PREFERRED RESIDENTIAL SECURITIES 05-1 PLC


As Agent Bank, please be advised of the following rate determined on:13-Sep-2006

Issue               : Preferred Residential Securities 05-01 plc - Class A1
                      XS0217068849
ISIN Number         : US740378AA29
Common Code/
144A ISIN           : US740378AA29
Issue Nomin     EUR : 181,000,000.00
Period              : 15-Sep-2006 to 15-Dec-2006       Payment Date 15-Dec-2006
Number of Days      : 91
Rate                : 3.391
Denomination    EU  : 19,186.53         181,000,000
Amount Payable
per Denomination    : 164.46            1,551,476.69

Institutional       Telephone   44(0) 1202 32 8226
Trust Services      Facsimile   44(0) 1202 34 7939



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