Southern Pacific Securities 05-1 plc



As Agent Bank, please be advised of the following rate determined on: 08-Sep-2008
Issue              � Southern Pacific Securities 05-1 plc - Class A2a
                     EUR 153,000,000.00 Mortgage Backed FRN Due 10-Jun-2043
ISIN Number        � XS0212691157
Common Code / 144A � US84359WAC47
 ISIN
Issue Nomin EUR    � 153,000,000.00
Period             � 10-Sep-2008 to 10-Dec-2008            Payment Date 10-Dec-2008
Number of Days     � 91
Rate               � 5.109                              Pool Factor: 0.0899518
Denomination EUR   � 8,995.18              �                      �

Amount Payable per � 116.17                �                      �
 Denomination

Bank of New York
Rate Fix Desk                              Telephone       � 44 1202 689580
Corporate Trust Services                   Facsimile       � 44 1202 689601



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