First Flexible No.5 plc

As Agent Bank, please be advised of the following rate determined on:02-May-2006

Issue               : First Flexible No. 5 Plc - Class M
                      GBP 22,500,000 FRN Due 1 Jun 2034
ISIN Number         : XS0149246554
Common Code/        : 14924655
144A ISIN
Issue Nomin     GBP : 22,500,000.00
Period              : 02-May-2006   to   01-Jun-2006 Payment Date 01-Jun-2006
Number of Days      : 30
Rate                : 5.43188                     
Denomination GB     : 10,000.00                                     

Amount Payable 
per Denomination    : 44.65                                 

Institutional       Telephone   44(0) 1202 34 1286
Trust Services      Facsimile   44(0) 1202 34 7438

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