Southern Pacific Securities 05-1 plc

As Agent Bank, please be advised of the following rate determined on:07-Sep-2006

Issue              : Southern Pacific Securities 05-1 plc - Class A1a
                     EUR 153,000,000 Mortgage Backed FRN due 10 Jun 2025
ISIN Number        : XS0212690696
Common Code/
144A ISIN          : US84359WAA80
Issue Nomin    EUR : 153,000,000.00
Period             : 11-Sep-2006 to 11-Dec-2006      Payment Date 11-Dec-2006
Number of Days     : 91
Rate               : 3.374          Pool Factor: 0.15412
Denomination   EU  : 15,412.00

Amount Payable     : 131.44
per Denomination

Rate Fix Desk                     Telephone   44(0) 1202 34 1286
Institutional Trust Services      Facsimile   44(0) 1202 34 1267

Sthn.pac 5a1as (LSE:36AU)
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Sthn.pac 5a1as (LSE:36AU)
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