Southn Pac Secs 04-1


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

Issue               : Southern Pacific Securities 04-1 plc - Class B - Reg S
                      GBP 6,000,000.00 Mortgage Backed FRN Due 10 Dec 2042
ISIN Number         : XS0186715222
Common Code/        : 18671522
144A ISIN
Issue Nomin     GBP : 6,000,000.00
Period              : 11-Dec-2006 to 12-Mar-2007       Payment Date 12-Mar-2007
Number of Days      : 91
Rate                : 8.77375
Denomination GBP    : 10,000.00

Amount Payable
per Denomination    : 218.74

JPMorgan Chase Bank
Rate Fix Desk                           Telephone 44 (0) 1202 32 8236
Institutional Trust Services  Facsimille          44 (0) 1202 34 7939



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