FRN Variable Rate Fix

RNS Number:9941V
Non Conforming Mortgages 1 PLC
15 May 2002

LETTER TO:  RNS

As Agent Bank, please be advised of the following rate determined on 15-May-2002

Issue:               Non Conforming Mortgages 1 PLC - Class A
                     £56,400,000 Mortgage Backed FRN due 2037

ISIN Number:         XS0096552392

Issue Nominal GBP:   56,400,000.00
Period:              15-May-2002 to 17-Jun-2002  Payment Date  17-Jun-2002
Number of Days:      33
Rate:                4.41695               Pool Factor:  0.1404
Denomination GBP:    1,404.00
Amount Payable
per Denomination:    5.61



As Agent Bank, please be advised of the following rate determined on 15-May-2002

Issue:               Non Conforming Mortgages 1 PLC - Class A
                     Mortgage Backed FRN Detachable Coupons

ISIN Number:         XS0096552715

Issue Nominal GBP:   56,400,000.00
Period:              15-May-2002 to 17-Jun-2002  Payment Date  17-Jun-2002
Number of Days:      33
Rate:                0.1808219178          Pool Factor:  0.1404
Denomination GBP:    1,404.00
Amount Payable
per Denomination:    2.54



As Agent Bank, please be advised of the following rate determined on 15-May-2002

Issue:               Non Conforming Mortgages 1 PLC - Class B
                     £3,300,000 Mortgage Backed FRN due 2037

ISIN Number:         XS0096558241

Issue Nominal GBP:   3,300,000.00
Period:              15-May-2002 to 17-Jun-2002  Payment Date  17-Jun-2002
Number of Days:      33
Rate:                6.76695
Denomination GBP:    10,000.00               10,000.00
Amount Payable
per Denomination:    61.18



As Agent Bank, please be advised of the following rate determined on 15-May-2002

Issue:               Non Conforming Mortgages 1 PLC - Class M
                     £6,300,000 Mortgage Backed FRN due 2037

ISIN Number:         XS0096557276

Issue Nominal GBP:   6,300,000.00
Period:              15-May-2002 to 17-Jun-2002  Payment Date  17-Jun-2002
Number of Days:      33
Rate:                5.31695
Denomination GBP:    10,000.00          10,000.00
Amount Payable
per Denomination:    48.07

From:  JP Morgan


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