Treasury Bills Registration Number                TB -182-08112006

Auction Date                                                  08 November 2006        

Settlement Date                                            10 November 2006

Maturity Date                                                 11 May 2007

Amount Offered (Face Value)                            M 50 million

Total of bids received:                                                    

Competitive                                                     M 11.465 million

Non-competitive                                              M   5.080 million

Amount Issued                                                M 16.429 million

Allocation Price of successful bids:                           

                   Competitive                                      96.460  

                   Non-competitive                                96.560

Equivalent Discount Rate:

            Competitive                                              7.0995% 

            Non-competitive                                        6.8995%

Equivalent Annual Effective Yield:

                        Competitive                                  7.4958% 

                        Non-competitive                            7.2727%

Allocation at the cut-off                                                   32.86%

Range of successful prices                                   97.505 - 96.460

Range of unsuccessful prices                                                      -