Southern Pacific Securities 05-1 plc



As Agent Bank, please be advised of the following rate determined on:
12-Jun-2006

Issue              :  Southern Pacific Securities 05-1 Class B1c
                      GBP 45,500,000 Mortgage Backed FRN due 10 Jun 2043
                        

ISIN Number        :  XS0212691660


Common Code/
144A ISIN          :  US84359WAE03

Issue Nomin GBP    :  45,500,000.00

Period             :  12-Jun-2006 to 11-Sep-2006 Payment Date 11-Sep-2006

Number of Days     :  91

Rate               :  4.99

Denomination GB    :  50,000.00

Amouny Payable     :  622.04
per Deno

Sthn.pac 5b1cs (LSE:36BB)
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