Southn Pac Secs 04-1



As Agent Bank, please be advised of the following rate determined on: 10-Sep-2008
Issue              � Southern Pacific Securities 04-1 plc - Class A2 - Reg S
                     GBP 117,700,000.00 Mortgage Backed FRN Due 10-Dec-2042
ISIN Number        � XS0186713797
Common Code / 144A � 18671379
 ISIN
Issue Nomin GBP    � 117,700,000.00
Period             � 10-Sep-2008 to 10-Dec-2008            Payment Date 10-Dec-2008
Number of Days     � 91
Rate               � 6.00688                            Pool Factor: 0.183861
Denomination GBP   � 1,838.61              �                      �

Amount Payable per � 27.46                 �                      �
 Denomination

Bank of New York
Rate Fix Desk                              Telephone       � 44 1202 689580
Corporate Trust Services                   Facsimile       � 44 1202 689601



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