Selected Case Study: Lagos State - NGN47bn16.50% Series I 3rd Bond Programme

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1 Selected Case Study: Lags State - NGN47bn16.50% Series I 3rd Bnd Prgramme Transactin Terms Issuer/Brrwer Lags State Pricing Date December 2016 UCML s Rle Jint Issuing Huse/Bkrunner Senir Unsecured Issuer Rating(s) A+ (Agust) AA-(Agust) Methd f Offer Offer fr Subscriptin Bk Build Offer Price Prgramme Size NGN500 billin NGN47 billin Cupn 16.50% Call Optin Callable at the ptin f the Issuer Redemptin Amrtized redemptin f Principal; fllwing thirty-six (36) mnths mratrium n repayment f Principal Amunt Day Cunt Cnventin Actual/Actual Tenr 7-year Maturity Date December 2023 FMDQ & NSE Use f Prceeds Fr investment in new and existing capital prject Gverning Law The Laws f the Federal Republic f Nigeria

2 Selected Case Study: Wema Funding SPV - NGN6.295 Billin 18.50% Series I Bnds due 2023 Transactin Terms Issuer/Brrwer Wema Funding SPV Plc Spnsr Wema Bank Plc Pricing Date September 2016 UCML s Rle Lead Issuing Huse/Financial Adviser Spnsr Rating(s) Offer Price Prgramme Size Senir Unsecured BBB- (GCR) BBB- (GCR) Bk Build NGN 50 billin NGN6.295 Billin Cupn 18.50% Benchmark Bnd FGN 2022 Day Cunt Cnventin Actual/365 Tenr 7-year Call Optin Available Maturity Date September 2023 FMDQ Use f Prceeds Purchase f 7 year Subrdinated Bnd issued by Wema Bank Plc and FGN 2024 Bnd Gverning Law The Laws f the Federal Republic f Nigeria

3 Selected Case Study: FCMB Financing SPV - NGN23.2 billin 15.00% Series II Bnds due 2020 Transactin Terms Issuer/Brrwer FCMB Financing SPV Plc Spnsr FCMB Ltd Pricing Date Nvember 2015 UCML s Rle Jint Bkrunner/Placement Agent Issuer Rating(s) Methd f Offer Offer price Prgramme Size Senir Unsecured A- (GCR) A-(GCR) Offer fr Subscriptin Bk Build NGN 100 billin NGN23.2 billin Cupn 15.00% Issue Spread vs Benchmark Bnd 15.54% FEB bps Day Cunt Cnventin Actual/365 Tenr 5-year Maturity Date Nvember 2020 FMDQ Use f Prceeds Purchase f 5 year Senir Unsecured Bnd issued by FCMB Ltd Gverning Law The Laws f the Federal Republic f Nigeria

4 Selected Case Study: Fidelity Bank Plc - NGN30 billin 16.48% Bnds due 2022 Transactin Terms Issuer/Brrwer Fidelity Bank Plc Pricing Date May 13, 2015 UCML s Rle Jint Issuing Huse/Underwriter Issuer Rating(s) Methd f Offer Offer price Subrdinated Unsecured A- (GCR) BBB (GCR) Offer fr Subscriptin Firmly Underwritten NGN30 billin Cupn 16.48% Issue Spread vs Benchmark Bnd 30DMA1 f 16.39% JAN 2022 bnd yield bps Day Cunt Cnventin Actual/Actual Tenr 7-year Maturity Date May 13, 2022 FMDQ Use f Prceeds SME Lending (80% f net issue prceeds) Retail Lending (15% net issue prceeds) Retail Infrastructure (5% f net issue prceeds) Gverning Law The Laws f the Federal Republic f Nigeria S e l e c t e d M i l e s t n e s : UCML t r a c k r e c r d Crprate Finance and Mergers & Acquisitins Executin f dmestic cmbinatins, divestitures, acquisitins, Leveraged Buyuts and Management Buyuts Strategic advisry services n takever defence, flatatin, privatizatin, internatinal equity issuance issues as well as n investment exits t PE funds Capital Markets

5 Debt Capital Markets Prvides innvative slutins t its existing and ptential crprate r svereign clients in terms f raising funding thrugh debt r quasi-debt Debt Restructuring/Advisry : Debt cnversin, Debt buy-backs, Restructuring f public entities and banks State and Svereign Debt Cnvertible and Structured prducts Crprate Debt Equity Capital Markets Manages transactins fr clients wh intend t raise equity and quasiequity capital frm the capital markets Right issues Initial Public Offerings Special placing Prject and Infrastructure Finance Prject Finance Plays advisry, structuring and lead arranger rles n deals requiring Prject Finance capabilities in the Pwer, Oil & Gas and Htels & Real Estate sectrs Structured Finance Respnsible fr intermediating between firms requiring leverage capital and firms/funds with leveraged credit prducts requiring high yield PPP prjects include : Airprts cncessining, Rad cncessining, Rail rad, Prts privatizatin, Special ecnmic znes S e l e c t e d M i l e s t n e s : UCML t r a c k r e c r d Crprate Finance and Mergers & Acquisitins Executin f dmestic cmbinatins, divestitures, acquisitins, Leveraged Buyuts and Management Buyuts Strategic advisry services n takever defence, flatatin, privatizatin, internatinal equity issuance issues as well as n investment exits t PE funds Capital Markets Debt Capital Markets

6 Prvides innvative slutins t its existing and ptential crprate r svereign clients in terms f raising funding thrugh debt r quasi-debt Debt Restructuring/Advisry : Debt cnversin, Debt buybacks, Restructuring f public entities and banks State and Svereign Debt Cnvertible and Structured prducts Crprate Debt Equity Capital Markets Manages transactins fr clients wh intend t raise equity and quasi-equity capital frm the capital markets Right issues Initial Public Offerings Special placing Prject and Infrastructure Finance Prject Finance Plays advisry, structuring and lead arranger rles n deals requiring Prject Finance capabilities in the Pwer, Oil & Gas and Htels & Real Estate sectrs Structured Finance Respnsible fr intermediating between firms requiring leverage capital and firms/funds with leveraged credit prducts requiring high yield PPP prjects include : Airprts cncessining, Rad cncessining, Rail rad, Prts privatizatin, Special ecnmic znes

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