Preferred Residential Secs 3 PLC

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

Issue               : Preferred Residential Securities 3 Plc - Class M
                      GBP 11,500,000 Mortgage Backed FRN due 2033
ISIN Number         : XS0123850058
Issue Nomin     GBP : 11,500,000.00
Period              : 17-Nov-2003 to 16-Feb-2004      Payment Date 16-Feb-2004
Number of Days      : 91
Rate                : 5.27938
Denomination    GB  : 10,000.00

Amount Payable 
per Denomination    : 131.26

Institutional       Telephone   44(0) 1202 34 1286

Trust Services      Facsimile   44(0) 1202 34 7438