Southern Pacific Securities 05-1 plc

As Agent Bank, please be advised of the following rate determined on:07-Sep-2006

Issue              : Southern Pacific Securities 05-1 plc - Class A2a
                     EUR 153,000,000 Mortgage Backed FRN due 10 Jun 2043
ISIN Number        : XS0212691157
Common Code/
144A ISIN          : US84359WAC47
Issue Nomin    EUR : 153,000,000.00
Period             : 11-Sep-2006 to 11-Dec-2006      Payment Date 11-Dec-2006
Number of Days     : 91
Rate               : 3.444              Pool Factor: 0.9963
Denomination   EU  : 99,630.00

Amount Payable     : 867.35
per Denomination

Rate Fix Desk                     Telephone   44(0) 1202 34 1286
Institutional Trust Services      Facsimile   44(0) 1202 34 1267

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