INDIAN RAILWAY FINANCE CORPORATION LIMITED

Our Company shall take necessary steps to credit the Depository Participant account of the Applicantswith the number of Bonds allotted in dematerialized form. The Bondholders holding the Bonds indematerialised form shall deal with the Bonds in accordance with the provisions of the DepositoriesAct, and/or rules as notified by the Depositories from time to time.3.1.2. The Bondholders may rematerialize the Bonds held in dematerialised form, at any time afterAllotment, in accordance with the provisions of the Depositories Act and/or rules as notified by theDepositories from time to time.3.1.3. In case of Bonds held in physical form, whether on Allotment or on rematerialization of Bonds allottedin dematerialised form, our Company will issue one certificate for each Series of Bonds to theBondholder for the aggregate amount of the Bonds that are held by such Bondholder (each suchcertificate, a “Consolidated Bond Certificate”) or such number of certificates of ` 1,00,000 each foreach Series of Bonds (“` One Lakh Certificate(s)”) that would together constitute the aggregateamount of bonds held by such Bondholder. In respect of the Consolidated Bond Certificate(s) or ` OneLakh Certificate(s), our Company will, on receipt of a request from the Bondholder within 30 BusinessDays of such request, split such Consolidated Bond Certificate(s) or ` One Lakh Certificate(s) intosmaller denominations in accordance with the applicable regulations/rules/act, subject to a minimumdenomination of one Bond. No fees will be charged for splitting any Consolidated Bond Certificate(s)or ` One Lakh Certificate(s) and any stamp duty, if payable, will be paid by the Bondholder. Therequest to split a Consolidated Bond Certificate or ` One Lakh Certificate(s) shall be accompanied bythe original Consolidated Bond Certificate(s) or ` One Lakh Certificate(s) which will, on issuance of thesplit Consolidated Bond Certificate(s) or ` One Lakh Certificate(s), be cancelled by our Company.3.1.4. Manner of allotment3.2. Face Value3.1.4.1 Allotment of the Bonds will be in physical and dematerialised form. In terms of Bonds issued indematerialised form, our Company will take requisite steps to credit the demat accounts of allBondholders who have applied for the Bonds in dematerialised form within 12 Working Days fromthe Issue Closure Date.3.1.4.2 Our Company will also issue Letters of Allotment to all Bondholders who have applied for theBonds in dematerialised form within 12 Working Days from the Issue Closure Date. Subsequent tothe payment of the consolidated stamp duty on the Bonds, and upon the issuance of the order fromthe Collector evidencing the payment of such consolidated stamp duty, our Company and theRegistrar shall dispatch Consolidated Bond Certificates or ` One Lakh Certificate(s) to allBondholders holding Letters of Allotment (in terms of the Register of Bondholders as maintainedby the Company/Registrar), no later than three months from the date of Allotment (in accordancewith section 113 of the Companies Act). Upon receipt by Bondholders of such Consolidated BondCertificates or ` One Lakh Certificate(s) as dispatched by the Registrar and the Company, theLetters of Allotment shall stand cancelled without any further action. Prospective Bondholdersshould note that once Consolidated Bond Certificates or ` One Lakh Certificate(s) have been dulydispatched to all Bondholders who had applied for Bonds in physical form, our Company shallstand discharged of any liabilities arising out of any fraudulent transfer of the Bonds purported tobe effected through Letters of Allotment.The face value of each Bond is ` 1,000.3.3. Title3.3.1 In case of:(i) the Bond held in the dematerialised form, the person for the time being appearing in the register ofbeneficial owners maintained by the Depositories; and(ii) the Bond held in physical form, the person for the time being appearing in the Register ofBondholders as Bondholder maintained by the Company / Registrar,47