INDEX-LINKED NATIONAL SAVINGS

MOVEMENT OF THE UNITED KINGDOM GENERAL INDEX OF RETAIL PRICES

For the purposes of revaluing on repayment Index-linked National Savings Certificates (Retirement Issue, 2nd, 3rd, 4th, 5th, 6th, 7th, 8th and 9th Index-linked Issues) and contributions under Save As You Earn savings contracts (Third Issue), the Index figure issued by the Office for National Statistics in the month of July 1999 and applicable to the month of August 1999 is 165.6. This figure is based on the revised reference base of 100 adopted in January 1987. In accordance with the relevant prospectuses a notional Index figure of 653.3 has been calculated and will apply to Index-linked Savings Certificates purchased in March 1987 or earlier and SAYE contributions which were due for payment and made in February 1987 or earlier.