Re:                                                                                               Granite Master Issuer
Plc
                                                                                                   USD 27000000
                                                                                                   MATURING: 20-Dec-2054
                                                                                                   ISIN: USG41441BL23
                                                                                                                            
 PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
 20-Nov-2008 TO 20-Feb-2009 HAS BEEN FIXED AT 2.507500 PCT
  
 DAY BASIS: ACTUAL/360
  
 INTEREST PAYABLE VALUE 20-Feb-2009 WILL AMOUNT TO:
 USD 640.81 PER USD 100000 DENOMINATION
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