Southern Pacific Securities 05-1 plc


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

Issue              :  Southern Pacific Securities 05-1 plc - Class A2c
                      GBP 230,850,000.00 Mortgage Backed FRN due 10 Jun 2043

ISIN Number        :  XS0212691314

Common Code/
144A ISIN          :  XS0212691405

Issue Nomin GBP    :  230,850,000.00

Period             :  12-Jun-2006 to 11-Sep-2006 Payment Date 11-Sep-2006

Number of Days     :  91

Rate               :  4.88           Pool Factor 0.99856

Denomination GB    :  49,928.00

Amouny Payable     :  607.45
per Denomination

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