TRANSCORP RE-POSITIONS TO PERFORM AND DELIVER TO ALL ITS STAKEHOLDERS.

RELEASES 2011 FINANCIAL RESULTS - GROUP NET PROFIT OF N4.67BN

Transnational Corporation of Nigeria Plc (Transcorp) released its audited accounts and consolidated financial statements of the group for the year ended December 31, 2011. Operating profit of N1.4billion; an increase of 88% over 2010 Revenue and gross profit increased by N451million or 19% over 2010 Operating expense reduced by N258million over 2010

The company reports a healthy improvement in its operating and financial performance following several strategic initiatives begun over the past year by the new management. In addition, the new Transcorp board and management have commenced a program to redefine and refocus the Groups businesses. In a statement released by the company, the President and Group Chief Executive Officer Mr Obinna Ufudo stated In 2011, we have worked towards diversifying our business mix in order to enhance our portfolio returns. We will achieve this by creating a number of new businesses in our key focus sectors of Agriculture, Energy and Hospitality". The results indicated that as part of its transformation in 2011, Transcorp resolved legacy issues across the group and necessary adjustments were made in the accounts to reflect this. At the Group level, revenues rose marginally by 1.07% to N 14.07 billion from the previous years N13.9 billion, in spite of the harsh operating environment. Profit was N4.67 billion from N5.39 billion the previous year. However, adjusting these figures for the exceptional item of N2.89billion in 2010, shows a growth of 40% year-on-year. Mr Obinna Ufudo stated we finished 2011 with momentum and are positioned for a stronger 2012. Our expectations remain optimistic and our businesses are positioned for growth, adding that Transcorp is strengthening and deepening its investments and partnerships. In the Agro-business sector, we commissioned the first-of-its kind juice concentrate processing factory in Benue state. In the energy sector, we signed and finalised agreements with EER and SACOIL in respect of Transcorps oil block OPL 281.

These events mark a milestone in our on-going journey to build a world-class, well managed major conglomerate in Nigeria".

Transcorp is strong and profitable and we are confident that with recent investments, brand awareness and growth potential, The Company is better positioned than ever to perform and deliver to all its stakeholders. About Transcorp Transcorps business model is built on equity investments in assets with high recovery margins and quick-term-to-profit horizons that allow the Group to exert strategic influence commensurate with its ownership. The Group is renowned for its partnership with globally respected sector operators to manage and develop its assets. Thank you for your continued trust and confidence in Transcorp. For more information about Transcorp, please visit www.transcorpnigeria.com. # # # Dupe Kupoluyi Olusola Director of Resources Transnational Corporation of Nigeria Plc Tel: +234-1-9033946-50 Email: dolusola@transcorpnigeria.com

Transnational Corporation of Nigeria Plc

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