RMAC 2002 NS1 PLC

As Agent Bank, please be advised of the following rate determined on: 12-Dec-2003

Issue               : RMAC 2002 NS1 Plc - Class A2
                      � 380,000,000 Mortgage backed FRN due 12 Jun 2034
ISIN Number         : XS0143660594
Issue Nomin     GBP : 380,000,000.00
Period              : 12-Dec-2003 to 12-Mar-2004        Payment Date 12-Mar-2004
Number of Days      : 91
Rate                : 4.29375       Pool Factor:  0.798516               
Denomination    GB  : 303,435,955.46

Amount Payable 
per Denomination    : 3,239,396.46

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