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 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              : 10-Sep-2007 to 10-Dec-2007          Payment Date 10-Dec-2007
Number of Days      : 91
Rate                : 5.005                       Pool Factor:    0.2794478
Denomination EUR    : 13,972.39                 

Amount Payable
per Denomination    : 176.77           

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



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