Abbey National PLC

As Agent Bank, please be advised of the following rate determined on: 08-Jan-2004

Issue               : Abbey National Treasury Services Plc 
                      ITL 124,960,000,000 Fxd / Reverse FRN due 12/01/10
ISIN Number         : XS0082847178
Issue Nomin     ITL : 118,405,000,000.00
Period              : 12-Jan-2004 to 12-Jan-2005         Payment Date 12-Jan-2005
Number of Days      : 360
Rate                : 10.98674
Denomination    ITL : 5,000,000     50,000,000    

Amount Payable 
per Denomination    : 549,337       5,493,370         

Institutional       Telephone   44(0) 1202 34 1286
Trust Services      Facsimile   44(0) 1202 34 7438