Paragon Pers&Auto 2

RE: PARAGON PERSONAL AND AUTO FINANCE (NO.2) PLC
    GBP 70,900,000.00
    MATURING: 15-Jan-2033
    ISSUE DATE: 12-Dec-2001
    ISIN: XS0140279638

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
15-Oct-2003 TO 15-Jan-2004 HAS BEEN FIXED AT 4.950000 PCT.

INTEREST PAYABLE VALUE 15-Jan-2004 WILL AMOUNT TO
GBP 124.43 PER GBP 10,000.00 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.