Melrose Financing No1 PLC

RE: MELROSE FINANCING NO1 PLC
    USD 935,000,000.00
    MATURING: 15-Feb-2008
    ISSUE DATE: 27-Feb-2001
    ISIN: XS0125291715

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
17-Nov-2003 TO 17-Feb-2004 HAS BEEN FIXED AT 1.510000 PCT.

INTEREST PAYABLE VALUE 17-Feb-2004 WILL AMOUNT TO
USD 38.59 PER USD 10,000.00 DENOMINATION.

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: 44 020 7508 3858/3855 OR FAX: 44 020 7508 3881.