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March 22, 2010

Dear Sir/Ma,

BGL GUARANTEED CONSOLIDATED NOTE

We are writing to introduce our new product; the BGL Securities Guaranteed Consolidated Note (BGLGCN) 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 zerorisk on their investment.

A key advantage of the fund is that it allows for quick, easy and efficient conversion to full direct equityexposure at the instance of the investor. The Fund provides an alternative investment in high yield andmanaged 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 theduration. The current guaranteed rate of returns are as follows:

Amount 60 Days 90 Days 180 Days 360 Days

500,000.00 to 2,499,999.99 9.00% 10.50% 12.5.0% 13.5.0%2,500,000.00 to 9,999,999.99 10.50% 12.00% 14.00% 15.00%

10,000,000.00 to 49,999,999.99 11.00% 12.50% 14.50% 15.50%

50,000,000.00 to 99,999,999.99 11.50% 14.00% 16.00% 17.00%

100,000,000.00+ 12.50% 14.50% 16.50% 17.5.0%

Guaranteed security of capital invested.

Waiver of all penalties on drawdown before maturity provided the capital withdrawn is being re-invested through BGL Securities in the primary market (Private Placements and public Offers) or in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 abreak of the product and will attract a penalty discount of 20% on the prorated guaranteed return.

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Automatic and continuous rollover of principal and interest pending when a contrary instructionis 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 ratewith 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 willbe 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 capitaland earn a competitive investment return whilst maintaining the flexibility to partake in the direct equitymarket transaction.

We are strongly recommending this product to you and we sincerely hope that you will take advantageof the numerous benefits of the product.

Yours Faithfully,For: BGL SECURITIES LIMITED

JOSEPH EYAKEPHOVWAN HENRY OKONJI

BUSINESS DEVELOPMENT REGIONAL HEAD, SOUTH SOUTH