TIDM38IN 
 
 
Re:  Sandwell 
     GBP 19,150,000.00 
     MATURING: 31-Dec-2032 
     ISIN: XS0357088987 
PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD 
30-Dec-2011 TO 30-Mar-2012 HAS BEEN FIXED AT 2.280060 PCT 
DAY BASIS: ACTUAL/365(PROP) 
INTEREST PAYABLE VALUE 30-Mar-2012 WILL AMOUNT TO: 
GBP 283.47 PER GBP 50,000.00 DENOMINATION
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