Business Restructuring - AFRICAN MARKETS

in consultation with the larger GREIF Sub-Sahara Africa and EMEA management team have approved a total business restructuring plan for the local operation ...
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Lagos, Dated this 9th day of May 2018

GREIF NIGERIA BUSINESS RESTRUCTURING PLAN Increasing complexity of local economy, decreasing aggregate effective demand, increasing infrastructural deficits, multiple taxes and charges have all contributed to lower productive capacities and volumes, thereby increasing cost of doing business and decreasing profit margins. Specifically for our business, we continue to experience declining volumes and lower productive capacities, loss of a major customer especially in our branch network. In addition to escalating operational costs and decreasing margin. With the ever increasing need to satisfy our customers with supply of quality steel drums/products, earn a commensurate return on investment and improve shareholders value, it is imperative to carry out a restructuring of our entire business in order to deliver on targeted key performance indicators. Against this backdrop, and in order to reposition GREIF Nigeria to better provide efficient customer services to its customers in Nigeria vis-à-vis the supply of quality drums/products through seamless and safe operation and at competitive pricing, the GREIF Nigeria Board of Directors and management in consultation with the larger GREIF Sub-Sahara Africa and EMEA management team have approved a total business restructuring plan for the local operation as follow; 1. Strategic consolidation of all volumes and production capacity in our Apapa, Lagos factory site only and supply quality products out of the factory to customers in Nigeria. 2. Closure of the factory branch network in both Koko, Delta State and Kaduna, Kaduna State and commencement of complete evacuation of all machines and equipment during current accounting year. 3. Embark on Apapa factory site improvement, capital expenditure and overhaul to meet minimum standard of GREIF operation worldwide in terms of safety and operational excellence. BY ORDER OF THE BOARD

OLUKUNLE OBADINA Director

MARINA NOMINEES LIMITED Secretaries Lagos Office Greif Nigeria Plc RC501

Rigid Industrial Packaging & Services

1, Alapata Road, Off Dockyard Road P O Box 16, Apapa, 101253, Lagos - Nigeria Tel: +234 0 803 402 3903, +234 0 908 289 8377, www.greif.com Directors: A. A. Olowoniyi – Chairman, Olukunle Obadina – Managing, Erik ’t Sas, G. A. Omotayo