Silver No.1 PLC


RE:SILVER NO.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

Please be advised that the GBP Deposit Rate has been determined as:          
4.86000%

For the period:     15-Apr-05   to  16-May-05

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

GBP 100m Class A1A       redeemed                                   0           0.00               0.00000
GBP 23.5m Class M        redeemed                                   0           0.00               0.00000
GBP 19.5m Class B        redeemed                                   0           0.00               0.00000        
GBP 12.5m Class C        11,417,263.05             7.36000%         31          71,368.84          6.25096   
GBP 8m Class D           8,000,000.00              10.86000%        31          73,788.49          9.22356
 
The next payment date will be on:
16-May-05

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