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 A2c
                     GBP 235,200,000 Mortgage Backed FRN due 10 Dec 2042
ISIN Number        : XS0196612963
Common Code/
144A ISIN          : US84359VAF94
Issue Nomin    GBP : 235,200,000.00
Period             : 12-Jun-2006 to 11-Sep-2006      Payment Date 121Sep-2006
Number of Days     : 91
Rate               : 4.97           Pool Factor: 0.9974
Denomination   GB  : 9,974.00

Amount Payable     : 123.49
per Denomination

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

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