Woolwich PLC

RE: WOOLWICH PLC
    ITL 15,000,000,000.00
    MATURING: 26-Nov-2007
    ISSUE DATE: 08-Oct-1997
    ISIN: XS0080965113

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
26-Nov-2003 TO 26-Feb-2004 HAS BEEN FIXED AT 2.273880 PCT.

INTEREST PAYABLE VALUE 26-Feb-2004 WILL AMOUNT TO
ITL 581,102.67 PER ITL 100,000,000.00 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.