RNS Number:6063J
Navio Company Limited
3 April 2003


Letter to RNS

Notice to Noteholders

Navio Company Limited 
EUR 14,000,000 Credit Linked Notes due 10 May 2011("the Notes")


ISIN number: XS0130683997


We, the Company, hereby give notice that the Calculation Agent has given
notice in accordance with the terms and conditions of the Notes (the
"Conditions"), that a Credit Event has occurred in respect of BRITISH ENERGY
PLC, one of the Reference Entities in respect of the Notes.


In accordance with the Conditions, the Calculation Agent will determine a
Final Price for the Defaulted Credit and shall adjust the Interest Bearing
Amount accordingly.


The Interest Bearing Amount shall be adjusted in accordance with the Conditions. 


Terms not otherwise defined herein have the meaning given to them in the 
Conditions.


Letter from  Navio Company Limited



                      This information is provided by RNS
            The company news service from the London Stock Exchange

END

MSCGGGGDFFMGFZM