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Oao - Oando - Unaudited Results For The Third Quarter Ended 30 September 2010

Release Date: 12/11/2010 14:08:03      Code(s): OAO
OAO - Oando - Unaudited results for the third quarter ended 30 September 2010   
Oando Plc                                                                       
(Incorporated in Nigeria and registered as an external company in South Africa) 
Registration number: RC 6474                                                    
(External company registration number: 2005/038824/10                           
Share Code on the JSE Limited: OAO                                              
Share Code on the Nigerian Stock Exchange: UNTP                                 
ISIN: NGOANDO00002                                                              
("Oando" or "the Company" or "the Group")                                       
-    Turnover of US1,872.63 million                                             
-    Gross profit of US294.11 million                                           
-    Operating profit of US135.17 million                                       
-    Profit after tax of US59.41 million                                        
-    Attributable profit after tax of US59.09 million                           
-    Basic earnings per share of 4.92 cents                                     
-    A second drilling rig has been deployed into operations                    
Review of results                                                               
Oando, primary listed on the Nigerian Stock Exchange ("NSE") and secondary      
listed on JSE Limited ("JSE"), reports profit after tax ("PAT") for the period  
ended 30 September 2010 of US59.09 million.                                     
Income statement analysis                                                      
Revenue increased by 8% compared to the same period in 2009. The Group recorded 
a 29% increase in profit after tax in comparison with the same period in 2009.  
The performance was mainly due to the following:                                
-    The Group commenced revenue generation from the Lagos State Water          
    Corporation Independent Power Producer ("LSWC IPP") in March 2010.          
-    The Energy Services division hired out two drilling rigs which             
generated revenue during the period.                                        
-    There was an improvement in the gross margin percentage from an average    
    of 7% in 2009 to 16% during the current period. This is due to the          
higher margins returned by the new businesses (power generation and         
    drilling rigs). In addition, delayed settlement of the Petroleum            
    Support Fund ("PSF") receivables in 2009 increased cost of sales for        
    the Supply and Trading division of the business.  There has been            
significant improvement in settlement of PSF receivables to oil             
    marketers as a result of the Sovereign Debt Note issued by the Federal      
    Government of Nigeria ("Government") as guarantee to support and ensure     
    payment of the subsidy.                                                     
Expenses review                                                                 
Marketing and selling expenses increased by 18% compared to the same period in  
2009. This was driven by the increase in sales at inland locations during the   
period in comparison with the same period in 2009. This has attracted increased 
dealers` commission. Administrative expenses increased by 53% due to the        
operational costs, depreciation of the drilling rigs and the independent power  
producer ("IPP") project. During 2009 only one drilling rig was in operation and
operation commenced in August 2009.                                             
Finance costs increased by 86% compared to the same period in 2009, as a result 
of recognition of finance costs on the drilling rigs and IPP assets in the      
income statement in 2010. Similar costs incurred in the pre operational phase of
the assets and were capitalised.                                                
Balance sheet analysis                                                          
Property, plant and equipment increased by 32% as a result of the acquisition of
Equator Exploration Limited, which was concluded in the fourth quarter of 2009. 
Long term receivables rose by 41% compared to the same period in 2009, driven by
the additional capital expenditure on the East Horizon Gas Company Limited      
("EHGC") pipeline project.                                                      
Inventory rose by 9% compared to the same period in 2009 due to the additional  
maintenance stocks held to cater for the requirements of the new businesses.    
Trade and other debtors reduced by 20% driven by the positive impact of various 
initiatives aimed at improving trade accounts receivables management.           
Future prospects                                                                
The investments hitherto made in the upstream assets, drilling rigs and IPP     
assets have started yielding returns.                                           
We have commenced activities towards drilling additional wells in the producing 
assets, Oil Mining Licence ("OML") 125 and OML 56). We expect these activities  
to raise the Group`s crude oil production per day and therefore boost revenue   
and profitability contribution of the upstream business.                        
The commissioned LSWC IPP has been experiencing steady operations with positive 
impacts on the Group`s revenue and profit contribution. The ongoing construction
work at EHGC`s 128km pipeline project has also progressed during the period.    
Commissioning of the pipeline is expected in the first quarter of 2011.         
Government`s introduction of Sovereign Notes as guarantees for PSF receivables  
has improved petroleum products supply as well as reduced working capital       
requirements for the downstream businesses. These measures resulted in improved 
contribution to the Group`s performance. We anticipate that these trends to may 
Our Energy Services Division has deployed another drilling rig into operation,  
while refurbishment and contracting for a third drilling rig is being finalised.
