REDEMPTION OF 12 PER CENT EXCHEQUER STOCK 1999-2002

In accordance with the conditions of issue of 12 per cent Exchequer Stock 1999-2002 set out in the prospectus dated 28th July 1978, issued by the Bank of England, The United Kingdom Debt Management Office hereby gives notice that all of 12 per cent Exchequer Stock 1999-2002 will be redeemed at par on 22nd January 1999. This is the Stock’s next interest payment date. Arrangements for the repayment of holdings of the Stock are set out below.   Registers of the Stock are kept by the Bank of England, and the Bank of Ireland, Belfast. The final interest payment will be payable on 22nd January 1999 to or in accordance with the instructions of, the persons registered as holders on 13th January 1999 at the rate of £6 per £100 nominal of Stock.   Redemption monies will be payable on 22nd January 1999 to, or in accordance with the instructions of, the persons registered as holders on 13th January 1999, after which date no further transfers will be registered. The latest date on which postal transfers will be accepted for registration is 12th January 1999.   Redemption request forms will be issued to Stockholders in due course by the relevant registrars. United Kingdom Debt Management Office, London. 21st October 1998.