Starlight Finance B.V. U.S. $172,085,000 0.75 per cent. Secured Exchangeable Bonds due 2008

2 Jan 2003

Law Debenture has been appointed as trustee by Starlight in respect of its issue of Bonds exchangeable into the shares of LG Telecom.

The Bonds are secured on Notes (of which Law Debenture has been appointed as trustee) issued by British Telecom and which enables BT to dispose of its entire stake in LG Telecom, South Korea's third-largest mobile phone operator. T

he transaction includes an unusual feature enabling BT to buy back the Bonds at any time enabling BT to keep its options open should a third party offer to buy its LG stake at a premium.

Corporate Trust

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