BM48 Pref Res 3 A 33

    Preferred Residential Secs 3 PLC

   �113,500,000 Class A Mortgage Backed Floating Rate Notes due 2033

              (Common code: 12384971; ISIN: XS0123849712

   �11,500,000 Class M Mortgage Backed Floating rate Notes due 2033

              (Common Code: 12385005; ISIN: XS0123850058

                             (the "notes")

              issued by Preferred Residential Securities 3 PLC

                            (the "issuer")

The issuer hereby gives notice, that pursuant to the condition 5(d) of
the Notes, it intends to redeem the Notes in full on the Interest
Payment Date Falling in May 2004 at their Principal Amount Outstanding
together with interest accrued to the date of redemption.

Pref Res 3 A 33 (LSE:BM48)
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Pref Res 3 A 33 (LSE:BM48)
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