Auctions of Treasury Certificates during the months September, October and November.

Press release from the Belgian Debt Agency

The BDA informs that it intends to raise the targeted outstanding amount for the TC lines maturing on November 17, 2005 and on December 15, 2005. The objective is to enhance the management of the cash position of the Treasury during the last quarter of the year. At the September 13 auction, a larger amount will be offered in the TC line maturing on December 15. At the next 4 auctions, the BDA will tap one of the two aforementioned TC lines by offering TC with a one-month or a 2-month maturity. The additional issuance of TCs will have no impact on the amount of TCs projected to be outstanding at year-end in the Treasury's financing plan. Please find attached an indicative auction schedule. The amounts actually auctioned will be a function of the cash position of the Treasury and of the market demand.