Avebury Properties Ld

As Agent Bank, please be advised of the following rate determined on:18-Nov-2003

Issue               : Avebury Properties Limited - Class A1
                      GBP43,000,000 Secured FRN Due February 2011
ISIN Number         : XS0108393272
Issue Nomin     GBP : 43,000,000.00
Period              : 20-Nov-2003 to 20-Feb-2004     Payment Date 20-Feb-2004
Number of Days      : 92
Rate                : 5.13            Pool Factor: 0.7774658
Denomination    GB  : 38,873.29

Amount Payable 
per Denomination    :  501.90

Institutional       Telephone   44(0) 1202 34 1286
Trust Services      Facsimile   44(0) 1202 34 7438