Rexam PLC

RE: REXAM PLC
USD 10,000,000.00
MATURING: 29-Dec-2004
ISSUE DATE: 29-Dec-2003
ISIN: XS0183120699

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD 29-Dec-2003 to
29-Mar-2004 HAS BEEN FIXED AT 1.470000 PCT.

INTEREST PAYABLE VALUE 29-Mar-2004 WILL AMOUNT TO
USD 371.58 PER USD 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.