Pillar Funding Series 2005-1 plc


As Agent Bank, please be advised of the following rate determined on:15-May-2007

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-May-2007  to  15-Aug-2007         Payment Date 15-Aug-2007
Number of Days   : 92
Rate             : 6.014
Denomination  GB : 50,000.00
Amount Payable   : 757.93
per Denomination

Bank of New York
Rate Fix Desk                     Telephone    44 1202 689580
Corporate Trust Services          Facsimile    44 1202 689601



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