An emerging cement major building shareholder value

and prosperity in Africa

Group presentation November 2012

Disclaimer

This document is not an offer of securities for sale in the United States. Any securities discussed herein have not been and will not be registered under the US Securities Act of 1933, as amended (the “US Securities Act”) and may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act.

No public offering of any securities discussed herein is being made in the United States and the information contained herein does not constitute an offering of securities for sale in the United States, Canada, Australia or Japan. This document is not for distribution directly or indirectly into the United States, Canada, Australia or Japan or to US persons.

This document is addressed only to and directed at persons in member states of the European Economic Area who are “Qualified Investors” within the meaning of Article 2(1)(e) of the Prospectus Directive. In addition, in the United Kingdom, this document is being distributed to and is directed only at Qualified Investors (i) who are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (the “Order”) or (ii) persons who are high net worth entities falling within Article 49(2) of the Order, or (iii) persons to whom it may otherwise be lawfully communicated (all such persons being referred to as “Relevant Persons”).

This document must not be acted on or relied on (i) in the United Kingdom by persons who are not Relevant Persons and (ii) in any member state of the European Economic Area by persons who are not Qualified Investors.

By attending this presentation / accepting this document you will be taken to have represented, warranted and undertaken that you are a Relevant Person (as defined above).

Not for distribution directly or indirectly into the United States, Canada, Australia or Japan or to US persons.

2

At a glance

• Largest producer in Nigeria and Sub-Saharan Africa – Clear leader in Nigeria, Sub-Saharan Africa’s largest cement market

– 19mt capacity, delivering ca. 60% market share

– Three plants in excellent locations, supported by strong distribution

• Delivering superior financial performance – FY 2011 sales: ₦235.9bn ($1.5bn); 56% EBITDA margin

– 8.6mt cement sold @ ca. $173/tonne

– Strong operating cash flow - ₦164bn from operations (FY 2011)

– Modest Net Debt/EBITDA (1x) positions company for strong growth

– Strong ROE of 41%

• Highly efficient operations – Largest plant, Obajana, achieving 100% utilisation (FY 2011)

– 12mt new, higher-margin capacity replaces imports to meet demand

• Largest company on Nigerian Stock Exchange – Market capitalisation $13bn; ca. 28% of NSE

– LSE listing planned to comply with NSE rules; extra 20% stock 25% free float

– A bellwether on the African growth story

3

Investment highlights

African megatrends driving GDP growth are accelerating

consumption of cement

• Political stability and economic transformation sustaining 6% growth across the continent

• Population growth, younger demographic and rapid urbanisation driving housing, infrastructure

• Infrastructure improvements unlocking resources, agriculture, with strong multiplier effects

• Increasing investment, improved banking/mortgages, emerging middle class spending

Attractive Nigerian market provides solid foundation for

expansion into Africa

• High cement pricing ($170/tonne) sustained by historic deficit and broad construction demand

• Strong upside from low per-capita base (105kg), driven by rapid GDP expansion (7%)

• High Government commitment to infrastructure, funded by oil and diverted fuel subsidy

• Ideally located for exports into ECOWAS tax-free trade zone, with cash export incentives

Multiple and high barriers to entry in Nigerian and other

African markets

• Substantial investment required, but global cement majors focused on reducing debt burdens

• Highly technical building and engineering, skills availability a challenge, local knowledge

• Non-African cement imports taxed heavily; Nigerian ban on imports from 2012

• Poor infrastructure means good location is vital – near raw materials, fuel supply and markets

Extending leadership with high-margin, high ROI expansion

• Nigerian capacity more than doubling to 19mt in 2012; plans for 32-35mt by 2015

• High ROI on brownfield expansions at Obajana 3 and Ibese 3&4, under EPC contracts

• High-margin new capacity eliminates need for lower-margin imports; well-established markets

• By far Nigeria’s largest and most extensive distribution network; assessing feasibility of rail links

4

Investment highlights

Strong competitive advantages drive Nigerian profitability,

providing cash for expansion

• Superior margins from long-term, favourable gas contracts at Obajana and Ibese plants

• Very high utilisation; superior and reliable European and Chinese technology, highly skilled engineers

• Excellent locations serving key regions, supported by 5,000+ trucks, 100 depots by mid 2012

• Able to open new markets in previously untapped regions, or export surplus via own terminals

African investments will broaden reach, diversify business across

growing economies

• A clear strategy to be a leader in Africa’s key growth markets; 51mt total capacity by FY 2015

