Permanent Master Issuer


RE: Permanent Master Issuer Plc
    USD 35,800,000.00
    MATURING: 15-Jul-2042
    ISSUE DATE: 17-Oct-2006
    ISIN: US71419GAE08

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
16-Jan-2007 TO 16-Apr-2007 HAS BEEN FIXED AT 5.560000 PCT

DAY BASIS 90/360

INTEREST PAYABLE VALUE 16-Apr-2007 WILL AMOUNT TO:
USD 497,620.00 PER USD 35,800,000.00 DENOMINATION

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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