FRN Variable Rate Fix

RNS Number:7647V
Silver No.1 PLC
10 May 2002


RE: SILVER NO.1 PLC

EUR 157,000,000 Class A1B Mortgage Backed Floating Rate Notes due 2027
ISIN: XS0127264900

**RESENDING WITH PRINCIPAL REPAYMENT AMOUNT**

Please be advised that the EUR Deposit Interpolation Rate has been determined as: 3.33100% 

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

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

EUR 157m Class A1B     97,467,949.01         3.81100%     30     309,541.96       1.97160



Principal Amount     Current Pool
   Amortising           Factor         New Pool Factor

Class A1B:
2,014,958.33     0.62081496184713     0.60798083235669

 
The next payment date will be on:
15-May-02 
 

Karen Hill 
Global Structured Finance, Europe
 



RE: SILVER NO.l 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

**RESENDING WITH PRINCIPAL REPAYMENT AMOUNT**
 
Please be advised that the GBP Deposit Interpolation Rate has been determined as:  3.96719% 
For the period:   15-Apr-02  to  15-May-02

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

GBP 100m Class A1A    62,081,496.16        4.4671900%     30     227,942.33       2.27942
GBP 23.5m Class M     23,500,000.00        4.6171900%     30      89,181.34       3.79495
GBP 19.5m Class B     19,500,000.00        5.4671900%     30      87,624.83       4.49358
GBP 12.5m Class C     12,500,000.00        6.4671900%     30      66,443.73       5.31550
GBP 8m Class D         8,000,000.00        9.9671900%     30      65,537.69       8.19221



Principal Amount     Class A1A Current    Class A1A New Pool
   Amortising           Pool Factor          Factor

Class A1A:
1,283,412.95       0.620814961600       0.607980832100


The next payment date will be on:
15-May-02


Karen Hill 
Global Structured Finance, Europe



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