Auburn Securities 3

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

Issue               : Auburn Securities 3 Plc - Class A2
                      GBP267,630,000 Mortgage Backed FRN due 1 Nov 2039
ISIN Number         : XS0157588210
Common Code/        : 15758821
144A ISIN
Issue Nomin     GBP : 267,630,000.00
Period              : 01-Oct-2004 to 01-Nov-2004    Payment Date 01-Nov-2004
Number of Days      : 31
Rate                : 5.168                 Pool Factor: 0.828
Denomination    GB  : 8,280.00

Amount Payable 
per Denomination    : 36.24

Institutional       Telephone   44(0) 1202 34 1286
Trust Services      Facsimile   44(0) 1202 34 1267

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