RNS Number:6051J
Emilius Company Limited
3 April 2003



Letter to RNS

Notice to Noteholders

EUR 5,000,000 Portfolio Credit Linked Notes due 3 December 2011 (the "Notes")

ISIN number XS0138370589

We, the Company, hereby give notice that the Calculation Agent has given notice
in accordance with the terms and conditions of the Notes (the "Conditions"), 
that a Credit Event has occurred in respect of BRITISH ENERGY PLC, one of the 
Reference Entities in respect of the Notes.

In accordance with the Conditions, the Calculation Agent will determine a Final
Price for the Defaulted Credit and shall adjust the Interest Bearing Amount
accordingly.

Terms not otherwise defined herein have the meaning given to them in the 
Conditions.


Letter from Emilius Company Limited


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