Transaction in Own Shares

The Company announces that it has repurchased for cancellation £1,900,000 of
its 12 5/16% debenture stock 2010 at a price of £135.50 per £100 nominal. The
total stock purchased to date amounts to £1,925,000 and the debenture stock
remaining in issue following cancellation of the stock repurchased to date will
be £17,193,645.

1 November 2004