TERMS OF CONVERSION.
In the technical language of the prospectus holders- of the 34 per cent. Loan can exchange into the Conversion Loan on the basis of £132 15s. for each £100 nominal of War Loan surrendered, and holders converting will receive one month's interest on the War Loan surrendered on completion of conversion and a full six months' interest upon the 34 per cent. Conversion Loan on April 1st next. Holders of the 5 per cent. National War Bonds who convert will receive in exchange the new Conversion Loan at the rate of £142 for each £100 nominal in Bonds sur- rendered, while holders of the 4 per cent. National War Bonds will receive £184 for each £100 nominal in Bonds surrendered. In both cases conversion will be effected ex-dividend due October 1st next, and holders will receive a full half-year's interest on the 31 per cent. Conversion Loan on April 1st, 1928.
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