57MM Paragon Bank 31

    Granite Master Issuer

RE: Granite Master Issuer Plc
    USD 52,200,000.00
    MATURING: 20/Dec/2054
    ISSUE DATE: 25/Jan/2006
    ISIN: US38741YBN85

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
21/Aug/2006 TO 20/Nov/2006 HAS BEEN FIXED AT 5.682500 PCT.

DAY BASIS 91/360

INTEREST PAYABLE VALUE 20/Nov/2006 WILL AMOUNT TO
USD 1,436.41 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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