RMAC 2002 NS1 PLC

As Agent Bank, please be advised of the following rate determined on: 10-Dec-2003

Issue               : RMAC 20003-NS1 PLC - Class A2c
                      USD  425,000,000 Mortgage Backed FRN due 12 Jun 2035
ISIN Number         : XS0164473232
Issue Nomin     USD : 425,000,000.00
Period              : 12-Dec-2003 to 12-Mar-2004          Payment Date 12-Mar-2004
Number of Days      : 91
Rate                : 1.62
Denomination    US  : 100,000.00

Amount Payable 
per Denomination    : 409.50

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