Holmes Financing (No.5) PLC

As Agent Bank, please be advised of the following rate determined on:
13-Jan-2004

Issue               : Holmes Financing (No.5) Plc - Series 2 Class B
                      USD 35,000,000 FRN due July 2040
ISIN Number         : US43638RAE09
Issue Nomin     USD : 35,000,000.00
Period              : 15-Jan-2004 to 15-Apr-2004       Payment Date 15-Apr-2004
Number of Days      : 91
Rate                : 1.55
Denomination    US  : 100,000.00   10,000.00

Amount Payable 
per Denomination    : 391.81       39.18 

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