Pillar Funding Series 2005-1 plc

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

Issue                   : Pillar Funding Series 2005 - Class B
                          GBP 12,500,000 Asset Backed FRN Due 15 Nov 2012
ISIN Number             : XS0236181250
Common Code/            : 23618125
144A ISIN
Issue Nomin         GBP : 12,500,000.00
Period                  : 15-Aug-2006 to 15-Nov-2006 Payment Date 15-Nov-2006
Number of Days          : 92
Rate                    : 5.23
Denomination        GB  : 50,000.00          
Amount Payable          : 659.12              
per Denomination

JPMorgan Chase Bank
Rate Fix Desk                       Telephone   44 (0) 1202 32 6660
Institutional Trust Services        Facsimille  44 (0) 1202 34 7939

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