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 A1c
                      GBP 160,850,000 Mortgage Backed FRN due 10 Jun 2025

ISIN Number        :  XS0212690852

Common Code/
144A ISIN          :  US84359WAB63

Issue Nomin GBP    :  160,850,000.00

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

Number of Days     :  91

Rate               :  4.8    Pool Factor 0,34282

Denomination GB    :  17,141.00

Amouny Payable     :  205.13
per Denomination

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