Notice re Noteholder Representative

TRFC 2015-1 PLC

(incorporated with limited liability in England and Wales with company number 9693502)

£29,500,000 1.198% Secured RPI-Linked Notes due 2035 (ISIN: XS1324479184)

issued by TRFC 2015-1 PLC

(the "Notes")

NOTICE

25 January 2016

Capitalised terms not otherwise defined in this Notice have the meaning ascribed to them in the Listing Particulars dated 21 January 2016 in respect of the Notes.

NOTICE IS HEREBY GIVEN that with effect from, and including, 16 December 2015, the Noteholders have appointed Legal & General Investment Management Limited as the Noteholder Representative.

For further information, please contact the Issuer on +44 20 7398 6300 or by email: [email protected].

TRFC 2015-1 PLC