FRN Variable Rate Fix

RNS Number:9702E
Silver No.1 PLC
11 December 2002


***RESENDING WITH PRINCIPAL REPAYMENT AMOUNT***

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:                 3.95250%
For the period:  15-Nov-02   to 16-Dec-02

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

GBP 100m Class A1A    40,666,674.48         4.45250%        31     153,784.09      1.53784
GBP 23.5m Class M     23,500,000.00         4.60250%        31      91,860.86      3.90897
GBP 19.5m Class B     19,500,000.00         5.45250%        31      90,302.36      4.63089
GBP 12.5m Class C     12,500,000.00         6.45250%        31      68,502.57      5.48021
GBP 8m Class D         8,000,000.00         9.95250%        31      67,622.47      8.45281

Principal Amount      Class A1A Current   Class A1A New Pool
Class A1A
1,880,815.67           0.406666744800     0.387858588100        


The next payment date will be on:  
16-Dec-02


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

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