Paragon Auto & Secured Finance No1 PLC
                  

RE: PARAGON AUTO & SECURED FINANCE NO1 PLC
    GBP 42,000,000.00
    MATURING: 15-Nov-2035
    ISSUE DATE: 15-Dec-2004
    ISIN: XS0208202688

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
15-Aug-2005 TO 15-Nov-2005 HAS BEEN FIXED AT 5.336250 PCT

DAY BASIS 92/365

INTEREST PAYABLE VALUE 15-Nov-2005 WILL AMOUNT TO:
GBP 672.51 PER GBP 50,000.00 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