COMPANY AND BUSINESS OVERVIEW

Company Overview

Dangote Sugar Refinery Company Plc (“DSR”) commenced operations as a sugar refinery in March 2000

The plant was commissioned in 2001 with an initial capacity of 600,000 MT p.a.

Now one of the largest refineries in the world with a capacity of 1.44 million MT p.a

Refinery is located in Lagos, Nigeria’s largest port where shipment of raw sugar from Brazil is received

DSR until 2008 was Nigeria’s sole white sugar refiner with a dominant market position

DSR shares were listed on The NSE in on March 12th 2007 at a price of N18 per share after a successful IPO which opened in November 2006, at N18 per 50 kobo ordinary share and listed on March 12th 2007.

Board Alhaji Aliko Dangote – Chairman

Engr. Abdullahi Sule - MD

Dr. Konyinsola Ajayi (SAN)

Mr. Olakunle Alake

Alhaji Sani Dangote

Alhaji Abdul Garba Dantata

Ms Bennedikter China Molokwu

Mr. Uzoma Nwankwo

Mr. Suleiman Olarinde

Management

Mr. Maryoud Elsunni, ED – Engineering & Operations (over 30 years of experience)

Engr. Ogunwale, General Manager Refinery (26 years experience in engineering)

Mr Okoh, Head of Processing (16 years experience in manufacturing)

Business Overview

Leading in the Sugar Refinery business in sub-Saharan Africa.

Delivering on the strategy:

Retail packaging plant.

Staff incentivisation programme

Positive long term outlook on the back of expansion plan

Competitive Advantage…..

Management

Current top management have proven track record and multi-decade experience (average tenure of c.25 years)

Highly motivated and well trained middle management

Modern manufacturing facilities

State-of-the art technology resulting in lower costs per tonne

Highly scalable, well positioned and efficient infrastructure

Attractive macro fundamentals

Favourable macro-economic environment for investments

Strong sugar market fundamentals characterised by potential upside of current low consumption per capita and increasing demand for sugar

High cash conversion

Highly cash generative business with approx. 80% cash conversion

Prudent and timely expansion strategy

Historically favourable tax incentive structure due to pioneer status

Leading market position

Major sugar refiner in Nigeria with 2nd largest refining capacity in the world

Strong overall market share with highly diversified customer base

High operational, structural and financial barriers to entry (regulatory environment)

Sound growth strategy

Clearly defined strategy to maintain leadership position in domestic and regional market

Strategic objective to initiate regional export plan, backward integration of upstream sugar and increase penetration as supplier to niche markets i.e. users of molasses, makers of biofuels etc

Strong profitability track record

Strong historical refining margin preserved at more than 15%

Highly effective cost management strategy ensuring profitability

EBITDA margins of about 9%

Competitive Advantage

FINANCIAL REVIEW

The Board of Directors of Dangote Sugar Refinery Plc hereby announce the following Results for the year ended 31 December, 2011. 2011 2010 N’000 N’000 Turnover 106,510,507 89,980,499 Cost of sales (92,777,191) (71,882,176) Gross profit 13,733,316 18,098,323 Distribution and administrative expenses (3,717,580) (3,498,016) 10,015,736 14,600,307 Other income 538,483 1,548,569 Operating profit 10,554,219 16,148,876 Interest Payable and similar charges (347) (1,946) Profit on ordinary activities before taxation 10,553,872 16,146,930 Taxation (3,442,554) (4,864,690) Profit after Taxation 7,111,318 11,282,240 Interim Dividend Paid 0 0 Profit on ordinary activities after taxation and interim dividend transferred to revenue reserve 7,111,318 11,282,240 Earnings per share (kobo) – BASIC 59 94

Results for Year Ended 31 December 2011

RESULT FOR THE 1ST QUARTER ENDED 31ST MARCH Results for the Period Ended 31 March 2012

Statement of comprehensive income

For the period ended 31 March 2012

March 2012 March 2011 N'000 N'000

Continuing operations

Revenue 26,729,353 21,540,780

Cost of sales (21,390,998) (18,303,253)

Gross profit 5,338,355 3,237,527

Other gain & (loss) 17,225 27,179

Administrative expenses (1,343,740) (1,370,479)

Net finance costs 107,382 155,479

Profit / (Loss) before tax 4,119,222 2,049,706

Income tax expense (1,318,151) (655,906)

Profit from continuing operations 2,801,071 1,393,800

Other comprehensive income

Defined benefit plan actuarial gain/loss - -

Prior year deferred tax adjustment

Total comprehensive income - -

Profit attributable to owners of the company 2,801,071 1,393,800

Non-controlling iterest - -

2,801,071 1,393,800

Non-controlling interest - -

2,801,071 1,393,800

Total comprehensive income attributable to owners of the company:

Total Comprehensive Income for the period

GROWTH STRATEGY

Product expansion

Diversify distribution chain Packaged sugar for retail consumers

Regional expansion

Enter neighbouring African markets Export to Ghana has commenced.

Vertical integration

Commence vertical integration Strategic objective to acquire

Savannah Sugar

Current production yield at 95%; target of 97%

Conversion of molasses to ethanol Increase warehouse capacity and

stocks

Efficiency

Capacity expansion

Production capacity expansion to capture regional and domestic growth

Str

ate

gy

To be among the leading integrated low cost sugar producers in the world by doubling production capacity,

with strong domestic and regional African presence and increasingly international focus

Goal

Cost management

Vessel acquisition

Retail packaging plant commissioned in 2011

Major efforts underway to achieve some exports in the current year.

Savannah integration planned for the medium term

Reviewing strategic options

Current Production yield of 95% achieved

Nigeria plant expansion in progress

Looking for opportunities

Stated strategy Status

Our Growth Strategy

First shipment of 1,500 MT sugar to Ghana in December 2007

Benefit from Nigerian export promotion council incentive

Benefit from tariff agreements within the ECOWAS zone

Region imports1 total of 1.0 mm MT due to lack of production facilities

Strategic location of refinery in Apapa port Strong potential for growth on the back of low

consumption per capita and growing middle class

Consumption per capita (kg)

Source: IMF, International Sugar Organisation, DSR management estimates

¹ Excluding Nigeria

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Retail packaging plant commissioned in 2011 Target retail market through distributors with small

packs of 250g, 500g and 1.0kg branded Dangote Leverage Dangote brand at no additional costs

through existing management contract CapEx of approximately US$7 million Positive impact on margins given further

penetration of value chain at minimal costs

Consumption and imports - ECOWASExporting into ECOWAS

DSR small packaging plant

Exports and Retail Packaging Plant

Capacity Expansion

Market Expansion

Product Diversification

Improvement in Operating, Selling & Distribution Margins

Provide attractive Returns to Stakeholders

75% capacity increase from 1.44 million MT to 2.5 million MT on-goingBoost revenue growth

Export market potential within AfricaTrading Offices set up in Senegal & Ghana Planning at advanced stage for Liberia and other countries

Introduction of new products - Retail Packaging* Conversion of molasses to ethanol

100% conversion to gasReinforced supply chain management

Future Outlook

THANK YOU

Information Memorandum