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 B - Reg S
                      GBP 6,000,000 Mortgage Backed FRN due 10 Dec 2042
ISIN Number         : XS0186715222
Common Code/        : 18671522
144A ISIN
Issue Nomin     GBP : 6,000,000.00
Period              : 10-Sep-2007 to 10-Dec-2007       Payment Date 10-Dec-2007
Number of Days      : 91
Rate                : 10.39625           Pool Factor: 0.604999
Denomination    GB  : 6,049.99

Amount Payable
per Denomination    : 156.81

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



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