• Strong demand and pricing, tax breaks, favourable export potential (ECOWAS, EAC, SADC)

• Expanding with EPC contracts funded by strong Nigerian cash flow and local debt

• Smaller-sized plants, easier to build/manage, good economies of scale across continent

Already delivering outstanding financial performance

and above-average returns

• $1.5bn revenue 2011 FY, with good growth expected in 2012/13 as 12mt capacity comes onstream

• Upside potential on 56% 2011 FY EBITDA margins as new gas-fired plants enter the mix

• Excellent financial progress despite fuel, wage increases, demonstrating strong focus on margins

• Highly cash generative, low debt vs peers, good dividend, pioneer tax status on new projects

Visionary entrepreneur, experienced management and

strengthening governance

• Founder backed by strength and depth in management team with decades of experience

• Improving governance and disclosure; IFRS adopted Q1 2012, improving internal controls

• High environmental standards in operation at plants, exceeding European requirements

• Strong social programme through Dangote Foundation; significant help for local communities

5

Jan-Sep 2012 highlights

Operational

– Cement sales up 19.7% to 7.7 million tonnes

– Flooding hits demand and distribution

– 7.5 million tonnes locally produced, up 50.7% on Jan-Sep 2011

– Gas supply back to normal at Ibese, approaching normal at Obajana

– Tim Surridge appointed Chief Financial Officer

Financial

– Revenue up 19.8% to ₦208.3bn ($1.3bn)

– EBIT up 24.0% to ₦115.5bn, 55.5% margin ($0.73bn)

– Pre-tax profit up 13.5% to ₦105.8bn ($0.67bn)

– Earnings per share up 17.4% to ₦6.35*

– Net debt of ₦134.2bn ($0.86bn)

* prior-year adjusted for 1-for-10 bonus share as per IAS33 par.28

6

Revenue up on new capacity

7

Nine months to 30 September 2012

Jan-Sep 2011

Jan-Sep 2012 Change Comments

Sales volume (kt) 6,410 7,672 19.7% Q3 sales affected by heavy rains and flooding in Kogi and Benue states

Local cement despatched 4,998 7,529 50.7% 100% of Q3 sales were locally produced cement

Analysis for Nigerian cement operations only

Nigeria (₦bn)

Nigeria (₦bn)

Revenue 173.8 207.8 19.8% Increase mostly resulting from higher volume on flat pricing

Revenue per tonne (₦) 27,120 27,090 -0.1% Price remaining stable throughout 2012

EBITDA 104.3 132.8 27.3% Increase resulting from higher volumes and greater margins

EBITDA / tonne (₦) 16,264 17,313 6.5% Reflects higher proportion of locally produced cement (vs lower-margin imports)

EBITDA margin 60.0% 63.9% 3.9pp Trending upwards as gas supply returns to normal

Group analysis (₦bn) (₦bn)

Revenue 173.8 208.3 19.8%

EBIT 93.2 115.5 24.0%

EBIT margin 53.6% 55.4% 1.8pp

Profit before tax 93.2 105.8 13.5%

Earnings per share (₦) 5.41 6.35 17.4% Both adjusted for 1-for-10 bonus issue of shares in 2012

Strong balance sheet

8

Nine months to 30 September 2012

Dec 2011 Sept 2012 Comments

(₦bn) (₦bn)

Non-current assets 465.5 520.1

Current assets 76.2 129.4

Total assets 541.7 649.5

Total equity 298.8 379.8

Long term debts 125.9 142.5

Non-current liabilities 129.4 146.9

Current liabilities 113.5 122.7

Total liabilities 242.9 269.7

Total equity & liabilities 541.7 649.5

A roadmap for expansion

9

FY 2011

8mt capacity

• Two plants in Nigeria, 8mt capacity • Obajana 5mt • Gboko 3mt

• Clear market leader, 50% share • 50 depots, most extensive distribution • Leading importer (from Far East)

• $1.5bn revenue • $0.82bn EBITDA, 56% margin • Ca.22% sales imported (lower margin) • Modest net debt vs peers: $0.8bn • High ROE – 41%

• Capacity expansion underway

• Obajana: 5mt brownfield • Ibese: 6mt new plant • Gboko: 1mt process upgrades • Senegal: 1.5mt new plant

• $3.9bn of additional capacity planned

• Fund with Nigerian cash flow • Raise debt in local markets

FY 2012

20.75mt capacity

• Nigerian capacity increased to 20.25mt • Obajana 10.25mt • Ibese 6mt • Gboko 3mt

