Southern Pacific Securities 04-2 plc



As Agent Bank, please be advised of the following rate determined on: 06-Sep-2007

Issue               : Southern Pacific Securities 04-2 plc - Class B1b
                      USD 22,500,000.00 Mortgage Backed FRN Due 10 Dec 2042
ISIN Number         : XS0196613425
Common Code/        : US84359VAH50
144A ISIN
Issue Nomin     USD : 22,500,000.00
Period              : 10-Sep-2007 to 10-Dec-2007          Payment Date 10-Dec-2007
Number of Days      : 91
Rate                : 6.14375
Denomination USD    : 10,000.00                
Amount Payable
per Denomination    : 155.30           

Bank of New York
Rate Fix Desk                           Telephone 44 1202 689580
Institutional Trust Services  Facsimille          44 1202 689601



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