Southern Pacific Securities 04-2 plc


As Agent Bank, please be advised of the following rate determined on: 08-Mar-2007

Issue               : Southern Pacific Securities 04-2 plc - Class A2a
                      EUR 100,000,000.00 Mortgage Backed FRN Due 10 Dec 2042
ISIN Number         : XS0196612021
Common Code/        : US84359VAD47
144A ISIN
Issue Nomin     EUR : 100,000,000.00
Period              : 12-Mar-2007 to 11-Jun-2007          Payment Date 11-Jun-2007
Number of Days      : 91
Rate                : 4.128                       Pool Factor:    0.6194886
Denomination EUR    : 30,974.43

Amount Payable
per Denomination    : 323.21

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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