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 M
                      �17,200,000 FRN due 10 Mar 2040
ISIN Number         : XS0148241036
Issue Nomin     GBP : 17,200,000.00
Period              : 10-Dec-2003 to 10-Mar-2004   Payment Date 10-Mar-2004
Number of Days      : 91
Rate                : 5.2625       Pool Factor: 0.8402
Denomination    GB  : 8,402.00

Amount Payable 
per Denomination    : 109.93

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