Revenue 1 2,201, ,554 1,715, ,584 Cost of sales (978,324) (184,709) (683,273) (109,550)

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1 UNAUDITED STATEMENT OF COMPREHENSIVE INCOME FOR THE THIRD QUARTER ENDED 31ST DECEMBER 2018 Apr -Dec Oct-Dec Apr -Dec Oct-Dec Notes Revenue 1 2,201, ,554 1,715, ,584 Cost of sales (978,324) (184,709) (683,273) (109,550) Gross profit 1,223, ,845 1,031, ,034 Other operating income 2 5,682 3,551 6,340 1,264 Marketing and distribution expenses (398,713) (128,223) (316,799) (101,502) Administrative expenses (478,161) (194,704) (381,742) (130,014) Profit(Loss) from continuing operations 352,166-63, ,533-27,218 Finance Income 2 23,702 10,639 21,584 5,490 Profit before taxation 375,868-52, ,117-21,728 Taxation Expense 3 (112,760) (143,575) - Profit(Loss) after tax from continuing operations 263,108-52, ,542-21,728 Total Comprehensive income(loss) attributable to owners of the entity 263,108-52, ,542-21,728 Basic earnings per 50k share 60.99k (12.26k) 50.43k (5.04k) Dilluted earnings per 50k share 60.99k (12.26k) 50.43k (5.04k)

2 UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE THIRD QUARTER ENDED 31 DECEMBER 2018 Property Plant Reserve on and Equipment actuarial Revenue Share Share Capital Revaluation valuation Reserve Total Capital Premium Reserve Reserve of gratuity Equity N'000 Balance at 1 April , ,755 1, ,448 (38,304) 1,466,757 2,564,803 Profit for the period , ,108 Other comprehensive income Total comprehensive income 215, ,755 1, ,448 (38,304) 1,729,865 2,827,911 Transactions with owners: (64,711) (64,711) Dividend paid Balance at 31 December , ,755 1, ,448 (38,304) 1,665,154 2,763,200 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2018 Property, plant and Reserve on equipment actuarial Share Share Capital revaluation valuation Revenue Total Capital Premium Reserve Reserve of gratuity Reserve Equity N'000 Balance at 1 April , ,397 1, ,448 30,666 1,302,487 2,472,145 Comprehensive income for the year: Profit for the year , , , ,411 Other comprehensive income Actuarial loss on defined Valuation surplus on (68,970) - (68,970) (2,642.00) (2,642) - (2,642) - - (68,970) - (71,612) Total comprehensive income - (2,642) - - (68,970) 207, ,799 Transactions with owners: Dividend declared (43,141) (43,141) (43,141) (43,141) Balance at 31 March , ,755 1, ,448 (38,304) 1,466,757 2,564,803

3 STATEMENT OF CASH FLOWS FOR THE THIRD QUARTER ENDED 31 DECEMBER Notes Cash flow from operating activities Cash received from customers 2,102,732 1,635,369 Payments to suppliers and employees (1,921,445) (1,772,843) Output VAT (64) (157) Tax paid 3 (69,627) (48,348) Net cash provided by operating activities 111,596 (185,979) Cash flow from investing activities: Interest received 2 23,702 21,578 Dividend Proceeds from sale of property, plant and equipment 1,342 2,490 Purchase of property, plant and equipment 5 (23,797) (9,433) Net cash used in investing activities 1,247 14,641 Cash flow from financing activities: Dividend paid 16 (64,711) (43,141) Net cash used in financing activities (64,711) (43,141) Net (decrease)/increase in cash and cash equivalents 48,132 (214,479) Cash and cash equivalents at the beginning of the financial year 407, ,087 Cash and cash equivalents at the end of the period , ,608

