Avebury Properties Ld

As Agent Bank, please be advised of the following rate determined on:18-May-2005

Issue               : Avebury Properties Limited - Class A1
                      GB�43,000,000 Secured FRN due February 2011
ISIN Number         : XS0108393272
Common Code/
144A ISIN           : 108393272
Issue Nomin     GBP : 43,000,000.00
Period              : 20-May-2005 to 22-Aug-2005       Payment Date 22-Aug-2005
Number of Days      : 94
Rate                : 6.02438          Pool Factor: 0.678938
Denomination    GB  : 33,946.90
Amount Payable 
per Denomination    : 526.68

Institutional       Telephone   44(0) 1202 34 1286
Trust Services      Facsimile   44(0) 1202 34 1267

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