OLO 48 Pricing

Press release from the Belgian Debt Agency

The 4% EURO 4 billion OLO48 for the KINGDOM OF BELGIUM, rated Aa1/AA+, is now priced. Issue/Reoffer price is 97,315 to give a spread of 4bp over the OAT Apr 2021. Payment date May 24th 2006. Short first coupon on 28th March, 2007. Fees total 17,5 cts. Listing Brussels. Belgian law. No XD, no NP.FM2 (with prior consultation with the issuer) applies. ICMA/FSA Stabilisation. Joint leads and books : Calyon, Citigroup, Fortis and Goldman Sachs. Co-lead group : ABN-AMRO, Barclays, Crédit Suisse, Deutsche Bank, Dexia, HSBC, ING, JP Morgan, KBC Bank, Nomura, Socété Générale and UBS Selling group : Dresdner Bank, IMI, Lehman Brothers, Morgan Stanley and Nordea