The current performance reflects the robustness of the Company`s strategy and it
is anticipated that the current trend may continue for the rest of the year.    
                                              Unaudited     Audited             
2010          2009                
ASSETS                                         US `million   US `million        
Non-current assets                                                              
Property plant & equipment                     919.82        697.41             
Intangible assets                              159.69        152.23             
Long term investments                          0.08          0.01               
Long term Receivables                          156.99        111.65             
                                              1,236.58      961.30              
Current assets                                                                  
Inventories                                    140.11              128.12       
Trade & other receivables                      593.31        745.44             
Cash & cash equivalents                        75.58         78.95              
809.00  952.51              
Total assets                                   2,045.58      1913.81            
Capital & reserves attributable to equity                                       
Share capital                                  6.06          3.08               
Share premium                                  328.99        202.40             
Revaluation reserve                            48.31         49.14              
Retained earnings                              138.57        74.06              
                                              521.94        328.68              
Minority interest                              6.79          1.03               
Total equity                                   528.70        329.71             
Non-current liabilities                                                         
Borrowing                                      565.55        322.85             
Deferred income tax liabilities                20.46         38.88              
Retired benefit obligation                     20.41         7.82               
                                              606.42        369.55              
Current liabilities                                                             
Trade & other payables                         452.56        405.94             
Current income tax liabilities                 31.59         28.91              
Borrowings                                     426.31        779.70             
                                              910.43        1,214.55            
1,516.88      1,584.10            
Total liabilities                                                               
Total equity & liabilities                     2,045.58      1,913.81           
                                        Unaudited        Audited                
                                        2010             2009                   
                                        US `million      US `million            
Sales                                    1,872.63         1,727.65              
Cost of sales                            (1,578.52)       (1,616.76)            
Gross profit                             294.11           110.89                
Selling & marketing costs                (35.32)          (29.86)               
Administrative expenses                  (153.03)         (99.94)               
Other operating income                   29.42            100.07                
Operating profit                         135.17           81.16                 
Shares of profit of associates           -                -                     
Net finance costs                        (32.69)          (17.55)               
Profit before taxation                   102.49           63.61                 
Income tax expense                       (43.08)          (17.70)               
Profit after expense                     59.41            45.91                 
Attributable to:                                                                
Non-controlling shareholders             0.32             0.19                  
Equity holders of the company            59.09            45.72                 
                                        59.41            45.91                  
The Group is organised into six main business divisions:                        
-    Exploration and Production ("E&P"): This division is involved in the       
    exploration and production of oil and gas through the acquisition of        
    rights in oil blocks on the Nigerian continental shelf and deep             
offshore. The E&P segment of the business owns interests in, amongst        
    others OML 56, OML 90, OML 125 and OML 134 and oil prospecting licence      
    ("OPL") 236 and OPL 278.                                                    
-    Refining and Terminals: This division is involved in the refining of       
crude and storage and logistics for distribution of petroleum products.     
    This division was recently carved out of the downstream marketing           
    business. It has initiated steps towards establishing a refinery at the     
    Lekki Free Trade Zone in Lagos.                                             
-    Gas and Power: This division is involved in the distribution of natural    
    gas through its subsidiaries, Gaslink Nigeria Limited ("GNL") and East      
    Horizon Gas Company Limited ("EHGC"). GNL operates a 100km Greater          
    Lagos natural gas distribution franchise and has connected over one         
hundred industrial customers.  EHGC is constructing a 128km natural gas     
    pipeline network to supply natural gas to the United Cement Company         
    (`UNICEM") and other customers at Calabar, Eastern Nigeria. The             
    Division also incorporates Akute Power Limited that is operating an         
Independent Power Plant that supply electricity to LSWC.                    
-    Energy Services is involved in the provision of services such as           
    drilling, completion fluids and solid control waste management; oil-        
    well cementing and other services to upstream E&P companies. The            
Division presently has five swamp drilling rigs.                            
