SOUTHERN PACIFIC SECURITIES 05-1 PLC - Notice of Results

THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF NOTEHOLDERS.
IF NOTEHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, THEY SHOULD
    SEEK THEIR OWN FINANCIAL ADVICE IMMEDIATELY FROM THEIR OWN PROFESSIONAL
                                   ADVISERS.

                       NOTICE OF RESULTS OF THE MEETINGS

         In respect of a meeting (the "First Meeting") of the holders
                      (the "Class B Noteholders") of the:
      £45,500,000 Class B1c Mortgage Backed Floating Rate Notes due 2043
              ISIN: XS0212691660, US84359WAE03, CUSIP: 84359WAE0
                             (the "Class B Notes")

         In respect of a meeting (the "Second Meeting") of the holders
                      (the "Class C Noteholders") of the:
      £26,250,000 Class C1c Mortgage Backed Floating Rate Notes due 2043
              ISIN: XS0212691744, US84359WAF77, CUSIP: 84359WAF7
                             (the "Class C Notes")

         In respect of a meeting (the "Third Meeting") of the holders
                      (the "Class D Noteholders") of the:
      £22,750,000 Class D1c Mortgage Backed Floating Rate Notes due 2043
              ISIN: XS0212692122, US84359WAG50, CUSIP: 84359WAG5
                             (the "Class D Notes")

         In respect of a meeting (the "Fourth Meeting") of the holders
                      (the "Class E Noteholders") of the:
        £3,500,000 Class E Mortgage Backed Floating Rate Notes due 2043
                              ISIN: XS0212692478
                             (the "Class E Notes")

                                   issued by

                     SOUTHERN PACIFIC SECURITIES 05-1 PLC
                                (the "Issuer")
                         on or about 23 February 2005

The Class B Noteholders, the Class C Noteholders, the Class D Noteholders and
the Class E Noteholders are together referred to as the "Noteholders" and the
Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes are
together referred to as the "Notes".

Capitalised terms used but not otherwise defined in this notice shall have the
meanings ascribed to them in a consent solicitation memorandum issued by the
Issuer on 10 November 2014 (the "Consent Solicitation Memorandum").

The First Meeting, the Second Meeting, the Third Meeting and the Fourth Meeting
of the Noteholders were each convened by the Issuer and held on 5 December 2014
(the "Meetings") to consider the Extraordinary Resolution to approve the
amendment of the Liquidity Facility Agreement to allow for a reduction in the
size of the Commitment, as more specifically described in the Consent
Solicitation Memorandum.

NOTICE IS HEREBY GIVEN to the Noteholders that, at the First Meeting, the
Second Meeting and the Third Meeting , the Class B Noteholders, the Class C
Noteholders and the Class D Noteholders respectively passed the Extraordinary
Resolution proposed.

NOTICE IS HEREBY GIVEN to the Noteholders that the Fourth Meeting was not
quorate and was therefore adjourned as per the Consent Solicitation Memorandum.
The details of the adjournment will be published by the Issuer in a separate
notice.

Queries may be addressed to the Issuer as follows:

                     SOUTHERN PACIFIC SECURITIES 05-1 PLC

                                   4th Floor
                                40 Dukes Place
                                London EC3A 7NH

                         Attention:     the Directors
                          Telephone: [phone]
                             Fax: [phone]
                   e-mail: [e-mail]
                 Ref:    SOUTHERN PACIFIC SECURITIES 05-1 PLC

This Notice is given by the Issuer.

Dated 5 December 2014

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