85 (86.1%) 92 (183) (150.2%) ROICA 7.4% 149 bps5 5.9% 6.9% (103 bps) 1. since 1879 2. 3. Q1 2020 classifies UPDC as a discontinued operation Q1 2021 has UPDC as an investment in associate FY 2020 and FY 2019 have UPDC and MDS as discontinued operations 456 ROIC for Q1 2021 is annualised Q1 2021 vs FY 2020 ROIC Q1 2020 discontinued operation profit includes N3bn profit on disposal of 8% interest in MDS 26 26#27Financial Position - 31 March 2021 27 22 Summary Balance Sheet N mn Working Capital Mar-21 Dec-20 A% N mn Mar-21 Dec-20 A% Non current Assets 37,651 40,986 (8.1%) Inventory 33,977 20,123 68.8% Current Assets 66,032 50,912 29.7% Trade Receivables 1,011 2,701 (62.6%) Other Assets 3,839 269 1,325.1% Trade Payables 4,932 4,082 20.8% Total Assets 107,521 92,167 16.7% Net Working Capital 39,920 26,906 48.4% Long term debt 1,626 1,735 (6.3%) Inventory Days 172 113 52.8% Short term debt 15,394 2,504 514.9% Other Liabilities 28,443 26,556 7.1% Receivable Days 4 12 (65.5%) Total Liabilities 45,463 30,795 47.6% Payable Days 25 23 9.3% Net Asset Value 62,058 61,372 1.1% Net Working Capital Days' 151 102 48.4% Cash/Leverage Q1 2021 Capex Q1 2021 N mn Cash Debt² Net Debt/ Lev. HoldCo 14,096 (Cash) Ratio³ (14,096) n/a (104) EBITDA N mn CAPEX Depreciation CAPEX/ Depreciation Hold Co 31 34 (0.10x) Animal Feeds & Other 611 17,002 16,391 21.5 763 Edibles Paints 6,202 18 (6,184) n/a 314 Animal Feeds & Other Edibles Paints 60 182 (0.67x) 81 50 0.62x Packaged Food & 3,280 (3,280) n/a 771 Beverages Packaged Food & Beverages 330 214 0.54x QSR 78 (78) n/a 3 QSR 31 20 0.58x Associate: Logistics 642 2,087 1,445 4.8 299 Associate: Logistics 11 202 (0.94x) 2,795 5,422 2,626 (12.6) (209) Associate: Real Estate 28 4 6.48x uac since 1879 Associate: Real Estate (1) Net Working Capital calculated as Inventory plus Receivables minus Trade payables; (2) Debt includes intercompany loans; (3) Leverage ratio calculated as Net debt / EBITDA; where EBITDA is Operating profit plus depreciation and amortization;#28Cash Flow PBT to Free Cash Flow #mn, unless otherwise stated Profit Before Tax from continuing operations Profit/ (Loss) before tax from discontinued operations² Non-Cash charges & other Changes in working capital Q1 2021 FY 2020 1,028 5,121 FY 20191 544 7,456 (14,696) 689 (1,636) (1,117) (13,737) (5,193) 6,929 of which receivables (1,245) (1,838) (2,177) of which inventory (13,867) (3,888) 5,844 of which payables 1,155 70 2,663 of which other working capital items 219 463 600 Net cash from operations - continuing operations (12,020) (1,165) (1,427) Net cash from operations - discontinued operations 4,197 (84) Cash taxes (9) (1,690) (1,551) Net cash flow generated from operating activities (12,029) 1,342 (3,062) Net CAPEX (497) (4,377) (2,553) Free Cash Flow (12,526) (3,035) (5,615) 1. FY 2019 classify MDS and UPDC as discontinued operations since 1879 2. FY 2020 profit from discontinued operations include N3bn gain on disposal of 8% interest in MDS and loss of UPDC to 31 October 2020 uac 28 28#29Appendix 3 UAC's management L Enriched With Vitamins Minerals Gala Since 1962 Sausage Roll oodtay mack Since 1962 Enriched With Vitamins Minerals Gala Sausage Roll odtalja snack#30uac since 1879 HoldCo management focused on value creation Fola Aiyesimoju Group Managing Director Experienced finance professional and investor Prior roles at KKR and Standard Bank Founder of Themis Capital, an active investment company Earned the right to use CFA designation in 2006 Vitus Ezinwa Chief Operating Officer Experienced executive and HR professional Responsible for Operations, Corporate Communications, IT and HR Prior leadership roles at TGI, Promasidor, Coca- Cola and British American Tobacco Doctorate in Business Administration from Swiss Business School (Zurich) • Nkem Agboti Company Secretary and General Counsel Regulatory compliance expert and accredited mediator with prior roles at Aluko & Oyebode, Olaniwun Ajayi and British American Tobacco LL.B, University of Lagos Funke Ijaiya-Oladipo Group Chief Financial Officer Experienced finance professional Responsible for executing finance strategy and investor relations • Prior roles at Stanbic IBTC and Goldman Sachs BSc. Economics; MSc. Project & Enterprise Mgmt from University College London (UCL) CFA charterholder • Peter Mombaur Investment Executive Investment professional experienced across finance, private equity, and consultancy Prior leadership roles at Tana Africa, McKinsey Considerable FMCG experience with Promasidor Chairman, UAC Foods Degrees in Engineering, Economics and Law Bolarin Okunowo Investment Executive Responsible for the Industrials and Services portfolio Currently serves as MD, Portland Paints Prior roles at Stanbic IBTC, ARM, PwC Nigeria MSc. Information Systems from London School of Economics (LSE) 30 30#31Management of key operating segments 31 uac since 1879 Mr. Alex Goma MD, Grand Cereals Limited Seasoned business executive with significant FMCG experience Prior leaderships roles at PZ Cussons, Guinness Nigeria, British American Tobacco and Procter & Gamble Fellow of the National Institute of Marketing of Nigeria with a B.Sc. in Biochemistry from the University of Port-Harcourt . Mr. Gboye Adedeji MD, Livestock Feeds PLC Seasoned executive with over 20 years experience across various disciplines in different sectors Prior roles include GM sales & operations, Regional sales Manager (Grand Cereals), UAC Restaurants, UAC Foods B.Sc. in Geography from Obafemi Awolowo University, Ile-Ife; MBA from University of Roehampton UK • • Dr. Dele Ajayi MD, UAC Foods Limited Experienced business executive with over 30 years of experience in FMCG Prior roles include MD Heineken, Central & East Africa; MD Heineken Hungary; Commercial Director, Nigerian Breweries PhD in Mechanical and Process Engineering, University of Strathclyde • Mr. David Wright MD, CAP PLC • Experienced manufacturing and operations executive with competence in lean manufacturing Prior leadership roles at Kansai Paints, Akzo Nobel, Blackfriar-Glixtone and Hempel B.Sc. in Chemical Engineering from the University of Bradford, UK • • Mr. Debola Badejo MD, UAC Restaurants Limited Investment professional experienced in strategy, corporate finance, and investments Prior roles at UAC (Investment Executive), Standard Bank, Morgan Stanley B.Sc in Systems Engineering, University of Virginia; MBA degrees from Columbia Business School and London Business School