Holmes Financing (No.5) PLC

As Agent Bank, please be advised of the following rate determined on:15-Jan-2004

Issue               : Holmes Financing (No.5) Plc - Series 3 Class A2
                      �500,000,000 FRN due 15 July 2040
ISIN Number         : XS0137887070
Issue Nomin     GBP : 500,000,000.00
Period              : 15-Jan-2004 to 15-Apr-2004       Payment Date 15-Apr-2004
Number of Days      : 91
Rate                : 4.24625
Denomination    GB  : 100,000.00          10,000.00

Amount Payable      : 1,058.65              105.87
per Denomination   

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