Sandwell Commercial Finance No. 1 Plc



Re:      SANDWELL COMMERCIAL FINANCE NO.1 PLC
         GBP 12500000
         MATURING: 11-May-2039
         ISIN: XS0191372522

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
11-Aug-2008 TO 11-Nov-2008 HAS BEEN FIXED AT 6.498750 PCT

DAY BASIS: ACTUAL/365(GBP)

INTEREST PAYABLE VALUE 11-Nov-2008 WILL AMOUNT TO:
GBP 8167.83 PER GBP 500000 DENOMINATION
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