Southern Pacific E

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

Issue            : Southern Pacific Securities E plc - Class B2
                   EUR15,950,000 FRN due 1 September 2040 
ISIN Number      : XS0155901225
Issue Nomin  EUR : 15,950,000.00 
Period           : 10-Dec-2003 to 10-Mar-2004     Payment Date 10-Mar-2004
Number of Days   : 91
Rate             : 4.402         
Denomination  EU : 10,000.00

Amount Payable 
per Denomination : 111.27

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