FRN Variable Rate Fix

RNS Number:2454B
Silver No.1 PLC
16 September 2002

              
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:   3.98500%
For the period:     16-Sep-02    to 15-Oct-02
                                            
                    
   Class           Beginning Principal All-in-Rate  Days  Interest Due  Factor per 1,000
                       Outstanding

GBP 100m Class A1A    49,984,788.51     4.48500%     29     178,117.03   1.78117
GBP 23.5m Class M     23,500,000.00     4.63500%     29      86,541.16   3.68260
GBP 19.5m Class B     19,500,000.00     5.48500%     29      84,979.93   4.35795
GBP 12.5m Class C     12,500,000.00     6.48500%     29      64,405.82   5.15247
GBP 8m Class D         8,000,000.00     9.98500%     29      63,466.30   7.93329


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


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

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