Southern Pacific Securities 04-2 plc



As Agent Bank, please be advised of the following rate determined on: 06-Mar-2008
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 / 144A � US84359VAH50
 ISIN
Issue Nomin USD    � 22,500,000.00
Period             � 10-Mar-2008 to 10-Jun-2008            Payment Date 10-Jun-2008
Number of Days     � 92
Rate               � 3.41
Denomination USD   � 10,000.00             �                      �

Amount Payable per � 87.14                 �                      �
 Denomination

Bank of New York
Rate Fix Desk                              Telephone       � 44 1202 689580
Corporate Trust Services                   Facsimile       � 44 1202 689601
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