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 C1c
                     GBP 19,400,000 Mortgage Backed FRN due 10 Dec 2042
ISIN Number        : XS0196616360
Common Code/
144A ISIN          : US84359VAM46
Issue Nomin    GBP : 19,400,000.00
Period             : 12-Jun-2006 to 11-Sep-2006      Payment Date 11-Sep-2006
Number of Days     : 91
Rate               : 5.52
Denomination   GB  : 10,000.00

Amount Payable     : 137.62
per Denomination

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

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