First Flexible No.5 plc




As Agent Bank, please be advised of the following rate determined on: 02-Apr-2007

Issue               : First Flexible No.5 Plc - Class A
                      GBP 465,000,000.00 FRN Due Perpetual
ISIN Number         : XS0149246125
Common Code/        : 14924612
144A ISIN
Issue Nomin     GBP : 465,000,000.00
Period              : 02-Apr-2007 to 01-May-2007          Payment Date 01-May-2007
Number of Days      : 29
Rate                : 5.72063                     Pool Factor:    0.323014
Denomination GBP    : 3,230.14

Amount Payable
per Denomination    : 14.68

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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