55KJ Nec Fin.7.5625%

RNS Number:2341L
City of Birmingham
19 April 2005


Birmingham City Council / NEC Finance plc

Pricing results for Exchange Offer and Proposals

BIRMINGHAM CITY COUNCIL has released a notice relating to its previously
announced Exchange Offer for the NEC Finance plc 10.625% Debenture Stock due
2016 and 13.625% Debenture Stock due 2016.

Birmingham City Council hereby announces the calculation of the pricing for the
Exchange Offer. The calculation is based on a settlement of 21 April 2005.  The
pricing was determined based on the benchmark gilt levels as of 10:00a.m. UK
time, Tuesday, 19th April 2005, and pursuant to the terms and conditions of the
Exchange Offer.

Pricing Results:

1. Benchmark yields:

  * 2016 Benchmark Rate = 4.622%
  * 2030 Benchmark Rate = 4.571%

2. #100,000,000 10.625 per cent. Debenture Stock due 2016 (ISIN: GB0006185440)

  * 10.625 Exchange Spread = 0.32 per cent.
  * 10.625 Exchange Yield   4.942%
  * 10.625 Exchange Price = #1,492.17 per #1,000.00 Nominal Amount
  * Accrued Interest = #6.10 per #1,000.00 (shown rounded, but not rounded for
    actual calculations)
  * 10.625% Exchange Ratio = 0.9147x  (shown rounded, but not rounded for
    actual calculations)

3. #115,000,000 13.625 per cent. Debenture Stock due 2016 (ISIN: GB0006185556)

  * 13.625 Exchange Spread = 0.32 per cent.
  * 13.625 Exchange Yield   4.942%
  * 13.625 Exchange Price = #1,751.97 per #1,000.00 Nominal Amount
  * Accrued Interest = #7.82 per #1,000.00 (shown rounded, but not rounded for
    actual calculations)
  * 13.625% Exchange Ratio = 1.0740x  (shown rounded, but not rounded for
    actual calculations)

4. New issue details: #214,971,000 9.675 per cent. Notes due 2030 (ISIN:
GB00B07KV875)

  * New Issue Maturity = 21 April 2030
  * New Issue Spread = 0.50 per cent.
  * New Issue Yield = 5.071%
  * New Issue Price = #1,631.24 per #1,000.00 Nominal Amount


Further information:

UBS Investment Bank
Carlo Las Marias (020 7568 3118)
Tim Lacey (020 7567 8940)


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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