FRN Variable Rate Fix

RNS Number:7833D
Silver No.1 PLC
13 November 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 


                **RESENDING WITH PRINCIPAL REPAYMENT AMOUNT**


  
Please be advised that the GBP Deposit Rate has been determined as:   3.98750% 
For the period:     15-Oct-02    to 15-Nov-02 
                                            
                    
   Class           Beginning Principal All-in-Rate  Days  Interest Due    Factor 
                       Outstanding                                     per 1,000 

GBP 100m Class A1A    47,332,894.80     4.4875000%   31     180,399.93   1.80400 
GBP 23.5m Class M     23,500,000.00     4.6375000%   31      92,559.42   3.93870 
GBP 19.5m Class B     19,500,000.00     5.4875000%   31      90,882.02   4.66062 
GBP 12.5m Class C     12,500,000.00     6.4875000%   31      68,874.14   5.50993 
GBP 8m Class D         8,000,000.00     9.9875000%   31      67,860.27   8.48253

Principal Amount       Class A1A Current    Class A1A New Pool

  Class A1A:
 6,666,220.32           0.473328948000      0.406666744800

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




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