FRN Variable Rate Fix

RNS Number:3352X
Silver No.1 PLC
17 June 2002

RE: SILVER NO.1 PLC

GBP 100,000,000 Class A1A Mortgage Backed Floating Rate Notes due 2027  ISDN: 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
GBP 12,031,000 Class R Variable Rate Notes due 2027                     ISIN: GB0030346422
 

Please be advised that the GBP Deposit Rate has been determined as:    3.97500%
For the period:      17-Jun-02     to 15-Jul-02
 
                       Beginning Principal                    
Class                  Outstanding          All-in-Rate     Days     Interest Due     Factor per 1,000

GBP 100m Class AIA     59,893,365.32        4.47500%        28       205,606.54       2.05607
GBP 23.5m Class M      23,500,000.00        4.62500%        28        83,376.71       3.54795
GBP 19.5m Class B      19,500,000.00        5.47500%        28        81,900.00       4.20000
GBP 12.5m Class C      12,500,000.00        6.47500%        28        62,089.04       4.96712
GBP 8m Class D          8,000,000.00        9.97500%        28        61,216.44       7.65205
GBP 12,031m Class R    12,031,000.00          TBC           TBC          TBC            TBC


The next payment date will be on:
15-Jul-02         The full details of the Class R Notes will be advised shortly

Contact:   Karen Hill -  0207 964 6521 

                      This information is provided by RNS
            The company news service from the London Stock Exchange