ARTESIAN FINANCE PLC

RE: ARTESIAN FINANCE PLC
GBP 66,500,000.00
MATURING: 30-Sep-2032
ISSUE DATE: 26-Jun-2002
ISIN: XS0150081643

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD 30-Sep-2003
TO 31-Mar-2004 HAS BEEN FIXED AT 0.000001 PCT.

INTEREST PAYABLE VALUE 31-Mar-2004 WILL AMOUNT TO
GBP 18.85 PER GBP 1,000.00 DENOMINATION.
GBP 188.54 PER GBP 10,000.00 DENOMINATION.
GBP 1,885.36 PER GBP 100,000.00 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.