Preferred Residential Secs 3 PLC

As Agent Bank, please be advised of the following rate determined on:16-Feb-2004

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              : 16-Feb-2004 to 17-May-2004      Payment Date 17-May-2004
Number of Days      : 91
Rate                : 4.5975           Pool Factor: 0.162314
Denomination    GB  : 1,623.14

Amount Payable 
per Denomination    : 18.55

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

Pref Res 3 A 33 (LSE:BM48)
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