RNS Number:5384S
Wyaconda Company Limited
26 November 2003

                             
STATEMENT RE DEBT ISSUE:

WYACONDA COMPANY LIMITED (the "company") 

U.S.$60,000,000 Protectors Fund Linked Principal Protected Notes due 2008 
(the "notes")

The Notes are linked to the Class C Shares (the "shares") of Ivy Protectors 
Fund, Ltd. (the "Fund") held by the Company.

The terms and conditions of the above Notes and the provisions relating to the 
Shares were amended from those set forth in the Issue Supplement relating to the
Notes dated 25 April 2002 in November 2002 and December 2003. A Regulatory News 
Service Notice was prepared in respect of such changes (RNS number 7087M). The 
provisions relating to the Shares have been further amended such that the 
definition of "Y" in the definition of "Gearing Factor" set out under 
"Information on the Underlying Obligor and the Original Charged Assets" in the 
Issue Supplement should be construed so that the Table referred to in the 
definition of "Y" is replaced by the following:

Valuation Date  Time     Lower                          Actual Sentinel Return                             Higher than
                (years)  than                                                                                   20%
                          6%   6%   7%   8%   9%   10%  11%  12%  13%  14%  15%  16%  17%  18%  19%  20%

2002-Dec-31      1 1/12   4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00      4.00

2003 Mar 31      1 4/12   4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 3.96 3.86 3.77 3.68      3.68     
    
2003-Jun-30      1 7/12   4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 3.89 3.77 3.66 3.56 3.46 3.37      3.37

2003-Sep-30      1 10/12  4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 3.93 3.78 3.65 3.52 3.41 3.31 3.21 3.12      3.12

2003-Oct-31      1 11/12  5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00      5.00

2003-Dec-31      2 1/12   5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00      5.00

2004-Mar-31      2 4/12   5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00      5.00

2004-Jun-30      2 7/12   5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00      5.00

2004-Sep-30      2 10/12  5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00      5.00  
2004-Dec-31      3 1/12   5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00      5.00

2005-Mar-31      3 4/12   5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00      5.00   
2005-Jun-30      3 7/12   5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00      5.00

2005-Sep-30      3 10/12  5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00      5.00

2005-Dec-31      4 1/12   5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00      5.00    
2006-Mar-31      4 4/12   5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00      5.00

2006-Jun-30      4 7/12   5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00      5.00

2006-Sep-30      4 10/12  5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00      5.00

2006-Dec-31      5 1/12   5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00      5.00

2007-Mar-31      5 4/12   5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00      5.00

2007-Jun-30      5 7/12   5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00      5.00

2007-Sep-30      5 10/12  5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00      5.00

2007-Dec-31      6 1/12   5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00      5.00

The Principal Protection Agreement relating to the C Shares in the Ivy 
Protectors Fund, Ltd has been amended such that the references in Annex B 
thereto to "10%" under "maximum Allocation Amount measured over the previous 
twelve months" have been changed to "8%" and references in (I) in Annex C 
thereto to "ten percent (10%)" has been changed to "eight percent (8%)".

Capitalised terms used in this notice have the meanings given them in the 
Amended Terms and Conditions and the amended and restated Issue Supplement.


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