Catalyst Healthcare Manchester Financing p.l.c.

8 Dec 2004

We have been appointed as security trustee, and as bond trustee, for both the senior and junior tranches of a £180 million index linked bond issue to fund the construction of a new 1,470 bed hospital in Manchester to be operated by the Central Manchester & Manchester Children's University NHS Trust under the terms of HM Government's Private Finance Initiative ("PFI").

The senior debt, which is insured by Ambac, is rated AAA by Standard & Poor's Rating Services and Aaa by Moody's Investors Service, and the junior bonds are rated Triple B by Standard & Poor's and Baa3 by Moody's.

Law Debenture acts as trustee and security trustee for a wide variety of PFI projects including roads, hospitals and university accommodation.

Corporate Trust

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