First Flexible No.5 plc


As Agent Bank, please be advised of the following rate determined on: 03-Dec-2007

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              : 03-Dec-2007 to 02-Jan-2008          Payment Date 02-Jan-2008
Number of Days      : 30
Rate                : 7.515
Denomination GBP    : 10,000.00

Amount Payable
per Denomination    : 61.60

Bank of New York
Rate Fix Desk                           Telephone 44 1202 689580
Institutional Trust Services  Facsimille          44 1202 689601



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