UK Debt Management Office


                                           PRESS NOTICE
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AUCTION OF UK GOVERNMENT SECURITY (GILT)

Auction Details
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Auction Date                          Thursday, 15 March 2007
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Issue and Settlement Date             Friday, 16 March 2007
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Bidding Convention                    Fully paid Bid Price (see Note 1)
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Auction Close                         10:30am London Time
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Details of Security
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Title                                 5�% Treasury Gilt 2012 (see Note 2)
------------------------------------- ---------------------------------------------------------
Amount (nominal) for issue            �2,750 million
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Nominal outstanding after issue       �2,750 million
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Maturity Date                         7 June 2012 at par
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Interest Dates                        7 June - 7 December
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Parent ISIN Code                      GB00B1L6WG32
------------------------------------- ---------------------------------------------------------
Parent SEDOL Code                     B-1L6-WG3
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Strippable                            No (see Note 3)
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Interest Payable                      Gross (see Note 4)
------------------------------------- ---------------------------------------------------------
Next Interest Date                    7 June 2007 - �1.197115 per �100 nominal
                                      (Short Coupon)
------------------------------------- ---------------------------------------------------------

"When Issued" Trading                 under London Stock Exchange Rule 7265
------------------------------------- ---------------------------------------------------------
Commences                             3:30pm London Time: 6 March 2007
------------------------------------- ---------------------------------------------------------
Closes                                Close of business : 15 March 2007
------------------------------------- ---------------------------------------------------------
"When issued" ISIN Code               GB00B1L6WG32
------------------------------------- ---------------------------------------------------------
"When issued" SEDOL Code              B-1L6-WG3
------------------------------------- ---------------------------------------------------------
TIDM (for trade reporting)            AUCA
------------------------------------- ---------------------------------------------------------

Note 1: Bids may be made on either a competitive or a non-competitive basis.
Details of the bidding procedures are set out in the prospectus and in the
Information Memorandum (as amended). Gilt-edged Market Makers may bid by
telephone to the DMO not later than 10.30 am on Thursday, 15 March 2007.

Note 2: The terms of the DMO's financing remit set by HM Treasury state that the
coupon for a new gilt will be set as far as possible to price it close to par at
the time of issue. For new conventional gilts, coupons are set in multiples of
�%. On the basis of current yields, the multiple of �% that would most precisely
meet this criterion is 5%. However, setting the coupon at this level would
result in two bonds maturing in the same year with the same coupon (5% Treasury
Stock 2012 matures on 7 March 2012). In order to avoid any potential market
confusion between the two bonds, the DMO has decided to set the coupon at the
multiple of �% that is next closest to prevailing market yields, i.e. 5�%. The
DMO will be gathering views in the forthcoming year regarding options for
handling any similar situation in the future.

Note 3. The Gilt may not be stripped and reconstituted until so specified in a
notice issued by the DMO.

Note 4: Holders may elect to have United Kingdom income tax deducted from
interest payments, should they so wish, on application to the Registrar,
Computershare Investor Services PLC.

Documentation
------------------------------------------------------------------------------------------------------------------------
Prospectus                    www.dmo.gov.uk/documentview.aspx?docName=/gilts/public/prospectus/prosp060307.pdf
DMO : 6 March 2007
----------------------------- ------------------------------------------------------------------------------------------
Information Memorandum
 relating to the Issue,
 Stripping and Reconstitution www.dmo.gov.uk/documentview.aspx?docname=publications/operationalrules/infmem211204.pdf
 of British Government Stock
DMO : December 2004
----------------------------- ------------------------------------------------------------------------------------------
Notice of Amendment           www.dmo.gov.uk/documentview.aspx?docname=publications/operationalrules/infmemadd130505.pdf
DMO : 13 May 2005
----------------------------- ------------------------------------------------------------------------------------------
Notice of Amendment           www.dmo.gov.uk/documentview.aspx?docname=publications/operationalrules/infmemadd130905.pdf
DMO : 13 September 2005
----------------------------- ------------------------------------------------------------------------------------------
Formulae for Calculating Gilt
 Prices from Yields           www.dmo.gov.uk/documentview.aspx?docname=/giltsmarket/formulae/yldeqns.pdf
DMO : 16 March 2005
----------------------------- ------------------------------------------------------------------------------------------

Applications from Members of the Approved Group of Investors

Application forms from Approved Group members must be sent to Computershare
Investor Services PLC, who are acting on behalf of the DMO, at the following
address: PO Box 2411, The Pavilions, Bristol, BS3 9WX to arrive not later than
10.00 am on Thursday, 15 March 2007. They may also be lodged by hand at the DMO,
Eastcheap Court, 11 Philpot Lane, London, EC3M 8UD not later than 10.00 am on
Thursday, 15 March 2007.

The amount payable on application in the case of a non-competitive bid made by a
member of the Approved Group is �103 per �100 nominal of the Gilt.

Remit 2006-07

Gilt sales of �62.5 billion (cash) are planned in 2006-07.
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