Southern Pacific Securities 05-1 plc


As Agent Bank, please be advised of the following rate determined on: 12-Mar-2007

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/        : US84359WAE03
144A ISIN
Issue Nomin     GBP : 45,500,000.00
Period              : 12-Mar-2007 to 11-Jun-2007          Payment Date 11-Jun-2007
Number of Days      : 91
Rate                : 5.7975
Denomination GBP    : 50,000.00

Amount Payable
per Denomination    : 722.70

JPMorgan Chase Bank
Rate Fix Desk                           Telephone 44 (0) 1202 32 8226
Institutional Trust Services  Facsimille          44 (0) 1202 34 7939



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