ISSUE OF $120,000,000 BARBADOS GOVERNMENT 6¾% DEBENTURES 2022

ISSUE OF $120,000,000 BARBADOS GOVERNMENT 6¾% DEBENTURES 2022

Applications are invited for subscription to this Debenture opening on Monday October 27, 2008. The Debenture will be issued at par with a fixed interest rate of 6¾% payable on April 30 and October 31 of each year. The interest due to Pensioners 60 years and over residing in Barbados will not be subject to withholding tax.

Non-residents seeking tax exemption must satisfy the Commissioner of Inland Revenue of their status before exemption is granted. However, for all persons resident in the island, the interest from these Debentures will be taxed separately from other income at a rate not exceeding 12½%. These Debentures will be repayable at par on October 31, 2022. The issue will remain opened until the Central Bank advises that it has been fully subscribed.

Prospectuses may be obtained from the Central Bank of Barbados, the Accountant General or any commercial bank. Application forms should be addressed to the Director, Banking, Currency & Investments Department, Central Bank of Barbados, Tom Adams Financial Centre, P.O. Box1016, Bridgetown.

October 21, 2008