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Leggmason Inv Intl (LIU)

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Monday 27 November, 2000

Leggmason Inv Intl

Interest Rate Swap

Leggmason Inv Intl Util Tst PLC
27 November 2000


LEGGMASON INVESTORS INTERNATIONAL UTILITIES TRUST PLC

LeggMason Investors International Utilities Trust plc (the Trust), an
investment trust that invests primarily in the securities of international
utility and utility related companies, announces that it has completed a
restructuring of its current borrowing arrangements.

In June 1999 the Trust borrowed euro 90 million (£59.5 million) at an
effective annual fixed interest rate of 4.575%.  Since that point the euro has
fallen by approximately 9% relative to sterling whilst the Trust's net assets
have increased in value by approximately 12% to 24 November 2000.  Whilst
wishing to maintain the Trust's current level of bank borrowing, the Manager
now considers sterling to be overvalued relative to the euro.  Accordingly,
the loan has now been converted to a fixed rate, fixed duration sterling
liability of £55.4 million repayable on 30 November 2003.  The Trust will
continue to make interest payments at a fixed rate of 4.575% until 30 November
2003 although these will now be in sterling.

The transaction will crystallise a net currency gain after costs of
approximately £4.0 million or 7p per Ordinary share.  This has already been
taken into account in calculating the net asset value of the Trust's Ordinary
shares.