Notice to Noteholders (8607Q)

TIDM40FU

RNS Number : 8607Q

Preferred Residential Secs 05-1 PLC

26 October 2011

THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF NOTEHOLDERS. IF NOTEHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, THEY SHOULD SEEK THEIR OWN FINANCIAL AND LEGAL ADVICE, INCLUDING AS TO ANY TAX CONSEQUENCES, IMMEDIATELY FROM THEIR STOCKBROKER, SOLICITOR, ACCOUNTANT OR OTHER INDEPENDENT FINANCIAL OR LEGAL ADVISER.

PREFERRED RESIDENTIAL SECURITIES 05-1 PLC

(the Issuer or the Transaction, as applicable)

Class A1a EUR181,000,000 mortgage backed floating rate notes due 2024

(ISIN: XS0217068849, Common Code: 021706884) (the Class A1a Notes)

Class A2c GBP218,600,000 mortgage backed floating rate notes due 2043

(ISIN: XS0217069656, Common Code: 021706965) (the Class A2c Notes)

Class B1a EUR7,000,000 mortgage backed floating rate notes due 2043

(ISIN: XS0217637213, Common Code: 021763721) (the Class B1a Notes)

Class B1c GBP22,600,000 mortgage backed floating rate notes due 2043

(ISIN: XS0217069813, Common Code: 021706981) (the Class B1c Notes)

Class C1c GBP10,800,000 mortgage backed floating rate notes due 2043

(ISIN: XS0217070076, Common Code: 021707007) (the Class C1c Notes)

Class D1c GBP15,800,000 mortgage backed floating rate notes due 2043

(ISIN: XS0217070829, Common Code: 021707082) (the Class D1c Notes)

Class E GBP3,400,000 mortgage backed floating rate notes due 2043

(ISIN: XS0217071041, Common Code: 021707104) (the Class E Notes)

The Class A1a Notes, the Class A2c Notes, the Class B1a Notes, the Class B1c Notes, the Class C1c Notes, the Class D1c Notes and the Class E Notes are together referred to as the "Notes".

Terms used herein and not defined shall have the definition ascribed to it in the master definitions schedule (the "Master Definitions Schedule") initialled for the purposes of identification by Sidley Austin Brown & Wood and Clifford Chance Partnership on 27 April 2005.

On 13 October 2011, Fitch downgraded Lloyds TSB Bank plc's:

1. long term rating to 'A' from 'AA-'; and

2 short term rating to 'F1' from 'F1+',

the Downgrade.

Lloyds TSB Bank plc is the Liquidity Facility Provider (the Liquidity Facility Provider) for the Transaction. As a result of the Downgrade, the Issuer is obliged to make a Stand-by Drawing in an amount equal to the Available Commitment pursuant to the terms of the Liquidity Facility Agreement. Such Stand-by Drawing has already been made on 6 April 2009 as a result of an earlier downgrade of the Liquidity Facility Provider by Standard & Poor's.

This Notice is given by the Issuer.

25 October 2011

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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