Investor Presentaiton

Disclaimer LHAT AND PROCE The following applies to this document, its contents, the oral presentation of the information in this document by or on behalf of the Federal Government of Nigeria (the "Issuer") and any question-and-answer session that follows the oral presentation (collectively, the "Information"). In accessing the Information, you agree to be bound by the following terms and conditions. The Information has been prepared by, and is the sole responsibility of the Issuer, solely for use at a presentation to be held in connection with the proposed offering of the Sukuk. The Information is strictly confidential and is being provided to you solely for your information and may not be re-transmitted or further distributed to any other person (whether or not a "relevant person", as defined below) or reproduced or published, in whole or in part, by any medium or in any form for any purpose If handed out at a physical investor meeting. This presentation may not be taken away, reproduced (in whole or in part), distributed or transmitted to any other person without the Issuer's prior written consent. If this presentation has been received in error, it must be returned immediately to the Issuer. Failure to comply with this restriction and the following restrictions may constitute a violation of applicable securities laws. The information contained in this presentation is for background purposes only and is subject to amendments, revisions and updates and may change materially. No person is under any obligation to update the information contained in this presentation, and any opinions expressed in relation thereto are subject to change without notice. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information contained herein and no reliance may be placed for any purposes whatsoever on it. Neither the Issuer nor the Issuing Houses, Greenwich Merchant Bank Limited, Stanbic IBTC Capital Limited and Vetiva Capital Management Limited (together referred to as the "Issuing Houses") and their respective officers, employees, agents or connected persons or any other person accepts any liability for any loss howsoever arising, directly or indirectly, from the issue of this document or its contents. Each recipient of this presentation acknowledges and understands that: (a) the advisers are not providing financial, legal, tax, regulatory, accounting or other advice and nothing in this presentation or which may otherwise be communicated or done in connection herewith constitutes advice of any sort to the recipient; (b) there may be financial, legal, tax, regulatory or accounting risks associated with the proposed transaction and each recipient should receive advice from its advisers with appropriate expertise to assess relevant risks; and (c) each recipient should apprise senior management in its organization regarding such advice and the disclaimers as to these matters contained herein. This presentation does not constitute an offer to sell or a solicitation of an offer to purchase any securities in any jurisdiction in which such offer or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction. Investors and prospective investors of the Sukuk described in this presentation are required to make their own independent investigation and appraisal of the business and financial condition of the Issuer, and the nature of the Sukuk. Any decision to purchase the Sukuk in the context of the Offering, if any, should be made solely on the basis of the information contained in the terms and conditions of the Sukuk and the Prospectus to be published by the Issuer in connection with the Offering. In addition, because this presentation is a summary only, it may not contain all material terms and the Information in and of itself should not form the basis for any investment decision. No reliance may be placed for any purpose whatsoever on the Information, or any other material discussed verbally, or on its completeness, accuracy or fairness. The Information does not constitute a recommendation regarding the Sukuk. Investment in the Sukuk will also involve certain risks. A summary of the material risks relating to the Offering will be set out in the section headed "Risk Factors" in the Prospectus. There may be additional material risks that are currently not considered to be material or of which the Issuer and its advisers or representatives are unaware. The Information does not constitute or form part of, and should not be construed as, an offer or invitation to sell, or any solicitation of any offer to buy or subscribe for, or otherwise acquire, any Notes or an inducement to enter into investment activity. Nothing contained in this presentation, nor the fact of its distribution, shall form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the Information or the opinions contained therein. The Information has not been independently verified and nothing contained in this presentation shall be deemed to be a forecast projection or estimate of future economic performance. This presentation contains statements about future events and expectations that are forward looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes"," estimates",“ projects",“ expects"," intends","may"," will"," or " or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Any statement in the Information that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause economic performance or achievements to be materially different from any future performance or achievements expressed or implied by such forward looking statements. None of the future projections, expectations, estimates or prospects in this presentation should be taken as forecasts or promises, nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the presentation. The Issuer expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any of such statements are based. STRICTLY PRIVATE & CONFIDENTIAL