-    Marketing: This division is involved in retail and commercial sales of     
    refined petroleum products with over 600 retail outlets in Nigeria and      
    other West African countries.                                               
-    Supply and trading: This division imports petroleum products for sale      
    to marketing companies and other corporate bodies within and outside        
                                Share    Share    Revaluation  Cumulative       
                                capital  premium  reserve      translation      
US`      US`      US` million  US` million      
                                million  million                                
Balance as at 31 December 2009   3.06     201.46   48.89         -              
Retained profit for the period   -        -        -            -               
Bonus issue of shares            2.04     -        -            -               
Dividend paid                    -        -        -            -               
Exchange difference              (0.06)   (3.00)   (0.58)       -               
Reversal of revaluation surplus  -        -        -            -               
Deferred tax on revaluation      -        -        -            -               
Net share issue                  1.02     130.53   -            -               
proceeds/acquisition cost                                                       
Balance as at 30 September 2010  6.06     328.99   48.31        -               
                                         Retained   Minority    Total           
                                         earnings   interest    equity          
                                         US`        US`         US`             
million    million     million         
Balance as at 31 December 2009            101.01     6.83        361.24         
Retained profit for the period            59.09      0.32        59.41          
Bonus issue of shares                     (2.04)     -           -              
Dividend paid                             (18.16)    (0.39)      0              
Exchange difference                       (1.33)     -           8.52           
Reversal of revaluation surplus           -          -           -              
Deferred tax on revaluation surplus       -          -           -              
share issue/acquisition cost              =          -           -              
Balance as at 30 September, 2010          138.57     6.76        521.94         
Share    Share    Revaluation  Cumulative       
                                capital  premium  reserve      translation      
                                US`      US`      US` million  US` million      
million  million                                
Balance as at 31 December 2008   3.45     227.27   55.18        -               
Retained profit for the period   -        -        -            -               
Bonus issue of shares            -        -        -            -               
Dividend paid                    -        -        -            -               
Exchange difference              (0.37)   (24.87)  (6.04)       -               
Reversal of revaluation surplus  -        -        -            -               
Deferred tax on revaluation      -        -        -            -               
Share issue cost                 -        -        -            -               
Balance as at 30 September 2009  3.08     202.40   49.14        (0.19)          
Retained   Minority   Total          
                                           earnings   interest   equity         
                                           US`        US`        US`            
                                           million    million    million        
Balance as at 31 December 2008              56.16      1.15       343.21        
Retained profit for the period              45.72      0.19       45.91         
Bonus issue of shares                       -          -          -             
Dividend paid                               (21.91)    -          -             
Exchange difference                         (5.91)     (0.31)     -             
Reversal of revaluation surplus             -          -          -             
Deferred tax on revaluation surplus         -          -          -             
Share issue cost                            -          -          -             
Balance as at 30 September,2009             74.06      1.03       329.71        
Notes to results                                                                
1. General information                                                          
Oando (formerly Unipetrol Nigeria Plc) was registered by a special resolution as
a result of the acquisition of the shareholding of Esso Africa Incorporated     
(principal shareholder of Esso Standard Nigeria Limited) by the Federal         
Government of Nigeria. The Company was partially privatised in 1991. It was     
however fully privatised in the year 2000 subsequent to the sale of the Federal 
Government`s 40% shareholding in the Company. Of the Government`s holding, 30%  
was sold to core investors (Ocean and Oil Investments Limited) and the remaining
10% to the Nigerian public. In December 2002, the Company merged with Agip      
Nigeria Plc following its acquisition of 60% of Agip Petroli`s stake in Agip    
Nigeria Plc in August of the same year. The Company formally changed its name   
from Unipetrol Nigeria Plc to Oando Plc in December 2003.                       
The principal activity of the Company both locally and internationally is       
strategic investments in energy companies across West Africa. The Group is      
involved in the following business activities via its subsidiary companies:     
-   Marketing of petroleum products, manufacturing and blending of              
   lubricants - Oando Marketing Limited;                                        
-   Distribution of natural gas for industrial customers - Gaslink Nigeria      
-   Supply and distribution of petroleum products - Oando Supply and            
   Trading, Nigeria and Oando Trading, Bermuda;                                 
-   Energy services to upstream companies - Oando Energy Services; and          
-   Exploration and Production - Oando Exploration and Production.              
2. Summary of significant accounting policies                                   
The principal accounting policies applied in the preparation of these           
consolidated financial statements are set out below. These policies have been   
consistently applied to all the years presented, unless otherwise stated.       
2.1 Basis of preparation                                                        
The consolidated financial statements of Oando have been prepared in accordance 
with International Financial Reporting Standards ("IFRS"). The consolidated     
financial statements have been prepared under the historical cost convention, as
modified by the revaluation of land and buildings, and financial assets and     
financial liabilities at fair value through profit or loss.                     
