FRN Variable Rate Fix

    


Bancaja Emisiones SA Unipersonal



As Agent Bank, please be advised of the following rate determined on: 02-May-2008
Issue              ¦ Bancaja Emisiones, S.A. Unipersonal - Series 5
                     GBP 250,000,000.00 FRN Due 02 Feb 2011
ISIN Number        ¦ XS0283643939
Common Code / 144A ¦ 28364393
 ISIN
Issue Nomin GBP    ¦ 250,000,000.00
Period             ¦ 02-May-2008 to 04-Aug-2008            Payment Date 04-Aug-2008
Number of Days     ¦ 94
Rate               ¦ 5.94
Denomination GBP   ¦ 50,000.00             ¦ 250,000,000.00       ¦

Amount Payable per ¦ 762.79                ¦ 3,813,934.43         ¦
 Denomination

Bank of New York
Rate Fix Desk                              Telephone       ¦ 44 1202 689580
Corporate Trust Services                   Facsimile       ¦ 44 1202 689601