Southn Pac Secs 04-1

As Agent Bank, please be advised of the following rate determined on: 18-May-06

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/
144A ISIN        : 18671379
Issue Nomin GBP  : 177,700,000.00
Period           : 12-Jun-2006 to 11-Sep-2006       Payment Date   11-Sep-2006
Number of Days   : 91
Rate             : 5.01                      Pool Factor: 0.996 
Denomination GB  : 9,960.00
Amount Payable
per Denomination : 124.41

Rate Fix Desk                        Telephone  44 (0) 1202 34 1286 
Institutional Trust Services         Facsimile  44 (0) 1202 34 7939

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