The preparation of financial statements in accordance with IFRS requires the use
of certain critical accounting estimates. It also requires management to        
exercise judgement in the process of applying the Group`s accounting policies.  
Early adoption of standards                                                     
In 2004, the Group early adopted the IFRS below, which are relevant to its      
operations. These have been consistently applied in this unaudited financial    
report for the six months period ended 30 September 2010.                       
IAS 2 (revised 2003) Inventories                                                
IAS 8 (revised 2003) Accounting Policies, Changes in Accounting Estimates and   
IAS 10 (revised 2003) Events after the Balance Sheet Date                       
IAS 16 (revised 2003) Property, Plant and Equipment                             
IAS 17 (revised 2003) Leases                                                    
IAS 21 (revised 2003) The Effects of Changes in Foreign Exchange Rates          
IAS 24 (revised 2003) Related Party Disclosures                                 
IAS 27 (revised 2003) Consolidated and Separate Financial Statements            
IAS 28 (revised 2003) Investments in Associates                                 
IAS 32 (revised 2003) Financial Instruments: Disclosure and Presentation        
IAS 33 (revised 2003) Earnings per share                                        
IAS 36 (revised 2004) Impairment of Assets                                      
IAS 38 (revised 2004) Intangible Assets                                         
IAS 39 (revised 2003) financial instruments: Recognition and measurement        
IFRS 2 (issued 2004) Share-based payments                                       
IFRS 3 (issued 2004) Business Combinations                                      
IFRS 5 (issued 2004) Non-current Assets Held for Sale and Discontinued IFRIC 10 
(Issued 2006) Interim Financial Reporting and Impairment.                       
-   The early adoption of IAS 10 has resulted in a change in the accounting     
   policy for dividends. Proposed dividends, which were previously              
   recognised in the year prior to the declaration, have been adjusted in       
accordance with IAS 10 and 37 respectively.                                  
-   The application of IAS 16 has affected the accounting for the fair          
   value reserve relating to revalued land and buildings upon disposal.         
-   Under previous GAAP, the revaluation surplus included in equity in          
respect of an item of property, plant and equipment were transferred to      
   the income statement, when the asset was disposed of, to determine           
   profit on disposal. Adjustments have been passed to transfer the             
   related amounts directly to retained earnings in accordance with IAS         
16. In addition, early adoption of IAS 16 (revised 2004) has                 
   necessitated the disclosure of prior year comparatives for all               
   movements in property plant and equipment.                                   
-   IAS 21 (revised 2003) has affected the translation of foreign entities`     
income statements, on which closing rates were previously applied but        
   now amended and translated at average rates. The functional currency of      
   each of the consolidated entities has also been re-evaluated based on        
   the guidance to the revised standard. All the Group entities have the        
same functional currency as their presentation currency. These               
   financial statements have been presented in a currency other than the        
   Company`s functional currency, being US Dollars, which is the Company`s      
   presentation currency for the purpose of filing outside Nigeria.             
-   IAS 24 (revised 2003) has affected the identification of related            
   parties and some other related-party disclosures.                            
-   IAS 27 (revised 2004) has affected the consolidation of subsidiaries.       
   Certain subsidiaries, which were not included in the consolidation           
under previous GAAP have now been consolidated.                              
-   The early adoption of IAS 33 has resulted in a change in the                
   computation of earnings per share. Earnings per share, which were            
   previously computed on the basis of the number of shares in issue at         
the end of the reporting period, have been adjusted on the basis of the      
   weighted average number of shares in accordance with IAS 33.                 
-   The early adoption of IAS 39 has resulted in a change in accounting for     
   financial assets and liabilities.                                            
-   The Group obtained approval for its share option scheme from the            
   Nigerian regulatory authority in February 2009. Accordingly all shared-      
   based payments in operation has been subjected to and accounted for          
   under IFRS 2 for the first time in 2008.                                     
-   The early adoption of IFRS 5 has resulted in a change in the accounting     
   of non-current assets held for sale and discontinued operations and          
   qualifying assets have been reclassified accordingly.                        
-   The early adoption of IFRS 3, IAS 36 (revised 2004) and IAS 38 (revised     
2004) resulted in a change in the accounting -policy for goodwill.           
