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temporary bond so called for redemption shall become and be due and payable at the redemption price provided for redemption of such portion on such date, interest on such portion of this temporary bond shall cease to accrue, such portion of this temporary bond shall cease to be entitled to any lien, benefit or security under the Resolution, and the holder of such portion of this temporary bond shall have no rights in respect thereof except to receive payment of the redemption price thereof.

This bond is registered as to both principal and interest in the name of the Payee on books of the Board kept by the Treasurer of the Board as Bond Registrar, and it may hereafter be transferred by the registered owner hereof only upon execution of an assignment hereon duly executed by such registered owner or by his or its attorney or legal representative. Notice of such assignment shall be given promptly by the assignor to the Bond Registrar by registered mail, such notice to be in such form as shall be satisfactory to the Bond Registrar, and upon receipt of such notice this bond shall be registered as to both principal and interest on such registration books in the name of the assignee named in such notice.

All acts, conditions and things required by the Constitution and laws of the State of North Carolina and the rules and regulations of the Board to happen, exist and be performed precedent to and in the issuance of this bond have happened, exist and have been performed as so required.

IN WITNESS WHEREOF, the Board of Trustees of The University of North Carolina has caused this bond to bear the facsimile signature of the Governor of the State of North Carolina as ex officio Chairman of said Board and to be signed by the Secretary of said Board, and the official seal of said Board to be impressed hereon, all as of the 1st day of September, 1962.

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Secretary, Board of Trustees of The University of North Carolina

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Governor of the State of North Carolina as ex officio Chairman of the Board of Trustees of The University of North Carolina

(SEAL)

(Endorsements)

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned registered owner thereof hereby sells, assigns and transfers the within bond unto