NATIONAL SAVINGS AND INVESTMENTS

2-YEAR FIXED INTEREST NATIONAL SAVINGS CERTIFICATES—NEW ISSUE

32nd Issue 2-year Fixed Interest Savings Certificates went on sale on 3 April 2006. A Certificate will grow in value at a guaranteed rate each year as follows: Year 1  2.95% Year 2  3.16% If a Certificate is held for two years, these rates will give a tax-free and guaranteed return equal to 3.05% pa compound.

5-YEAR FIXED INTEREST NATIONAL SAVINGS CERTIFICATES—NEW ISSUE

82nd Issue 5-year Fixed Interest Savings Certificates went on sale on 3 April 2006. A Certificate will grow in value at a guaranteed rate each year as follows: Year 1  2.65% Year 2  2.75% Year 3  2.95% Year 4  3.25% Year 5  3.66% If a Certificate is held for five years, these rates will give a tax-free and guaranteed return equal to 3.05% pa compound.

3-YEAR INDEX-LINKED NATIONAL SAVINGS CERTIFICATES—NEW ISSUE

12th Issue 3-year Index-linked Interest Savings Certificates went on sale on 3 April 2006. 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 for year 1	+0.65% of Purchase price	=1st Anniversary Value
1st Anniversary Value	+Index-linking for year 2	+0.85% of 1st Anniversary Value	=2nd Anniversary Value
2nd Anniversary Value	+Index-linking for year 3	+1.21% of 1st Anniversary Value	=Maturity Value

If a Certificate is held for three years, these rates will give a tax-free and guaranteed return equal to 0.90% pa compound in addition to index-linking.

5-YEAR INDEX-LINKED NATIONAL SAVINGS CERTIFICATES—NEW ISSUE

40th Issue 5-year Index-linked Savings Certificates went on sale on 3 April 2006. 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 for year 1	+0.55% of Purchase price	=1st Anniversary Value
1st Anniversary Value	+Index-linking for year 2	+0.75% of 1st Anniversary Value	=2nd Anniversary Value
2nd Anniversary Value	+Index-linking for year 3	+0.95% of 2nd Anniversary Value	=3rd Anniversary Value
3rd Anniversary Value	+Index-linking for year 4	+1.15% of 3rd Anniversary Value	=4th Anniversary Value
4th Anniversary Value	+Index-linking for year 5	+1.36% of 4th Anniversary Value	=Maturity Value

If a Certificate is held for five years, these rates will give a tax-free and guaranteed return equal to 0.95% pa compound in addition to index-linking. Issued by National Savings and Investments on behalf of the Treasury

NATIONAL SAVINGS AND INVESTMENTS DIRECT INDIVIDUAL SAVINGS ACCOUNTS—NOTICE OF NEW PRODUCT LAUNCH

Direct Individual Savings Accounts went on sale from 6 April 2006 with a variable tax-free rate of interest payable of 5.05% pa. This rate is 0.55% above the Bank of England base rate and is guaranteed to be 0.55% above the base rate for at least 2 years until 5 April 2008.