BW20030910002035  20030910T142330Z UTC


( BW)(SOUTHERN-PACIFIC-E)(AR87) FRN Variable Rate Fix

    Business Editors
    UK REGULATORY NEWS

    LONDON--(BUSINESS WIRE)--Sept. 10, 2003--

As Agent Bank, please be advised of the following rate determined on:
10-Sep-2003

Issue            : Southern Pacific Securities E plc - Class A
                   GBP281,450,000 FRN due 1 Sep 2040 
ISIN Number      : XS0155827313
Issue Nomin  GBP : 281,450,000.00 
Period           : 10-Sep-2003 to 10-Dec-2003         Payment Date 10-Dec-2003
Number of Days   : 91
Rate             : 4.09125         Pool Factor:    0.6671
Denomination  GB : 6,671.00

Amount Payable 
per Denomination : 68.04

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

   Short Name: Southern Pacific E
   Category Code: RC
   Sequence Number: 00009602
   Time of Receipt (offset from UTC): 20030910T152149+0100

    --30--MH/uk*

    CONTACT: Southern Pacific Securities E PLC

    KEYWORD: UNITED KINGDOM INTERNATIONAL EUROPE
    INDUSTRY KEYWORD: BANKING
    SOURCE: Southern Pacific E

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