-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, K223ha9NtENIQCpSZDKZRBwW4XD1Cwxz6QylQL6xfoFNxjzW0nEZ6OBOFQyCUXJo EGphodf17vrO1R98qkaxIA== 0000905148-07-007032.txt : 20071130 0000905148-07-007032.hdr.sgml : 20071130 20071130105148 ACCESSION NUMBER: 0000905148-07-007032 CONFORMED SUBMISSION TYPE: 10-D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071031 FILED AS OF DATE: 20071130 DATE AS OF CHANGE: 20071130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Granite Master Issuer plc CENTRAL INDEX KEY: 0001305478 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 000000000 STATE OF INCORPORATION: X0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 333-119671 FILM NUMBER: 071276635 BUSINESS ADDRESS: STREET 1: FIFTH FLOOR, 100 WOOD STREET CITY: LONDON STATE: X0 ZIP: EC2V 7EX BUSINESS PHONE: (011 44 20)76065451 MAIL ADDRESS: STREET 1: FIFTH FLOOR, 100 WOOD STREET CITY: LONDON STATE: X0 ZIP: EC2V 7EX FILER: COMPANY DATA: COMPANY CONFORMED NAME: Granite Finance Funding 2 LTD CENTRAL INDEX KEY: 0001305479 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 000000000 STATE OF INCORPORATION: X0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 333-119671-02 FILM NUMBER: 071276636 BUSINESS ADDRESS: STREET 1: FIFTH FLOOR, 100 WOOD STREET CITY: LONDON STATE: X0 ZIP: EC2V 7EX BUSINESS PHONE: (011 44 20)76065451 MAIL ADDRESS: STREET 1: FIFTH FLOOR, 100 WOOD STREET CITY: LONDON STATE: X0 ZIP: EC2V 7EX FILER: COMPANY DATA: COMPANY CONFORMED NAME: GRANITE FINANCE TRUSTEES LTD CENTRAL INDEX KEY: 0001136894 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 333-13884-01 FILM NUMBER: 071276637 BUSINESS ADDRESS: STREET 1: 22 GREENVILLE STREET ST HELIER JERSEY STREET 2: J4E 8PX CHANNEL ISLANDS CITY: CHANNEL ISLANDS STATE: X0 ZIP: 00000 BUSINESS PHONE: 0114415346 10-D 1 efc7-2636_emailfm10d.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 --------- FORM 10-D ASSET-BACKED ISSUER DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 ------------------------ For the monthly distribution period from October 1, 2007 to October 31, 2007 Commission File Number of issuing entity: 333-141533 GRANITE MASTER ISSUER PLC (Exact name of registrant as specified in its charter) England and Wales (State or other jurisdiction of incorporation) Not applicable (IRS Employer Identification No.) Fifth Floor 100 Wood Street London EC2V 7EX, England (Address of principal executive offices of the issuing entity) +44 (0)20 7606 0643 (Telephone number, including area code) Commission File Number of registrant 2: 333-141533-01 GRANITE FINANCE FUNDING 2 LIMITED (Exact name of registrant as specified in its charter) England and Wales (State or other jurisdiction of incorporation) Not applicable (IRS Employer Identification No.) Fifth Floor 100 Wood Street London EC2V 7EX, England (Address of principal executive offices) +44 (0)20 7606 0643 (Telephone number, including area code) Commission File Number of registrant 3: 333-141533-02 GRANITE FINANCE TRUSTEES LIMITED (Exact name of registrant as specified in its charter) Jersey, Channel Islands (State or other jurisdiction of incorporation) Not applicable (IRS Employer Identification No.) 22 Grenville Street St. Helier, Jersey JE4 8PX, Channel Islands (Address of principal executive offices) +44 (0)1534 609 333 (Telephone number, including area code)
Registered/reporting pursuant to (check one) Name of exchange Title of Class Section 12(b) Section 12(g) Section 15(d) (If Section 12(b)) Series 2006-2, Class A1 [ ] [ ] [ X ] ___________ Series 2006-2, Class A4 [ ] [ ] [ X ] ___________ Series 2006-2, Class B1 [ ] [ ] [ X ] ___________ Series 2006-2, Class B2 [ ] [ ] [ X ] ___________ Series 2006-2, Class M1 [ ] [ ] [ X ] ___________ Series 2006-2, Class M2 [ ] [ ] [ X ] ___________ Series 2006-2, Class C1 [ ] [ ] [ X ] ___________ Series 2006-3, Class A1 [ ] [ ] [ X ] ___________ Series 2006-3, Class A3 [ ] [ ] [ X ] ___________ Series 2006-3, Class A4 [ ] [ ] [ X ] ___________ Series 2006-3, Class A7 [ ] [ ] [ X ] ___________ Series 2006-3, Class B1 [ ] [ ] [ X ] ___________ Series 2006-3, Class B2 [ ] [ ] [ X ] ___________ Series 2006-3, Class M1 [ ] [ ] [ X ] ___________ Series 2006-3, Class M2 [ ] [ ] [ X ] ___________ Series 2006-3, Class C2 [ ] [ ] [ X ] ___________ Series 2006-4, Class A1 [ ] [ ] [ X ] ___________ Series 2006-4, Class A4 [ ] [ ] [ X ] ___________ Series 2006-4, Class A7 [ ] [ ] [ X ] ___________ Series 2006-4, Class B1 [ ] [ ] [ X ] ___________ Series 2006-4, Class M1 [ ] [ ] [ X ] ___________ Series 2006-4, Class M2 [ ] [ ] [ X ] ___________ Series 2006-4, Class C1 [ ] [ ] [ X ] ___________ Series 2006-4, Class C2 [ ] [ ] [ X ] ___________ Series 2007-1, Class 1A1 [ ] [ ] [ X ] ___________ Series 2007-1, Class 2A1 [ ] [ ] [ X ] ___________ Series 2007-1, Class 3A1 [ ] [ ] [ X ] ___________ Series 2007-1, Class 4A1 [ ] [ ] [ X ] ___________ Series 2007-1, Class 1B1 [ ] [ ] [ X ] ___________ Series 2007-1, Class 2B1 [ ] [ ] [ X ] ___________ Series 2007-1, Class 1M1 [ ] [ ] [ X ] ___________ Series 2007-1, Class 2M1 [ ] [ ] [ X ] ___________ Series 2007-1, Class 1C1 [ ] [ ] [ X ] ___________ Series 2007-1, Class 2C1 [ ] [ ] [ X ] ___________ Series 2007-2, Class 1A1 [ ] [ ] [ X ] ___________ Series 2007-2, Class 2A1 [ ] [ ] [ X ] ___________ Series 2007-2, Class 3A1 [ ] [ ] [ X ] ___________ Series 2007-2, Class 4A1 [ ] [ ] [ X ] ___________ Series 2007-2, Class 1B1 [ ] [ ] [ X ] ___________ Series 2007-2, Class 2B1 [ ] [ ] [ X ] ___________ Series 2007-2, Class 3B1 [ ] [ ] [ X ] ___________ Series 2007-2, Class 1M1 [ ] [ ] [ X ] ___________ Series 2007-2, Class 2M1 [ ] [ ] [ X ] ___________ Series 2007-2, Class 2C1 [ ] [ ] [ X ] ___________
Indicate by check mark if the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days Yes X No ------ ------ 2 PART I - DISTRIBUTION INFORMATION Item 1. Distribution and Pool Performance Information. On November 19, 2007 and November 20, 2007 distributions were made by Citibank, N.A., as principal paying agent on behalf of the issuing entity, to the holders of certain of the classes of notes listed above. The description of the distribution and pool performance for the distribution period from October 1, 2007 to October 31, 2007 is provided in the monthly statement attached as Exhibit 99.1 to this Form 10-D. Introductory and explanatory information regarding the material terms, parties and distributions described in Exhibit 99.1 is included in the Prospectus Supplement relating to the series 2006-2 notes, dated May 18, 2006 and the related Prospectus, dated April 24, 2006; the Prospectus Supplement relating to the series 2006-3 notes, dated September 15, 2006 and the related Prospectus, dated September 12, 2006; the Prospectus Supplement relating to the series 2006-4 notes, dated November 24, 2006 and the related Prospectus, dated September 12, 2006; the Prospectus Supplement relating to the series 2007-1 notes, dated January 22, 2007 and the related Prospectus, dated January 19, 2007; and the Prospectus Supplement relating to the series 2007-2 notes, dated May 18, 2007 and the related Prospectus, dated May 17, 2007 (collectively, the "Prospectuses"), of the issuing entity filed with the Securities and Exchange Commission (the "SEC") pursuant to Rule 424(b)(5) under the Securities Act of 1933 (the "Securities Act"). PART II - OTHER INFORMATION Item 2. Legal Proceedings. None. Item 3. Sales of Securities and Use of Proceeds. None. Item 4. Defaults Upon Senior Securities. None. Item 5. Submission of Matters to a Vote of Security Holders. None. Item 6. Significant Obligors of Pool Assets. None. Item 7. Significant Enhancement Provider Information. In respect of each of the series 2006-2, Class A1, Class A4, Class B1, Class B2, Class M1, Class M2 and Class C1 notes, the issuing entity has entered into a currency