Auburn Securities 4

As Agent Bank, please be advised of the following rate determined on:02-May-2006

Issue               : Auburn Securities 4 plc - Class A1
                      GBP 270,000,000 Mortgage Backed FRN due 1 Oct 2041
ISIN Number         : XS0202804687
Common Code/
144A ISIN           : 20280468
Issue Nomin     GBP : 270,000,000.00
Period              : 02-May-2006 to 01-Jun-2006       Payment Date 01-Jun-2006
Number of Days      : 30
Rate                : 4.75188           Pool Factor:0.079418
Denomination    GB  : 3,970.00
Amount Payable 
per Denomination    :15.51

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

Auburn 4 A1 (LSE:31UH)
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Auburn 4 A1 (LSE:31UH)
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