Southern Pacific Securities 05-1 plc




As Agent Bank, please be advised of the following rate determined on: 11-Jun-2007

Issue               : Southern Pacific Securities 05-1 plc - E
                      GBP 3,500,000.00  FRN Due 10-Jun-2043
ISIN Number         : XS0212692478
Common Code/        : 21269247
144A ISIN
Issue Nomin     GBP : 3,500,000.00
Period              : 11-Jun-2007 to 10-Sep-2007          Payment Date 10-Sep-2007
Number of Days      : 91
Rate                : 8.77063
Denomination GBP    : 50,000.00

Amount Payable
per Denomination    : 1,093.33

JPMorgan Chase Bank
Rate Fix Desk                           Telephone 44 1202 689580
Institutional Trust Services  Facsimille          44 1202 689601



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