FRN Variable Rate Fix

        
 As Agent Bank, please be advised of the following rate determined            on: 15-Dec-2008
 Issue                             ¦ Preferred Residential Securities 7 plc - Class C
                                   GBP 37,500,000.00 Mortgage Backed FRN Due 15-Dec-2041
 ISIN Number                       ¦ XS0183102283
 Common Code / 144A ISIN           ¦ 18310228
 Issue Nomin GBP                   ¦ 37,500,000.00
 Period                            ¦ 15-Dec-2008 to 16-Mar-2009              Payment Date 16-Mar-2009
 Number of Days                    ¦ 91
 Rate                              ¦ 6.6325                      Pool Factor: 0.211915
 Denomination GBP                  ¦ 2,119.15              ¦                                    ¦
                                                                                                     
 Amount Payable per Denomination   ¦ 35.04                 ¦                                    ¦
                                                                                                     
 Bank of New York
 Rate Fix Desk                                             Telephone         ¦ 44 1202 689580
 Corporate Trust Services                                  Facsimile         ¦ 44 1202 689601