Dear Investor,

ETERNA PLC offer for subscription of 287,000,000 ordinary shares of 50 kobo each at N11.50 per share and rights issue of 533,000,000 ordinary shares of 50 KOBO each at N9.95 per share.

Eterna Plc., incorporated on 13th January, 1989 as a private limited liability company, has evolved significantly over the years and operates with active business interests in fuel stations, drilling fluids, marine, automotive and industrial lubricants, aviation fuels and liquefied petroleum gas (LPG).

Moreover, the Company has developed strategic alliance with Castrol (the world’s largest producer and manufacturer of synthetic and conventional motor oil lubricants) through which it supplies Castrol products to the West African region. In addition, Eterna Plc recently acquired two (2) tank farms for petroleum products and aviation fuels which offer the Company the opportunity to substantially expand its fuels, fuel oil and bitumen position, and deployment of back loading of fuel for exports (if and when such need arises), etc. The operation of these tank farms is expected to greatly upscale the operations of the company and significantly increase its turnover generating ability as well as its profitability.

As you may agree, an investment in the downstream sector of the Nigerian Oil & Gas industry is now particularly attractive given that the industry is fairly insulated from business cycle movements that may affect the wider economy. For instance, individuals and corporate bodies alike are likely to maintain their expenditure profile on fuel as they carry on their day to day business irrespective of the stage of the business cycle which the economy is in.

In 2004, a group of investors approached the Company to acquire a strategic stake of not less than 30% of its equity. Subsequently, the new investor (Lenux Integrated Resources Limited) was admitted and offered management control. Currently, the Board of Directors operates under the Chairmanship of Mr. Tajudeen Fola Adeola mni, OFR (Chairman) the founding Managing Director/CEO of Guaranty Trust Bank Plc.

We offer this company to you because we see value in the company considering the huge investments the Company is making and has already made in securing its relevance in the industry. Such investments include:

• Securing appointment as a NNPC strategic offtaker for lifting of natural gas: The company already commenced exportation of natural gas – the 1st export was worth N4.6 Billion
• The Company’s above average growth in turnover since the company’s turnaround in 2005 (92% Compound Average Growth Rate to date): Despite the slowdown in economic activities, the company had already doubled its 2007 turnover by end of nine months in 2009 and is still achieving huge growth in its turnover.
• Expansion of its retail network: The Company’s retail network is set to double within the course of the year
• Acquisition of choice tank farms with storage facilities totaling over 32.8 million litres: These tank farms can be used for a wide range of oil products by the Company and is also being deployed for third party transactions thus improving the revenue base of the Company.
• Focus on Cleaner Energy: The Company is considering investments in this regard including the development of biofuels etc.

We therefore invite you to consider the investment opportunity particularly for the long term values it represents.

For more information please visit http://www.radixng.com/publicoffer/index.html

Interested investors can complete the Original Application Form (http://www.radixng.com/publicoffer/Eterna_Offer_Form.pdf) after carefully reviewing the instructions, make payment (cash, cheque / certified cheque / bank draft) issued to “Radix Capital Partners Limited” for the full amount of the purchase price and forward to Radix Capital Partners Limited, AIICO House, 3rd Floor, PC 12, Afribank Street, Victoria Island, Lagos.

If you require further clarification with respect to the Combined Offer, please do not hesitate to send an email to temitope.olakunle@radixng.com and/or eterna.offer@radixng.com.

Thank you.