First Flexible No.5 plc


As Agent Bank, please be advised of the following rate determined on:01-May-2007
Issue            : First Flexible No.5 Plc - Class M
                   �22,500,000 FRN Due 1 Jun 2034
ISIN Number      : XS0149246554
Common Code /
144A ISIN        : 14924655
Issue Nomin EUR  : 22,500,000.00
Period           : 01-May-2007 to 01-Jun-2007  Payment Date 01-Jun-2007
Number of Days   : 31
Rate             : 6.37375
Denomination EU  : 10,000.00
Amount Payable
per Denomination : 54.13

Bank of New York
Rate Fix Desk                      Telephone  44 1202 689580
Corporate Trust Services           Facsimile  44 1202 689601



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