Statutory advert for rights issue

RC 2460

at

N1.20 per share

On the basis of One (1) new ordinary share for every Six (6) ordinary shares of 50 Kobo each held as at the close of business on 30 March, 2026

PAYABLE IN FULL ON ACCEPTANCE

The rights being offered in this document are tradable on the floor of the Nigerian Exchange Limited for the duration of the Rights Issue

Please read the Rights Circular and where in doubt, consult your Stockbroker, Fund/Portfolio Manager, Accountant, Banker, Solicitor, or any other professional adviser for guidance before subscribing

COMPLETED ACCEPTANCE FORMS TOGETHER WITH PAYMENT/EVIDENCE OF PAYMENT FOR THE FULL AMOUNT PAYABLE SHOULD BE SUBMITTED NO LATER THAN 10 JUNE 2026 TO THE ISSUING HOUSE OR ANY OF THE RECEIVING AGENTS LISTED IN THE RIGHTS CIRCULAR

Lead Issuing House

Provisional Allotment:

One (1) new ordinary share for every six (6) ordinary shares of 50 Kobo each, held by shareholders whose names appear on the Register of Members and transfer books of the Company as at the close of business on 30 March,2026.

Acceptance/Renunciation:

Rights Circulars have been mailed directly to all qualified shareholders. Acceptance/Renunciation of Rights must be made on the official Acceptance Form ("Form") enclosed in the Rights Circular and in accordance with the instructions set out on the Form. Care must be taken to follow these instructions as applications which do not comply will be rejected.

The completed Form must be lodged, together with the payment/evidence of payment, with the Issuing House or Receiving Agents listed in the Rights Circular not later that Wednesday, 10 June, 2026. The receipt of the duly completed Form along with the evidence of payment will constitute acceptance of all or part of the provisional allotment on the terms of the provisional allotment letter as contained in the Rights Circular, subject to the Memorandum and Articles of Universal Insurance and clearance by SEC.

If payment is not received by Wednesday, 10 June, 2026, the provisional allotment will be deemed to have been declined and will be cancelled. Where the amount payable exceeds N10 million, payment should be made through the e-payment mode. Kindly consult further with your Bankers in this regard.

Trading in Rights:

The provisional approval of The NGX has been obtained for trading in the Rights of the Company. The Rights will be tradable between Wednesday, 13 May, 2026 and Wednesday, 10 June, 2026 at prices quoted from time to time on the floor of The NGX.

Shareholders who wish to trade their Rights partially or in full, may trade such Rights on the Floor of The NGX between these dates. Shareholders who wish to trade their Rights may contact their stockbroker for guidance.

E-Allotment/Share Certificates:

The Central Securities Clearing System ("CSCS") accounts of shareholders will be credited shortly after allotment. Shareholders are thereby advised to state the name of their respective stockbrokers and their Clearing House Numbers ("CHN") and CSCS account numbers in the relevant spaces on the Acceptance Form. In accordance with the SEC Directive on Dematerialization of Share Certificates, shareholders who do not provide valid CHN and CSCS account numbers will have their shares credited at the CSCS using a Registrar Identification Number. The allotted shares will be transferred to the stockbroking account of such shareholder once valid CHN and CSCS account numbers are provided.

Allotment of Additional Shares:

Shareholders who wish to acquire additional shares over and above their provisional allotment may apply for additional shares by completing the appropriate section of the Form. Ordinary shares not taken up and paid for by Wednesday, 10 June, 2026 will be allotted on a pro-rata basis to existing shareholders who applied and paid for additional shares over and above their provisional allotment under the terms of this Rights Issue.

Important Information:

Rights Circulars have been mailed directly to all qualified shareholders. Any qualified shareholder who does not receive his/her Rights circular by Wednesday, 13 May 2026, is advised to contact the Registrar, Carnation Registrars Limited at 2a, Gbagada Expressway, Anthony Village, Lagos State or on +234

(0) 803 405 2779 or +234 (0) 814 513 5513, or via

info@carnationregistrars.com or the Issuing House.