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 M - Reg S
                     GBP 31,500,000.00 Mortgage Backed FRN Due 10-Dec-2042
ISIN Number        � XS0186714506
Common Code / 144A � 18671450
 ISIN
Issue Nomin GBP    � 31,500,000.00
Period             � 10-Jun-2008 to 10-Sep-2008            Payment Date 10-Sep-2008
Number of Days     � 92
Rate               � 8.2                                Pool Factor: 0.604999
Denomination GBP   � 6,049.99              �                      �

Amount Payable per � 124.70                �                      �
 Denomination

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



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