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Peel South East p.lc..

15 Mar 2004

Law Debenture was pleased to be appointed as trustee for a £90 million 10% First Mortgage Debenture Stock by Peel South East p.l.c., part of the Peel group of companies, which is fully fungible with an existing Stock issued in 1986.

The Stock, which is listed on the London Stock Exchange, is secured against a portfolio of prime commercial investment properties in the north west of England.

Corporate Trust

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