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 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    GB  : 3,935.21
Amount Payable
per Denomination    : 70.50

Bank of New York
Rate Fix Desk                     Telephone   44 1202 689580
Corporate Trust Services          Facsimile   44 1202 389601



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