BW20030515000063  20030515T165605Z UTC


( BW)(PREF-RESIDEN-SECS-3.)(BM48) FRN Variable Rate Fix

    Business Editors
    UK REGULATORY NEWS

    LONDON--(BUSINESS WIRE)--May 15, 2003--

As Agent Bank, please be advised of the following rate determined on: 15-May-2003

Issue               : Preferred Residential Securities 3 Plc - Class M
                      GBP11,500,000 Mortgage Backed FRN due 2033
ISIN Number         : XS0123850058
Issue Nomin     GBP : 11,500,000.00
Period              : 15-May-2003 to 15-Aug-2003     Payment Date 15-Aug-2003
Number of Days      : 92
Rate                : 4.96875
Denomination    GB  : 10,000.00

Amount Payable 
per Denomination    : 125.24

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

   Short Name: Pref Residen Secs 3.
   Category Code: RC
   Sequence Number: 00004840
   Time of Receipt (offset from UTC): 20030515T160943+0100

    --30--ra/uk*

    CONTACT: Preferred Residential Secs 3 PLC

    KEYWORD: UNITED KINGDOM INTERNATIONAL EUROPE
    INDUSTRY KEYWORD: BANKING
    SOURCE: Pref Residen Secs 3.

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