Southern Pacific Securities D PLC

As Agent Bank, please be advised of the following rate determined on:10-Mar-2006

Issue              : Southern Pacific Securities D plc - Class M
                     GBP 17,200,000 FRN due 10 Mar 2040
ISIN Number        : XS0148241036
Common Code/
144A ISIN          : 14824103
Issue Nomin    GBP : 17,200,000.00
Period             : 10-Mar-2006 to 12-Jun-2006      Payment Date 12-Jun-2006
Number of Days     : 94
Rate               : 5.83
Denomination   GB  : 1,948.00

Amount Payable     : 29.25
per Denomination

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

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