Guinness Nigeria : NIG PLC - NOTIFICATION OF CHANGE IN DISTRIBUTION MODEL FOR IMPORTED DIAGEO INTERNATIONAL PREMIUM SPIRIT

LAGOS

26 March, 2024

UPDATE ON NOTIFICATION OF CHANGE IN DISTRIBUTION MODEL FOR IMPORTED DIAGEO INTERNATIONAL PREMIUM SPIRIT (IPS) BRANDS

NOTICE TO THE NIGERIAN EXCHANGE & GENERAL PUBLIC

This announcement is made by Guinness Nigeria PLC ("Guinness Nigeria") to the Nigerian Exchange Limited ("the Exchange") and the Invesng Public pursuant to Rule 17.6 of the Issuers' Rules (Rulebook of the Nigerian Exchange Limited, 2015 as amended) as an update to its inial announcement dated 5th October, 2023.

Guinness Nigeria Plc and Diageo have, since the said announcement, taken preliminary steps towards the implementaon of the business separaon, which was inially scheduled to be completed by April 2024. However, the transion to the new arrangements is taking longer than expected, hence the April 2024 compleon date is no longer feasible. Accordingly, Guinness Nigeria Plc hereby gives noce of the extension of the separaon of the imported Internaonal Premium Spirit (IPS) brands from Guinness Nigeria Plc's business to now become effecve during the course of Guinness Nigeria Plc's Financial Year 2025.

This update is to advise that Guinness Nigeria Plc will connue to import and distribute Diageo Internaonal Premium Spirits products, including Johnnie Walker, Singleton, and Baileys and others which are imported under its 2016 Sale & Distribuon Agreement with Diageo plc unl the transion process is completed.

We reiterate that the separaon is in line with Guinness Nigeria's long-term growth strategy, and Diageo Plc's decision to establish a new, wholly owned spirits-focused business to manage the importaon and distribuon of its internaonal premium spirits porolio in West and Central Africa. Nigeria will serve as a key hub of that business.

There are no changes to Diageo Plc's shareholding in Guinness Nigeria Plc as a result of this separaon. Guinness Nigeria Plc remains a strong Nigerian company commied to ensuring that its strategic and operaonal acvies deliver sustainable value to our esteemed stakeholders.

By Order of the Board

FOR: GUINNESS NIGERIA PLC

ABIDEMI ADEMOLA (MRS)

LEGAL DIRECTOR/COMPANY SECRETARY

Guinness Nigeria Headquarters, Cocoa Industries Road (Guinness Road), Ogba, Ikeja Lagos| Telephone [phone] |www.guinness-nigeria.com | RC 771

Directors: Dr (Mrs.) Omobola Johnson (Board Chair) | Ms. Joan Hodgins (Irish) (Vice Chair) | Mr. Adebayo Alli (Managing Director/CEO) | Mr Emmanuel Difom (Cameroonian) (Finance Director) | Ms. Ngozi Edozien | Mr Leo Breen (British) | Ms. Grainne Wafer (Irish) | Mrs. Oluyemisi Ayeni | Prof. Fabian Ajogwu, SAN |

A subsidiary of DIAGEO PLC