89NK Emirate Ab 47s

    Permanent Financing (No. 5) plc

RE: PERMANENT FINANCING NO. 5 PLC
    EUR 43,500,000.00
    MATURING: 10/Jun/2042
    ISSUE DATE: 22/Jul/2004
    ISIN: XS0197061764

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
12/Jun/2006 TO 11/Sep/2006 HAS BEEN FIXED AT 3.320000 PCT.

DAY BASIS 91/360

INTEREST PAYABLE VALUE 11/Sep/2006 WILL AMOUNT TO
EUR 365,061.67 PER EUR 43,500,000.00 NOMINAL.

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: 44 (0)20 7508 3858/3855 OR FAX: 44 (0)20 7508 3881.

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