2-year Fixed Interest National Savings Certificates – New Issue

30th Issue 2-year Fixed Interest Savings Certificates went on sale on 21 July 2005. A Certificate will grow in value at a guaranteed rate each year as follows:

Year 1	2.70%
Year 2	2.91%

If a Certificate is held for two years, these rates will give a tax free and guaranteed return equal to 2.8% pa compound.

5-year Fixed Interest National Savings Certificates – New Issue

80th Issue 5-year Fixed Interest Savings Certificates went on sale on 21 July 2005. A Certificate will grow in value at a guaranteed rate each year as follows:

Year 1	2.45%
Year 2	2.55%
Year 3	2.75%
Year 4	3.05%
Year 5	3.46%

If a Certificate is held for five years, these rates will give a tax free and guaranteed return equal to 2.85% pa compound.

5-year Index linked National Savings Certificates – New Issue

38th Issue 5-year Index-linked Savings Certificates went on sale on 21 July 2005. The value of a Certificate will move in line with the rate of inflation as measured by the Retail Prices Index (subject to the detailed rules set out in the terms and conditions), plus extra interest as follows:

Purchase price	+ Index linking	+0.60% of	= 1st Anniversary
for year 1	Purchase price	Value
1st Anniversary	+ Index linking	+0.80% of 1st	= 2nd Anniversary
Value	for year 2	Anniversary Value	Value
2nd Anniversary	+ Index linking	+1.00% of 2nd	= 3rd Anniversary
Value	for year 3	Anniversary Value	Value
3rd Anniversary	+ Index linking	+1.20% of 3rd	= 4th Anniversary
Value	for year 4	Anniversary Value	Value
4th Anniversary	+ Index linking	+1.41% of 2nd	= Maturity
Value	for year 5	Anniversary Value	Value

If a Certificate is held for three years, these rates will give a tax free and guaranteed return equal to 1.00% pa compound in addition to index linking.

National Savings and Investments Capital Bonds – New Series

Series 23 Capital Bonds went on sale on 21 July 2005. A Bond will grow in value at a guaranteed gross rate each year as follows:

Year 1	3.25%
Year 2	3.55%
Year 3	3.85%
Year 4	4.15%
Year S	4.46%

If a Bond is held for five years, these rates will give a guaranteed return equal to 3.85% pa compound. The interest is credited gross and is taxable.

National Savings and Investments Fixed Rate Savings Bonds – New Issues

New Issues of Fixed Rate Savings Bonds went on sale on 21 July 2005 as shown in the table below. The rate of interest earned by a Bond will

be determined by its capital value at any time – the original investment plus any interest added to the Bond less any repayments. The rate is determined by whether the interest is paid monthly or at maturity. Interest is paid net of tax.

Term	Capital value	Gross Annual Rates
of Bond	Monthly interest	Annual interest
option	option
1 year	£500 to £19,999.99	3.40%	3.50%
Issue 31	£20,000 to £49,999.99	3.55%	3.65%
£50,000 and above	3.75%	3.85%
3 year	£500 to £19,999.99	3.45%	3.55%
Issue 25	£20,000 to £49,999.99	3.60%	3.70%
£50,000 and above	3.80%	3.90%
5 year	£500 to £19,999.99	3.50%	3.60%
Issue 23	£20,000 to £49,999.99	3.65%	3.75%
£60,000 and above	3.85%	3.95%

National Savings and Investments Pensioners Guaranteed Income Bonds

1-year Term – New Series

Series 29 1-year Pensioners Guaranteed Income Bonds went on sale on 21 July 2005. The interest rate, fixed and guaranteed for the first year a Bond is held, is 3.70% pa gross. The interest is paid gross and is taxable,

National Savings and Investments Pensioners Guaranteed Income Bonds

2-year Term – New Series

Series 35 2-year Pensioners Guaranteed Income Bonds went on sale on 21 July 2005. The interest rate, fixed and guaranteed for the first two years a Bond is held, is 3.70% pa gross. The interest is paid gross and is taxable.

National Savings and Investments Pensioners Guaranteed Income Bonds

5-year Term – New Series

Series 44 5-year Pensioners Guaranteed Income Bonds went on sale on 21 July 2005. The interest rate, fixed and guaranteed for the first five years a Bond is held, is 3.75% pa gross. The interest is paid gross and is taxable.

Issued by National Savings and Investments on behalf of the Treasury.