swap transaction with Deutsche Bank Aktiengesellschaft. The sponsor, Northern Rock PLC, has determined that the significance percentage for these currency swap transactions in respect of the related classes of notes is 20% or more. In respect of each of the series 2006-3, Class A1, Class A3, Class A4, Class A7, Class B1, Class B2, Class M1, Class M2 and Class C2 notes, the issuing entity has entered into a currency swap transaction with Barclays Bank PLC. The sponsor, Northern Rock PLC, has determined that the 3 significance percentage for these currency swap transactions in respect of the related classes of notes is 20% or more. In respect of each of the series 2006-4, Class A1, Class A4, Class A6, Class B1, Class M1, Class M2, Class C1 and Class C2 notes, the issuing entity has entered into a currency swap transaction with UBS AG. The sponsor, Northern Rock PLC, has determined that the significance percentage for these currency swap transactions in respect of the related classes of notes is 20% or more. In respect of each of the series 2007-1, Class 1A1, Class 2A1, Class 3A1, Class 4A1, Class 1B1, Class 2B1, Class 1M1, Class 2M1, Class 1C1 and Class 2C1 notes, the issuing entity has entered into a currency swap transaction with Barclays Bank PLC. The sponsor, Northern Rock PLC, has determined that the significance percentage for these currency swap transactions in respect of the related classes of notes is 20% or more. In respect of the series 2007-2 Class 4A1 notes, the issuing entity has entered into a currency swap transaction with Barclays Bank PLC. The sponsor, Northern Rock PLC, has determined that the significance percentage for the currency swap transactions in respect of the related class of notes is 20% or more. In respect of each of the series 2007-2, Class 1A1, Class 2A1, Class 3A1, Class 1B1, Class 2B1, Class 3B1, Class 1M1, Class 2M1 and Class 2C1 notes, the issuing entity has entered into a currency swap transaction with Deutsche Bank AG, London branch. The sponsor, Northern Rock PLC, has determined that the significance percentage for these currency swap transactions in respect of the related classes of notes is 20% or more. Item 8. Other Information. None. Item 9. Exhibits. Exhibit No. Description 99.1 Monthly Statement furnished to noteholders 4 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the servicer has duly caused this report to be signed on behalf of the issuing entity by the undersigned, thereunto duly authorized. Date: November 30, 2007 NORTHERN ROCK PLC, as servicer By: /s/ DA JONES ------------ Name: DA JONES Title: GROUP FINANCE DIRECTOR 5 EXHIBIT INDEX The following exhibits are filed herewith: Exhibit No. Description - ------- ----------- 99.1 Monthly Statement to Noteholders 6 EX-99.1 2 efc7-2636_emailex991.txt Exhibit 99.1 INVESTORS' MONTHLY REPORT GRANITE FINANCE TRUSTEES LIMITED Monthly Report re: Granite Mortgages 01-1 Plc, Granite Mortgages 02-1 Plc Granite Mortgages 02-2 Plc, Granite Mortgages 03-1 Plc, Granite Mortgages 03-2 Plc, Granite Mortgages 03-3 Plc Granite Mortgages 04-1 Plc, Granite Mortgages 04-2 Plc, Granite Mortgages 04-3 Plc, Granite Master Issuer Plc, Granite Finance Funding Limited and Granite Finance Funding 2 Limited Month ended 31-Oct-07 N.B. this data fact sheet and its notes can only be a summary of certain features of the bonds and their structure. No representation can be made that the information herein is accurate or complete and no liability is accepted therefor. Reference should be made to the issue documentation for a full description of the bonds and their structure. This data fact sheet and its notes are for information purposes only and are not intended as an offer or invitation with respect to the purchase or sale of any security. Reliance should not be placed on the information herein when making any decision whether to buy, hold or sell bonds (or other securities) or for any other purpose. - -------------------------------------------------------------------------------- Commentary on asset performance in the period The assets within the Trust continue to exhibit exceptionally strong performance in the month. The 3 month plus arrears have risen to 0.43% by balance, but this continues to remain extremely low by reference to industry standards. Losses have continued to increase but remain at extremely low levels and at (GBP)8.56mm cumulative over 6 years are easily absorbed by the current month's excess spread. - -------------------------------------------------------------------------------- Next trust determination date 1-Nov-07 Next trust distribution date 9-Nov-07 (6 business days from determination date) Mortgage Loans - -------------------------------------------------------------------------------- Number of Mortgage Loans in Pool 439,591 Current Balance - Trust Mortgage Assets (GBP)51,549,502,529 Current Balance - Trust Cash and other Assets (GBP)408,504,268 Last Months Closing Trust Assets (GBP)54,860,597,297 Funding share (GBP)8,811,142,612 Funding 2 share (GBP)36,674,016,474 Funding and Funding 2 share (GBP)45,485,159,086 Funding and Funding 2 Share Percentage 87.54% Seller Share* (GBP)6,472,847,711 Seller Share Percentage 12.46% Minimum Seller Share (Amount)* (GBP)3,936,866,247 Minimum Seller Share (% of Total) 7.58% Funding Bank Balance - Principal element of Balance (GBP)1,528,405,358 Funding 2 Bank Balance - Principal element of Balance (GBP)1,592,095,335 Excess Spread last quarter annualised (% of Total) 0.34% - -------------------------------------------------------------------------------- * Please see the Additional Notes to the Investor Reports Arrears Analysis of Non Repossessed Mortgage Loans - -------------------------------------------------------------------------------- By number By Principal Number Principal (GBP) Arrears (GBP) (%) (%) > = 1 < 2 Months 5,335 635,490,508 3,868,297 1.21% 1.23% > = 2 < 3 Months 1,949 225,444,570 2,942,077 0.44% 0.44% > = 3 < 4 Months 790 84,496,243 1,664,039 0.18% 0.16% > = 4 < 5 Months 289 31,551,389 774,287 0.07% 0.06% > = 5 < 6 Months 215 23,270,271 649,869 0.05% 0.05% > = 6 < 7 Months 207 21,660,169 767,922 0.05% 0.04% > = 7 < 8 Months 136 15,354,246 623,071 0.03% 0.03% > = 8 < 9 Months 126 13,268,108 599,818 0.03% 0.03% > = 9 < 10 Months 81 8,746,129 435,891 0.02% 0.02% > = 10 < 11 Months 99 11,508,872 668,944 0.02% 0.02% > = 11 < 12 Months 42 4,373,300 261,572 0.01% 0.01% > = 12 54 6,163,418 496,907 0.01% 0.01% Total 9,323 1,081,327,223 13,752,694 2.12% 2.10% - -------------------------------------------------------------------------------- Arrears are calculated in accordance with standard market practice in the UK. A mortgage is identified as being in arrears when, on any due date, the overdue amounts which were due on previous due dates equal, in the aggregate, one or more full monthly payments. In making an arrears determination, the administrator calculates as of the date of determination the difference between the sum of all monthly payments that were due and payable by a borrower on any due date up to that date of determination (less the aggregate amount of all authorised underpayments made by such borrower up to such date of determination) and the sum of all payments actually made by that borrower up to that date of determination. If the result arrived at by dividing that difference (if any) by the amount of the required monthly payment equals or exceeds 1 the loan is deemed to be in arrears. Arrears classification is determined based on the number of full monthly payments that have been missed. A borrower that has missed payments that in the aggregate equal or exceeding 2 monthly payments (but for which the aggregate of missed payments is less than 3 monthly payments) would be classified as being between 2 - 3 months in arrears, and so on.
