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 3 Class C
                      EURO 76,000,000 FRN due July 2040
ISIN Number         : XS0137888045
Issue Nomin     EUR : 76,000,000.00
Period              : 15-Jan-2004 to 15-Apr-2004       Payment Date 15-Apr-2004
Number of Days      : 91
Rate                : 3.562 
Denomination    EU  : 100,000.00   10,000.00

Amount Payable 
per Denomination    : 900.39       90.04 

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