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RSL Fin (No.1) PLC (90NF)

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Friday 16 August, 2002

RSL Fin (No.1) PLC

Issue of Debt

RSL Finance (No.1) PLC
16 August 2002


                             RSL FINANCE (NO.1) PLC

Further to its announcement on 11th July, 2002 the Board of RSL Finance (No. 1)
PLC ('RSL') announces that it is seeking the consent of the holders of its
£288,050,000 6.625 per cent. Secured Loan-Backed Bonds due 2038 (the 'Bonds') to
exchange the existing Bonds for new bonds to be issued by RSL on identical terms
(other than issue date and the first interest period).  Such exchange is being
proposed to allow further issues of bonds by RSL to be fungible with the
outstanding bonds issued by RSL.

In addition, the Board of RSL announces that it is considering a further issue
of bonds to fund the purchase of a social housing loan from The Royal Bank of
Scotland plc.  Any such issue will not exceed 20 per cent. of the aggregate
principal amount of the Bonds currently outstanding.

For further information please contact Paul Townsend of The Royal Bank of
Scotland plc on 020 7375 5681.

                      This information is provided by RNS
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