Granite Master Issuer



RE: GRANITE MASTER ISSUER PLC B1
    USD 90,000,000.00
    MATURING: 20/Dec/2054
    ISSUE DATE: 25/May/2005
    ISIN: US38741YAJ82

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
20/Nov/2006 TO 20/Feb/2007 HAS BEEN FIXED AT 5.515000 PCT

DAY BASIS 92/360

INTEREST PAYABLE VALUE 20/Feb/2007 WILL AMOUNT TO:
USD 1,409.39 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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