Southern Pacific Securities 05-1 plc


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

Issue              :  Southern  Pacific Securities 05-1 plc - Class C1c

                      GBP 26,250,000 Mortgage Backed FRN due 10 Jun 2043

ISIN Number        :  XS0212691744

Common Code/
144A ISIN          :  US84359WAF77

Issue Nomin GBP    :  26,250,000.00

Period             :  12-Jun-2006 to 11-Sep-2006 Payment Date 11-Sep-2006

Number of Days     :  91

Rate               :  5.21

Denomination GB    :  50,000.00

Amouny Payable     :  649.47
per Denomination
Sthn.pac 5c1cs (LSE:69BH)
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Sthn.pac 5c1cs (LSE:69BH)
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