Southern Pacific Securities 05-1 plc

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

Issue               : Southern Pacific Securities 05-1 plc - Class B1c 
                      GBP 45,500,000.00 Mortgage Backed FRN Due 10 Jun 2043
ISIN Number         : XS0212691660
Common Code/        : US84359WAE03
144A ISIN
Issue Nomin     GBP : 45,500,000.00
Period              : 11-Sep-2006 to 11-Dec-2006       Payment Date 11-Dec-2006
Number of Days      : 91
Rate                : 5.25625                      
Denomination GBP    : 50,000.00                                       

Amount Payable 
per Denomination    : 655.23                                

JPMorgan Chase Bank
Rate Fix Desk                           Telephone 44 (0) 1202 32 8226
Institutional Trust Services  Facsimille          44 (0) 1202 34 7939

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