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 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              : 01-Jun-2007 to 02-Jul-2007          Payment Date 02-Jul-2007
Number of Days      : 31
Rate                : 5.89938                     Pool Factor:    0.299726
Denomination GBP    : 2,997.26

Amount Payable
per Denomination    : 15.02

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



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