Treasury Bills Registration Number                                 TB -182-07112007

Auction Date                                                                 07 November 2007

Settlement Date                                                            09 November 2007

Maturity Date                                                                09 May 2008

Amount Offered (Face Value)                                         M 30 million

Total of bids received:                                                    

                         Competitive                 M36.92million

                         Non-competitive           M4.98million

Amount Issued                                                             M 30 million

Allocation Price of successful bids:

Competitive                 95.560

Non-competitive           95.660

Equivalent Discount Rate:

                      Competitive                  8.9044%

                      Non-competitive            8.7044%

Equivalent Annual Effective Yield:

                        Competitive               9.5358%

                        Non-competitive         9.1000%

Allocation at the cut-off                                                   100%

Range of successful prices                                             97.500-95.560

Range of unsuccessful prices                                          97.560-95.265