In accordance with the conditions of issue of 3½% Conversion Loan as set out in the prospectus dated 26 April 1921 issued by the Bank of England, the United Kingdom Debt Management Office hereby gives notice that all of 3½% Conversion Loan will be redeemed at par on 1 April 2015. This is the gilt’s next interest payment date. Arrangements for the repayment of holdings of the gilt are set out below.

3½% Conversion Loan in registered form

Registers of the gilt are kept by Computershare Investor Services PLC. The final interest payment will be payable on 1 April 2015 to, or in accordance with the instructions of, the persons registered as holders on 23 March 2015 at the rate of £1.75 per £100 nominal.

Redemption monies will be payable on 1 April 2015 to, or in accordance with the instructions of, persons registered as holders on 23 March 2015, after which no further transfers will be registered. The latest date on which postal transfers will be accepted for registration is 18 March 2015.

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

3½% Conversion Loan in bearer form

The final interest payment in respect of each bearer bond at the rate of £1.75 per £100 nominal will be payable on 1 April 2015 (or, if later, on the date of presentation as referred to below) against presentation and surrender of the coupon dated 1 April 2015.

The redemption monies in respect of each bearer bond will be payable on 1 April 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 1 April 2015).

In each case the presentation and surrender should be 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

23 December 2014