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Thursday, July 24, 2008

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CONSENSUS ESTIMATES

As at 19 May 2008:
		15 months ended 31 December 2008
Current Consensus		2008
		Mean	High	Low
		N Billion	N Billion	N Billion
Sales		214.7	230.5	194.1
Profit before tax		62.7	82.1	46.7
Profit after tax		54.8	65.4	39.5

		N	N	N
Target share price		55.08	73.00	25.82
Book Value per Share( BVPS)		15.86	16.10	15.61
Earnings per Share (EPS)		2.96	3.34	2.03
Dividends per Share (DPS)		1.72	1.98	1.20


The sell-side analysts who cover UBA and whose estimates are included in the above outlined
consensus are listed below.

	Afrinvest West Africa
	CSL Stockbrokers
	FSDH Securities
	JP Morgan
	Renaissance Capital
	Stanbic IBTC
	UBA Global Markets

Please note that any opinions, estimates or forecasts regarding UBA's performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of UBA or its management.

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