Naples (Province of)

As Agent Bank, please be advised of the following rate determined on:
25-May-2004

Issue               : Province Of Naples - Series 1
                      EUR33,714,000 (MTN) FRN due 27/5/2014
ISIN Number         : XS0097828189
ISIN Code/          : 97828189
Issue Nomin     EUR : 33,714,000.00
Period              : 27-May-2004 to 29-Nov-2004    Payment Date 29-Nov-2004
Number of Days      : 186
Rate                : 2.337                Pool Factor:  0.6667
Denomination    EU  : 666.70

Amount Payable 
per Denomination    : 8.05

Institutional       Telephone   44(0) 1202 34 1286
Trust Services      Facsimile   44(0) 1202 34 7438

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