Southern Pacific Securities 05-1 plc


As Agent Bank, please be advised of the following rate determined on: 10-Mar-2008

Issue               : Southern Pacific Securities 05-1 plc - Class A2c
                      GBP 230,850,000.00 Mortgage Backed FRN Due 10 June 2043
ISIN Number         : XS0212691314
Common Code/        : 21269131
144A ISIN
Issue Nomin     GBP : 230,850,000.00
Period              : 10-Mar-2008 to 10-Jun-2008          Payment Date 10-Jun-2008
Number of Days      : 92
Rate                : 5.94438                      Pool Factor:    0.234622
Denomination GBP    : 11,731.08

Amount Payable
per Denomination    : 175.29

Bank of New York
Rate Fix Desk                  Telephone 44 1202 689580
Institutional Trust Services  Facsimille 44 1202 689601



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