E.L.A.N. Ld

As Agent Bank, please be advised of the following rate determined on: 08-Dec-2003

Issue               : E.L.A.N. Limited - Series 2001-19 
                      EUR 40,000,000 Secured FR Callable Notes due 10 June 2005
ISIN Number         : XS0137053053
Issue Nomin     EUR : 15,000,000.00
Period              : 10-Dec-2003 to 10-Mar-2004     Payment Date 10-Mar-2004
Number of Days      : 91
Rate                : 2.752
Denomination    EU  : 10,000.00

Amount Payable 
per Denomination    : 69.56

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