AS13 Eqty Rel2'a1'27

    Equity Release Funding (No. 2) PLC

RE: EQUITY RELEASE FUNDING (No.2) PLC
    GBP 45,000,000.00 
    MATURING: 26-May-2027
    ISSUE DATE: 11-Jun-2002
    ISIN: XS0147705775

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
26-May-2004 TO 26-Aug-2004 HAS BEEN FIXED AT 5.066250 PCT.

DAY BASIS 92/365

INTEREST PAYABLE VALUE 26-Aug-2004 WILL AMOUNT TO
GBP 11.67 PER GBP 913.50 DENOMINATION.
GBP 116.65 PER GBP 9,135.00 DENOMINATION.
GBP 1,166.51 PER GBP 91,350.00 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.

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