Properties in Possession - ---------------------------------------------------------------------------------------------------------- Number Principal (GBP) Arrears (GBP) Total (since inception) 3557 339,429,004 19,788,421 - ---------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------- Properties in Possession 997 Number Brought Forward 780 Repossessed (Current Month) 217 Sold (since inception) 2560 Sold (current month) 132 Sale Price / Last Loan Valuation 104 Average Time from Possession to Sale (days) 151 Average Arrears at Sale (GBP)4,869 Total Principal Loss (Since inception) (GBP)8,561,919 Total Principal Loss (current month) (GBP)385,338 Number of accounts experiencing a loss since inception 695 Ratio of aggregate net losses to average portfolio balance 0.00017 Average loss on accounts experiencing a loss (GBP)12,319 MIG Claims Submitted 17 MIG Claims Outstanding 1 Average Time from Claim to Payment 86 - ----------------------------------------------------------------------------------------------------------
Note: The arrears analysis and repossession information is at close of business for the report month Substitution - -------------------------------------------------------------------------------- Number Principal (GBP) Substituted this period 0 (GBP)0 Substituted to date (since 26 March 2001) 1,063,063 (GBP)127,927,477,109 - -------------------------------------------------------------------------------- CPR Analysis - -------------------------------------------------------------------------------- % of CPR Current Month % of CPR - Removals* 36.90% Previous Month % of CPR - Removals* 54.40% Current Month % of CPR - Non-Removals** 63.10% Previous Month % of CPR - Non-Removals** 45.60% - -------------------------------------------------------------------------------- *Removals are loans that Northern Rock has repurchased from the Trust (e.g. Further Advances and Product Switches) **Non-Removals are scheduled repayments, overpayments and redemptions - ------------------------------------------------------------------------------- Monthly Annualised Current Month CPR Rate - Total 3.62% 35.77% Previous Month CPR Rate - Total 4.98% 45.82% - ------------------------------------------------------------------------------- Key pool statistics - ------------------------------------------------------------------------------- Weighted Average Seasoning (by value) Months 26.26 Weighted Average Remaining Term (by value) Years 21.76 Average Loan Size (GBP)117,267 Weighted Average LTV (by value) 77.14% Weighted Average Indexed LTV (by value) 67.65% Non Verified (by value) 44.39% - ------------------------------------------------------------------------------- Product Breakdown - ------------------------------------------------------------------------------- Fixed Rate (by balance) 60.18% Together (by balance) 29.03% Capped (by balance) 0.06% Variable (by balance) 6.37% Tracker (by balance) 4.35% Total 100.0% - ------------------------------------------------------------------------------- Geographic Analysis - --------------------------------------------------------------------- Number % of Total Value (GBP) % of Total East Anglia 9,967 2.27% 1,166,647,101 2.26% East Midlands 32,704 7.44% 3,441,414,556 6.68% Greater London 51,913 11.81% 9,630,785,693 18.68% North 37,461 8.52% 2,974,471,614 5.77% North West 54,820 12.47% 5,298,642,667 10.28% Scotland 57,452 13.07% 4,784,243,657 9.28% South East 70,331 16.00% 10,693,765,010 20.74% South West 32,703 7.44% 4,289,284,569 8.32% Wales 17,928 4.08% 1,769,719,423 3.43% West Midlands 31,054 7.06% 3,432,563,801 6.66% Yorkshire 43,258 9.84% 4,067,962,438 7.89% Total 439,591 100% 51,549,500,529 100% - --------------------------------------------------------------------- LTV Levels Breakdown - --------------------------------------------------------------------- Number Value (GBP) % of Total 0% < 25% 21,702 814,517,862 1.58% > = 25% < 50% 55,312 4,641,543,032 9.00% > = 50% < 55% 15,615 1,700,839,444 3.30% > = 55% < 60% 17,277 1,996,180,022 3.87% > = 60% < 65% 18,936 2,326,593,301 4.51% > = 65% < 70% 22,112 2,816,821,387 5.46% > = 70% < 75% 25,475 3,442,989,023 6.68% > = 75% < 80% 29,202 4,158,117,863 8.07% > = 80% < 85% 41,482 6,007,676,278 11.65% > = 85% < 90% 61,403 8,114,684,495 15.74% > = 90% < 95% 88,751 10,348,092,939 20.07% > = 95% < 100% 39,815 4,911,609,377 9.53% > = 100% 2,509 269,837,506 0.52% Total 439,591 51,549,502,529 100.0% - --------------------------------------------------------------------- Repayment Method - --------------------------------------------------------------------- Number Value (GBP) % of Total Endowment 31,231 4,379,353,653 8.50% Interest Only 101,836 16,274,455,020 31.57% Pension Policy 309 29,479,985 0.06% Personal Equity Plan 569 36,968,528 0.07% Repayment 305,646 30,829,245,344 59.81% Total 439,591 51,549,502,529 100.00% - --------------------------------------------------------------------- Employment Status - --------------------------------------------------------------------- Number Value (GBP) % of Total Full Time 370,564 41,071,389,701 79.67% Part Time 5,613 451,773,069 0.88% Retired 3,384 209,218,431 0.41% Self Employed 54,657 9,379,355,200 18.19% Other 5,373 437,766,129 0.85% Total 439,591 51,549,502,529 100.00% - --------------------------------------------------------------------- - --------------------------------------------------------------------- NR Current Existing Borrowers' SVR 7.84% Effective Date of Change 1 August 2007 - --------------------------------------------------------------------- Main parties to the structure Northern Rock plc Citibank NA The Bank of New York Seller Agent bank Security trustee Administrator Common depositary Note trustee Cash Manager Principal paying agent Basis swap provider Registrar Start up loan provider US Paying Agent Account bank Ratings Short term Long term Short term Long term Short term Long term S&P A1 A- A1+ AA A-1+ AA- Moodys P-1 Aa3 P-1 Aa1 P-1 Aa2 Fitch F1 A- F1+ AA+ F1+ AA- - -------------------------------------------------------------------------------- Trustee Principal Ledger Receipts and Distribution Principal Received Funding Funding 2 Seller Month (GBP)1,879,324,581 (GBP)1,242,818,161 (GBP)414,524,359 (GBP)221,982,061 - -------------------------------------------------------------------------------- Principal receipts reflect actual cash amounts received in the month. The distribution takes place on the 6th business day after the trust determination date.
- ------------------------------------------------------------------------------------------------------- Trustee Revenue Ledger Receipts and Distribution Receipts Revenue Received GIC Interest sub-total Administration fee Available revenue Month (GBP)245,973,491 (GBP)11,422,516 (GBP)257,396,007 (GBP)3,200,304 (GBP)254,195,703 - -------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------- Trustee Revenue Distribution Funding Funding 2 Seller Month (GBP)48,617,165 (GBP)175,553,450 (GBP)30,025,088 - --------------------------------------------------------------- Revenue receipts reflect actual cash amounts received in the month. The distribution takes place on the 6th business day after the trust determination date. On a monthly basis Trustee receipts are shared on a pro-rata basis between Northern Rock, Granite Finance Funding Limited and Granite Finance Funding 2 Limited in relation to their respective shares of the trust. Granite Finance Funding will in turn distribute its revenue between the issuers (Granite Mortgages 01-1 plc to Granite Mortgages 04-3 plc). Granite Finance Funding 2 Limited distributes its share of revenue to Granite Master Issuer plc in accordance with the underlying series of notes issued by Granite Master Issuer plc. Granite Master Issuer Waterfall 22 October 2007 Distribution of Issuer Available Revenue Receipts Total Issuer available revenue receipts from Funding2 197,695,985 Issuer available revenue receipts - Issuers Revenue Ledger 5,341,898 Issuer available reserve fund 560,032,893 763,070,776 Issuer required revenue