Rexam PLC

RE: REXAM PLC
    EUR 5,000,000.00
    MATURING: 20-Oct-2006
    ISSUE DATE: 20-Oct-2003
    ISIN: XS0178285846

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
20-Jan-2004 to 20-Apr-2004 HAS BEEN FIXED AT 2.816000 PCT.

INTEREST PAYABLE VALUE 20-Apr-2004 WILL AMOUNT TO
EUR 711.82 PER EUR 100,000.00 DENOMINATION.

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: 44 020 7508 3858/3855 OR FAX: 44 020 7508 3881.