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 B1b 
                      USD 22,500,000.00 Mortgage Backed FRN Due 10 Dec 2042
ISIN Number         : XS0196613425
Common Code/        : US84359VAH50
144A ISIN
Issue Nomin     USD : 22,500,000.00
Period              : 11-Sep-2006 to 11-Dec-2006       Payment Date 11-Dec-2006
Number of Days      : 91
Rate                : 5.81                         
Denomination USD    : 10,000.00                                       

Amount Payable 
per Denomination    : 146.86                                

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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