MELROSE FINANCING NO1

RE: MELROSE FINANCING NO1 PLC
    GBP 11,300,000.00
    MATURING: 15-Feb-2006
    ISSUE DATE: 27-Feb-2001
    ISIN: US585561AS25

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
15-Nov-2004 TO 15-Feb-2005 HAS BEEN FIXED AT 10.040000 PCT.

DAY BASIS 92/365

INTEREST PAYABLE VALUE 15-Feb-2005 WILL AMOUNT TO
GBP 253.06 PER GBP 10,000.00 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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