Issue of Debt

    UK Debt Management Office

AUCTION OF UK GOVERNMENT SECURITY (GILT)

Auction Details

Auction Date                                   Tuesday, 27 June 2006
Issue and Settlement Date                      Wednesday, 28 June 2006
Bidding Convention                             Uniform Price (see Note 1)
Uplifted accrued interest payable with bid     �0.217994 per �100 nominal
Auction Close                                  10:30am London Time

Details of Security

Title                                          1¼% Index-linked Tr easury Gilt 2027
Amount (nominal) for issue                     �900 million (fungible with previous issues)
Nominal outstanding after issue                �2,000 million (�2,023.5 million uplifted)
Maturity Date                                  22 November 2027
Interest Dates                                 22 May and 22 November
Parent ISIN Code                               GB00B128DH60
Parent SEDOL Code                              B-128-DH6
Reference Index applicable to first issue date 194.06667 (as at 26 April 2006) (see Note 4)
Index Ratio at 28 June 2006                    1.01177
Interest Payable                               Gross (see Note 2)
Next Interest Date                             22 November 2006 (Long First Coupon) (see Note 3)

"When Issued" Trading                          under London Stock Exchange Rule 7265

Commences                                      3:30pm London Time: 20 June 2006
Closes                                         Close of business : 27 June 2006
"When issued" ISIN Code                        GB00B128F706
"When issued" SEDOL Code                       B-128-F70
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). Index-linked Gilt-edged Market Makers may
bid by telephone to the DMO not later than 10.30 am on Tuesday, 27 June 2006.

Note 2: 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. The United Kingdom Debt Management Office
is an Executive Agency of HM Treasury

Note 3. Actual amount of interest per �100 nominal will be ((1+ (26/181)) x
�0.625) x Index Ratio for 22 November 2006 and expressed as a percentage in
pounds sterling to six places of decimals and rounded to the nearest figure.

Note 4. The Referenc e Index for the first calendar day of any calendar month
shall be the Retail Price Index figure for the calendar month falling three
calendar months earlier. The Reference Index for any other day in the month
shall be calculated by linear interpolation between the Reference Index
applicable to the first calendar day of the month in which the day falls and the
Reference Index applicable to the first calendar day of the month immediately
following. Interpolated values for the Reference Index for any date should be
rounded to the nearest 5th decimal place.

Documentation

Prospectus
DMO : 20 June 2006
www.dmo.gov.uk/gilts/public/prospectus/prosp200606.pdf

Information Memorandum relating to the Issue, Stripping and Reconstitution of British Government Stock
DMO : December 2004
www.dmo.gov.uk/gilts/public/technical/infmem211204.pdf

Notice of Amendment
DMO : 13 May 2005
www.dmo.gov.uk/gilts/public/technical/infmemadd130505.pdf

Notice of Amendment
DMO : 13 September 2005
www.dmo.gov.uk/gilts/public/technical/infmemadd130905.pdf

Formulae for Calculating Gilt Prices from Yields
DMO : 16 March 2005
www.dmo.gov.uk/gilts/public/technical/yldeqns.pdf

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 Tuesday, 27 June 2006. 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
Tuesday, 27 June 2006.

The amount payable on application in the case of a non-competitive bid made by a
member of the Approved Group is �105 per �100 nominal of the Gilt.

Remit 2006-07

Gilt sales of �63.0 billion (cash) are planned in 2006-07, the split and
progress against the remit is summarised in the table below.

                                     Gilt sales v remit at 8 June 2006 (� millions).
 
                                                            Conventional Gilts                   Index-linked
                                            Shorts(1-7 yrs)  Mediums(7-15yrs)  Longs(15 yrs+)       gilts        Total

Gilt sales to date                                 0               2,626           7,153            3,002       12,781
Core gilt programme                              10,000           10,000          17,000           16,000       53,000
Programme to be allocated in-year
Allocated in-year to date                          0                0              3,750            1,250        5,000
Currently allocated programme                    10,000           10,000          20,750           17,250       58,000
Remaining to be allocated                                                                                        5,000
Total planned sales                                                                                             63,000
Remaining to meet allocated programme            10,000            7,374          13,597           14,248       45,219
Auctions remaining in current programme            4                3               6                14           27
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