Southn Pac Secs 04-1


As Agent Bank, please be advised of the following rate determined on:10-Jun-2008
Issue               : Southern Pacific Securities 04-1 plc - Class A2 - Reg S
                      GBP 177,700,000 Mortgage Backed FRN due 10 Dec 2042
ISIN Number         : XS0186713797
Common Code/        : 18671379
144A ISIN
Issue Nomin     GBP : 177,700,000.00
Period              : 10-Jun-2008 to 10-Sep-2008       Payment Date 10-Sep-2008
Number of Days      : 92                               Pool Factor: 0.210848
Rate                : 6.24
Denomination    GB  : 2,108.00

Amount Payable
per Denomination    : 33.07

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



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