• Market share extended, ca. 70% • 100 depots, 4,000+ trucks • Margin gains from new capacity • Margin gains as imports end • Ibese serving high-growth South West • Obajana opening new regional markets

• 1mt Gboko expansion due Q1 2013 • 1.5mt Senegal plant commissioned • Convert Nigerian terminals for export • Work begins on new Nigerian capacity

• Obajana +3mt by 2015 • Ibese +6mt by 2015 • Calabar +3mt by 2015 (TBC)

• Work underway on African capacity

• 15.0mt production, 8 countries • 4.0mt import on ECOWAS coast

FY 2015

51.0mt capacity

$1.5bn revenue $0.82bn EBITDA

• Nigerian capacity 32mt • Obajana 13mt • Ibese 12mt • Gboko 4mt • Calabar 3mt (TBC)

• Fully operational in 15 countries

• 47.0mt production capacity (TBC)

• 4.0mt import on ECOWAS coast • ECOWAS strategy fully operational • Exporting across other African borders

• Operating in robust, growth markets • Demand, deficits sustain pricing • Well-diversified regional exposure • Largest/major player in all markets • Strong profitability, cash generation • High barriers to entry

• Delivering high returns for shareholders

• Africa’s leading cement company

• An emerging global cement giant

Africa’s rising trends

• Political & economic stability

• Strong GDP growth across the continent

• Middle class, consumerisation

• Population growth

• Rapid urbanisation

• Younger demographic

• Infrastructure improvements

• Strengthening financial services

• Increasing inward investment

• Rapid technological adoption

• Unlocking natural resources

10

A significant opportunity

Malawi

Ethiopia

Liberia

Zambia

Cote d'Ivoire Cameroon Rep. Congo

Nigeria Indonesia Ghana

Benin

Senegal

Colombia

South Africa

India Serbia Gabon Brazil

Morocco Algeria

Egypt

China

10

100

1,000

0 2,000 4,000 6,000 8,000 10,000 12,000

Dangote Cement target markets

Cement consumption and GDP

Assumptions: 10% growth in cement ca. 250kg 6% GDP growth

Per capita cement

consumption (kg, log scale)

GDP per capita (current US$)

History shows that demand for cement rises rapidly when GDP takes off from a low base

Per-capita GDP and cement consumption for a basket of emerging-market countries.

2020

2020

11

Nigeria’s infrastructure gap

• Poor transport a major barrier to growth – Just 30% of 193,000km roads paved

– Paved roads often poorly maintained

– Appalling traffic congestion in cities, even in rural areas

– Dysfunctional railways, just 3,500km, little freight carried

• Major housing deficit

– Housing shortfall estimated at 16m homes

• Typical house requires 14 tonnes of cement

– Slums a growing problem

– Inadequate access to piped water (47%), sanitation (30%)

– Houses typically passed by dirt roads

• Inadequate national power

– Only 4,400MW grid generation (10% of typical UK draw)

– High reliance on domestic and commercial generators

• Urbanisation widening the infrastrucure gap

– Lagos forecast to be 11th largest city by 2020, 16m people

0

50

100

150

200

250

300

350

2000 2010 2020 2030 2040 2050

Rural Urban

UN forecast of Nigeria’s population growth (m)

2.9% CAGR

12

Nigeria’s demand drivers

• Strong GDP growth; 6-7% sustainable

– Set to become Africa’s leading economy

– Increasingly diverse and robust, with rebase expected

– Growth in services, manufacturing, retail

– Vast oil and gas resources – 37bn barrels proven reserve

• National ambition set by Vision 20:2020

– Top-20 global economy by 2020, GDP of $900bn

– Per capita income of $4,000 (from $1,230 in 2008)

• Africa’s most populous country

– Around 168m at 2011; 3% growth expected

– Younger demographic boosting housing demand

– Rapid urbanisation fuelling construction, housing

– Emerging middle class consumer with access to finance

• Infrastructure investment a priority

– Funded by oil, PPP and diversion of petrol subsidy

– Improving execution rate on major projects – ca. 50%

13

1,146.8

1,319.9 1,430.9

1,539.9 1,643.5

1,000

1,200

1,400

1,600

1,800

2011E 2012E 2013E 2014E 2015E

9.4% CAGR

Budgeted capital expenditure (₦bn)

