March 22, 2010 Dear Sir/Ma, BGL GUARANTEED CONSOLIDATED NOTE We are writing to introduce our new product;

the BGL Securities Guaranteed Consolidated Note (BGL GCN) which we strongly believe will meet your short term investment objectives BACKGROUND INFORMATION ON THE PRODUCT The BGL GCN is a high yield investment product with a guaranteed rate of return on your investment. The fund is suited for those investors seeking guaranteed return on their investment and almost zero risk on their investment. A key advantage of the fund is that it allows for quick, easy and efficient conversion to full direct equity exposure at the instance of the investor. The Fund provides an alternative investment in high yield and managed risks with investment in various financial market instruments. FEATURES OF THE NOTE Flexible duration (60, 90, 180 day product) to be determined by the investor at the inception.

Guaranteed minimum investment return which is a function of the amount invested and the duration. The current guaranteed rate of returns are as follows: Amount 500,000.00 2,500,000.00 10,000,000.00 50,000,000.00 100,000,000.00+ to to to to 2,499,999.99 9,999,999.99 49,999,999.99 99,999,999.99 60 Days 9.00% 10.50% 11.00% 11.50% 12.50% 90 Days 10.50% 12.00% 12.50% 14.00% 14.50% 180 Days 12.5.0% 14.00% 14.50% 16.00% 16.50% 360 Days 13.5.0% 15.00% 15.50% 17.00% 17.5.0%

Guaranteed security of capital invested.

Waiver of all penalties on drawdown before maturity provided the capital withdrawn is being reinvested through BGL Securities in the primary market (Private Placements and public Offers) or in secondary market transactions.

Investors can drawdown on the investment before maturity but such transaction will cause a break of the product and will attract a penalty discount of 20% on the prorated guaranteed return.

 Automatic and continuous rollover of principal and interest pending when a contrary instruction is received from the investor.

Negotiable interest on amount above N1, 000,000,000.00

INVESTMENT PORTFOLIO OF THE NOTE The investment portfolio of the note will comprise of the following: Discountable instruments of reputable financial institutions in Nigeria Debt Instruments issued by blue chip companies quoted on the Nigerian Stock Exchange Discounted receivables of major oil producing companies Capital Market Investments

BENEFITS OF INVESTING IN THE BGL GCN

The return on the investment in the BGL GCN is higher than average prevailing interest rate with the benefit of zero charges Swift conversion to full primary and/or secondary market transaction Flexible structure with variable durations Indemnity for third party withdrawal (subject to a minimum investment of =N=10m.).

Reciprocal fund transfer (e.g. if an account is funded via a NIBBS transfer, a NIBBS transfer will be effected for exit. i.e. NIBBS in, NIBBS out,) The BGL GCN is specifically designed as a viable option for investors who seek to keep their capital and earn a competitive investment return whilst maintaining the flexibility to partake in the direct equity market transaction. We are strongly recommending this product to you and we sincerely hope that you will take advantage of the numerous benefits of the product. Yours Faithfully, For: BGL SECURITIES LIMITED

JOSEPH EYAKEPHOVWAN BUSINESS DEVELOPMENT

HENRY OKONJI REGIONAL HEAD, SOUTH SOUTH