Southern Pacific Securities 04-2 plc

As Agent Bank, please be advised of the following rate determined on:07-Sep-2006

Issue               : Southern Pacific Securities 04-2 plc - Class A1b
                      USD 100,000,000 Mortgage Backed FRN due 10 Jun 2025
ISIN Number         : XS0196610835
Common Code/
144A ISIN           : US84359VAB80
Issue Nomin     USD : 100,000,000.00
Period              : 11-Sep-2006 to 11-Dec-2006     Payment Date 11-Dec-2006
Number of Days      : 91
Rate                : 5.54           Pool Factor: 0.074493
Denomination    US  : 744.93
Amount Payable 
per Denomination    : 10.43

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

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