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 - Seroes 3 Class A2
                      �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      10,000.00  

Amount Payable 
per Denomination    : 1,003.18*       100.32*

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