In accordance with the conditions of issue of 3½% War Loan as set out in the prospectus dated 30 June 1932 issued by the Bank of England, the United Kingdom Debt Management Office hereby gives notice that all of 3½% War Loan will be redeemed at par on 9 March 2015. Arrangements for the repayment of holdings of the gilt are set out below.

3½% War Loan in registered form

Registers of the gilt are kept by Computershare Investor Services PLC. The final non-standard interest payment will be payable on 9 March 2015 to, or in accordance with the instructions of, the persons registered as holders on 23 February 2015 at the rate of £0.942308 per £100 nominal.

Redemption monies will be payable on 9 March 2015 to, or in accordance with the instructions of, persons registered as holders on 23 February 2015, after which no further transfers will be registered. The latest date on which postal transfers will be accepted for registration is 18 February 2015.

Redemption forms will be issued to registered holders of the gilt in due course by Computershare Investor Services PLC.

3½% War Loan in bearer form

The redemption monies in respect of each bearer bond (together with the final non-standard interest payment at the rate of £0.942308 per £100 nominal) will be payable on 9 March 2015 (or, if later, on the date of presentation as referred to below) against presentation and surrender of such bearer bond (together with all coupons bearing dates subsequent to 9 March 2015) to British Government Stocks (Gilts), Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol, BS99 6ZW. Delivery of bonds and coupons to Computershare Investor Services PLC shall be at the risk and expense of the relevant holders.

United Kingdom Debt Management Office

London

8 December 2014