Investor Presentaiton

ANNUAL REPORT 2020 46 Report of the Audit Committee To the members of FrieslandCampina WAMCO Nigeria PLC For the year ended 31 December 2020 Independent Auditor's Report For the year ended 31 December 2020 In compliance with Section 404 of the Companies and Allied Matters Act 2020, we the members of the Audit Committee hereby confirm that we have examined the Auditors' Report for the accounting year ended December 31, 2020 and hereby declare that we have: 1. Reviewed the scope and planning of the audit requirements and found them adequate in our opinion. 2. Reviewed the financial statements for the year ended 31 December 2020 and are satisfied with the explanations obtained; 3. Ascertained that the accounting and reporting policies of the Company for the year ended 31 December 2020 are in accordance with legal requirements and agreed ethical practices. 4. Reviewed the effectiveness of the Company's system of accounting and internal control through a robust internal control framework. 5. Reviewed the External Auditor's management letter for the year ended 31 December 2020 and are satisfied with response from Management. The External Auditors confirmed receiving full co-operation from the Company's management and that the scope of their work was not restricted in any way. We acknowledge the co-operation of Management in the conduct of our responsibilities. At the beginning of this year, our Committee suffered a terrible loss. Our member, Chief Godwin Emodi (a shareholder representative) on the Committee, passed away after a brief illness. His role in the growth of our Company can't be overstated and we will all miss his positivity and valuable contributions to the Audit Committee. May his soul rest in peace. Rev. Isaac Agoye Chairman, Audit Committee FRC/2015/1CAN/00000013104 Dated: 19 February 2021 Members of the Committee Rev. Isaac Agoye - Chairman Chief Godwin Emodi (Deceased) Mr. Peter Eshikena Sir Sunday N. Nwosu, KSS, GCOA, MIOD Mr. John Ogundipe Mr. Robert Steetskamp pwc Independent auditor's report To the Members of FrieslandCampina WAMCO Nigeria Plc Report on the audit of the financial statements Our opinion In our opinion, FrieslandCampina WAMCO Nigeria Plc's ("the company's") financial statements give a true and fair view of the financial position of the company as at 31 December 2020, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards and the requirements of the Companies and Allied Matters Act and the Financial Reporting Council of Nigeria Act. What we have audited FrieslandCampina WAMCO Nigeria Plc's financial statements comprise: the statement of financial position as at 31 December 2020; the statement of profit or loss and other comprehensive income for the year then ended; the statement of changes in equity for the year then ended; the statement of cash flows for the year then ended; and the notes to the financial statements, which include a summary of significant accounting policies. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAS). Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Company in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards), i.e. the IESBA Code issued by the International Ethics Standards Board for Accountants. We have fulfilled our other ethical responsibilities in accordance with the IESBA Code. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined that there are no key audit matters to communicate in our report. Other information The directors are responsible for the other information. The other information comprises the Financial Highlights, Notice of Annual General Meeting, Chairman's Statement, Board of Directors' Profile, Management Team Profile, Directors and Other Corporate Information, Report of the Directors, Statement of Directors' Responsibilities, Statement of Corporate Responsibility, Investor Relations, Report of the Audit Committee, Value Added Statement, Five-Year Financial Summary, Other Company Activities, Corporate Directory, Proxy Form, E-Dividend Activation Form and E-Products Activation Form (but does not include the financial statements and our auditor's report thereon), which we obtained prior to the date of this auditor's report, and PricewaterhouseCoopers Chartered Accountants Landmark Towers, 5B Water Corporation Road, Victoria Island, Lagos, Nigeria FrieslandCampina WAMCO Nigeria PLC FrieslandCampina WAMCO Nigeria PLC 47

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