Westland/Utrecht Hypotheekbank N.V.

RE: WESTLAND / UTRECHT HYPOTHEEKBANK N.V.
    GBP 15,000,000.00
    MATURING: 22-Aug-2006
    ISSUE DATE: 22-Aug-2001
    ISIN: XS0134492957

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
24-Nov-2003 TO 23-Feb-2004 HAS BEEN FIXED AT 4.083130 PCT.

INTEREST PAYABLE VALUE 23-Feb-2004 WILL AMOUNT TO
GBP 10,163.66 PER GBP 1,000,000.00 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.