4 UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018 March Assets 2018 Non-current assets Notes Property, plant and equipment 4 1,135,286 1,206,407 Investment Property 4 279, ,500 Retirement benefits 28,263 28,263 1,443,049 1,514,170 Current assets Inventories and work-in-progress 5 1,217,463 1,231,608 Trade receivables 6 268, ,914 Other receivables and prepayments 7 112, ,580 Cash and cash equivalents , ,720 Total current assets 2,053,492 1,898,822 Total assets 3,496,541 3,412,992 Equity and Liabilities Current liabilities Trade payables 8 7,429 26,244 Other payables and accruals 9 380, ,235 Unclaimed dividends 127, ,018 Current income tax liability 3 112,760 69, , ,124 Non-Current liabilities Deferred taxation 106, ,065 Total Liabilities 733, ,189 Net Assets 2,763,200 2,564,803 Equity attributable to owners of the Parent Share capital , ,705 Share premium , ,755 Capital reserve 12 1,442 1,442 Revaluation reserves , ,448 Reserve on Actuarial valuation of gratuity (38,304) (38,304) Revenue reserve 14 1,665,154 1,466,757 2,763,200 2,564,803 Dr Lalekan Are ) Chairman FRC/2013/IODN/ Mr S. Kolawole FRC/2013/ICSAN/ Mr G.A. Adebayo FRC/2013/ICAN/ ) Managing Director ) Executive Director(Finance)

5 NOTES FORMING PART OF THE FINANCIAL STATEMENTS Revenue 1 Revenue is derived from sales of printed books in Nigeria. Analysis by zone N'000 N'000 Western Zone 926, ,383 Eastern Zone 448, ,065 Northern Zone 826, ,559 Total 2,201,682 1,715, December 31 December 2.(a) Other operating income (a) Profit on disposal of property, plant and equipment 1,341 2,244 Other income 1,292 1,045 Rental income 3,049 3,051 5,682 6,340 Finance income Interest received 23,702 21,578 Dividend income 6 23,702 21, Taxation Per income statement Income tax on profit for the period 104, ,752 Education tax 7,893 7, ,760 - Underprovision - Income tax 25,849 - Education tax 9, , ,575 Per statement of financial position: 31 December, March 2018 Opening balance - Income tax 62,363 43,163 - Education tax 7,264 4,786 Payments during the year - Income tax (62,363) (78,777) - Education tax (7,264) (7,229) - Capital gain tax Charge for the period - Income tax 104,867 62,363 - Education tax 7,893 7,264 - Underprovision - Income tax 35,614 - Education tax 2,443 Balance at the end of the period 112,760 69,627 (c) Income tax expense is the aggregate of the charge to the income statement in respect of current income tax, education tax and deferred tax. The amount provided as Income Tax on the profit for the year has been computed on the basis of the income tax rate of 30% in accordance with CAP C21 LFN, 2004 (as amended).

6 4 Property, plant and equipment Furniture and Computer Printing and Fittings Motor Cost/Valuation Land Buildings Equipment other Equipment vehicles Total N'000 At 1 April , , , ,296 41, ,746 1,988,856 Additions 11,258 11,489 1,050 23,797 Disposals - (2,216) (84) (10,833) (13,133) At 31 December, , , , ,569 42, ,913 1,999,520 Accumulated depreciation At 1 April ,963 92,668 95,400 35, , ,449 Charge for the period - 7,421 6,506 6,349 2,226 72,415 94,917 Disposals - (2,215) (84) (10,833) (13,132) At 31 December, ,384 99,174 99,534 37, , ,234 Net book values at At 31 December, , ,324 18,745 39,035 4, ,585 1,135,286 4b Property, plant and equipment Printing and Computer other office Furniture Motor Cost/Valuation Land Buildings equipment equipment and fittings vehicles Total N'000 At 1 April , , , ,618 40, ,901 1,820,432 Additions - - 8, , , ,548 Disposals - - (3,237) (978) (55) (15,846) (20,116) Adjustment (4,008) (4,008) At 31 March , , , ,296 41, ,746 1,988,856 Accumulated depreciation At 1 April ,077 88,213 87,012 32, , ,557 Charge for the year - 9,894 7,692 9,366 3,435 66,629 97,016 On disposals - - (3,237) (978) (55) (15,846) (20,116) Adjustment (4,008) (4,008) - - At 31 March ,963 92,668 95,400 35, , ,449 Net book value: 31 March , ,745 13,993 33,896 6, ,000 1,206,407

