FRN Variable Rate Fix

RNS Number:2210X
Silver No.1 PLC
13 June 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: 3.34300%
For the period: 15-May-02 to 17-Jun-02


                     Beginning Principal                                            
Class                Outstanding           All-in-Rate     Days     Interest Due    

EUR 157m Class A1B   95,452,990.68         3.82300%        33       334,507.05     


                     Principal Amount      Current Pool
Interest Factor      Amortising            Factor               New Pool Factor
per 1,000            Class A1B: 
2.13062              1,420,407.09          0.60798083235669     0.59893365343949



The next payment date will be on: 
17-Jun-02



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


**RESENDING WITH PRINCIPAL REPAYMENT AMOUNT**


Please be advised that the GBP Deposit Interpolation Rate has been determined 
as: 4.01695%
For the period: 15-May-02 to 17-Jun-02


                     Beginning Principal
Class                   Outstanding        All-in-Rate      Days    Interest Due  

GBP 100m Class A1A    60,798,083.21        4.5169500%        33      248,288.29     
GBP 23.5m Class M     23,500,000.00        4.6669500%        33       99,156.70      
GBP 19.5m Class B     19,500,000.00        5.5169500%        33       97,264.58      
GBP 12.5m Class C     12,500,000.00        6.5169500%        33       73,650.46      
GBP 8m Class D         8,000,000.00       10.0169500%        33       72,451.36      

                     Principal Amount      Class A1A Current      Class A1A New 
Factor per 1,000       Amortising            Pool Factor            Pool Factor
                     Class A1A:
2.48288              904,717.89            0.607980832100         0.598933653200
4.21943
4.98793                
5.89204                                 
9.05642



The next payment date will be on:
17-Jun-02
 

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            The company news service from the London Stock Exchange