Permanent Financing No 1 PLC

RE: PERMANENT FINANCING (NO 1) PLC
    GBP 52,000,000.00
    MATURING: 10/Jun/2042
    ISSUE DATE: 14/Jun/2002
    ISIN: XS0148362337

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
12/Sep/2005 TO 12/Dec/2005 HAS BEEN FIXED AT 5.792810 PCT

DAY BASIS 91/365

INTEREST PAYABLE VALUE 12/Dec/2005 WILL AMOUNT TO:
GBP 751,002.11 PER GBP 52,000,000.00 NOMINAL

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: 44 20 7508 3858/3855 OR FAX: 44 20 7508 3881

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