FRN Variable Rate Fix

RNS Number:3784C
Silver No.1 PLC
11 October 2002


RE: SILVER NO.1 PLC 

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

Please be advised that the EUR Deposit Rate has been determined as: 3.31300%  
  
For the period:  16-Sep-02    to    15-Oct-02 

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

EUR 157m Class A1B  78,476,588.98    3.79300%     29    239,783.04      1.52728

   

Principal Amount    Current Pool    
   Amortising          Factor         New Pool Factor

  Class A1B:

 3,924,161.09     0.49985088522293    0.47485622859873 


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


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

GBP 100m Class A1A    49,984,788.51     4.4850000%   29     178,117.03   1.78117 
GBP 23.5m Class M     23,500,000.00     4.6350000%   29      86,541.16   3.68260 
GBP 19.5m Class B     19,500,000.00     5.4850000%   29      84,979.93   4.35795 
GBP 12.5m Class C     12,500,000.00     6.4850000%   29      64,405.82   5.15247 
GBP 8m Class D         8,000,000.00     9.9850000%   29      63,466.30   7.93329


Principal Amount       Class A1A Current    Class A1A New Pool

  Class A1A:
  2,651,893.71           0.499847885100        0.473328948000


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 
END

RC BDBDGUGBGGDB