Westland/Utrecht Hypotheekbank N.V.

RE: WESTLAND/UTRECHT HYPOTHEEKBANK N.V.
    EUR 20,000,000.00
    MATURING: 17-Jan-2011
    ISSUE DATE: 17-Jan-2001
    ISIN: XS0123043159

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
17-Oct-2003 TO 19-Jan-2004 HAS BEEN FIXED AT 2.352000 PCT.

INTEREST PAYABLE VALUE 19-Jan-2004 WILL AMOUNT TO
EUR 6,141.33 PER EUR 1,000,000.00 DENOMINATION.

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: 44 020 7508 3858/3855 OR FAX: 44 020 7508 3881.