Equity Release Funding (No. 2) PLC

RE: EQUITY RELEASE FUNDING (NO.2) PLC
    GBP 45,000,000.00
    MATURING: 26-May-2027
    ISSUE DATE: 11-Jun-2002
    ISIN: XS0147705775

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
26-Nov-2004 TO 28-Feb-2005 HAS BEEN FIXED AT 5.293750 PCT

DAY BASIS 94/365

INTEREST PAYABLE VALUE 28-Feb-2005 WILL AMOUNT TO:
GBP 11.73 PER GBP 860.40 DENOMINATION
GBP 117.30 PER GBP 8.604.00 DENOMINATION
GBP 1,173.00 PER GBP 86,040.00 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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