Securitisation release

Paragon Group Of Companies PLC
30 January 2004

PARAGON ANNOUNCES MAJOR NEW SECURITISATION DEAL

Mortgage Trust, part of The Paragon Group of Companies PLC yesterday completed a
financing totaling £500 million backed by prime buy-to-let mortgages. This
latest securitisation by Paragon brings its total issuance to £8.8 billion
through 42 public transactions.

The Group has offered bonds in several currencies attracting further new
investors in Continental Europe. Demand was strong across all currencies and the
transaction size was increased to satisfy the demand.

The notes were issued in various tranches as well as multi-currencies and were
rated by Standard & Poor's and Moody's.

Nick Keen, Paragon's finance director comments:

'This transaction is the first Paragon has undertaken to finance Mortgage
Trust's growth since we acquired Britannic Money in 2003 and the high quality of
the mortgage loans originated makes this a very natural addition to the Paragon
programme. Investor interest was highly positive and resulted in the upsizing of
the deal.'


Notes to editors:

 1. Mortgage Trust, part of The Paragon Group of Companies PLC, is an
    intermediary-focused, specialist mortgage provider, operating exclusively in
    the buy to let sector. Its primary area of focus will be the provision of
    flexible lending solutions for small landlords who are building property
    portfolios.

 2. Britannic Money was originally formed in 1986 under the name Mortgage Trust.
    It is a leading UK provider of innovative flexible and buy to let mortgage
    products. It was previously owned by First Active plc until September 2000
    when 60% was acquired by Britannic Group plc. In December 2002, Britannic
    Money became wholly owned by Britannic Group plc.

 3. In June 2003 Britannic Money was acquired by Paragon Group and in September
    2003 was re-branded as Mortgage Trust.

 4. The Paragon Group of Companies PLC is one of the UK's largest independent
    specialist lenders offering buy-to-let mortgages, both secured and unsecured
    personal loans, retail and vehicle finance, with over £5 billion of assets
    under management.

 5. In its final results for the year ended 30 September 2003, pre-tax profits
    rose 12.8% to £51.9 million after inclusion of the impact of the acquisition
    of Britannic Money (2002 £46 million), with buy-to-let mortgage advances up
    38.6% to £781.3 million (2002 £563.6 million) and provision for losses £15.9
    million (including a charge of £1.8 million in respect of vacant property
    provisions) (2002 £12.9 million).

 6. The £500,000,000 of Notes are issued by First Flexible No.6 plc in 5 classes
    and in three currencies. The Class A senior notes are issued in three
    currencies, GBP Sterling (£270,000,000), Euros (E200,000,000) and US Dollars
    ($75,000,000). All of the Class A senior notes have been assigned a rating
    of Aaa/AAA by Moody's and Standard & Poor's respectively. They have
    respectively assigned ratings of A2/A to the Class M Notes. The Class M
    Notes are issued in two currencies, GBP Sterling (£40,000,000) and Euros
    (E15,000,000). Although all classes of Notes share the same security, the
    Class A Notes have priority over the Class B Notes to quarterly payments of
    interest and as to principal in the event of enforcement.

 7. The margins over the relevant currency reference rate for each of the
    tranches of the Notes are: 28bp for the Class A Notes, 110bp for the Class
    B.

 8. The Notes are secured by approximately 95% prime buy-to-let mortgages with
    the remainder being owner occupied mortgages, and in addition a cash fund
    equal to 2.9% of the aggregate initial balances of the Notes. Mortgage Trust
    Services plc is the administrator for the issue.

 9. J P Morgan and Deutsche Bank are joint book runners for the offering.

10. J.P. Morgan Chase & Co. is a leading global financial services firm with
    assets of $771 billion and operations in more than 50 countries. The firm is
    a leader in investment banking, financial services for consumers and
    businesses, financial transaction processing, investment management, private
    banking and private equity. A component of the Dow Jones Industrial Average,
    JPMorgan Chase is headquartered in New York and serves more than 30 million
    consumers nationwide, and many of the world's most prominent corporate,
    institutional and government clients. Information about JPMorgan Chase is
    available on the Internet at www.jpmorganchase.com

11. Deutsche Bank is one of the leading international financial service
    providers. With 68,500 employees, the bank serves more than 13 million
    customers in 76 countries worldwide. As a modern universal bank, we offer
    our customers a broad range of first class banking services. We provide our
    private clients with an all-round service extending from account-keeping and
    cash and securities investment advisory to asset management. We offer
    corporate and institutional clients the full product assortment of an
    international corporate and investment bank - from payments processing and
    corporate finance to support with IPOs and M&A advisory. In addition, the
    bank has a leading position in international foreign exchange, fixed income
    and equities trading.



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