Southn Pac Secs 04-1

As Agent Bank, please be advised of the following rate determined on:12-Jun-2006

Issue               : Southern Pacific Financing 04-1 plc - Class B - Reg S
                      GBP 6,000,000 Mortgage Backed FRN Due 10 Dec 2042
ISIN Number         : XS0186715222
Common Code/
144A ISIN           : 18671522
Issue Nomin     GBP : 6,000,000.00
Period              : 12-Jun-2006 to 11-Sep-2006      Payment Date 11-Sep-2006
Number of Days      : 91
Rate                : 8.22          
Denomination    GB  : 10,000.00
Amount Payable
per Denomination    : 204.94

Institutional       Telephone   44(0) 1202 34 1286
Trust Services      Facsimile   44(0) 1202 34 1267

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