EXPRESS DISCOUNT LIMITED ANNOUNCES RESULTS FOR THE YEAR ENDED 31ST MARCH 2005
Lagos Isand, Lagos - 25th August, 2005

Express Discount Limited, one of the registered discount houses in Nigeria, held its 12th Annual General Meeting at the Muson Centre, Lagos on 24th August 2005 to amongst other things approve the 2005 audited accounts for the year ended 31st March 2005.

The highlight of the financial results released at the occasion revealed that the company was able to sustain a steady growth and enhance its previous year’s performance. Gross earnings rose to =N=3.039 billion from =N=2.370 billion, profit before tax increased by 26% from =N=411million to =N=518 million, profit after tax increased by 34% from =N=348million to =N=446million, while shareholders’ fund increased by 17% from =N=1.42billion to =N=1.66billion.

The result according to the Chairman of the company Alhaji Bala Zakariya’u represents an upward trend and demonstrates growth as well as increased earnings and profit.

Pleased with the performance of the company, the shareholders approved a dividend of 20 kobo per ordinary share of =N= 1.00 amounting to =N=223.08million and a Bonus Issue of =N=111,540,000 to be utilized in allotting 111,540,000 ordinary shares of =N=1.00 to members in the proportion of one for every ten shares previously held.

Speaking on the recently concluded Rights Issue and on-going Private Placement Exercise, the Chairman announced that the Rights Issue Offer of =N=284,600,000 approved at the last Annual General Meeting was oversubscribed by 15% as application and allotment amounted to 328,600,000 ordinary shares of =N=1.00. The over subscription was accommodated in the offer of 600,000,000 ordinary shares of =N=1.00 approved for new investors through a Private Placement, thus making only 444,460,000 ordinary shares available to private investors at =N=3.00 per share.

With the capitalization of the bonus issue of =N=111.54Million and the Rights Issue of =N328.60Million, the company’s paid-up capital will rise to =N=1.55Billion giving it a better leverage to conduct business.

As regards the future, the company is poised to explore emerging opportunities from the post consolidation era in the financial services industry while at the same time committed to further deepening existing business in key areas of product offerings and quality services.