Reduction of Capital

BRITANNIC UK INCOME TRUST PLC

A Petition having been presented to the Court of Session on 5 May 2005 by Britannic UK Income Trust PLC, a public limited company incorporated under the Companies Acts and having its registered office at Britannic Court, 50 Bothwell Street, Glasgow G2 6HR, for confirmation of the cancellation of its share premium account, the Court pronounced the undernoted Interlocutor on 5 May 2005.

Lord Eassie

5 May 2005.

The Lord Ordinary, having heard Counsel on the motion of the Petitioner, as amended at the Bar, and having considered the Petition, Appoints the Petition to be intimated on the Walls in common form and to be advertised once in each of The Edinburgh Gazette, The Financial Times and The Herald newspapers; Reduces the period of notice to fourteen days and Allows any party claiming an interest, to lodge Answers thereto, if so advised, within fourteen days after intimation and advertisement. Appoints Julian Voge, W.S. 15 Atholl Crescent, Edinburgh as reporter for the process.

All of which intimation is hereby given.

McGrigors, Solicitors for the Petitioner

Pacific House, 70 Wellington Street, Glasgow G2 6SB.