Granite Master Issuer



RE: Granite Master Issuer Plc M1
    USD 95,000,000.00
    MATURING: 20-Dec-2054
    ISSUE DATE: 25-May-2005
    ISIN: US38741YAK55

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
21-May-2007 TO 20-Aug-2007 HAS BEEN FIXED AT 5.600000 PCT

DAY BASIS 91/360

INTEREST PAYABLE VALUE 20-Aug-2007 WILL AMOUNT TO:
USD 0.00 PER USD 0.00 DENOMINATION

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: 44 20 7508 3858/3855
FAX: 44 20 7508 3866
Email: rate.fixing@citigroup.com
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