FRN Variable Rate Fix

    Silver No.1 PLC



RE:SILVER NO.1 PLC

GBP 100,000,000 Class A1A Mortgage Backed Floating Rate Notes due 2027   ISIN: XS0127219433
GBP 23,500,000 Class M Mortgage Backed Floating Rate Notes due 2027      ISIN: XS0127268059
GBP 19,500,000 Class B Mortgage Backed Floating Rate Notes due 2027      ISIN: XS0127268216
GBP 12,500,000 Class C Mortgage Backed Floating Rate Notes due 2027      ISIN: XS0127268646
GBP 8,000,000 Class D Mortgage Backed Floating Rate Notes due 2027       ISIN: XS0127268992

Please be advised that the GBP Deposit Rate has been determined as:          
4.86156%

For the period:     15-Mar-05   to  15-Apr-05

                     Beginning Principal    
Class                    Outstanding             All-in-Rate      Days      Interest Due       Interest Factor 
                                                                                                  per 1,000    

GBP 100m Class A1A       redeemed                                   0           0.00               0.00000
GBP 23.5m Class M        redeemed                                   0           0.00               0.00000
GBP 19.5m Class B        535.386.19                6.36156%         31          2,892.67           5.40297        
GBP 12.5m Class C        12,500,000.00             7.36156%         31          78,153.55          6.25228
GBP 8m Class D           8,000,000.00              10.86156%        31          73,799.09          9.22489 

The next payment date will be on:
15-Apr-05