NEW SOUTH WALES TREASURY

                 New South Wales Treasury Corporation
              6.5 Per Cent Guaranteed Exchangeable Bonds
                             Due May 2006

                             XS0047397954

Please be advised that the Issuer has repurchased AUD 760,000,000 of the above
issue for Value 14.07.2005.

The new outstanding is AUD 1,870,984,000.
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