Southern Pacific Securities 04-2 plc

As Agent Bank, please be advised of the following rate determined on:12-Jun-2006

Issue               : Southern Pacific Securities 04-2 plc - Class B1c
                      GBP 31,600,000 Mortgage Backed FRN due 10 Dec 2042
ISIN Number         : XS0196614829
Common Code/
144A ISIN           : US84359VAJ17
Issue Nomin     GBP : 31,600,000.00
Period              : 12-Jun-2006 to 11-Sep-2006      Payment Date 11-Sep-2006
Number of Days      : 91
Rate                : 5.22 
Denomination    GB  : 10,000.00

Amount Payable      : 130.14
per Denomination

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

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