2005 Press Release

eXPRESS DISCOUNT LIMITED'S paid-up capital now n1.55 billion
Lagos Island, Lagos – October 4, 2005

The first phase of Express Discount Limited's recapitalization programme has been concluded with the approval by CBN of N328.60 million raised through a Rights Offer.

The paid-up share capital of the company now stands at N1.55 billion and shareholders fund now stands at N1.98 billion. The second phase which is a private placement offer to raise the capital to a minimum of N2 billion is expected to be consumated before March 31, 2006 .