Pillar Funding Series 2005-1 plc

As Agent Bank, please be advised of the following rate determined on:
15-May-2006

Issue               : Pillar Funding Series 2005 - Class B
                      GBP 12,500,000 Asset Backed FRN due 15 Nov 2012
ISIN Number         : XS0236181250
Common Code/
144A ISIN           : 23618125
Issue Nomin     GBP : 12,500,000.00
Period              : 15-May-2006 to 15-Aug-2006   Payment Date 15-Aug-2006
Number of Days      : 92
Rate                : 4.97063
Denomination    GB  : 50,000.00
Amount Payable 
per Denomination    : 626.44

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

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