FRN Variable Rate Fix

RNS Number:0203G
Silver No.1 PLC
10 January 2003


RE: SILVER N0.1 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:                   4.00250%

For the period:                               16-Dec-02    to 15-Jan-03

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

GBP 100m  Class A1A          38,785,858.81       4.5025000%       30      143,534 24           1.43534
GBP 23.5m Class M            23,500,000.00       4.6525000%       30       89,863.36           3.82397
GBP 19.5m Class B            19,500,000.00       5.5025000%       30       88,190.75           4.52260
GBP 12.5m Class C            12,500,000.00       6.5025000%       30       66,806.51           5.34452
GBP 8m Class D                8,000,000.00      10.0025000%       30       65,769.36           8.22123

Principal Amount           Class AlA Current       Class A1A New Pool

Class AIA:

903.067.08                 0.387858588100          0.378827917300


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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