receipts 197,695,985 3rd party creditors 0 Issuer cash manager 0 Amounts due to the A notes and A swap providers 158,797,325 Amounts due to the B notes and B note swap providers 6,178,622 Amounts due to the M notes and M note swap providers 5,934,929 Amounts due to the C notes and C note swap providers 7,944,522 Interest due on start-up loan (from Northern Rock plc) 2,680,392 Principal due on start-up loan 18,830,016 To fund issuer reserve fund 560,032,893 To fund funding reserve fund 0 To fund Series 05-2,05-3,05-4,06-1,06-2, 06-3 and 07-2 Payment Date 2,672,077 Excess of available revenue receipts over required receipts 18,830,016 Additional Notes to the Investor Reports An "asset trigger event" is the event that occurs when an amount is debited to the principal deficiency sub-ledger in relation to the class A notes of any Funding issuer or to the AAA principal deficiency sub-ledger of Funding 2. Following an asset trigger event controlled amortisation schedules will no longer apply and the notes will become pass-through notes paying principal pro rata on the most senior outstanding notes and then sequential. No asset trigger event has occurred A "non-asset trigger event" means any of the following events: o an insolvency event occurs in relation to the seller; o the seller's role as administrator is terminated and a new administrator is not appointed within 60 days; or o on the distribution date immediately succeeding a seller share event distribution date, the current seller share is equal to or less than the minimum seller share (determined using the amounts of the current seller share and minimum seller share that would exist after making the distributions of mortgages trustee principal receipts due on that distribution date A "seller share event" will occur if, on a distribution date, (i) the result of the calculation of the current seller share on that distribution date would be equal to or less than the minimum seller share for such distribution date (determined using the amounts of the current seller share and minimum seller share that would exist after making the distributions of mortgages trustee principal receipts due on that distribution date and (ii) a seller share event has not occurred on the immediately preceding distribution date). No non-asset trigger event has occurred A arrears trigger event will occur if the outstanding principal balance of 90+ day arrears in the trust exceed 2%. In the event of an arrears trigger the Granite Mortgages 04-2 issuer reserve fund will step up to 1.415%, the Granite 04-3 issuer reserve fund will step up to 1.38% and the Funding 2 reserve fund required amount increases by (GBP)37 million. This trigger event is curable. No arrears trigger event has occurred. A step up trigger event will occur if any issuer is not called on its step up and call date. In the event of an issuer non call trigger the Granite Mortgages 04-2 issuer reserve fund target will step up by 0.275%, the Granite Mortgages 04-3 issuer reserve fund target by 0.27%, the Funding reserve target will step up by 0.10% and the Funding 2 reserve fund required amount increases by (GBP)37 million. If the step up trigger occurs in conjunction with an arrears trigger the Funding 2 Reserve Fund will increase by (GBP)74 million. If the breach is rectified only the Funding 2 reserve fund required amount will reduce to its original target. No step up trigger event has occurred. An accelerated controlled amortisation trigger will occur if any of the issuers are not called on their step up and call dates. In the event of an accelerated controlled amortisation trigger all notes issued by Granite Mortgages 04-2 plc and Granite Mortgages 04-3 plc. No accelerated controlled amortisation trigger has occurred. In addition, no assignment of new mortgage loans may occur after the earlier to occur of: o a step-up date in respect of the notes of any Funding issuer, if the option to redeem such notes on that step-up date pursuant to the terms and conditions of such notes is not exercised; or o a step-up date in respect of any series and class of notes of the issuer, if the option to redeem any such notes on that step-up date pursuant to the terms and conditions of such notes is not exercised and the aggregate principal amount outstanding of such notes (together with any other notes of the issuer in respect of which the step-up date has passed) as at such step-up date exceeds (GBP)1,000,000,000; or o the date falling 12 months after the occurrence of a step-up date in respect of any series and class of notes of the issuer, if the option to redeem such notes by such date pursuant to the terms and conditions of such notes is not exercised. All notes issued by Granite Master Issuer which have passed their step up and call date will pay principal and intyerest monthly. All of the conditions for assigning new loans continue to be complied with. Deferral of repayment of subordinated notes Amortisation of subordinated notes will be deferred if: o the principal balance of mortgages in arrears is greater than 4% o Funding 2 plus Granite Master Issuer is less than the programme reserve required amount o debit balance on subordinate note PDL None of the conditions leading to deferral of the subordinated notes has been met. Legal proceedings There are no material legal proceedings against Northern Rock plc, any of the Granite entities or the Trustee.
Notes Granite Mortgages 01-1 plc - ----------------------------------------------------------------------------------------------------------------------------------- ISIN Brought forward Repaid Outstanding Rating Moodys/S&P/Fitch Series 1 A1 US387413 AA59 $0 $0 $0 Aaa/AAA/AAA A2 US387413 AB33 $65,000,000 $30,000,000 $35,000,000 Aaa/AAA/AAA B US387413 AC16 $24,500,000 $2,000,000 $22,500,000 Aa2/AA+/AA+ C US387413 AD98 $32,500,000 $3,000,000 $29,500,000 Baa1/A-/A- Series 2 A XS0126890390 (GBP)350,000,000 (GBP)0 (GBP)350,000,000 Aaa/AAA/AAA B XS0126890473 (GBP)10,000,000 (GBP)0 (GBP)10,000,000 Aa1/AA+/AA+ C XS0126890556 (GBP)15,000,000 (GBP)0 (GBP)15,000,000 A3/A-/A- - ----------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------- Reference Rate Margin Pool factor Expected Maturity Series 1 A1 N/A 0.12% 0 N/A A2 5.39% 0.21% 0.04762 Jan-08 B 5.58% 0.40% 0.450000 Jan-08 C 6.58% 1.40% 0.43704 Jan-08 Series 2 A 6.52% 0.24% 1.00000 Jan-08 B 6.68% 0.40% 1.00000 Jan-08 C 7.68% 1.40% 1.00000 Jan-08 - --------------------------------------------------------------------------------------
Credit Enhancement - ---------------------------------------------------------------------------------------------------------------------------- % of Notes Outstanding Class B Notes ((GBP) Equivalent) (GBP)25,455,420 5.86% Class C Notes ((GBP) Equivalent) (GBP)35,263,772 8.11% - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- Granite Mortgages 01-1 Reserve Fund Requirement (GBP)20,000,000 0.23% Balance Brought Forward (GBP)20,000,000 0.23% Drawings this Period (GBP)0 0.00% Excess Spread this Period (GBP)934,241 0.01% Funding Reserve Fund Top-up this Period* -(GBP)934,241 -0.01% Current Balance (GBP)20,000,000 0.23% - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- Funding Reserve Balance brought forward (GBP)105,682,559 1.20% Excess spread this period (GBP)9,614,915 0.11% Repayment of start up loan interest -(GBP)11,901,994 -0.14% Funding reserve Balance carried forward (GBP)103,395,480 1.17% Funding Reserve % 1.0% NA - ----------------------------------------------------------------------------------------------------------------------------
Notes Granite Mortgages 01-2 plc - ------------------------------------------------------------------------------------------------------------------------------- ISIN Brought forward Repaid Outstanding Rating Moodys/S&P/Fitch Series 1 A US38741PAA66 $0 $0 $0 Aaa/AAA/AAA B US38741PAB40 $0 $0 $0 Aa1/AA+/AA+ C US38741PAC23 $0 $0 $0 Baa1/A-/A- Series 2 A XS0134454510 (GBP)0 (GBP)0 (GBP)0 Aaa/AAA/AAA B XS0134454866 (GBP)0 (GBP)0 (GBP)0 Aa1/AA+/AA+ C XS0134455590 (GBP)0 (GBP)0 (GBP)0 Baa1/A-/A- D XS0134456218 (GBP)0 (GBP)0 (GBP)0 Baa3/BB+/BBB+ - ------------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------- Reference Rate Margin Pool factor Expected Maturity Series 1 A 5.41% 0.23% 0 Oct-06 B 5.58% 0.40% 0 Oct-06 C 6.56% 1.375% 0 Oct-06 Series 2 A 6.53% 0.25% 0.00000 Oct-06 B 6.70% 0.42% 0.00000 Oct-06 C 7.68% 1.40% 0.00000 Oct-06 D 10.88% 4.60% 0.000000 Oct-06 - -------------------------------------------------------------------------------------------------
