Auburn Securities 3

As Agent Bank, please be advised of the following rate determined on:
04-Jan-2005

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              : 04-Jan-2005 to 01-Feb-2005    Payment Date 01-Feb-2005
Number of Days      : 28
Rate                : 5.18125                Pool Factor: 0.776792
Denomination    GB  : 7,767.92

Amount Payable 
per Denomination    : 30.87

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

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