89NM Municplty 59

TIDM89NM

RNS Number : 3196G

Permanent Financing (No.5) PLC

10 May 2011

RNS ANNOUNCEMENT

PERMANENT FINANCING (NO. 5) PLC (the Fifth Issuer)

NOTICE OF REDEMPTION

GBP500,000,000 Series 5 Class A1 Asset Backed Fixed/Floating Rate Notes due June 2042

(Common Code: 019706761 & ISIN: XS0197067613)

GBP750,000,000 Series 5 Class A2 Asset Backed Floating Rate Notes due June 2042

(Common Code: 019706907 & ISIN: XS0197069072)

GBP47,000,000 Series 5 Class B Asset Backed Floating Rate Notes due June 2042

(Common Code: 019707008 & ISIN: XS0197070088)

GBP39,000,000 Series 5 Class C Asset Backed Floating Rate Notes due June 2042

(Common Code: 019707083 & ISIN: XS0197070831)

10 May 2011

Notice is given by the Fifth Issuer to the Fifth Issuer Noteholders that the Seller on the Funding 1 Interest Payment Date, occurring on 10 June 2011, intends to make a payment to Funding 1 pursuant to and in compliance with Clause 7.1(a) of the Mortgages Trust Deed in an amount which together with the Funding 1 Available Principal Receipts that will be available to Funding 1 in accordance with the Funding 1 Pre-Enforcement Principal Priority of Payments will be sufficient to enable Funding 1 to repay the full amount outstanding under the:

-- Fifth Issuer Series 5A1 Term AAA Advance;

-- Fifth Issuer Series 5A2 Term AAA Advance;

-- Fifth Issuer Series 5B Term AA Advance; and

-- Fifth Issuer Series 5C Term BBB Advance,

so that the Fifth Issuer is able to redeem the following Fifth Issuer Notes in full on 10 June 2011 pursuant to and in compliance with Condition 5(D):

-- GBP500,000,000 Series 5 Class A1 Asset Backed Fixed/Floating Rate Notes due June 2042;

-- GBP750,000,000 Series 5 Class A2 Asset Backed Floating Rate Notes due June 2042;

-- GBP47,000,000 Series 5 Class B Asset Backed Floating Rate Notes due June 2042; and

-- GBP39,000,000 Series 5 Class C Asset Backed Floating Rate Notes due June 2042.

All defined terms used in this notice shall have the meaning given to them in the Fifth Issuer Master Definitions and Construction Schedule dated 22 July 2004 and the Amended and Restated Master Definitions and Construction Schedule dated 8 April 2011 (as applicable).

For further information please contact:

Bank of Scotland plc

Structured Securitisation Group

10 Gresham Street

London

EC2V 7AE

Attention: Gavin Parker

This information is provided by RNS

The company news service from the London Stock Exchange

END

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