Credit Enhancement - --------------------------------------------------------------------------------------------------------------------------- % of Notes Outstanding Class B Notes ((GBP) Equivalent) (GBP)0 0.00% Class C Notes ((GBP) Equivalent) (GBP)0 0.00% Class D Notes (GBP)0 0.00% - --------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------- Granite Mortgages 01-2 Reserve Fund Requirement (GBP)0 0.00% Balance Brought Forward (GBP)0 0.00% Drawings this Period (GBP)0 0.00% Excess Spread this Period (GBP)0 0.00% Funding Reserve Fund Top-up this Period* (GBP)0 0.00% Pay Down of Reserve Fund (GBP)0 0.00% Current Balance (GBP)0 0.00% - --------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------- Funding Reserve Balance brought forward (GBP)105,682,559 1.20% Excess spread this period (GBP)9,614,915 0.11% Repayment of start up loan interest -(GBP)11,901,994 -0.14% Funding reserve Balance carried forward (GBP)103,395,480 1.17% Funding Reserve % 1.0% NA - ---------------------------------------------------------------------------------------------------------------------------
Notes Granite Mortgages 02-1 plc - ------------------------------------------------------------------------------------------------------------------------------- ISIN Brought forward Repaid Outstanding Rating Moodys/S&P/Fitch Series 1 A1 US38741NAA19 $0 $0 $0 Aaa/AAA/AAA A2 US38741NAB91 $0 $0 $0 Aaa/AAA/AAA B US38741NAD57 $0 $0 $0 Aa2/AA+/AA+ C US38741NAC64 $0 $0 $0 Baa1/A-/BBB+ Series 2 A XS0144804712 (GBP)0 (GBP)0 (GBP)0 Aaa/AAA/AAA B XS0144805958 (GBP)0 (GBP)0 (GBP)0 Aa1/AA+/AA+ C XS0144806253 (GBP)0 (GBP)0 (GBP)0 Baa1/A-/BBB+ D XS0144806501 (GBP)0 (GBP)0 (GBP)0 Baa3/BB+/BBB Series 3 A XS0144807657 (euro)0 (euro)0 (euro)0 Aaa/AAA/AAA B XS0144807491 (euro)0 (euro)0 (euro)0 Aa1/AA+/AA+ C XS0144807814 (euro)0 (euro)0 (euro)0 Baa1/A-/BBB+ - ------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- Reference Rate Margin Pool factor Expected Maturity Series 1 A1 N/A 0.10% 0.000000 N/A A2 5.34% 0.16% 0 Apr 07 B 5.51% 0.33% 0.000000 Apr 07 C 6.48% 1.30% 0.000000 Apr 07 Series 2 A 6.48% 0.20% 0.000000 Apr 07 B 6.63% 0.35% 0.000000 Apr 07 C 7.58% 1.30% 0.000000 Apr 07 D 10.78% 4.50% 0.000000 Oct 06 Series 3 A 5.15% Fixed to 04/07 0.000000 Apr 07 B 5.00% 0.35% 0.000000 Apr 07 C 5.95% 1.30% 0.000000 Apr 07 - --------------------------------------------------------------------------------------------------------------
Credit Enhancement - --------------------------------------------------------------------------------------------------------------------------- % of Notes Outstanding Class B Notes ((GBP) Equivalent) (GBP)0 0.00% Class C Notes ((GBP) Equivalent) (GBP)0 0.00% Class D Notes (GBP)0 0.00% - --------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------- Granite Mortgages 02-1 Reserve Fund Requirement (GBP)0 0.00% Balance Brought Forward (GBP)0 0.00% Drawings this Period (GBP)0 0.00% Excess Spread this Perod (GBP)0 0.00% Funding Reserve Fund Top-up this Period* (GBP)0 0.00% Pay Down of Reserve Fund (GBP)0 0.00% Current Balance (GBP)0 0.00% - --------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------- Funding Reserve Balance brought forward (GBP)105,682,559 1.20% Excess spread this period (GBP)9,614,915 0.11% Repayment of start up loan interest -(GBP)11,901,994 -0.14% Funding reserve Balance carried forward (GBP)103,395,480 1.17% Funding Reserve % 1.0% NA - ---------------------------------------------------------------------------------------------------------------------------
Notes Granite Mortgages 02-2 plc - --------------------------------------------------------------------------------------------------------------------- ISIN Brought forward Repaid Outstanding Series 1 A1 US38741RAA23 $0 $0 $0 A2 US38741RAB06 $230,000,000 $40,000,000 $190,000,000 B US38741RAC88 $47,500,000 $5,000,000 $42,500,000 C US38741RAD61 $70,000,000 $5,000,000 $65,000,000 Series 2 A XS0153568638 (euro)220,000,000 (euro) 40,000,000 (euro) 180,000,000 B XS0153568984 (euro)32,500,000 (euro) 2,750,000 (euro) 29,750,000 C XS0153569289 (euro)42,500,000 (euro) 2,500,000 (euro) 40,000,000 Series 3 A XS0153569792 (GBP)665,000,000 (GBP)0 (GBP)665,000,000 B XS0153569875 (GBP)25,000,000 (GBP)0 (GBP)25,000,000 C XS0153569958 (GBP)33,000,000 (GBP)0 (GBP)33,000,000 - --------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------- Rating Reference Rate Margin Pool factor Expected Maturity Moodys/S&P/Fitch Series 1 A1 Aaa/AAA/AAA N/A 0.11% 0.000000 N/A A2 Aaa/AAA/AAA 5.36% 0.18% 0.165220 Jan 08 B Aa2/AA+/AA+ 5.55% 0.37% 0.708330 Jan 08 C Baa1/A-/A- 6.43% 1.25% 0.738640 Jan 08 Series 2 A Aaa/AAA/AAA 4.84% 0.19% 0.163640 Jan 08 B Aa2/AA+/AA+ 5.02% 0.37% 0.725610 Jan 08 C Baa1/A-/A- 5.90% 1.25% 0.754720 Jan 08 Series 3 A Aaa/AAA/AAA 6.47% 0.19% 1.000000 Jan 08 B Aa1/AA+/AA+ 6.65% 0.37% 1.000000 Jan 08 C A3/A-/A- 7.53% 1.25% 1.000000 Jan 08 - ---------------------------------------------------------------------------------------------------------------------
Credit Enhancement - --------------------------------------------------------------------------------------------------------------------------- % of Notes Outstanding Class B Notes ((GBP) Equivalent) (GBP)71,546,447 6.65% Class C Notes ((GBP) Equivalent) (GBP)100,685,499 9.36% - --------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------- Granite Mortgages 02-2 Reserve Fund Requirement (GBP)39,000,000 0.44% Balance Brought Forward (GBP)39,000,000 0.44% Drawings this Period (GBP)0 0.00% Excess Spread this Period (GBP)2,318,784 0.03% Funding Reserve Fund Top-up this Period* -(GBP)2,318,784 -0.03% Current Balance (GBP)39,000,000 0.44% - --------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------- Funding Reserve Balance brought forward (GBP)105,682,559 1.20% Excess spread this period (GBP)9,614,915 0.11% Repayment of start up loan interest -(GBP)11,901,994 -0.14% Funding reserve Balance carried forward (GBP)103,395,480 1.17% Funding Reserve % 1.0% NA - ---------------------------------------------------------------------------------------------------------------------------
Notes Granite Mortgages 03-1 plc - ----------------------------------------------------------------------------------------------------------------------------------- ISIN Brought forward Repaid Outstanding Rating Moodys/S&P/Fitch Series 1 A1 US38741TAA88 $0 $0 P-1/A-1+/F1+ A2 US38741TAB61 $152,136,060 $48,713,689 $103,422,371 Aaa/AAA/AAA A3** US38741TAC45 $37,257,811 $11,929,883 $25,327,928 Aaa/AAA/AAA B US38741TAD28 $42,000,000 $0 $42,000,000 Aa2/AA+/AA+ C US38741TAE01 $56,000,000 $0 $56,000,000 Baa2/A-/A- Series 2 A XS0160702113 (euro)900,000,000 (euro)0 (euro)900,000,000 Aaa/AAA/AAA B XS0160702204 (euro)62,000,000 (euro)0 (euro)62,000,000 Aa2/AA+/AA+ C XS0160702386 (euro)94,500,000 (euro)0 (euro)94,500,000 Baa2/A-/A- Series 3 A XS0160703434 (GBP)665,000,000 (GBP)0 (GBP)665,000,000 Aaa/AAA/AAA B XS0160703608 (GBP)31,000,000 (GBP)0 (GBP)31,000,000 Aa2/AA+/AA+ C XS0160703780 (GBP)41,000,000 (GBP)0 (GBP)41,000,000 Baa2/A-/A- - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------- Reference Rate Margin Pool factor Expected maturity Series 1 A1 N/A -0.01% 0.000000 N/A A2 5.37% 0.19% 0.08443 Apr 08 A3** N/A 0.40% 0.08443 Apr 08 B 5.61% 0.43% 1.000000 Apr 08 C 6.63% 1.45% 1.000000 Apr 08 Series 2 A 4.89% 0.24% 1.000000 Apr 08 B 5.08% 0.43% 1.000000 Apr 08 C 6.10% 1.45% 1.000000 Apr 08 Series 3 A 6.52% 0.24% 1.000000 Apr 08 B 6.71% 0.43% 1.000000 Apr 08 C 7.73% 1.45% 1.000000 Apr 08 - -----------------------------------------------------------------------------------------------------
