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 A
                      GBP 113,500,000 Mortgage Backed FRN due 2033
ISIN Number         : XS0123849712
Issue Nomin     GBP : 113,500,000.00
Period              : 17-Nov-2003 to 16-Feb-2004      Payment Date 16-Feb-2004
Number of Days      : 91
Rate                : 4.41938            Pool Factor: 0.2311
Denomination    GB  : 2,311.00

Amount Payable 
per Denomination    : 25.39

Institutional       Telephone   44(0) 1202 34 1286

Trust Services      Facsimile   44(0) 1202 34 7438