Re:                                                                                                   Granite Master
Issuer Plc
                                                                                                       EUR 45,000,000.00
                                                                                                       MATURING:
20-Dec-2054
                                                                                                       ISIN:
XS0240670686
                                                                                                                                
 PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
 20-Nov-2008 TO 20-Feb-2009 HAS BEEN FIXED AT 4.253000 PCT
  
 DAY BASIS: ACTUAL/360
  
 INTEREST PAYABLE VALUE 20-Feb-2009 WILL AMOUNT TO:
 EUR 1,010.32 PER EUR 92,956.56 DENOMINATION
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