7 31 December 31 March 5 Inventories and work-in-progress (a) Books 1,226,887 1,250,843 Allowance for obsolete inventories (Note 5 (98,930) (98,930) 1,127,957 1,151,913 Papers (Note 5(c)) 19,833 29,164 Work-in-progress 66,007 48,061 Consumables 3,666 2,470 1,217,463 1,231,608 (c) Allowance for obsolete inventories Balance at the beginning of the period 98,930 97,857 Allowance for the period - 1,073 Balance at the end of the period 98,930 98,930 Papers Papers 19,833 29,164 Allowance for obsolete inventories - 19,833 29,164 6(a) Trade receivables (a) Trade receivables 282, ,287 Allowance for impairment of receivables (Note 6 ) (14,373) (14,373) 268, ,914 Allowance for impairment The movement in provision for impairment is as follows: Balance at the beginning of the period 14,373 12,254 Allowance for the period - 2,119 Balance at the end of the period 14,373 14,373 7 Other receivables and prepayments (a) Prepayments 33,757 18,735 Sundry receivables (Note 7 ) 78, , , ,580 Sundry receivables These comprise: Recoverable workshop expenses 8,683 5,918 WHT recoverable 7,201 7,847 WHT received 23, Other receivables 59,158 49,414 Security deposit for performance bond - 48,119 Deposit for foreign exchange - 9,615 98, ,127 Provision for impairment (Note 7(c) ) (20,282) (20,282) Balance at the end of the year (Note 7(a) ) 78, ,845 (c) Allowance for impairment The movement in provision for impairment is as follows: Balance at the beginning of the year 20,282 19,005 Allowance for the year 0 1,277 Balance at the end of the period 20,282 20,282

8 31 December 31 March 8 Trade payables Trade payables 7,429 26,244 9 Other payables and acruals (a) Deposit for special publications 22,794 29,502 Other suppliers 6, ,369 Staff pension fund (note 9) - 2,317 Royalty payable(note 9(c) ) 263, ,375 Staff incentive ,527 Witholding tax payable 32,507 35,633 Provision for audit fees 4,493 5,201 Corporate social responsibility 10,799 10,799 Other payables 38,322 29, , ,235 Staff Pension Fund Balance at the beginning 2,317 2,172 Charge for the period 26,626 20,060 Payments during the period (28,943) (19,915) Balance at the end of the year (Note 9(a) ) - 2,317 Contribution to staff pension fund is payable to Pension Fund Custodian/Administrat (c) Royalty Opening balance 176, ,447 Charge for the period 191, ,442 Payments (104,258) (161,514) Balance at the end of the period 263, ,375

9 Share capital (a) Authorised: 31 December March 2018 Number Value Number Value '000 N'000 '000 N'000 Ordinary shares of 50 kobo each 2,000,000 1,000, , ,000 Issued and fully paid Balance at the beginning and end of the year 431, , , , December 31 March 11 Share premium Balance at the beginning of the year 146, ,397 Right Issue expenses (2,642) Balance at the end of the year 146, , (a). Capital reserve Balance at the beginning and end of the year 1,442 1,442 This represents 40% of profits retained on cessation of the Nigerian Branch of Oxford University Press. The amount is not remittable but is to be spent in Nigeria. Property, plant and equipment revaluation reserve The movement in revaluation reserve is as follows: Balance at the beginning of the year 772, ,448 - Balance at the end of the period 772, ,448 14(a) Revenue reserve Balance at the beginning of the year 1,466,757 1,302,487 Dividend declared and paid (64,711) (43,141) 1,402,046 1,259,346 Profit for the period 263, ,411 Balance at the end of the period 1,665,154 1,466,757 Cash and Cash Equivalents 15 For the purpose of the statement of cashflows, cash comprises cash at bank and in hand and short term in the statement of financial position as follows: Cash at bank and in hand 149, ,537 Short term deposits 306, , , ,720

10 Capital commitments 16 There were no commitments for capital expenditure at the statement of financial position date December 2018 : Nil). Related party transactions 17 Related parties include the Board of Directors, the Managing Director, close family members and companies which are controlled by these individuals 18 Post balance sheet events No events or transactions have occurred since 31 December 2018 which would have a material effect upon the financial statements at that date or which need to be mentioned in the financial statements in order not to make them misleading as to the financial position or results of operations at 31 December, 2018 Comparative figures 19 Where necessary, comparative figures have been adjusted to conform to changes in presentation in the current year in accordan with International Accounting Standard (IAS)1.