BNG, the Dutch Public Sector Agency, rated AAA/Aaa/AAA, has increased by CHF 200 million the CHF 200 million 2.25%, due October 14, 2020 issue, originally issued on October 14, 2005. This first increase brings the total outstanding amount to CHF 400 million.

This new tranche has an issue price of 98.21% and a re-offer price of 97.26%. Based on this issue price, the yield is 2.473%. Settlement date is December 29, 2005, plus 75 days accrued interest. This tranche will be fungible with the original issue 40 days after settlement.

The issue will be listed in Switserland and Amsterdam. Lead manager is UBS.