54NV Dp World 30 U

RNS Number:2349E
Naples (Province of)
25 May 2001


As Agent Bank, please be advised of the following rate determined on the
25-MAY-2001.

Issue             :  PROVINCE OF NAPLES - SERIES 1
                     EUR33,714,000 (MTN) FRN DUE 27/5/2014
ISIN NO           :  XS0097828189
Issue Nominal EUR :  33,714,000.00
Period            :  29-MAY-2001  To  27-NOV-2001    Payment Date  27-NOV-2001
Number of Days    :  182
Rate              :  4.68          Pool Factor:  0.86668
Denomination EUR  :  866.68
Amount Payable
Per Denomination  :  20.51

From:
Steven Coutts                  Telephone 44 (0) 1202 34 1286
Institutional Trust Services   Facsimile 44 (0) 1202 34 7438

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