Southern Pacific Securities 05-1 plc




As Agent Bank, please be advised of the following rate determined on: 10-Dec-2007

Issue               : Southern Pacific Securities 05-1 plc - Class B1c
                      GBP 45,500,000.00 Mortgage Backed FRN Due 10 June 2043
ISIN Number         : XS0212691660
Common Code/        : US84359WAE03
144A ISIN
Issue Nomin     GBP : 45,500,000.00
Period              : 10-Dec-2007 to 10-Mar-2008          Payment Date 10-Mar-2008
Number of Days      : 91
Rate                : 6.885
Denomination GBP    : 50,000.00

Amount Payable
per Denomination    : 855.92

Bank of New York
Rate Fix Desk                           Telephone 44 1202 689580
Institutional Trust Services  Facsimille          44 1202 689601



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