** Reference rate is determined based on the avergae daily US Federal Funds rate and is calculated in arrears.
Credit Enhancement - --------------------------------------------------------------------------------------------------------------------------- % of Notes Outstanding Class B Notes ((GBP) Equivalent) (GBP)97,837,647 6.22% Class C Notes ((GBP) Equivalent) (GBP)137,914,263 8.77% - --------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------- Granite Mortgages 03-1 Reserve Fund Requirement (GBP)45,000,000 0.51% Balance Brought Forward (GBP)45,000,000 0.51% Drawings this Period (GBP)0 0.00% Excess Spread this Period (GBP)2,774,201 0.03% Funding Reserve Fund Top-up this Period* -(GBP)2,774,201 -0.03% Current Balance (GBP)45,000,000 0.51% - --------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------- Funding Reserve Balance brought forward (GBP)105,682,559 1.20% Excess spread this period (GBP)9,614,915 0.11% Repayment of start up loan interest -(GBP)11,901,994 -0.14% Funding reserve Balance carried forward (GBP)103,395,480 1.17% Funding Reserve % 1.0% NA - ---------------------------------------------------------------------------------------------------------------------------
Notes Granite Mortgages 03-2 plc - ----------------------------------------------------------------------------------------------------------------------------------- ISIN Brought forward Repaid Outstanding Rating Moodys/S&P/Fitch Series 1 A1 US38741QAA40 $0 $0 $0 Aaa/AAA/AAA A2 US38741QAB23 $0 $0 $0 Aaa/AAA/AAA A3 US38741QAC06 $477,445,547 $36,580,283 $440,865,264 Aaa/AAA/AAA B US38741QAD88 $73,049,169 $5,596,784 $67,452,385 Aa1/AA+/AA+ C US38741QAE61 $10,026,356 $768,185 $9,258,171 Baa1/A-/A- Series 2 A XS0168665718 (euro)286,467,328 (euro)21,948,170 (euro)264,519,158 Aaa/AAA/AAA B XS0168666013 (euro)69,611,561 (euro)5,333,406 (euro)64,278,155 Aa1/AA+/AA+ M XS0168771748 (euro)49,940,804 (euro)3,826,297 (euro)46,114,507 Aa3/A+/AA C1 XS0168666104 (euro)16,000,000 (euro)0 (euro)16,000,000 Baa1/A-/A- C2 XS0168666443 (euro)62,545,367 (euro)4,792,017 (euro)57,753,350 Baa1/A-/A- Series 3 A XS0168666526 (GBP)352,280,000 (GBP)0.00 (GBP)352,280,000 Aaa/AAA/AAA C XS0168666872 (GBP)14,323,366 (GBP)1,097,408.00 (GBP)13,225,958 Baa1/A-/A- - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------- Reference Rate Margin Pool factor Expected maturity Series 1 A1 N/A 0.08% 0.000000 N/A A2 5.34% 0.16% 0 Jul 07 A3 5.43% 0.25% 0.881731 Jul 10 B 5.67% 0.49% 0.881731 Jul 10 C 6.73% 1.55% 0.881731 Jul 10 Series 2 A 4.90% 0.25% 0.881731 Jul 10 B 5.14% 0.49% 0.881731 Jul 10 M 5.40% 0.75% 0.881731 Jul 10 C1 5.20% Fixed until 1.000000 Jul 10 07/10 C2 6.20% 1.55% 0.881731 Jul 10 Series 3 A 4.625% Fixed until 1.000000 Jul 10 07/10 C 7.83% 1.55% 0.881731 Jul 10 - -----------------------------------------------------------------------------------------------------
Credit Enhancement - ------------------------------------------------------------------------------------------------------- % of Notes Outstanding Class B and M Notes ((GBP) Equivalent) (GBP)120,841,538 11.99% Class C Notes ((GBP) Equivalent) (GBP)71,688,153 7.11% - ------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------- Granite Mortgages 03-2 Reserve Fund Requirement (GBP)35,000,000 0.40% Balance Brought Forward (GBP)35,000,000 0.40% Drawings this Period (GBP)0 0.00% Excess Spread this Period (GBP)1,807,676 0.02% Funding Reserve Fund Top-up this Period* -(GBP)1,807,676 -0.02% Current Balance (GBP)35,000,000 0.40% - ------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------- Funding Reserve Balance brought forward (GBP)105,682,559 1.20% Excess spread this period (GBP)9,614,915 0.11% Repayment of start up loan interest -(GBP)11,901,994 -0.14% Funding reserve Balance carried forward (GBP)103,395,480 1.17% Funding Reserve % 1.0% NA - ------------------------------------------------------------------------------------------------------- *Top-ups only occur at the end of each quarter.
All of the notes issued by Granite Mortgages 03-2 plc may be redeemed on the payment date falling in July 2008 and any payment date thereafter if the New Basel Capital Accord has been implemented in the United Kingdom.
Notes Granite Mortgages 03-3 plc - --------------------------------------------------------------------------------------------------------------------- ISIN Brought forward Repaid Outstanding Series 1 A1 US38741UAA51 $0 $0 $0 A2 US38741UAB35 $0 $0 $0 A3 US38741UAC18 $270,497,714 $8,478,944 $262,018,770 B US38741UAD90 $72,000,000 $13,946,444 $58,053,556 M US38741UAE73 $27,000,000 $5,229,916 $21,770,084 C US38741UAF49 $50,000,000 $9,685,030 $40,314,970 Series 2 A XS0176409927 (euro)346,237,074 (euro)10,853,047 (euro)335,384,027 B XS0176410180 (euro)23,000,000 (euro)4,455,114 (euro)18,544,886 M XS0176410347 (euro)7,500,000 (euro)1,452,755 (euro)6,047,245 C XS0176410420 (euro)55,000,000 (euro)10,653,533 (euro)44,346,467 Series 3 A XS0176410693 (GBP)340,000,000 (GBP)0 (GBP)340,000,000 B XS0176410776 (GBP)28,500,000 (GBP)5,520,467 (GBP)22,979,533 M XS0176410859 (GBP)11,500,000 (GBP)2,227,557 (GBP)9,272,443 C XS0176411071 (GBP)7,500,000 (GBP)1,452,755 (GBP)6,047,245 - --------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------- Rating Reference Rate Margin Pool factor Expected maturity Moodys/S&P/Fitch Series 1 A1 Aaa/AAA/AAA N/A 0.08% 0.000000 N/A A2 Aaa/AAA/AAA 5.30% 0.12% 0 Apr 06 A3 Aaa/AAA/AAA 5.38% 0.20% 0.524038 Jan 09 B Aa1/AA+/AA+ 5.63% 0.45% 0.806299 Jan 09 M Aa3/A+/AA 5.88% 0.70% 0.806299 Jan 09 C Baa1/A-/BBB+ 6.63% 1.45% 0.806299 Jan 09 Series 2 A Aaa/AAA/AAA 4.84% 0.19% 0.524038 Jan 09 B Aa1/AA+/AA+ 5.10% 0.45% 0.806299 Jan 09 M Aa3/A+/AA 5.35% 0.70% 0.806299 Jan 09 C Baa1/A-/BBB+ 6.10% 1.45% 0.806299 Jan 09 Series 3 A Aaa/AAA/AAA 6.47% 0.19% 1.000000 Jan 09 B Aa1/AA+/AA+ 6.73% 0.45% 0.806299 Jan 09 M Aa3/A+/AA 6.98% 0.70% 0.806299 Jan 09 C Baa1/A-/BBB+ 7.73% 1.45% 0.806299 Jan 09 - ----------------------------------------------------------------------------------------------------------------------
Credit Enhancement - ------------------------------------------------------------------------------------------------------- % of Notes Outstanding Class B and M Notes ((GBP) Equivalent) (GBP)98,914,139 26.15% Class C Notes ((GBP) Equivalent) (GBP)62,011,393 16.39% - ------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------- Granite Mortgages 03-3 Reserve Fund Requirement (GBP)33,400,000 0.38% Balance Brought Forward (GBP)33,400,000 0.38% Drawings this Period (GBP)0 0.00% Excess Spread this Period (GBP)1,780,013 0.02% Funding Reserve Fund Top-up this Period* -(GBP)1,780,013 -0.02% Current Balance (GBP)33,400,000 0.38% - ------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------- Funding Reserve Balance brought forward (GBP)105,682,559 1.20% Excess spread this period (GBP)9,614,915 0.11% Repayment of start up loan interest -(GBP)11,901,994 -0.14% Funding reserve Balance carried forward (GBP)103,395,480 1.17% Funding Reserve % 1.0% NA - -------------------------------------------------------------------------------------------------------
All of the notes issued by Granite Mortgages 03-3 plc may be redeemed on the payment date falling in July 2008 and any payment date thereafter if the New Basel Capital Accord has been implemented in the United Kingdom.
