First Flexible No.5 plc


As Agent Bank, please be advised of the following rate determined on: 01-Jun-2007

Issue               : First Flexible No. 5 - Class M
                      GBP 22,500,000.00  FRN Due 01 Jun 2034
ISIN Number         : XS0149246554
Common Code/        : 14924655
144A ISIN
Issue Nomin     GBP : 22,500,000.00
Period              : 01-Jun-2007 to 02-Jul-2007          Payment Date 02-Jul-2007
Number of Days      : 31
Rate                : 6.46938
Denomination GBP    : 10,000.00

Amount Payable
per Denomination    : 54.95

JPMorgan Chase Bank
Rate Fix Desk                           Telephone 44 1202 689580
Institutional Trust Services  Facsimille          44 1202 689601



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