Pendeford Mortgages - FRN Variable Rate Fix

RNS No 7088v
PENDEFORD MORTGAGES NO 1 PLC
15th December 1997

TO COMPANY ANNOUNCEMENTS OFFICE

PENDEFORD MORTGAGES NO 1 PLC
GBP 250,000,000 CLASS A1 MORTGAGE BACKED FLOATING
RATE NOTES DUE 2037.  XS0063799661
GBP 200,000,000 CLASS A2 MORTGAGE BACKED FLOATING
RATE NOTES DUE 2037.  XS0063800188
GBP 300,000,000 CLASS A3 MORTGAGE BACKED FLOATING
RATE NOTES DUE 2037.  XS0063800428
GBP 195,000,000 CLASS A4 MORTGAGE BACKED FLOATING
RATE NOTES DUE 2037.  XS0064204869
GBP 30,000,000 CLASS A5 MORTGAGE BACKED FLOATING
RATE NOTES DUE 2037.  XS0064205593

PLEASE BE ADVISED THAT WE HAVE TODAY SET THE RATES
ON THE ABOVE ISSUES FOR THE PERIOD 15DEC97 TO
16MAR98 AS FOLLOWS:
CLASS A1 7.79875 PCT PER ANNUM
CLASS A2 7.83875 PCT PER ANNUM
CLASS A3 7.87875 PCT PER ANNUM
CLASS A4 7.89875 PCT PER ANNUM
CLASS A5 8.06875 PCT PER ANNUM

INTEREST PAYABLE VALUE 16MAR98 WILL BE AS FOLLOWS:
CLASS A1 GBP 237.99 PER GBP 12,240.04 NOTE
CLASS A2 GBP 1,954.32 PER GBP 100,000.00 NOTE
CLASS A3 GBP 1,964.29 PER GBP 100,000,00 NOTE
CLASS A4 GBP 1,969.28 PER GBP 100,000.00 NOTE
CLASS A5 GBP 2,011.66 PER GBP 100,000.00 NOTE.

FROM
PAUL YARDE
GLOBAL TRUST AND AGENCY SERVICES
0171 325 8818

END

RC TABRBLLIBBAR