Wednesday January 17 at 14:00, the National Debt Management Agency (NDMA) will auction Treasury Notes in series RIKB 08 1212. This is a nominal issue with an annual coupon of 8,5% and a final maturity date on December 12, 2008. In this auction the amount offered will be in the range of ISK 2,500 to 5,000 million at nominal value. Only Primary Dealers in Government Securities can directly submit bids in this auction, but they also offer to submit bids on behalf of investors. The minimum amount of each bid is ISK 1 million nominal value. Settlement date is Friday January 19, 2007. In this auction the NDMA will offer: Series ISIN Final maturity date Outstanding nominal in m.kr. Time to Maturity RIKB 08 1212 IS0000013787 December 12, 2008 4.7 m.kr. Currently 1.9 years After the results of the competitive auction are available, the NDMA will offer the equivalent of 10% of the amount sold in a non-competitive auction until 14:00 hrs January 19, 2007. Only Primary Dealers will have the option to purchase an amount equal to their market share in the competitive auction at the weighted average yield of the current competitive auction. Settlement date is one day after business day (T+1). For further information please contact Laufey Omarsdottir, tel +354 540 7500.