CONTENTS

TERMS AND CONDITIONS OF THE PROGRAMME3.3 The Bonds are transferable in whole or in part in denominations of N1,000 (or suchdenominations set out in the applicable Final Terms) by instrument in writing in the usualcommon form of transfer or in any form approved by the Issuer and the Trustees and inaccordance with the provisions of the Trust Deed.3.4 Every instrument of transfer of the Bonds must be signed by both the transferor and thetransferee and title to the Bond will pass upon registration of the instrument of transfer inaccordance with the provisions of the Trust Deed.3.5 Every instrument of transfer of the Bond must be left for registration at the office of theRegistrars for the time being of the Bond accompanied by the Certificate for the Bond to betransferred and such other evidence as the Issuer may require to prove the title of thetransferor or his right to transfer the Bond, and if the instrument of transfer is executed bysome other Person on his behalf the authority of that Person so to do.3.6 Any Person becoming entitled to the Bonds in consequence of the death, bankruptcy,winding-up or dissolution of the holder thereof may, upon producing such evidence that hehas or is entitled to the capacity in respect of which he proposes to act under this Conditionor of his title as the Registrars shall think sufficient, be regarded as the holder of such Bonds,or subject to the preceding Conditions as to transfer may transfer the same. The Issuer shallbe at liberty to retain the interest payable upon any Bonds which any Person is entitled totransfer under the preceding Condition until such Person shall be registered or duly transferthe same as aforesaid.3.7 No Bondholder may require the transfer of a Bond to be registered during a period of 21(twenty-one) days immediately preceding each Payment Date during which the Register willbe closed (“Record Date”)4. Redemption, Purchase and Cancellation4.1 Redemption at Maturity: Unless previously redeemed, purchased and cancelled, a Series ofBonds may be fully redeemed in one bullet payment at its Final Redemption Amount (which,unless otherwise provided, is its Principal Amount Outstanding) at the Maturity Date specifiedin the applicable Final Terms.4.2 Redemption by Instalments: Bonds may be partially redeemed by instalment on eachPayment Date at the Redemption Amount specified in the applicable Final Terms whereuponthe Principal Amount Outstanding of such Bond shall be reduced by the Redemption Amounton each Payment Date until fully redeemed at the Maturity Date.24