HBOS Group Reorganisation

RNS Number:2137E
Bank of Scotland Plc
20 September 2007

HBOS Group Reorganisation Act 2006

17 September 2007

               Permanent Financing (No. 9) PLC (the Ninth Issuer)

The following is a notice to the holders of the Notes (as defined below) issued
by the Ninth Issuer on 22 March 2006.

The Ninth Issuer wishes to give notice to the holders of the:

$1,750,000,000 Series 2 Class A Asset Backed Floating Rate Notes due March 2015
    (Regulation S notes ISIN: XS0248346974 - Regulation S notes Common Code:
 024834697 - Rule 144A notes ISIN: US71419XAD57 - Rule 144 A notes Common Code:
                          24852059 - CUSIP: 71419XAD5)


  $67,800,000 Series 2 Class B Asset Backed Floating Rate Notes due June 2042
    (Regulation S notes ISIN: XS0248349648 - Regulation S notes Common Code:
 024834964 - Rule 144A notes ISIN: US71419XAE31 - Rule 144 A notes Common Code:
                          24852075 - CUSIP: 71419XAE3)


  $72,800,000 Series 2 Class C Asset Backed Floating Rate Notes due June 2042
    (Regulation S notes ISIN: XS0248350570 - Regulation S notes Common Code:
 024835057 - Rule 144A notes ISIN: US71419XAF06 - Rule 144 A notes Common Code:
                          24852091 - CUSIP: 71419XAF0)


 $1,000,000,000 Series 3 Class A Asset Backed Floating Rate Notes due June 2033
    (Regulation S notes ISIN: XS0248347600 - Regulation S notes Common Code:
 024834760 - Rule 144A notes ISIN: US71419XAG88 - Rule 144 A notes Common Code:
                          24852121 - CUSIP: 71419XAG8)


  $38,000,000 Series 3 Class B Asset Backed Floating Rate Notes due June 2042
    (Regulation S notes ISIN: XS0248350901 - Regulation S notes Common Code:
 024835090 - Rule 144A notes ISIN: US71419XAH61 - Rule 144 A notes Common Code:
                          24852148 - CUSIP: 71419XAH6)


  $41,900,000 Series 3 Class C Asset Backed Floating Rate Notes due June 2042
    (Regulation S notes ISIN: XS0248351461- Regulation S notes Common Code:
 024835146 - Rule 144A notes ISIN: US71419XAJ28 - Rule 144 A notes Common Code:
                          24852229 - CUSIP: 71419XAJ2)


 Euro1,600,000,000 Series 4 Class A Asset Backed Floating Rate Notes due June 2033
           (ISIN: XS0248264060 - Common Code: 024826406 - CUSIP: N/A)


  Euro61,200,000 Series 4 Class B Asset Backed Floating Rate Notes due June 2042
           (ISIN: XS0248265117 - Common Code: 024826511 - CUSIP: N/A)


  Euro64,600,000 Series 4 Class C Asset Backed Floating Rate Notes due June 2042
           (ISIN: XS0248266511 - Common Code: 024826651 - CUSIP: N/A)


  #750,000,000 Series 5 Class A Asset Backed Floating Rate Notes due June 2042
           (ISIN: XS0248268137 - Common Code: 024826813 - CUSIP: N/A)

                        each issued by the Ninth Issuer
                 (the Noteholders and the Notes, respectively)

 constituted by a Trust Deed dated 22 March 2006 (as supplemented and amended)
 between the Ninth Issuer and The Bank of New York (the Trustee) as trustee for
                                the Noteholders



Notice is hereby given to the Noteholders that, pursuant to the HBOS Group
Reorganisation Act 2006 (the HBOS Group Reorganisation Act) and with effect from
17 September 2007 (the Reorganisation Date), The Governor and Company of the
Bank of Scotland (the Bank) was registered as a public company under the
Companies Act 1985 and changed its name to Bank of Scotland plc and the business
and all property and liabilities of Halifax plc (Halifax) were transferred to
the Bank.

In this regard, there is no need for the parties to the Transaction Documents to
enter into any further documentation in order to construe the Transaction
Documents as referring to the Bank in place of Halifax since the HBOS Group
Reorganisation Act provides that every existing contract relating to Halifax
shall be construed and have effect on and from the Reorganisation Date as if the
Bank had been a party thereto instead of Halifax and as if any reference
(however worded and whether express or implied) to Halifax was substituted with
a reference to the Bank.

However, certain Transaction Documents to which Halifax and/or the Bank is a
party may be amended and restated or supplemented and amended in connection with
the next issue of notes by the Eighth Issuer so that the representations and
warranties and covenants contained therein reflect that they will be given by a
company incorporated in Scotland and registered as a public company under the
Companies Act 1985.

Copies of any such further Transaction Documents will be available for
inspection by Noteholders at the specified offices of the Paying Agents set out
below:


             UK PRINCIPAL PAYING AGENT             US PAYING AGENT



                   Citibank, N.A.                  Citibank, N.A.
                  Citigroup Centre                 14th Floor
                   Canada Square                   388 Greenwich Street New York
                    Canary Wharf                   New York 10013
                   London E14 5LB



All defined terms, unless defined herein or the context otherwise requires,
shall have the meanings given to them in the Amended and Restated Master
Definitions and Construction Schedule dated 1 March 2007 and the Ninth Issuer
Master Definitions and Construction Schedule dated 22 March 2006.

For further information, please contact:

Permanent Master Issuer plc
c/o SFM Corporate Services Limited
35 Great St. Helen's
London EC3A 6AP



Telephone : [phone]
Fax : [phone]



DISCLAIMER - INTENDED ADDRESSEES

Please note that the information contained in the base prospectus of the Issuer
dated 17 March 2006 (the Base Prospectus) may be addressed to and/or targeted at
persons who are residents of particular countries (specified in the Base
Prospectus) only and is not intended for use and should not be relied upon by
any person outside these countries and/or to whom the offer contained in the
Base Prospectus is not addressed.

Prior to relying on the information contained in the Base Prospectus you must
ascertain from the Base Prospectus whether or not you are part of the intended
addressees of the information contained therein.



Nothing in this service constitutes an offer to sell or issue or the
solicitation of an offer to buy or subscribe for securities in the United States
or any other jurisdiction.



Your right to access this service is conditional upon complying with the above
requirements.




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

MSCEBLFLDKBFBBK