Southern Pacific Securities D PLC

As Agent Bank, please be advised of the following rate determined on:
10-Mar-2005

Issue               : Southern Pacific Securities D Plc - Class M
                      GBP 17,200,000 FRN Due 10 Mar 2040
ISIN Number         : XS0148241036
Common Code/        : 14824103
144A ISIN
Issue Nomin     GBP : 17,200,000.00
Period              : 10-Mar-2005 to 10-Jun-2005      Payment Date 10-Jun-2005
Number of Days      : 92
Rate                : 6.25625       Pool Factor:    0.3993
Denomination    GB  : 3,993.00

Amount Payable 
per Denomination    : 62.97

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

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