Notes Granite Mortgages 04-1 plc - ----------------------------------------------------------------------------------------------------------------------------------- ISIN Brought forward Repaid Outstanding Rating Moodys/S&P/Fitch Series 1 A1 US38741VAA35 $0 $0 $0 P-1/A-1+/F1+ A2 US38741VAB18 $0 $0 $0 Aaa/AAA/AAA B US38741VAC90 $0 $0 $0 Aa2/AA+/AA+ M US38741VAE56 $0 $0 $0 Aa3/A+/AA C US38741VAD73 $0 $0 $0 A2/A-/BBB+ Series 2 A1 US38741VAF22 $868,000,000 $0 $868,000,000 Aaa/AAA/AAA A2 XS0184562816 (euro)663,000,000 (euro)0 (euro)663,000,000 Aaa/AAA/AAA B XS0184563111 (euro)91,000,000 (euro)0 (euro)91,000,000 Aa2/AA+/AA+ M XS0184563541 (euro)45,000,000 (euro)0 (euro)45,000,000 A1/A+/AA C XS0184563897 (euro)60,000,000 (euro)0 (euro)60,000,000 Baa1/A-/BBB+ Series 3 A XS0184565249 (GBP)444,000,000 (GBP)0 (GBP)444,000,000 Aaa/AAA/AAA B XS0184566130 (GBP)23,000,000 (GBP)0 (GBP)23,000,000 Aa2/AA+/AA+ M XS0184566569 (GBP)10,000,000 (GBP)0 (GBP)10,000,000 A1/A+/AA C XS0184567534 (GBP)20,000,000 (GBP)0 (GBP)20,000,000 Baa1/A-/BBB+ - ----------------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------- Reference Rate Margin Pool factor Expected maturity Series 1 A1 N/A -0.04% 0.000000 N/A A2 5.66% 0.07% 0.000000 Mar 06 B 5.80% 0.21% 0.000000 Jun 06 M 6.00% 0.41% 0.000000 Jun 06 C 6.49% 0.90% 0.000000 Jun 06 Series 2 A1 5.75% 0.16% 0.732489 Mar 09 A2 4.89% 0.16% 0.736667 Mar 09 B 5.07% 0.34% 1.000000 Mar 09 M 5.30% 0.57% 1.000000 Mar 09 C 5.80% 1.07% 1.000000 Mar 09 Series 3 A 6.55% 0.16% 0.740000 Mar 09 B 6.73% 0.34% 1.000000 Mar 09 M 6.96% 0.57% 1.000000 Mar 09 C 7.46% 1.07% 1.000000 Mar 09 - -------------------------------------------------------------------------------------------------------
Credit Enhancement - ------------------------------------------------------------------------------------------------------- % of Notes Outstanding Class B and M Notes ((GBP) Equivalent) (GBP)126,793,103 8.11% Class C Notes ((GBP) Equivalent) (GBP)61,379,310 3.93% - ------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------- Granite Mortgages 04-1 Reserve Fund Requirement (GBP)60,000,000 0.68% Balance Brought Forward (GBP)60,000,000 0.68% Drawings this Period (GBP)0 0.00% Excess Spread this Period (GBP)3,186,674 0.04% Funding Reserve Fund Top-up this Period* -(GBP)3,186,674 -0.04% Current Balance (GBP)60,000,000 0.68% - ------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------- Funding Reserve Balance brought forward (GBP)105,682,559 1.20% Excess spread this period (GBP)9,614,915 0.11% Repayment of start up loan interest -(GBP)11,901,994 -0.14% Funding reserve Balance carried forward (GBP)103,395,480 1.17% Funding Reserve % 1.0% NA - -------------------------------------------------------------------------------------------------------
All of the notes issued by Granite Mortgages 04-1 plc may be redeemed on the payment date falling in June 2008 and any payment date thereafter if the New Basel Capital Accord has been implemented in the United Kingdom.
Notes Granite Mortgages 04-2 plc - ----------------------------------------------------------------------------------------------------------------------------------- ISIN Brought forward Repaid Outstanding Rating Moodys/S&P/Fitch Series 1 A1 US38741WAA18 $0 $0 $0 Aaa/AAA/AAA A2 US38741WAB90 $0 $0 $0 Aaa/AAA/AAA B US38741WAC73 $0 $0 $0 Aa2/AA+/AA M US38741WAD56 $0 $0 $0 A1/A+/A C US38741WAE30 $0 $0 $0 A3/A-/BBB+ Series 2 A1 XS0193212825 (euro)888,256,375 (euro)0 (euro)888,256,375 Aaa/AAA/AAA A2 XS0193213807 (GBP)161,373,059 (GBP)0 (GBP)161,373,059 Aaa/AAA/AAA B XS0193215414 (euro)60,939,842 (euro)0 (euro)60,939,842 Aa3/AA+/AA M XS0193216578 (euro)35,430,141 (euro)0 (euro)35,430,141 A2/A+/A C XS0193217030 (euro)58,814,033 (euro)0 (euro)58,814,033 Baa2/A-/BBB+ Series 3 A XS0193218350 (GBP)752,100,000 (GBP)0 (GBP)752,100,000 Aaa/AAA/AAA B XS0193218863 (GBP)38,900,000 (GBP)0 (GBP)38,900,000 Aa2/AA+/AA M XS0193219754 (GBP)26,500,000 (GBP)0 (GBP)26,500,000 A1/A+/A C XS0193220927 (GBP)48,500,000 (GBP)0 (GBP)48,500,000 Baa1/A-/BBB+ - ----------------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------- Reference Rate Margin Pool factor Expected maturity Series 1 A1 N/A 0.04% 0.000000 N/A A2 5.66% 0.07% 0.000000 Sep 06 B 5.76% 0.17% 0.000000 Sep 06 M 5.87% 0.28% 0.000000 Sep 06 C 6.29% 0.70% 0.000000 Sep 06 Series 2 A1 4.87% 0.14% 0.662878 Dec 10 A2 6.53% 0.14% 0.661365 Dec 10 B 5.00% 0.27% 0.662390 Dec 10 M 5.13% 0.40% 0.662246 Dec 10 C 5.53% 0.80% 0.660832 Dec 10 Series 3 A 6.55% 0.16% 1.000000 Jun 11 B 6.71% 0.32% 1.000000 Jun 11 M 6.86% 0.47% 1.000000 Jun 11 C 7.24% 0.85% 1.000000 Jun 11 - -------------------------------------------------------------------------------------------------------
Credit Enhancement - ------------------------------------------------------------------------------------------------------- % of Notes Outstanding Class B and M Notes ((GBP) Equivalent) (GBP)130,957,812 7.54% Class C Notes ((GBP) Equivalent) (GBP)88,509,546 5.09% - ------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------- Granite Mortgages 04-2 Reserve Fund Requirement (GBP)44,900,000 0.51% Balance Brought Forward (GBP)44,900,000 0.51% Drawings this Period (GBP)0 0.00% Excess Spread this Period (GBP)3,343,768 0.04% Funding Reserve Fund Top-up this Period* -(GBP)3,343,768 -0.04% Current Balance (GBP)44,900,000 0.51% - ------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------- Funding Reserve Balance brought forward (GBP)105,682,559 1.20% Excess spread this period (GBP)9,614,915 0.11% Repayment of start up loan interest -(GBP)11,901,994 -0.14% Funding reserve Balance carried forward (GBP)103,395,480 1.17% Funding Reserve % 1.0% NA - -------------------------------------------------------------------------------------------------------
All of the notes issued by Granite Mortgages 04-2 plc may be redeemed on the payment date falling in June 2008 and any payment date thereafter if the New Basel Capital Accord has been implemented in the United Kingdom.
Notes Granite Mortgages 04-3 plc - ------------------------------------------------------------------------------------------------------------------------------- ISIN Brought forward Repaid Outstanding Rating Moodys/S&P/Fitch Series 1 A1 US38741SAA06 $0 $0 $0 Aaa/AAA/AAA A2 XS0201482766 (euro) 0 (euro) 0 (euro) 0 Aaa/AAA/AAA A3 US38741SAB88 $0 $0 $0 Aaa/AAA/AAA B US38741SAC61 $0 $0 $0 Aa3/AA+/AA M US38741SAD45 $0 $0 $0 A2/A+/A C US38741SAE28 $0 $0 $0 Baa2/A-/BBB+ Series 2 A1 US38741SAF92 $533,162,375 $0 $533,162,375 Aaa/AAA/AAA A2 XS0201483228 (euro)597,743,974 (euro)0 (euro)597,743,974 Aaa/AAA/AAA B XS0201483657 (euro)55,579,768 (euro)0 (euro)55,579,768 Aa1/AA+/AA M XS0201484036 (euro)43,253,610 (euro)0 (euro)43,253,610 Aa3/A+/A C XS0201485355 (euro)103,875,898 (euro)0 (euro)103,875,898 Baa2/A-/BBB+ Series 3 A1 XS0201486320 (GBP)411,250,000 (GBP)0 (GBP)411,250,000 Aaa/AAA/AAA A2 XS0201565628 (GBP)600,000,000 (GBP)0 (GBP)600,000,000 Aaa/AAA/AAA B XS0201486833 (GBP)54,350,000 (GBP)0 (GBP)54,350,000 Aa1/AA+/AA M XS0201487211 (GBP)42,250,000 (GBP)0 (GBP)42,250,000 Aa3/A+/A C XS0201487567 (GBP)99,450,000 (GBP)0 (GBP)99,450,000 Baa1/A-/BBB+ - ------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------- Reference Rate Margin Pool factor Expected maturity Series 1 A1 N/A 0.06% 0.000000 N/A A2 4.80% 0.07% 0.000000 Dec 05 A3 5.69% 0.10% 0.000000 Mar 07 B 5.75% 0.16% 0.000000 Mar 07 M 5.86% 0.27% 0.000000 Mar 07 C 6.18% 0.59% 0.000000 Mar 07 Series 2 A1 5.73% 0.14% 0.747040 Mar 10 A2 4.87% 0.14% 0.747040 Mar 10 B 5.01% 0.28% 0.747040 Mar 10 M 5.10% 0.37% 0.747040 Mar 10 C 5.53% 0.80% 0.747040 Mar 10 Series 3 A1 6.57% 0.18% 1.000000 Sept 11 A2 5.515% Fixed until 1.000000 Sept 11 09/2011 B 6.74% 0.35% 1.000000 Sept 11 M 6.84% 0.45% 1.000000 Sept 11 C 7.27% 0.88% 1.000000 Sept 11 - -----------------------------------------------------------------------------------------------------------
Credit Enhancement - ------------------------------------------------------------------------------------------------------- % of Notes Outstanding Class B and M Notes ((GBP) Equivalent) (GBP)164,063,057 8.00% Class C Notes ((GBP) Equivalent) (GBP)170,355,050 8.31% - ------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------- Granite Mortgages 04-3 Reserve Fund Requirement (GBP)48,000,000 0.54% Balance Brought Forward (GBP)48,000,000 0.54% Drawings this Period (GBP)0 0.00% Excess Spread this Period (GBP)3,649,668 0.04% Funding Reserve Fund Top-up this Period* (3,649,668) -0.04% Current Balance (GBP)48,000,000 0.54% - ------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------- Funding Reserve Balance brought forward (GBP)105,682,559 1.20% Excess spread this period (GBP)9,614,915 0.11% Repayment of start up loan interest -(GBP)11,901,994 -0.14% Funding reserve Balance carried forward (GBP)103,395,480 1.17% Funding Reserve % 1.0% NA - -------------------------------------------------------------------------------------------------------
All of the notes issued by Granite Mortgages 04-3 plc may be redeemed on the payment date falling in June 2008 and any payment date thereafter if the New Basel Capital Accord has been implemented in the United Kingdom.
