36AV Sthn.pac 5a1aa

THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF NOTEHOLDERS.
IF NOTEHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, THEY SHOULD
    SEEK THEIR OWN FINANCIAL ADVICE IMMEDIATELY FROM THEIR OWN PROFESSIONAL
                                   ADVISERS.

                  NOTICE OF RESULTS OF THE ADJOURNED MEETING

 In respect of the adjourned meeting (the "Adjourned Meeting") of the holders
                          (the "Noteholders") of the:

        £3,500,000 Class E Mortgage Backed Floating Rate Notes due 2043

                              ISIN: XS0212692478

                                 (the "Notes")

                                   issued by

                     SOUTHERN PACIFIC SECURITIES 05-1 PLC

                                (the "Issuer")

                         on or about 23 February 2005

Capitalised terms used but not otherwise defined in this notice shall have the
meanings ascribed to them in a consent solicitation memorandum issued by the
Issuer on 10 November 2014 (the "Consent Solicitation Memorandum").

The Adjourned Meeting of the Noteholders was convened by the Issuer and held on
19 December 2014 to consider the Extraordinary Resolution to approve the
amendment of the Liquidity Facility Agreement to allow for a reduction in the
size of the Commitment, as more specifically described in the Consent
Solicitation Memorandum.

NOTICE IS HEREBY GIVEN to the Noteholders that, at the Adjourned Meeting, the
Noteholders passed the Extraordinary Resolution proposed.

Queries may be addressed to the Issuer as follows:

                     SOUTHERN PACIFIC SECURITIES 05-1 PLC

                                   4th Floor

                                40 Dukes Place

                                London EC3A 7NH

                         Attention:     the Directors

                          Telephone: +44 203 367 8200

                             Fax: +44 203 170 0246

                   e-mail: spvservices@capitafiduciary.co.uk

                 Ref:    SOUTHERN PACIFIC SECURITIES 05-1 PLC

This Notice is given by the Issuer.

Dated 19 December 2014