Notice of Optional Redemption

RNS Number:2636K
Honours PLC
10 October 2006

                         NOTICE OF OPTIONAL REDEMPTION

                             to the holders of the

        #662,300,000 Class A1 Asset Backed Floating Rate Notes due 2029

         #87,000,000 Class A2 Asset Backed Floating Rate Notes due 2029

        #100,400,000 Class A3 Asset Backed Floating Rate Notes due 2029

         #123,600,000 Class M Asset Backed Floating Rate Notes due 2029

                #56,700,000 Class B Asset Backed Notes due 2029

We refer to the #662,300,000 Class A1 Asset Backed Floating Rate Notes due 2029
(the Class A1 Notes), #87,000,000 Class A2 Asset Backed Floating Rate Notes due
2029 (the Class A2 Notes), #100,400,000 Class A3 Asset Backed Floating Rate
Notes due 2029 (the Class A3 Notes), #123,600,000 Class M Asset Backed Floating
Rate Notes due 2029 (the Class M Notes), and #56,700,000 Class B Asset Backed
Notes due 2029 (the Class B Notes and together with the Class A1 Notes, the
Class A2 Notes, the Class A3 Notes and the Class M Notes, the Notes) issued by
Honours PLC (the Issuer).  Notice is hereby given to the holders of the Notes
that, pursuant to Condition 5(c) of the Terms and Conditions of the Notes, the
Issuer will redeem all outstanding Notes on 10 November 2006 (the Optional
Redemption Date) at their Principal Amount Outstanding plus any accrued but
unpaid interest thereon, (the Redemption Price) for the purposes of facilitating
a refinancing.  No market values for the Notes are currently available to the
Issuer.

Payment of principal in respect of any Note of any class will be made against
surrender of such Note at the office of the Paying Agent, specified below.  A
record of each payment so made will be endorsed on the schedule to the relevant
Note by or on behalf of the Principal Paying Agent, which endorsement shall be
prima facie evidence that such payment has been made.  Payments of interest in
respect of any Note of any class, other than payment of interest in respect of
the Detachable B Coupon, will be made only against presentation of the Coupon at
the specified office of the Paying agent.  A record of each payment so made will
be endorsed on the schedule to such Coupon by or on behalf of the Principal
Paying Agent, which endorsement shall be prima facie evidence that such payment
has been made.  Payments in respect of the Notes will be made in sterling at the
specified office of the Paying Agent by transfer to a sterling account
maintained by the payee with a bank in London.

Notes and Coupons will become void unless presented for payment within ten years
(in the case of principal) and five years (in the case of interest) from the
Optional Redemption Date.


We confirm that the Trustee has provided its consent to the publication of this
notice.

The Principal Paying Agent for the Notes is:

Deutsche Bank AG
London Branch
Winchester House
1 Great Winchester Street
London
EC2N 2DB
United Kingdom

By: Honours PLC
Tower 42 (Level 11)
25 Old Broad Street
London, EC2M 1HQ



Date: 10 October 2006


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