E.L.A.N. Ld

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

Issue               : E.L.A.N. Limited - Series 2002-04
                      EUR 25,000,000 Secured FRN Due 10-Nov-2006
ISIN Number         : XS0142971893
Issue Nomin     EUR : 25,000,000.00
Period              : 10-Nov-2003 to 10-Feb-2004   Payment Date  10-Feb-2004
Number of days      : 92
Rate                : 2.515
Denomination    EU  : 10,000.00

Amount Payable 
per Denomination    : 64.27

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