   Until 31 December 2002, goodwill was:                                        
   -   amortised on a straight line basis over a period ranging from five       
       to 20 years; and                                                         
-   assessed for an indication of impairment at each balance sheet           
-   In accordance with the provisions of IFRS 3:                                
   -   the Group ceased amortisation of goodwill from 1 January 2003; and       
-   accumulated amortisation as at 31 December 2002 has been eliminated      
       with a corresponding decrease in the cost of goodwill;                   
-   Goodwill was tested for impairment at 1 January 2003, the transition        
   date. Also, from the year ended 31 December 2003 onwards, goodwill is        
tested annually for impairment, as well as when there are indications        
   of impairment. The Group has also reassessed the useful lives of its         
   intangible assets in accordance with the provisions of IAS 38. No            
   adjustment resulted from this reassessment.                                  
All changes in the accounting policies have been made in accordance with the    
transition provisions in the respective standards.                              
The early adoption of IAS 1, 2, 8, 17 28, and 32 (all revised 2003) did not     
result in substantial changes to the Group`s accounting policies.               
In summary:                                                                     
- IAS 1, 2, 28 and 32 had no material effect on the Group`s policies.           
- IAS 8 (revised 2004) has resulted in the disclosure of the impact of new      
2.2 Consolidation                                                               
(a) Subsidiaries                                                                
Subsidiaries include all entities (including special purpose entities) over     
which the Group has the power to govern the financial and operating policies    
generally accompanying a shareholding of more than one half of the voting       
rights. The existence and effect of potential voting rights that are currently  
exercisable or convertible are considered when assessing whether the Group      
controls another entity. Subsidiaries are fully consolidated from the date on   
which control is transferred to the Group. They are deconsolidated from the date
that control ceases.                                                            
The purchase method of accounting is used to account for the acquisition of     
subsidiaries by the Group. The cost of the acquisition is measured as the fair  
value of the assets given, equity instruments issued and liabilities incurred or
assumed and the date of plus costs directly attributable to the acquisition.    
Identifiable assets acquired and liabilities and contingent liabilities assumed 
in a business combination are measured initially at fair values at the          
acquisition date irrespective of the extent of any minority interest. The excess
of the cost of acquisition over the fair value of the Group`s share of the      
identifiable net assets acquired is recorded as goodwill. If the cost of        
acquisition is less than the fair value of the net assets of the subsidiary     
acquired, the difference is recognised directly in the income statement. All    
balances and unrealised surpluses and deficits on transactions between Group    
companies have been eliminated. Where necessary, accounting policies for        
subsidiaries have been changed to be consistent with the policies adopted by the
Company, Separate disclosure (in equity) is made of minority interests.         
(b) Associates                                                                  
Associates are all entities over which the Group has significant influence but  
not control, generally accompanying a shareholding of between 20% and 50% of the
voting rights. Investments in associates are accounted for by the equity method 
of accounting and are initially recognised at cost. The Group`s investment in   
associates includes goodwill (net of any accumulated impairment loss) identified
on acquisition. The Group`s share of its associates` post-acquisition profits or
losses is recognised in the income statement, and its share of post acquisition 
movements in reserves is recognised in reserves. The cumulative post-acquisition
movements are adjusted against the carrying amount of the investment.           
When the Group`s share of losses in an associate equals or exceeds its interest 
in the associate, including any other unsecured receivables, the Group does not 
recognise further losses, unless it has incurred obligations or made payments on
behalf of the associate. Unrealised gains on transactions between the Group and 
its associates are eliminated to the extent of the Group`s interest in the      
associates. Unrealised losses are also eliminated unless the transaction        
provides evidence of an impairment of the asset transferred. The accounting     
policies of the associates are consistent with the policies adopted by the      
Goodwill included in the carrying amount of an investment is neither amortised  
nor tested for impairment separately by applying the requirements for impairment
testing goodwill in IAS 36, Impairment of Assets. Instead, the entire carrying  
amount of the investment is tested under IAS 36 for impairment.                 
All subsidiaries and associates have uniform calendar year ends.                
