Permanent Financing No 1 PLC

RE: PERMANENT FINANCING (NO.1) PLC
    USD 26,000,000.00
    MATURING: 10-Jun-2042
    ISSUE DATE: 14-Jun-2002
    ISIN: US714198AE85

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
10-Mar-2005 TO 10-Jun-2005 HAS BEEN FIXED AT 3.250000 PCT

DAY BASIS 92/360

INTEREST PAYABLE VALUE 10-Jun-2005 WILL AMOUNT TO:
USD 215,944.44 PER USD 26,000,000.00 NOMINAL

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

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