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<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<HTML>
<HEAD>
<TITLE>Railtrack - Legal Message</TITLE>
<LINK REL="stylesheet" TYPE="text/css" HREF="/style/rt_default.css">
<meta http-equiv="keywords" content="keywords">
<meta http-equiv="description" content="description">
</HEAD>
<BODY BGCOLOR="#ffffff" BACKGROUND="images/home/legal_bk.gif" TOPMARGIN=1 LEFTMARGIN=1 MARGINWIDTH=1 MARGINHEIGHT=1>
<TABLE WIDTH="595" CELLPADDING="0" CELLSPACING="0" BORDER="0">
<TR>
<TD WIDTH=158><IMG SRC="images/nothing.gif" WIDTH=158 HEIGHT=1 BORDER=0></TD>
<TD WIDTH=75><IMG SRC="images/nothing.gif" WIDTH=75 HEIGHT=1 BORDER=0></TD>
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<TD WIDTH=115><IMG SRC="images/nothing.gif" WIDTH=115 HEIGHT=1 BORDER=0></TD>
</TR>
<TR>
<TD ALIGN="right" VALIGN="top"><IMG SRC="images/home/rtlogo_legal.gif" WIDTH=147 HEIGHT=15 BORDER=0 ALT="RAILTRACK"></TD>
<TD COLSPAN="6" valign="top">
<div align="right"><a href="javascript:history.back();"><img src="images/global/glob_back.gif" width="41" height="18" border="0" alt="go back"></a><img src="images/nothing.gif" width="10" height="18"><img src="images/global/z_button.gif" width="10" height="18"><a href="index.htm" target="_top"><img src="images/global/glob_centralmenu.gif" width="96" height="18" border="0" alt="central menu"></a></div>
</TD>
</TR>
<TR>
<TD COLSPAN="7"><IMG SRC="images/nothing.gif" WIDTH=1 HEIGHT=15 BORDER=0></TD>
</TR>
<TR>
<TD COLSPAN="2"><IMG SRC="images/nothing.gif" WIDTH=1 HEIGHT=1 BORDER=0></TD>
<TD VALIGN="top" COLSPAN="5"><IMG SRC="images/home/head_legal.gif" WIDTH=152 HEIGHT=26 BORDER=0 ALT="legal message"></TD>
</TR>
<TR>
<TD COLSPAN="7"><IMG SRC="images/nothing.gif" WIDTH=1 HEIGHT=30 BORDER=0></TD>
</TR>
<TR>
<TD COLSPAN="2"><IMG SRC="images/nothing.gif" WIDTH=1 HEIGHT=1 BORDER=0></TD>
<TD VALIGN="top" CLASS="largep">1</TD>
<TD VALIGN="top" COLSPAN="4">If you access the Railtrack web site you agree
to be bound by the conditions contained in this legal message and further
agree that the Courts of England and Wales shall have exclusive jurisdiction
in respect of any dispute arising from this legal message.</TD>
</TR>
<TR>
<TD COLSPAN="7"><IMG SRC="images/nothing.gif" WIDTH=1 HEIGHT=10 BORDER=0></TD>
</TR>
<TR>
<TD COLSPAN="2"><IMG SRC="images/nothing.gif" WIDTH=1 HEIGHT=1 BORDER=0></TD>
<TD VALIGN="top" CLASS="largep">2</TD>
<TD VALIGN="top" COLSPAN="4">The copyright in the material contained in the
Railtrack web site belongs to Railtrack PLC. All rights reserved. Except
solely for your own personal and non commercial use no part of this web
site may be copied, performed in public, broadcast or adapted without the
prior written permission of Railtrack PLC.</TD>
</TR>
<TR>
<TD COLSPAN="7"><IMG SRC="images/nothing.gif" WIDTH=1 HEIGHT=10 BORDER=0></TD>
</TR>
<TR>
<TD COLSPAN="4"><IMG SRC="images/nothing.gif" WIDTH=1 HEIGHT=1 BORDER=0></TD>
<TD VALIGN="top" CLASS="largep">3</TD>
<TD VALIGN="top" COLSPAN="2">Railtrack assumes no responsibility for the contents
of any other web sites to which the Railtrack web site has links.</TD>
</TR>
<TR>
<TD COLSPAN="7"><IMG SRC="images/nothing.gif" WIDTH=1 HEIGHT=10 BORDER=0></TD>
</TR>
<TR>
<TD COLSPAN="4"><IMG SRC="images/nothing.gif" WIDTH=1 HEIGHT=1 BORDER=0></TD>
<TD VALIGN="top" CLASS="largep">4</TD>
<TD VALIGN="top" COLSPAN="2">To the extent permitted by law Railtrack shall
not be liable to any person for any loss or damage which may arise from
the use of any of the information contained in this web site.</TD>
</TR>
<TR>
<TD COLSPAN="7"><IMG SRC="images/nothing.gif" WIDTH=1 HEIGHT=10 BORDER=0></TD>
</TR>
<TR>
<TD COLSPAN="2"><IMG SRC="images/nothing.gif" WIDTH=1 HEIGHT=1 BORDER=0></TD>
<TD VALIGN="top" CLASS="largep">5</TD>
<TD VALIGN="top" COLSPAN="4">The material contained in this web site is a
guide only, is not intended as a recommendation to buy, sell or hold any
securities of Railtrack Group PLC, and does not constitute an offer to sell
or the solicitation of an offer to buy any such securities. The price of
shares and the income from them can go down as well as up. If you are not
sure what you should do, please consult your financial adviser.</TD>
</TR>
<TR>
<TD COLSPAN="7"><IMG SRC="images/nothing.gif" WIDTH=1 HEIGHT=10 BORDER=0></TD>
</TR>
<TR>
<TD COLSPAN="2"><IMG SRC="images/nothing.gif" WIDTH=1 HEIGHT=1 BORDER=0></TD>
<TD VALIGN="top" CLASS="largep">6</TD>
<TD VALIGN="top" COLSPAN="4">While Railtrack has taken every effort to ensure
that the information contained within the web site is correct, you should
be aware that the information may be incomplete, inaccurate or may have
become out of date.</TD>
</TR>
<TR>
<TD COLSPAN="7"><IMG SRC="images/nothing.gif" WIDTH=1 HEIGHT=10 BORDER=0></TD>
</TR>
<TR>
<TD COLSPAN="4"><IMG SRC="images/nothing.gif" WIDTH=1 HEIGHT=1 BORDER=0></TD>
<TD VALIGN="top" CLASS="largep">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2">RAILTRACK is a registered trademark of Railtrack
PLC.</TD>
</TR>
</TABLE>
<BR>&nbsp;
</BODY>
</HTML>