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Press Release

17^th October 2001

Ref: 258/01

Porterbrook Leases Locomotives to ShortLines, Rotterdam

Porterbrook Leasing Company Limited ("Porterbrook"), a subsidiary of Abbey National Treasury Services plc, has signed a lease agreement with ShortLines BV for 2 Series 66 General Motors diesel locomotives with a value of Ä6 million.

The locomotives, which are due to be delivered to ShortLines in January 2002, will work on trains between Rotterdam and various locations in the Netherlands and Germany.

Rob Spierings, Managing Director of ShortLines said:

"Reliable powerful traction is one of the key issues to satisfy customers’ needs. The Series 66, which we have operated for some months now¹ in the intermodal shuttle to and from Rotterdam and Cologne, increased our operating performances substantially.

"We are very proud to co-operate with GM EMD and Porterbrook on this deal which will boost independent liberalised rail services for freight businesses in Europe.

"ShortLines currently operates approximately 60 trains per week and increased this year their ability to implement new train services dramatically.

"We sincerely hope this co-operation with strong reliable partners will speed up our power to grow successfully on behalf of our customers, shareholders, employees and the (freight) community as a whole".

Commenting on the deal, Neil Bennett, International Business Manager for Porterbrook said:

"We are delighted to have secured this lease contract from ShortLines - a major player in the Dutch open access freight market. We aim to be part of a successful supply chain that enables ShortLines to expand its rail operations originating from the Port of Rotterdam. This transaction further demonstrates Porterbrook’s commitment to business growth in non-UK markets".

Continued………

Scott Garman, Director, Locomotive Business Development Europe said:

"GM EMD has developed the Series 66 to meet market needs. It has full cross-border capability and is ideally suited to Europe’s railways. Providing customers with what they need within short timeframes depends on good working partnerships. This deal proves this and we look forward to building on our relationships with both Porterbrook and ShortLines.

"GM EMD has focused hard over the last twelve months to achieve certification across Europe for the Series 66. The demand and potential for it is very strong. The continuing success of the Series 66 is key to our European expansion strategy."

- Ends -

Contact:

Karen Jackson, Porterbrook Leasing,

Tel: 01332 263224

Note to Editors:

^{1 The Series 66 are on hire from HGK of Cologne

Porterbrook Leasing Company Limited ("Porterbrook") is a leading player in the UK rail leasing market. Porterbrook has a rolling stock fleet of over 4,000 vehicles on lease for periods up to 2011, which includes about 3,200 passenger vehicles. These are supplied under operating leases to 18 of the 25 train operating companies (TOCs) within the UK. Porterbrook also provides ongoing train and tram maintenance services, most of which are outsourced. Porterbrook has been highly successful in winning new train orders since privatisation, with £800 million in new business won — investing in over 1,000 new vehicles and in the refurbishment of much of its in fleet equipment. In April 2000 the Porterbrook group of companies was acquired by Abbey National Treasury Services plc, part of the Abbey National Group.

ShortLines BV is an independent freight operator, formed in 1997, based in the port of Rotterdam running in excess of 60 trains per week from Rotterdam to points in the Netherlands and Germany. ShortLines work closely with HGK of Cologne to operate the popular container shuttle between Rotterdam and Cologne.

GM’s Electro-Motive Division markets, designs, sells, manufactures, and services freight and passenger diesel-electric locomotives and diesel marine and power generation products for use worldwide. The division has primary operations in LaGrange, Illinois, London and Ontario (Canada), as well as relationships with assembly affiliates and sales licensees throughout the world. The company, founded in 1922, has shipped more than 56,000 locomotives to 73 countries. Electro-Motive can be found on the Web at www.gmemd.com. GM EMD is active in Europe through GM Europe GmbH.

Scott Garman, Director, Locomotive Business Development Europe is available for interview.}