89VZ Hsbc Bk. 20

    Nordic Investment Bank

RE: Nordic Investment Bank
    USD 25,000,000.00
    MATURING: 15-Mar-2015
    ISSUE DATE: 15-Mar-2005
    ISIN: XS0214112996

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
15-Mar-2006 TO 15-Sep-2006 HAS BEEN FIXED AT 15.399824 PCT

INTEREST PAYABLE VALUE 15-Sep-2006 WILL AMOUNT TO:
USD 1,940,799.73 PER USD 25,000,000.00 DENOMINATION

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: 44 20 7508 3858/3855 OR FAX: 44 20 7508 3881

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