Pillar Funding

As Agent Bank, please be advised of the following rate determined on:11-May-2006

Issue               : Pillar Funding Series 2005 - Class A
                      EUR 319,000,000 Asset Backed FRN due 15 Nov 2012
ISIN Number         : XS0236180286
Common Code/
144A ISIN           : 23618028
Issue Nomin     EUR : 319,000,000.00
Period              : 92
Rate                : 2.989
Denomination    EU  : 50,000.00
Amount Payable 
per Denomination    : 381.93

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

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