Thursday 6th November 2008

Dear Intermediary

Following the reduction in the Bank of England rate by 1.50%, we can confirm that the Barclays Bank base rate has also been decreased by the same amount.

Our variable rate products and reversionary rates are linked to Barclays Bank base rate, which in turn mirrors the Bank of England rate. However, whilst markets are beginning to show some stability following recent global government intervention they remain uncertain, and this is still translating into historically high funding costs despite the actions of central banks. We have therefore had to retain the absolute rates we can offer your customers until we see an easing of funding rates. These rates are effective Friday 7th November 2008.

Click here for our updated Product and Rate Guide.

Pipeline Arrangements

For all new cases submitted after close of business today, 4508 terms will apply.

All cases offered on the 4308 range or previous by close of business today will be honoured on present terms. If any of these cases need to be subsequently re-offered for any reason, the case will be subject to criteria, rates and fees prevailing at the time.

All pipeline cases submitted but not yet offered can only be progressed on the 4508 range and will be subject to criteria, rates and fees prevailing at the time.

There will be no exception to these rules.

If you have any questions please do not hesitate to contact your National Account Manager, Business Development Manager or the Sales Liaison Team on 0845 610 6574.

Kind regards

Mark Harrison
Credit Broker Sales Director

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