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Dear Investor,

FBNQuest Merchant Bank Limited is pleased to notify you of the launch of Flour Mills of Nigeria PLC (“FMN” or the “Issuer”) Commercial Paper (“CP”) issue under its NGN100 billion CP Issuance Programme.

FMN was incorporated on 29 September 1960 and has grown its operations from a milling capacity of 500 metric tonnes of wheat per day to over 8,000 metric tons per day, making it one of the largest single site mills in the world. In its over five-decade history, FMN’s flagship food brand, “Golden Penny”, continues to be one of the best known and the preferred brand amongst bakers, confectioneries and consumers in Nigeria. The “Golden Penny” basket of foods has now grown to include products such as semovita, masavita, pasta, noodles, refined sugar, margarine, vegetable oils, and a range of snacks and breakfast cereals, instantly recognizable in any Nigerian household.

Beyond wheat milling, the FMN Group is heavily invested in a vertical integrated supply chain of food, agro-allied and logistics and support businesses having identified the need to create value further back in the supply chain, reduce dependence on imported raw materials and ensure continued viability and sustainability.