Holmes Financing (No.5) PLC

As Agent Bank, please be advised of the following rate determined on: 13-Oct-2003

Issue           : Holmes Financing (No.5) Plc - Series 3 Class C
                  EURO 76,000,000 FRN due July 2040
ISIN Number     : XS0137888045
Issue Nomin EUR : 76,000,000.00
Period          : 15-Oct-2003 to  15-Jan-2004             Payment Date 15-Jan-2004
Number of Days  : 92
Rate            : 3.606
Denomination EU : 100,000.00    10,000.00

Amount Payable 
per Denomination: 921.53        92.15

Institutional       Telephone   44(0) 1202 34 1286
Trust Services      Facsimile   44(0) 1202 34 7438