Southern Pacific Securities 04-2 plc


As Agent Bank, please be advised of the following rate determined on:12-Mar-2007
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 /         US84359VAJ17
144A ISIN
Issue Nomin     GBP : 31,600,000.00
Period              : 12-Mar-2007 to 11-Jun-2007  Payment Date 11-Jun-2007
Number of Days      : 91
Rate                : 6.0275
Denomination    GB  : 10,000.00
Amount Payable
per Denomination    : 150.27

Institutional       Telephone   44(0) 1202 32 8236
Trust Services      Facsimile   44(0) 1202 34 7939



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