51LO Wells Fargo 20

    New Investment for Trains 1 PLC

                       NOTICE TO THE HOLDERS OF

                    NEW INVESTMENT FOR TRAINS I PLC
                             (the Issuer)

�61,358,000 Class A Asset Backed Floating Rate Notes due February 2011
                         (ISIN: XS0086348314)

   �53,800,000 Class B Asset Backed Floating Rate Notes due May 2011
                         (ISIN: XS0086348405)

   �25,000,000 Class C Asset Backed Floating Rate Notes due May 2011
                         (ISIN: XS0086348744)

                         (together, the Notes)

                           EARLY REDEMPTION

NOTICE IS HEREBY GIVEN that, pursuant to Condition 5(d)(i) of the Notes, the
Issuer will, on 13 May 2005, redeem all of the Notes at their respective
Principal Amounts Outstanding together with accrued but unpaid interest up to,
but excluding, 13 May 2005.

This notice is given by
NEW INVESTMENT FOR TRAINS I PLC
Dated: 12 April 2005

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