Helix Capital BV

Credit Event Notice

Credit Event Notice 

    LONDON--(BUSINESS WIRE)--April 01, 2003--

Variable Redemption Limited Recourse Notes due August 2007 isssued by
HELIX CAPITAL (NETHERLANDS) BV (ISIN: 0145950829) (the 'Notes')

Reference is made to the above Notes and words and expressions used
but not otherwise defined herein shall have the meanings given to them
in the terms and conditions of the Notes.

At the request of Helix Capital (Netherlands) BV (the 'issuer') we
hereby give you notice that a Credit Event Notice and Notice of
Publicly Available Information with respect to British Energy plc was
given on 28 March 2003 to, among others, the Issuer pursuant to the
Related Agreement entered into in connection with the Notes.

Notice of the foregoing has duly been given in accordance with the
terms of the Notes to Noteholders.

Any reduction in the Principal Amount of the Notes, as calculated
in accordance with the terms of the Notes, will be notified upon
determination thereof.

   Short Name: Helix Capital BV
   Category Code: MSC
   Sequence Number: 00003552
   Time of Receipt (offset from UTC): 20030401T173911+0100