First Flexible No.5 plc

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

Issue               : First Flexible No. 5 Plc - Class M 
                      GBP 22,500,000.00  FRN Due 1 Jun 2034
ISIN Number         : XS0149246554
Common Code/        : 14924655
144A ISIN
Issue Nomin     GBP : 22,500,000.00
Period              : 01-Aug-2006 to 01-Sep-2006       Payment Date 01-Sep-2006
Number of Days      : 31
Rate                : 5.50188                      
Denomination GBP    : 10,000.00                                       

Amount Payable 
per Denomination    : 46.73                                 

JPMorgan Chase Bank
Rate Fix Desk                           Telephone 44 (0) 1202 32 8226
Institutional Trust Services  Facsimille          44 (0) 1202 34 7939

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