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E

Actual and forecast Real GDP growth

Source: National Bureau of Statistics

Favourable market dynamics

• Increasing demand across all scales of building

– FY11 consumption ca. 17mt, production ca. 13mt

– High upside potential from low per-capita base, ca. 105kg

• Attractive pricing (about $170/t)

– Sustained by deficit, poor infrastructure, import pricing

• Markets concentrated; proximity is vital

– Raw materials must be near to markets and fuel supply

– Good distribution and logistics a key differentiator

• Poor road, power infrastructure favours gas fuel

– Lower cost and more secure supply than fuel oil, diesel

– On-site power generation essential

• High barriers to entry

– High start-up costs, build time 2-3 years, highly technical

• Ideal location for export to ECOWAS countries

– Leading producer in free trading community

14

105 150

190

295

398 420 466 472 479

0

100

200

300

400

500

Per capita cement consumption (kg)

Strong growth in cement consumption (mt)

0

2

4

6

8

10

12

14

16

18

20

2004 2005 2006 2007 2008 2009 2010 2011

Manufactured Imported

10.7% CAGR

0

10

20

30

40

50

60

End 2010 End 2012 End 2015

Dangote Lafarge WAPCO

Ashaka Unicem

Sokoto BUA/EDO

Bauichi-Gwana Califco/Cross River/Ebonyi

Ibeto Abia (Hermes Juno)

Estimated Nigerian capacity 2010-2015 (mt)

Block makers

15%

Individual house

builders 25%

Mass housing

10%

Estimated end markets

Infrastructure

20%

Government

(via

distributors)

30%

• Obajana capacity doubled to 10.25mtpa

– 100% utilisation in 2011

– Gas-fired kilns, power from gas turbines

– Low-pollution, low-emission technologies exceed EU norms

– Central location, able to open new markets at low cost

– Additional 3mtpa planned for 2015

• Ibese opens 6mt in key South West market

– Two lines of 3mtpa ramping up, 90km from Lagos

– Gas kilns, gas turbines, LPFO/coal/diesel back-up

– Additional 6mtpa planned for 2015, work underway

• Upgrading Gboko for greater output, efficiency

– Two lines of 1.5mt in process of upgrade to 4.0mt total

– LPFO/Diesel powered

– Assessing feasibility of gas pipeline

• New site planned for Calabar

– MOU signed for 3mt or 6mt (TBC) gas-powered plant

– Serving key Southern markets and exports

Unrivalled market leadership

Source: Dangote Cement, industry estimates

15

56%

21%

15%

8%

Variable

Depreciation

Fixed

SG&A

Cost breakdown – cement production (2011)

Revenue and PBT development (₦bn)

11.6 20.0 47.3

106.6 117.6

0

50

100

150

200

250

2007 2008 2009 2010 2011

Multiple margin drivers

• Gas fuel is major margin driver

– Substantially cheaper than hauling fuel oil, diesel, coal

– 20-year supply contracts at very competitive rates

– Greater security of supply protects high utilisation

• Strong historic focus on margin improvement

– Trending upwards despite recent increases in fuel, wages

• Near-term margin expansion

– Immediate gains as local production replaces imports

– Experienced in working assets at high utilisation (>95%)

