Southn Pac Secs 04-1

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

Issue               : Southern Pacific Securities 04-1 PLC - Class A2 - Reg S 
                      GBP 177,700,000.00 Mortgage Backed FRN Due 10 Dec 2042
ISIN Number         : XS0186713797
Common Code/        : 18671379
144A ISIN
Issue Nomin     GBP : 177,700,000.00
Period              : 11-Sep-2006 to 11-Dec-2006       Payment Date 11-Dec-2006
Number of Days      : 91
Rate                : 5.27625                     Pool Factor:    0.9934
Denomination GBP    : 9,934.00                                        

Amount Payable 
per Denomination    : 130.68                                

JPMorgan Chase Bank
Rate Fix Desk                           Telephone 44 (0) 1202 32 8226
Institutional Trust Services  Facsimille          44 (0) 1202 34 7939

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