57MM Paragon Bank 31

    

Granite Master Issuer



RE: Granite Master Issuer Plc
    USD 52,200,000.00
    MATURING: 20-Dec-2054
    ISSUE DATE: 25-Jan-2006
    ISIN: US38741YBN85

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
20-Feb-2007 TO 21-May-2007 HAS BEEN FIXED AT 5.650000 PCT

DAY BASIS 90/360

INTEREST PAYABLE VALUE 21-May-2007 WILL AMOUNT TO:
USD 1,412.50 PER USD 100,000.00 DENOMINATION

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: 44 20 7508 3858/3855 OR FAX: 44 20 7508 3881

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