Preferred Residential Securities 05-1 plc


As Agent Bank, please be advised of the following rate determined on:15-Dec-2006

Issue               : Preferred Residential Securites 05-01 plc - Class A2c
                      GBP 218,600,000 Mortgage Backed FRN due 15 Jun 2043
ISIN Number         : XS0217069656
Common Code /       : US740378AF16
144A ISIN
Issue Nomin     GBP : 218,600,000.00
Period              : 15-Dec-2006 to 15-Mar-2007        Payment Date 15-Mar-2007
Number of Days      : 90
Rate                : 5.45563               Pool Factor: 0.9765234
Denomination     GB : 48,826.17         218,600,000.

Amount Payable
per Denomination    : 656.82            2,940,659.30

JPMorgan Chase Bank
Rate Fix Desk                       Telephone   44(0) 1202 32 8236
Institutional Trust Services        Facsimile   44(0) 1202 34 7939



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