48FW Sandwell 1 E

        
 Re:                                                                                                 SANDWELL COMMERCIAL
FINANCE NO.1 PLC
                                                                                                     GBP 5000000
                                                                                                     MATURING:
11-May-2039
                                                                                                     ISIN: XS0191373926
                                                                                                                                         
 PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
 11-Nov-2008 TO 11-Feb-2009 HAS BEEN FIXED AT 9.375000 PCT
  
 DAY BASIS: ACTUAL/365(GBP)
  
 INTEREST PAYABLE VALUE 11-Feb-2009 WILL AMOUNT TO:
 GBP 11815.07 PER GBP 500000 DENOMINATION
    

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