Southern Pacific Securities 05-1 plc



As Agent Bank, please be advised of the following rate determined on: 06-Sep-2007

Issue               : Southern Pacific Securities 05-1 plc - Class A2a
                      EUR 153,000,000.00 Mortgage Backed FRN Due 10 Jun 2043
ISIN Number         : XS0212691157
Common Code/        : US84359WAC47
144A ISIN
Issue Nomin     EUR : 153,000,000.00
Period              : 10-Sep-2007 to 10-Dec-2007          Payment Date 10-Dec-2007
Number of Days      : 91
Rate                : 4.905                       Pool Factor:    0.4788348
Denomination EUR    : 47,883.48

Amount Payable
per Denomination    : 593.70

Bank of New York
Rate Fix Desk                           Telephone 44 1202 689580
Institutional Trust Services  Facsimille          44 1202 689601



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