First Flexible No.5 plc


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

Issue               : FIRST FLEXIBLE NO. 5 PLC - CLASS A
                      GBP 465,000,000.00 FRN FRN Due DUE PERPETUAL
ISIN Number         : XS0149246125
Common Code/        : 14924612
144A ISIN
Issue Nomin     GBP : 465,000,000.00
Period              : 02-Jul-2007 to 01-Aug-2007          Payment Date 01-Aug-2007
Number of Days      : 30
Rate                : 6.145                       Pool Factor:    29239
Denomination GBP    : 2,923.90

Amount Payable
per Denomination    : 14.77

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



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