– Increase proportion of new gas-fired capacity in revenues

– Larger Obajana, Ibese plants deliver economies of scale

– Improve Gboko performance though process upgrades

• Longer-term cost savings

– Feasibility of upgrading Gboko to gas for kiln and power

– Increase truck capacity to 40 tonnes

– Feasibility of rail links; 1 train could replace 80-100 trucks

– Distribution costs will fall as road quality improves

34.6

235.7

61.9

202.6

129.8

16

2 Dangote Cement depots in each region

O

O

I

I

G

G

Obajana

Ibese

Gboko

Largest distribution network

• Extending reach with new capacity

– Ibese opening covers Lagos and South West

– Obajana focusing on broadening markets

• Six new regional HQs

– Sales, marketing, logistics, finance

• Increasing depot network 2012

– Nigeria’s largest cement distribution network

– Reaching all regions, increasing supply

• Major investment in Dangote Fleet

– 3rd party haulers can’t cope with rising supply

– Modern logistical management systems

• Transforming Nigeria into an exporter

– Converting import terminals for export

– Reusing import equipment for new ECOWAS terminals

• Distribution costs will fall as transport network improves

Key

17

Limestone map of Africa

Expanding for African growth

• Africa’s economic growth is a major opportunity

– Rising demand for cement, but structural deficits in production

• $2.5bn investment committed to Africa

– Eight plants, five import terminals, EPC contracts signed

– Fund with Nigeria cash flow and local debt

• Targeting attractive markets

– IMF forecasts 4.7% GDP growth across SSA in 2012

– High need for/commitment to infrastructure spending

– Rapid urbanisation, housing pressures

– Rising cement demand, preferably in deficit markets

– Ample resources near to growth centres, export hubs

• Export opportunities in Africa’s free trade zones

– ECOWAS, EAC, SADC

• Welcomed as a major foreign investor

– Creating prosperity and thousands of jobs

– Helping countries towards self sufficiency in cement

– Benefiting from attractive tax and investment incentives

18

Strong export potential

• Economic Community of West African States

– 15 countries, >310m people

– Ave. 6.2% GDP growth forecast in target countries

– Strong demand driven by infrastructure, housing

– Some state lack raw materials

• Attractive trading within ECOWAS FTZ

– No duties, cash export incentives

– Heavy tax on imports from non-member states

• Region’s leading producer

– 33.5mt / 36.5mt production capacity by 2015 (TBC)

– Around 5mt import capacity by end 2013

– Converting Lagos terminals for export

– Repurposing Nigerian equipment for new import terminals

• Strategy to supply the region from Nigeria, Senegal

– Close proximity reduces shipping time and cost

– Faster delivery from order

– Highly competitive vs. Far Eastern imports

See appendix for statistics on GDP, consumption and production

19

Update on projects

• Senegal commissioning to begin in mid November

– Power plant commissioning expected to take 3-4 weeks

– Plant commissioning will commence soon after

– Commercial production expected in January

• Project management contracts being readied

– Selection of seven firms for project management

– Engineering Review

– Project Monitoring & Inspection

– Ibese, Obajana and all African factories covered

– Substantially reduce risk of construction delays

Excludes proposed Calabar project

20

Actual and estimated capex (₦bn)

$1bn ≈ ₦160bn

0

50

100

150

200

250

2010A 2011 2012E 2013E 2014E 2015E

Strong governance a priority

• Appointment of new CFO with extensive experience in Governance issues

• Conversion to IFRS at Q1 2012

• Increasing disclosure and transparency

– Now setting the highest standards of disclosure in Nigeria

• Improving risk management

– Redesign and implementation of Policies, Procedures and Internal Controls

– Redesign and implementation of Risk Management Framework

– Developing risk-based Internal Audit Process

– Implementing ERP package (SAP)

21

Summary

• A unique platform to capture Africa’s rapid expansion

– Strategy to become the continent’s leader in cement production

– Benefiting from attractive investment incentives

– Strong cement demand and supportive pricing

• Leader in SSA’s largest cement market

– Expanding highly profitable and efficient Nigerian operations to 70% share

– Strong base for export into ECOWAS

– High barriers to entry, sustainable competitive advantages, majors hampered by debt,

• Highly profitable, excellent return on investment

– High EBITDA/tonne; upside as new capacity replaces imports, but depends on gas recovery

– Modest net debt/EBITDA vs industry average

– Strong cash generation funding investment needs, higher than average ROIC

• A bellwether on the African growth story

• Visionary entrepreneur and skilled management

– Strength and depth; excellent factory managers, outstanding engineers

22

Appendix 1: Nigerian growth

23

• Total production capacity will be about 55 million tonnes by the end of 2015, based on currently visible projects

• Even assuming just 10% CAGR in demand for cement, and 100% utilisation rates, Nigerian demand for cement could outstrip this planned new capacity by 2023

• At faster demand growth or lower production rates, Nigeria will be a deficit market even earlier – perhaps as early as 2020?

0

20

40

60

80

100

120

10% CAGR 12% CAGR 14% CAGR

Estimated 2015 capacity of Nigerian cement industry based on existing plants and currently visible projects to give a total of 55mt potential capacity

Growth in demand for cement

Cem

ent

con

sum

pti

on

(m

illio

n t

on

nes

/ y

ear)

60mtpa = 260 kg/person at 2025 popn. 100% utilisation

80% utilisation

Appendix 2: African economies

24

Dangote markets Estimated population

(million)

