  In this article we compute the action of the two loop dilatation operator on
restricted Schur polynomials that belong to the su(2) sector, in the displaced
corners approximation. In this non-planar large N limit, operators that
diagonalize the one loop dilatation operator are not corrected at two loops.
The resulting spectrum of anomalous dimensions is related to a set of decoupled
harmonic oscillators, indicating integrability in this sector of the theory at
two loops. The anomalous dimensions are a non-trivial function of the 't Hooft
coupling, with a spectrum that is continuous and starting at zero at large N,
but discrete at finite N.
