Re:                                                                                               Granite Master Issuer
Plc
                                                                                                   USD 20000000
                                                                                                   MATURING: 20-Dec-2054
                                                                                                   ISIN: USG41441BJ76
                                                                                                                            
 PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
 20-Nov-2008 TO 22-Dec-2008 HAS BEEN FIXED AT 1.622500 PCT
  
 DAY BASIS: ACTUAL/360
  
 INTEREST PAYABLE VALUE 22-Dec-2008 WILL AMOUNT TO:
 USD 144.22 PER USD 100000 DENOMINATION
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