Offer Summary

Application has been made to the Financial Conduct Authority for the Gilt to be admitted to the Official List on 6 April 2023. Application has also been made to the London Stock Exchange for the Gilt to be admitted to trading on the London Stock Exchange’s main market.

Auction of the Gilt

1. THE UNITED KINGDOM DEBT MANAGEMENT OFFICE (the "DMO") invites bids for the above Gilt.

General

2. This prospectus is issued under the arrangements described in the Information Memorandum relating to the Issue, Stripping and Reconstitution of British Government Stock published by the DMO dated 14 September 2021 (the "Information Memorandum"). The terms of the Information Memorandum apply to the above Gilt and to the auction described in this prospectus except where expressly varied.

Maturity

3. The Gilt will be repaid at par on 31 January 2029.

Interest

4. Interest on 0½% Treasury Gilt 2029 is payable half-yearly on 31 January and 31 July. The price payable will include an amount equal to the accrued interest from 31 January 2023, the most recent interest payment date of the Gilt, to 6 April 2023, the settlement date of this auction, at the rate of £0.089779005525 per £100 nominal of the Gilt. This further issue of the Gilt will rank for the six months’ interest payment due on 31 July 2023.

FOTRA exemptions

5. 0½% Treasury Gilt 2029 was first issued on 2 September 2021 and, consequently, the Gilt and the interest payable on it will benefit from the exemptions from United Kingdom taxation in favour of non-resident holders described in paragraph 129 of the Information Memorandum.

Gross payment of interest

6. Interest will be paid without deduction of income tax. However, holders of the Gilt may elect to have UK income tax deducted from interest payments on application to the Registrar, Computershare Investor Services PLC.

Stripping

7. The Gilt may not be stripped and reconstituted until so specified in a notice issued by the DMO.

Methods of application

8. Bids may be made on either a competitive or a non-competitive basis in accordance with paragraphs 73 to 105 of the Information Memorandum.

Non-competitive bids

9. For this auction no non-competitive bids may be made by any person other than a Gilt-edged Market Maker (“GEMM”).

Settlement of competitive bids and GEMMs' non-competitive bids

10. For those competitive bids which are accepted and those non-competitive bids from GEMMs which are accepted, settlement must be effected in accordance with paragraphs 79 and 87 of the Information Memorandum. For these purposes, the latest time and date for CHAPS payments to be sent to the Bank of England is 1.30 PM ON THURSDAY, 6 APRIL 2023.

Approved Group

11. For this auction applications may not be made by members of the Approved Group

Times for receipt of applications

12. GEMMs may bid by means of the Bloomberg Bond Auction System to the DMO not earlier than 9.00 AM ON WEDNESDAY, 5 APRIL 2023 and not later than 10.00 AM ON WEDNESDAY, 5 APRIL 2023.

Bids irrevocable

13. Bids will not be revocable between 10.00 am on Wednesday, 5 April 2023 and 10.00 am on Wednesday, 12 April 2023.

Post Auction Option Facility

14. . The provisions relating to the Post Auction Option Facility contained in the Information Memorandum will apply. The option take-up window will be open from 12.30 PM ON WEDNESDAY, 5 APRIL 2023 to 1.00 PM ON WEDNESDAY, 5 APRIL 2023.

Further Information

If you have any questions, you should seek advice from your stockbroker, accountant or other independent professional adviser or call the Offer Information Line on 020 7862 6500 (within United Kingdom), or +44 020 7862 6528 (outside United Kingdom) at any time between 8:30am and 5:00pm (British Summer Time) on Monday to Friday during the Offer period.