Treasury Bills Registration Number          TB -182-05032008

Auction Date                                          05 March 2008

Settlement Date                                     07 March 2008

Maturity Date                                         05 September 2008

Amount Offered (Face Value)                  M 20 million

Total of bids received:                             M 39,6 million

Competitive                                           M 36,3 million

Non-competitive                                     M.3,3 million

Amount Issued                                      M 20,0 million

Allocation Price of successful bids:        

Competitive                  94.790

Non-competitive            94.890

Equivalent Discount Rate:

                        Competitive                  10.4486%

                        Non-competitive            10.2486%

Equivalent Annual Effective Yield:

                        Competitive                  11.3275%

                        Non-competitive            11.0924%

Allocation at the cut-off                          100 %

Range of successful prices                    96.760 - 94.790

Range of unsuccessful prices                94.790 – 94.690