FRN Variable Rate Fix

RNS Number:0200G
Silver No.1 PLC
10 January 2003


RE: SILVER NO.1 PLC 
EUR 157,000,000 Class A1B Mortgage Backed Floating Rate Notes due 2027 
ISIN: XS0127264900 

**RESENDING WITH PRINCIPAL REPAYMENT AMOUNT** 

Please be advised that the EUR Deposit Rate has been determined as:    2.94700%
For the period:      16-Dec-02 to 15-Jan-03 

                                                                              
Class                 Beginning                                               Interest    
                      Principal                                 Interest      Factor 
                      Outstanding       All-in-Rate     Days    Due           per 1,000  
                                                   
EUR 157m Class A1B    60,654,015.29     3.42700%        30      173,217.76    1.10330     
                                                                     
                                                                   
Principal              
Amount                Current Pool           New Pool
Amortising            Factor                 Factor

Class A1B:            0.38633130757962       0.37882791738854
1,178,032.26
               
 
The next payment date will be on: 
15-Jan-03 


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

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