Southern Pacific Securities 05-1 plc



As Agent Bank, please be advised of the following rate determined on: 10-Jun-2008
Issue              � Southern Pacific Securities 05-1 plc - Class B1c
                     GBP 45,500,000.00 Mortgage Backed FRN Due 10-Jun-2043
ISIN Number        � XS0212691660
Common Code / 144A � US84359WAE03
 ISIN
Issue Nomin GBP    � 45,500,000.00
Period             � 10-Jun-2008 to 10-Sep-2008            Payment Date 10-Sep-2008
Number of Days     � 92
Rate               � 6.22
Denomination GBP   � 50,000.00             �                      �

Amount Payable per � 781.75                �                      �
 Denomination

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



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