Southern Pacific Securities D PLC

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

Issue               : Southern Pacific Securities D PLC - Class A
                      �198,640,000 FRN due 10 Mar 2040
ISIN Number         : XS0148238081
Issue Nomin     GBP : 198,640,000.00
Period              : 10-Dec-2003 to 10-Mar-2004   Payment Date 10-Mar-2004
Number of Days      : 91
Rate                : 4.3825       Pool Factor: 0.3795
Denomination    GB  : 3,795.00

Amount Payable 
per Denomination    : 41.35

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