FRN Variable Rate Fix

RNS Number:0812T
Silver No.1 PLC
15 March 2002


                      

RE: SILVER N0.1 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:   4.07625%

For the period:     15-Mar-02     to 15-Apr-02


                     Beginning Principal                    
Class                  Outstanding      All-in-Rate   Days   Interest Due       Factor per 1,000
GBP 100m Class A1A    64,527,796.36      4.57625%      31     250,798.77          2.50799
GBP 23.5m Class M     23,500,000.00      4.72625%      31      94,330.77          4.01408
GBP 19.5m Class B     19,500,000.00      5.57625%      31      92,351.87          4.73599
GBP 12.5m Class C     12,500,000.00      6.57625%      31      69,816.35          5.58531
GBP 8m Class D         8,000,000.00     10.07625%      31      68,463.29          8.55791

The next payment date will be on:

15-Apr-02 



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