CAGR 2012-2025

Urbanisation Per capita GNI 2010 PPP US$

Real GDP growth

2012 2025 2050 2008 2009 2010 2011 2012E 2013E

Benin 9.4 13.5 23.3 2.8% 44% 1,590 5.0% 2.7% 2.6% 3.1% 3.5% 3.8%

Cameroon 20.9 28.0 44.6 2.3% 49% 2,270 2.6% 2.0% 2.9% 4.2% 4.1% 4.5%

Congo 4.2 5.9 10.2 2.6% 63% 3,190 5.6% 7.5% 8.8% 3.4% 4.9% 5.3%

Cote d'Ivoire 20.6 28.1 46.1 2.4% 50% 1,810 2.3% 3.7% 2.4% -4.7% 8.1% 7.0%

Ethiopia 87.0 115.0 166.5 2.2% 17% 1,040 11.2% 10.0% 8.0% 7.5% 7.0% 6.5%

Gabon 1.6 2.0 2.8 1.7% 73% 13,060 2.3% -1.4% 6.6% 5.8% 5.6% 2.3%

Ghana 25.5 33.4 49.1 2.1% 44% 1,620 8.4% 4.0% 8.0% 14.4% 8.2% 7.8%

Liberia 4.2 6.0 10.8 2.8% 47% 340 6.2% 5.3% 6.1% 8.2% 9.0% 7.9%

Nigeria 170.1 234.4 402.4 2.5% 51% 2,240 6.0% 7.0% 8.0% 7.4% 7.1% 6.7%

Senegal 13.1 18.6 32.3 2.7% 42% 1,910 3.7% 2.1% 4.1% 2.5% 3.7% 4.3%

Sierra Leone 6.1 7.8 11.1 1.9% 40% 830 5.4% 3.2% 5.3% 6.0% 21.3% 7.5%

South Africa 51.1 54.2 57.2 0.5% 62% 10,360 3.6% -1.5% 2.9% 3.1% 2.6% 3.0%

Tanzania 47.7 70.9 138.3 3.1% 26% 1,440 7.4% 6.0% 7.0% 6.4% 6.5% 6.8%

Togo 6.0 9.4 14.3 3.5% 37% 890 2.4% 3.5% 4.0% 4.9% 5.0% 5.3%

Zambia 13.7 20.7 44.5 3.2% 39% 1,380 5.7% 6.4% 7.6% 6.6% 6.5% 8.2%

Total Dangote 481.2 647.9 1,053.5 2.3% Average 5.2% 4.0% 5.6% 5.3% 6.9% 5.8%

Growth 35% 119%

Averages

Africa 1,072 1,446 2,339 2.3% 39% 2,630

Sub-Saharan Africa 902 1,245 2,092 2.5% 37% 1,970 5.6% 2.8% 5.3% 5.2% 5.3% 5.3%

World 7,058 8,082 9,624 1.0% 51% 10,760

More developed 1,243 1,292 1,338 0.3% 75% 33,460

Less developed 5,814 6,789 8,286 1.2% 46% 5,900

All data from Population Reference Bureau IMF Regional Economic Outlook, Sub-Saharan Africa, Oct 2012

Appendix 3: Attractive pricing

25

230 230 220 220 220 220 220

200 195 185 180

170 169 150

120

0

20

40

60

80

100

120

140

160

180

200

220

240

Estimated retail cement price per tonne in Dangote target markets ($)

Appendix 4: Rapid urbanisation

26

Source: UN Population Division

Urbanisation trends in Dangote Cement target markets (%)

0

10

20

30

40

50

60

70

80

90

100

2000 2005 2010 2015E 2020E 2025E 2030E 2035E 2040E 2045E 2050E

World

Sub-Saharan Africa

Ethiopia

Tanzania

Zambia

Cameroon

Congo

Gabon

South Africa

Benin

Côte d'Ivoire

Ghana

Guinea

Liberia

Nigeria

Senegal

Sierra Leone

Investor relations

For further information contact: Carl Franklin Head of Investor Relations Dangote Cement +44 207 399 3070 +44-7713-634834 carl.franklin@dangote-group.com

Broker Analyst Location

African Alliance Claire te Riele Johannesburg

ARM Research Oyinda Olanrewaju Lagos

Chapel Hill Denham Eniola Taiwo Lagos

CSL FCMB Guy Czartoryski London/Lagos

Exotix Andy Gboka London

FBN Capital Tunde Abidoye Lagos

Imara Securities Farai Vengesai Harare

Renaissance Capital John Arron Johannesburg

StanbicIBTC Tomi Ajayi Lagos

Vetiva Tosin Ojo Lagos

Equity research is provided by the following analysts:

27