UAC, UPDC Joint Announcement on Proposed Transaction

The Boards of Directors of UAC of Nigeria Plc (“UAC”) and UACN Property Development Company Plc (“UPDC” or the “Company”) (collectively the “Boards”, individually the “Board”) wish to inform The Nigerian Stock Exchange (“The Exchange” or “The NSE”), their shareholders and stakeholders that they are considering strategic initiatives involving a recapitalization and restructuring of UPDC. These initiatives are still subject to the review and approval of the Securities and Exchange Commission (the “SEC”), and The NSE (collectively the “Regulators”) and shareholders of both companies.

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