Southn Pac Secs 04-1



As Agent Bank, please be advised of the following rate determined on: 10-Sep-2007

Issue               : Southern Pacific Securities 04-1 plc - Class A2 - Reg S
                      GBP 177,700,000.00 Mortgage Backed FRN Due 10 Dec 2042
ISIN Number         : XS0186713797
Common Code/        : 18671379
144A ISIN
Issue Nomin     GBP : 177,700,000.00
Period              : 10-Sep-2007 to 10-Dec-2007          Payment Date 10-Dec-2007
Number of Days      : 91
Rate                : 7.18625                     Pool Factor:    0.393521
Denomination GBP    : 3,935.21

Amount Payable
per Denomination    : 70.50

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



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