GRANITE MASTER ISSUER PLC

RE:     Granite Master Issuer Plc 
        USD 726,100,000.00 
        MATURING: 20 DECEMBER 2054
        ISSUE DATE: 25/Jan/2006
        ISIN: US38741YBG35

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
20/Mar/2006 TO 20/Apr/2006 HAS BEEN FIXED AT 4.746250 PCT.

DAY BASIS 31/360 DAYS

INTEREST PAYABLE VALUE 20/Apr/2006 WILL AMOUNT TO
USD 408.70 PER USD 100,000.00 DENOMINATION.

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON 
TEL: 44 (0)20 7508 3858/3855 OR FAX: 44 (0)20 7508 3881.
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