Securitisation Issue

Paragon Group Of Companies PLC
21 November 2005




For immediate release: 21 November 2005


     PARAGON COMPLETES ITS 47TH SECURITISATION TAKING ISSUANCE TO OVER £13BN
     -----------------------------------------------------------------------

The Paragon Group of Companies has, through its subsidiary, Paragon Mortgages
(No. 10) PLC completed a financing totalling over £1 billion backed by prime
'buy-to-let' mortgages. This securitisation brings total issuance to over £13
billion.

The notes issued by Paragon Mortgages (No. 10) PLC were offered in
multi-currencies, yet again attracting new investors into the Group's
securitisation programme.

The notes were issued in various tranches and were rated by Standard & Poor's,
Moody's and Fitch. For the first time a re-marketable 2a7 fast pay tranche at A1
/AAA was offered, together with a traditional AAA tranche, a AA tranche, and
with the Junior tranche at A level. The reserve fund in this transaction was
1.86%, demonstrating the rating agencies' continuing confidence in the Paragon
Group originations and the performance of its assets.

The pool consists entirely of 'buy-to-let' mortgages. Paragon is a leading
player in the increasingly important 'buy-to-let' market through its Paragon
Mortgages and Mortgage Trust brands. The credit quality of all Paragon's
'buy-to-let' portfolios is excellent.

Nick Keen, Paragon's Finance Director comments:

'This transaction continues the development of the Group's securitisation
programme, bringing the Paragon name again to global investors. Investor
interest was highly positive and demonstrates the continuing investor support
for Paragon and the 'buy-to-let' market in general.

Paragon continues to focus on the 'buy-to-let' market where asset performance
remains excellent and growth prospects are strong. Having been the first to tap
the mortgage-backed market some 18 years ago, we are delighted to have completed
our 47th transaction.'
                      
                                      -End-

For further information, please contact:

Nick Keen, Finance Director                 Mark Baker
The Paragon Group of Companies PLC          The Wriglesworth Consultancy
Direct line: 0121 712 2060                  Tel: [phone]


Notes to editors:

1.    The Paragon Group of Companies PLC is one of the UK's largest independent
      specialist lenders offering buy-to-let mortgages, personal loans, retail 
      and vehicle finance, with over £6 billion of assets under management.

2.    In its interim results for the six months ended 31 March 2005, pre-tax
      profits rose 9.1% to £36.1 million (2004 H1: £33.1 million), with total 
      first mortgage advances up 24.8% to £637.2 million (2004 H1: £797.7 
      million) and provision for losses at £8.5 million (2004 H1: £6.9 million).

3.    The £1,000,352,569 million (sterling equivalent) of Notes are issued by
      Paragon Mortgages (No.10) PLC in 7 classes and in three currencies. The 
      Class A1 senior notes are issued in dollars ($1,100,000,000) and the A2 
      senior notes in two currencies, GBP Sterling (£105,000,000) and Euros. 
      (E222,000,000). The Class A1 remarketable 2a7 have been assigned a rating 
      of P-1, A-1+, F-1+ by Moody's, Standard & Poor's and Fitch respectively 
      who have assigned ratings of Aaa, AAA and AAA, respectively, to the Class 
      A2 Notes (Sterling 105,000,000 and Euros 222,000,000). The Class B Notes 
      are issued in two currencies Sterling (£31,000,000) and Euros 
      (E 19,500,000). The Class C Notes are issued in two currencies Sterling 
      (£51,500,000) and Euros (E 27,500,000). Although all classes of Notes 
      share the same security, the Class A1 Notes have priority over the Class 
      A2 notes which have priority over the Class B Notes and the Class B Notes
      have priority over the Class C Notes to quarterly payments of interest 
      and as to principal in the event of enforcement.

4.    The margins over the relevant currency reference rate for each of the
      tranches of the Notes are: 0bp for the Class A1,16bps for the Class A2ab 
      and AA2b notes, 27bp for the Class B1a and B1b notes and 55bp for the 
      Class C1a and C1b notes.

5.    The Notes are secured by a pool of prime buy-to-let mortgages, as well as
      a cash fund of 1.86% of the aggregate current balances of the Notes. 
      Paragon Finance PLC and Mortgage Trust Services Limited are the 
      administrators for the issue.

6.    Barclays Capital and Deutsche Bank are joint book runners for the
      offering.

7.    Barclays Capital is the investment banking division of Barclays Bank PLC,
      one of the largest multi-national financial services groups in the world. 
      With a focus on financing, risk management and corporate finance advisory 
      services, Barclays Capital acts internationally as an intermediary and 
      adviser to corporates, financial institutions, governments and 
      supranational organisations. Barclays Capital, which has the support of an 
      AA rated parent bank with a balance sheet of over £400 billion, has 
      offices in 23 countries and around 5,500 people worldwide, giving it the 
      reach and distribution power to meet clients' needs wherever they are 
      based.

8.    Deutsche Bank

      With Euro 972 billion in assets and 63,751 employees, Deutsche Bank offers
      unparalleled financial services in 74 countries throughout the world. 
      Deutsche Bank competes to be the leading global provider of financial 
      solutions for demanding clients creating exceptional value for its 
      shareholders and people.

      Deutsche Bank ranks among the global leaders in corporate banking and
      securities, transaction banking, asset management, and private wealth 
      management, and has a significant private and business banking franchise 
      in Germany and other selected countries in Continental Europe.



                      This information is provided by RNS
            The company news service from the London Stock Exchange