PRESS RELEASE TRANSCORP RECORDS PBT OF N2.

9BN, HOLDS ANNUAL GENERAL MEETING Abuja, Nigeria - June 24, 2013- Transnational Corporation of Nigeria Plc (Transcorp), a diversified conglomerate with strategic interests in the energy, hospitality and agriculture sectors held its 7th Annual General Meeting (AGM) on June 21, 2013 at the Congress Hall, Transcorp Hilton Hotel, Abuja. The company presented its audited financial statements prepared in accordance with International Financial Reporting Standards (IFRS). Transcorps shareholders overwhelmingly approved the companys audited accounts for the financial year ended 2012 and re-elected Tony O Elumelu, CON as Chairman. During the meeting, the Chairman of Transcorp, Tony O. Elumelu, CON stressed the significant progress made by the company in terms of improved operational and financial performance. "The first thing we did when we took over was to build a foundation for sustainable growth, based on strong corporate governance. We have made new acquisitions like the Ughelli power plant and embarked on an aggressive expansion of our hospitality business. We want to build a business that lasts, whose shares you can give to your heirs." During the year, Transcorp led a consortium that won the acquisition bid for the Ughelli Power Plc for USD300m under the Federal Governments on-going power sector reforms and privatization programme. The initial deposit of 25% has been made and the balance is to be paid on take-over which is scheduled to happen in a few weeks. In the hospitality sector, Transcorp Hilton Hotel was named the winner of the Hilton Worldwide Sales Team of the Year Prize for 2012 (Group Conference and Events) for the Middle East and Africa Region. This award was in recognition of the hotel as the highest performing hotels Sales Team as measured by specific Hilton Worldwide conference and events measurement metrics.

In his review of the 2012 financial statements, Obinna Ufudo, the President/CEO of Transcorp attributed the companys impressive financial results generally to the focused execution of the companys redefined corporate strategy based on income diversification, cost optimization and more effective risk management controls. The companys 2012 profits before tax increased by N1.6 billion representing a growth of 123% from N1.3 billion to N2.9billion. This unprecedented growth was as a result of the combined effects of a reduction in administrative expenses and a quantum increase in investment income. The cost optimization exercise instituted at the companys corporate centre continues to yield desired results. This is indeed the beginning of a new era for Transcorp an era of accelerated and sustainable growth. About Transcorp Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with a diversified shareholder base of over 300,000 investors, the most prominent of which is Heirs Holdings Limited, a pan-African proprietary investment company. The Transcorp portfolio comprises strategic investments in the hospitality, agribusiness and energy sectors. Our notable businesses include Transcorp Hilton Hotel, Abuja; Transcorp Hotels, Calabar; Teragro Commodities Limited, operator of Teragro Benfruit plant - Nigerias first-of-itskind juice concentrate plant; Transcorp Ughelli Power Limited and Transcorp Energy Limited, operator of OPL 281 For more information about Transcorp, please visit www.transcorpnigeria.com . Contact: Dupe Kupoluyi Olusola Director of Resources Transnational Corporation of Nigeria Plc 38 Glover Road (formerly 22B) Ikoyi, Lagos Tel: +234-1-9033946-50 Email: dolusola@transcorpnigeria.com