RNS Number:9940V
Preferred Residential Secs 3 PLC
15 May 2002

LETTER TO:  RNS

As Agent Bank, please be advised of the following rate determined on 15-May-2002

Issue:               Preferred Residential Securities 3 Plc - Class M
                     GBP11,500,000 Mortgage Backed FRN due 2033

ISIN Number:         XS0123850058

Issue Nominal GBP:   11,500,000.00
Period:              15-May-2002 to 15-Aug-2002  Payment Date  15-Aug-2002
Number of Days:      92
Rate:                5.455
Denomination GBP:    10,000.00
Amount Payable
per Denomination:    137.50



As Agent Bank, please be advised of the following rate determined on 15-May-2002

Issue:               Preferred Residential Securities 3 Plc - Class A
                     GBP113,500,000 Mortgage Backed FRN due 2033

ISIN Number:         XS0123849712

Issue Nominal GBP:   113,500,000.00
Period:              15-May-2002 to 15-Aug-2002  Payment Date  15-Aug-2002
Number of Days:      92
Rate:                4.595               Pool Factor:  0.6546
Denomination GBP:    6,546.00
Amount Payable
per Denomination:    75.82

From:  JP Morgan


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