British Energy Holdings p.l.c.

14 Jan 2005

We have been appointed as trustee for British Energy's new Guaranteed Bond issue. We were previously trustee for three guaranteed bond issues which have been restructured as part of a restructuring of the company's £1.3 billion indebtedness and £15 billion of nuclear liabilities - one of the UK's largest and most high profile corporate restructurings in recent years.

The new bonds have been rated BB- by Fitch Ratings and Ba3 by Moody's Investors Service; under the terms of the restructuring half will be issued to creditors of British Energy plc (as the company was formerly known), and half to a new Nuclear Liabilities Fund, which will assume part of the company's long term funding obligations, connected with decommissioning plant and fuel reprocessing.

In addition The Law Debenture Trust Corporation (Channel Islands) Ltd has been appointed as Distribution Trustee, demonstrating the range of trustee and related services which can be provided across the Law Debenture Group.

Corporate Trust

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