2.3 Segment reporting                                                           
A business segment is a group of assets and operations engaged in providing     
products or services that are subject to risks and returns that are different   
from those of other business segments. A geographical segment is engaged in     
providing products or services within a particular economic environment that are
subject to risks and return that are different from those of segments operating 
in other economic environments.                                                 
2.4 Foreign currency translation                                                
(a) Functional and presentation currency                                        
Items included in the financial statements of each of the Group`s entities are  
measured using the currency of the primary economic environment in which the    
entity operates (`the functional currency`). The functional currency of the     
Group is the Naira. The consolidated financial statements are presented in US   
dollars, which is the Company`s presentation currency for the purpose of filing 
outside Nigeria.                                                                
(b) Transactions and balances                                                   
Foreign currency transactions are translated into the functional currency using 
the exchange rates prevailing at the dates of the transactions. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the
translation at year-end exchange rates of monetary assets and liabilities       
denominated in foreign currencies are recognised in the income statement, except
when deferred in equity as qualifying cash flow hedges and qualifying net       
investment hedges.                                                              
c) Group companies                                                              
The results and financial position of all the Group entities (none of which has 
the currency of a hyperinflationary economy) that have a functional currency    
different from the presentation currency are translated into the presentation   
currency as follows:                                                            
1  Assets and liabilities for each balance sheet presented are translated       
  at the closing rate at the date of that balance sheet.                        
2  Income and expenses for each income statement are translated at average      
exchange rates; and all resulting exchange differences are recognised         
  as a separate component of equity.                                            
3  On consolidation, exchange differences arising from the translation of       
  the net investment in foreign entities are taken to shareholders`             
equity. Upon disposal of part or all of the investment, such exchange         
  differences are recognised in the income statement as part of the gain        
  or loss on sale.                                                              
3. Earnings Per Share                                                           
Basic Earnings per share ("EPS") is calculated by dividing the profit           
attributable to the equity holders of the Company by the weighted average number
of shares in issue during the period.                                           
                                                           2010    2009         
Profit attributable to equity holders of the Company (US    59.09   45.72       
Average number of shares in issue (millions)                1,207   905         
Basic EPS (cents)                                           4.92    5.07        

Profit attributable to equity holders of the Company        59.09   45.72       
Weighted average number of shares in issue (millions)       1,810   905         
Adjustment for bonus issues                                 603     -           
Weighted average number of shares for diluted EPS           1,810   905         
Diluted EPS (cents)                                         3.28    5.07        

Headline earnings per share ("HEPS")                        3.28    5.07        
Profit attributable to equity holders of the Company        59.09   45.72       
Adjusted for:                                               -       -           
Profit on sale of buildings associated with discontinued                        
Profit/(Loss) on sale of other assets                       -       -           
Loss on sales of investment in affiliate companies          -       -           
Tax thereon                                                 -       -           
HEPS attributable to earnings basis (cents)                 3.28    5.07        
HEPS attributable to diluted earnings basis (cents)         3.28    5.07        
Net assets per share (cents)                                29.21   36.43       
Tangible assets per share (cents)                           59.50   89.40       
4. Independent audit by the auditors                                            
This condensed consolidated result have neither been audited nor reviewed by the
Company`s auditors                                                              
5. Post balance sheet events                                                    
There are no significant post balance sheet events that in the opinion of the   
directors will have a material impact on the accounts herein presented.         
For and on behalf of the Board                                                  
Mr J Adewale Tinubu                                                             
Group Chief Executive                                                           
12 November 2010                                                                
1   Major General M. Magoro (Rtd.) OFR, Galadiman   Chairman                    
2   Mr. J. A. Tinubu                                Group CE                    
3   Mr. O. Boyo                                     Deputy Group CE             
4   Mr. B. Osunsanya                                Group Exec. Director        
5   Mr. O. Adeyemo                                  Exec. Director,             
6   Chief S. Anthony                                Director                    
7   HRM. Oba. A. Gbadebo, CFR                       Director                    
8   Mr. Onajite Okoloko                             Director                    
9   Ms. A. Pepple, CFR                              Director                    
10  Ms. G. Sangudi                                  Director                    
Company Secretary: Mrs. Oredeji Delano                                          
Registered office: 2, Ajose Adeogun Street, Victoria Island, Lagos, Nigeria     
Auditors: PriceWaterhouseCoopers, Plot 252E Muri Okunola Street, Victoria       
Island, Lagos                                                                   
E-mail: info@oandoplc.com                                                       
Registered office in South Africa: 1st Floor, 32 Fricker Road, Illovo Boulevard,
Sandton, 2196, South Africa                                                     
Office of the South African registrars: Computershare Investor Services         
(Proprietary) Limited (Registration number: 2004/003647/07)                     
70 Marshall Street, Johannesburg, 2001. PO Box 61051, Marshalltown, 2107        
12 November 2010                                                                
Sandton, Johannesburg                                                           
JSE Sponsor                                                                     
Macquarie First South Advisers (Proprietary) Limited                            
Date: 12/11/2010 14:08:02 Supplied by www.sharenet.co.za                     
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