Southern Pacific Securities 04-2 plc


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

Issue               : Southern Pacific Securities 04-2 plc - Class C1a
                      EUR 5,000,000.00 Mortgage Backed FRN Due 10 Dec 2042
ISIN Number         : XS0196615396
Common Code/        : US84359VAK89
144A ISIN
Issue Nomin     EUR : 5,000,000.00
Period              : 11-Dec-2006 to 12-Mar-2007          Payment Date 12-Mar-2007
Number of Days      : 91
Rate                : 4.362
Denomination EUR    : 50,000.00

Amount Payable
per Denomination    : 551.31

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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