Southern Pacific Securities 05-1 plc




As Agent Bank, please be advised of the following rate determined on: 11-Jun-2007

Issue               : Southern Pacific Securities 05-1 plc - A2c
                      GBP 230,850,000.00  FRN Due 10-Jun-2043
ISIN Number         : XS0212691314
Common Code/        : XS0212691405
144A ISIN
Issue Nomin     GBP : 230,850,000.00
Period              : 11-Jun-2007 to 10-Sep-2007          Payment Date 10-Sep-2007
Number of Days      : 91
Rate                : 5.98063                     Pool Factor:    0.587887
Denomination GBP    : 29,394.35

Amount Payable
per Denomination    : 438.29

JPMorgan Chase Bank
Rate Fix Desk                           Telephone 44 1202 689580
Institutional Trust Services  Facsimille          44 1202 689601



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