Municipality Finance PLC

RE: MUNICIPALITY FINANCE PLC
    EUR 75,000,000.00
    MATURING: 21/Feb/2012
    ISSUE DATE: 21/Feb/2002
    ISIN: XS0143653896

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
21/Aug/2006 TO 21/Nov/2006 HAS BEEN FIXED AT 3.184000 PCT.

DAY BASIS 92/360

INTEREST PAYABLE VALUE 21/Nov/2006 WILL AMOUNT TO
EUR 813.69 PER EUR 100,000.00 DENOMINATION.

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: 44 (0)20 7508 3858/3855 OR FAX: 44 (0)20 7508 3881.
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