Southern Pacific Securities D PLC

As Agent Bank, please be advised of the following rate determined on: 
10-Dec-2004

Issue:             : Southern Pacific Securities D Plc - Class A
                     �198,640,000 FRN due 10 Mar 2040
ISIN Number        : XS0148238081
Common Code/       : 14823808
144A ISIN
Issue Nomin GBP    : 198,640,000.00
Period             : 10-Dec-2004 to 10-Mar-2004  Payment Date 10-Mar-2004
Number of Days     : 90
Rate               : 5.23     Pool Factor: 0.2014
Denomination GB    : 2,014.00

Amount Payable     : 25.97
per Denomination

Institutional                   Telephone   44 (0) 1202 34 1286
Trust Services                  Facsimilie  44 (0) 1202 34 7438

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