Southern Pacific Securities D PLC

As Agent Bank, please be advised of the following rate determined on: 
10-Dec-2004

Issue:             : Southern Pacific Securities D Plc - Class B
                     �14,800,000 FRN due 10 Mar 2040
ISIN Number        : XS0148241200
Common Code/       : 148241200
144A ISIN
Issue Nomin GBP    : 14,800,000.00
Period             : 10-Dec-2004 to 10-Mar-2004  Payment Date 10-Mar-2004
Number of Days     : 90
Rate               : 7.36      Pool Factor: 0.4456
Denomination GB    : 4,456.00

Amount Payable     : 80.87
per Denomination

Institutional                   Telephone   44 (0) 1202 34 1286
Trust Services                  Facsimilie  44 (0) 1202 34 7438

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