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 A2c 
                      GBP 230,850,000.00 Mortgage Backed FRN Due 10 Jun 2043
ISIN Number         : XS0212691314
Common Code/        : XS0212691405
144A ISIN
Issue Nomin     GBP : 230,850,000.00
Period              : 11-Sep-2006 to 11-Dec-2006       Payment Date 11-Dec-2006
Number of Days      : 91
Rate                : 5.14625                     Pool Factor:    0.9963
Denomination GBP    : 49,815.00                                       

Amount Payable 
per Denomination    : 639.15                                

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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