Flour Mills of Nigeria Plc Presentation of Results for the Nine Months to 31st December 2018

Feeding the Nation, Everyday Evolving from a single flour mill in the port of Apapa more than five decades ago, we are now a publicly traded, vertically integrated supply chain of food, agro-allied and logistics support businesses Over twelve thousand full and part-time employees Steering the green revolution in Nigeria Using locally sourced materials to develop and produce unique consumer products Reducing dependence on imported raw materials Creating value for businesses, consumers and the country at large Our Vision To be the leading food and agro-allied group in Africa Our Mission To produce and supply products of superior quality and value to the market, thereby enriching the lives of consumers, customers, communities employees and all stakeholders Our Goals To be a customer-centric company 2

The Operating Environment Economy The most recent GDP statistics show that the Nigerian economy grew by 1.8% y/y in Q3 2018. This compares with 1.5% for Q2 and 1.2% in Q3 20172 Nigeria’s annual headline inflation for December remained broadly in line with recent readings at 11.4% y/y. This compares favorably with 2017’s 15.4%. Currency The Naira has shown some strengthening against the US$ over the last two months, helped by strong demand for Nigerian crude oil. 12 month Naira/US$ (Source: Bloomberg) 3

Period Underlying Group Results Volume growth accelerated in Q3 resulting in overall revenue growth for the quarter. Continued strong sales and brand building focus has ensured a further growth in market share and cemented the market leader position in the flour business. Margins remain subdued with intense competition in a flattish market. Q3 sales and distribution expenses plus advertising costs up vs LY YTD with continued investments. Administrative costs have been kept flat vs LY. YTD financing costs 8.6b below LY (with Q3 quarterly costs down 40% vs LY), reflecting the restructured balance sheet and impact of Q3 corporate bond. Naira 000 9M to 31.12.18 9M to 31.12.17 % Change Revenue 400,641,645 427,508,743 -6.3 Cost of sales (354,047,126) (371,472,640) -4.7 Gross profit 46,594,519 56,036,103 -16.8 Selling and distribution expenses (5,932,674) (4,037,299) 46.9 Administrative expenses (14,937,210) (13,311,432) 12.2 Net opersating gains and losses 1,568,036 5,507,489 -71.5 Operating profit 27,292,671 44,194,861 -38.2 Investment income 536,459 465,220 15.3 Finance costs (16,550,848) (25,157,621) -34.2 Profit before taxation 11,278,282 19,502,460 -42.2 Net income tax (expense)/credit (3,382,679) (6,255,305) -68.8 Profit for the year 7,895,603 13,247,155 -29.6 4

Period Revenues by Segment Naira 000 9M to 31.12.18 9M to 31.12.17 % Change Food 254,570,793 266,816,672 -4.6 Agro-Allied 67,965,085 75,614,858 -10.1 Sugar Value Chain 59,565,959 68,941,989 -13.6 Support Services 18,539,807 16,135,224 14.9 TOTAL 400,641,645 427,508,743 -6.3 Overall Q3 quarterly revenue growth coming from: 1% Q3 quarterly growth in the Food segment behind Flour and Pasta. Marginal growth in Agro-allied, as the edible oil business is gaining momentum. Strong growth in support services as the bagging business benefited from a strong season and innovative products. 5

Period Gross Profit by Segment Naira 000 9M to 31.12.18 9M to 31.12.17 % Change Food 10,302,131 17,031,923 -39.5 Agro-Allied -3,876,593 -5,409,321 n/a Sugar Value Chain 4,620,450 4,335,592 6.6 Support Services 232,294 3,544,267 -93.4 TOTAL 11,278,282 19,502,460 -42.2 Food: Continued competitive market conditions. Agro-allied: Edible oil business is improving with some challenges for the animal feed business as the new aqua feed line is coming on line. Sugar had a strong Q3 with profit doubling versus the first 6 months. 6

Period Statement of Financial Position Naira M 31.12.18 31.3.18 (YE) % Change Non-Current Assets 236,378 234,102 1.0 Current Assets 195,842 174,246 12.4 Total Assets 432,220 408,348 5.8 Non-Current Liabilities 102,300 57,943 74.1 Current Liabilities 177,123 199,788 -11.3 Shareholder’s Equity 152,796 150,617 2.4 Impact of bond and restructuring of loan portfolio shifts borrowings from more expensive short term, to longer term debts, thereby reducing financing costs. No major capex during the period. 7

Period Cash Flow Naira 000 9M to 31.12.18 9M to 31.12.17 % Change Net Cash from Operating Activities 48,274,392 65,413,150 -26.2 Net Cash used in Investing Activities 12,989,123 9,369,540 38.6 Net Cash generated from Financing Activities (28,128,084) (55,372,313) n/a Net Cash Flow 7,157,185 671,297 966.2 10b cash flow generated from operations in quarter 3, which represents a quarterly 6b increase vs LY. Overall YTD Net Cash Flow improvement vs last year due to lower financing cost and restructuring of debt profile. 8

Major Developments Successful completion of the first tranche of the NGN 70b bond program with NGN 20b being raised with 3 and 5 years maturity. Corporate restructurings of the Agro-allied division legal entity structures to optimize investments and costs are initiated and on track to be concluded by end of the 2018/19, subject to approvals. 9

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