FCE Bank PLC

As Agent Bank, please be advised of the following rate determined on: 10-Nov-2003

Issue               : FCE Bank Plc - Series AO
                      �150,000,000 FRN (MTN) Due 8/8/2005
ISIN Number         : XS0133311463
Issue Nomin     GBP : 150,000,000.00
Period              : 10-Nov-2003 to 09-Feb-2004          Payment Date XXXX
Number of Days      : 91
Rate                : 4.35125
Denomination    GB  : 1,000.00      10,000.00       100,000.00

Amount Payable 
per Denomination    : 10.85         108.48          1,084.83

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