Naples (Province of)

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

Issue               : Province Of Naples - Series 1
                      EUR33,714,000 (MTN) FRN due 27/5/2014
ISIN Number         : XS0097828189
Issue Nomin     EUR : 33,714,000.00
Period              : 27-Nov-2003 to 27-May-2004    Payment Date 27-May-2004
Number of Days      : 182
Rate                : 2.41                Pool Factor:  0.70003
Denomination    EU  : 700.03

Amount Payable 
per Denomination    : 8.53

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