Transfer Scheme Completed

RNS Number:1038O
Network Rail Infrastructure Finance
27 June 2005


                           Transfer Scheme Completed

Network Rail is providing the following update to keep investors informed about
recent developments.  The Railways Act received Royal Assent on 7 April, 2005.
The Transfer Scheme enabling the transfer to the Secretary of State for
Transport of the property, rights and liabilities of the Strategic Rail
Authority (SRA) relating to the indebtedness of Network Rail took effect on
Sunday 26 June, 2005.

With effect from this Transfer Date, the Secretary of State shall be treated as
the same person in law as the SRA. The debt support obligations which were
transferred from the SRA include those under the Debt Issuance Programme, the
Medium Term Note Programme and the Commercial Paper Programme.

The FSA has confirmed that Network Rail's debt has become 0% risk weighted with
effect from the Transfer Date.

                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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