RNS Number:9250P
Mortgages No 1 PLC
14 January 2002

As Agent Bank, please be advised of the following rate determined on: 
14-JAN-2002.

Issue             :  MORTGAGES NO 1 PLC - CLASS S
                     #4,970,000 MORTGAGE BACKED FRN DUE APRIL 2033
ISIN NO           :  XS0111092093
Issue Nominal GBP :  4,970,000.00
Period            :  14-JAN-2002  To  12-APR-2002    Payment Date  12-APR-2002 
Number of Days    :  88
Rate              :  8.04266             POOL FACTOR:  0.62
Denomination GB   :  6,200.00     100,000.00
Amount Payable
Per Denomination  :  120.22

From:
Institutional    Telephone 44 (0) 1202 34 1286
Trust Services   Facsimile 44 (0) 1202 34 7438



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