Holmes Financing (No.5) PLC

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

Issue:           Holmes Financing (No 5) Plc-Series 3 Class A2
                 GB�500,000,000 FRN due July 2040
ISIN Number:     XS0137887070
Issue Nomin GBP: 500,000,000.00
Period:          15-Oct-2003 to 15-Jan-2004   Payment Date 15 Jan 2004
Number of Days:  92
Rate:            3.98
Denomination GB: 100,000.00  10,000
Amount Payable:  1,003.18     100.32
per Denomination   

Telephone: 44 (0) 1202 34 1286
Facsimilie: 44 (0) 1202 34 7438