Notes Granite Master Issuer plc - Series 2005-1 - ----------------------------------------------------------------------------------------------------------------------------------- ISIN Brought forward Repaid Outstanding Rating Moodys/S&P/Fitch A1 US38741YAA73 $0 $0 $0 Aaa/AAA/AAA A2 XS0210928866 (euro) 0 (euro)0 (euro) 0 Aaa/AAA/AAA A3 US38741YAB56 $275,000,000 $0 $275,000,000 Aaa/AAA/AAA A4 US38741YAC30 $1,100,000,000 $0 $1,100,000,000 Aaa/AAA/AAA A5 XS0210929161 (euro)1,500,000,000 (euro)0 (euro)1,500,000,000 Aaa/AAA/AAA A6 XS0210925847 (GBP)750,000,000 (GBP)0 (GBP)750,000,000 Aaa/AAA/AAA B1 US38741YAD13 $0 $0 $0 Aa3/AA/AA B2 XS0210929591 (euro) 80,000,000 (euro)0 (euro) 80,000,000 Aa3/AA/AA B3 XS0210925920 (GBP)55,000,000 (GBP)0 (GBP)55,000,000 Aa3/AA/AA M1 US38741YAE95 $0 $0 $0 A2/A/A M2 XS0210929757 (euro) 79,000,000 (euro)0 (euro) 79,000,000 A2/A/A M3 XS0210926225 (GBP)55,000,000 (GBP)0 (GBP)55,000,000 A2/A/A C2 XS0210929914 (euro) 139,000,000 (euro)0 (euro) 139,000,000 Baa2/BBB/BBB C3 XS0210926571 (GBP)60,000,000 (GBP)0 (GBP)60,000,000 Baa2/BBB/BBB - ----------------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------- Reference Margin Pool factor Expected Rate maturity A1 5.038% 0.04% 0.000000 Sept 06 A2 4.77% 0.04% 0.000000 Sept 06 A3 5.67% 0.08% 0.250000 Dec 07 A4 5.69% 0.10% 1.000000 Mar 10 A5 4.82% 0.09% 1.000000 Mar 10 A6 6.51% 0.12% 1.000000 Mar 10 B1 5.72% 0.13% 0.000000 Dec 06 B2 4.92% 0.19% 1.000000 Mar 10 B3 6.58% 0.19% 1.000000 Mar 10 M1 5.82% 0.23% 0.000000 Dec 06 M2 5.01% 0.28% 1.000000 Mar 10 M3 6.67% 0.28% 1.000000 Mar 10 C2 5.291% 0.56% 1.000000 Mar 10 C3 6.95% 0.56% 1.000000 Mar 10 - ---------------------------------------------------------------------------------------------------
All of the notes issued as part of series 2005-1 may be redeemed on the payment date falling in June 2008 and any payment date thereafter if the New Basel Capital Accord has been implemented in the United Kingdom.
Notes Granite Master Issuer plc - Series 2005-2 - ----------------------------------------------------------------------------------------------------------------------------------- ISIN Brought forward Repaid Outstanding Rating Moodys/S&P/Fitch A1 US38741YAF60 $0 $0 $0 Aaa/AAA/AAA A2 XS0220176084 (GBP)0 (GBP)0 (GBP)0 Aaa/AAA/AAA A3 XS0220174469 (euro)0 (euro)0 (euro)0 Aaa/AAA/AAA A4 US38741YAG44 $438,420,392 $0 $438,420,392 Aaa/AAA/AAA A5 XS0220174543 (euro)800,000,000 (euro)0 (euro)800,000,000 Aaa/AAA/AAA A6 US38741YAH27 $1,250,000,000 $0 $1,250,000,000 Aaa/AAA/AAA A7 XS0220172257 (GBP)530,200,000 (GBP)0 (GBP)530,200,000 Aaa/AAA/AAA A8 XS0220486277 (GBP)250,000,000 (GBP)0 (GBP)250,000,000 Aaa/AAA/AAA B1 US38741YAJ82 $0 $0 $0 Aa3/AA/AA B2 XS0220173909 (euro)62,000,000 (euro)0 (euro)62,000,000 Aa3/AA/AA B3 XS0220175862 (GBP)35,100,000 (GBP)0 (GBP)35,100,000 Aa3/AA/AA M1 US38741YAK55 $0 $0 $0 A2/A/A M2 XS0220172927 (euro)70,000,000 (euro)0 (euro)70,000,000 A2/A/A M3 XS0220174972 (GBP)28,100,000 (GBP)0 (GBP)28,100,000 A2/A/A C1 US38741YAL39 $90,000,000 $0 $90,000,000 Baa2/BBB/BBB C2 XS0220173651 (euro)131,700,000 (euro)0 (euro)131,700,000 Baa2/BBB/BBB - ----------------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------- Reference Margin Pool factor Expected Rate maturity A1 5.04% 0.04% 0.000000 Feb 07 A2 6.70% 0.05% 0.000000 Feb 07 A3 4.62% 0.05% 0.000000 Feb 07 A4 5.59% 0.08% 0.548025 Feb 08 A5 4.71% 0.14% 1.000000 May 10 A6 5.64% 0.13% 1.000000 May 10 A7 6.81% 0.16% 1.000000 May 12 A8 6.81% 0.16% 1.000000 May 12 B1 5.65% 0.14% 0.000000 May 07 B2 4.77% 0.20% 1.000000 May 10 B3 6.85% 0.20% 1.000000 May 10 M1 5.75% 0.24% 0.000000 May 07 M2 4.87% 0.30% 1.000000 May 10 M3 6.9663% 0.32% 1.000000 May 10 C1 6.01% 0.50% 1.000000 May 08 C2 5.12% 0.55% 1.000000 May 10 - ---------------------------------------------------------------------------------------------------
Notes Granite Master Issuer plc - Series 2005-3 - ---------------------------------------------------------------------------------------------------------------------------- ISIN Brought forward Repaid Outstanding Rating Moodys/S&P/Fitch A1 US38741YAM12 $1,000,000,000 $0 $1,000,000,000 Aaa/AAA/AAA - ---------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------- Reference Rate Margin Pool factor Expected maturity A1 5.00% 0.00% 1.000000 Aug 10 - -----------------------------------------------------------------------------------------------
Notes Granite Master Issuer plc - Series 2005-4 - ----------------------------------------------------------------------------------------------------------------------------------- ISIN Brought forward Repaid Outstanding Rating Moodys/S&P/Fitch A1 US38741YAN94 $0 $0 $0 Aaa/AAA/AAA A2 XS0229614036 (euro)0 (euro)0 (euro)0 Aaa/AAA/AAA A3 US38741YAP43 $851,798,505 $0 $851,798,505 Aaa/AAA/AAA A5 XS0229614200 (euro)1,357,300,000 (euro)0 (euro)1,357,300,000 Aaa/AAA/AAA A6 XS0229614465 (GBP)815,400,000 (GBP)0 (GBP)815,400,000 Aaa/AAA/AAA B1 US38741YAR09 $0 $0 $0 Aa3/AA/AA B2 US38741YAS81 $38,500,000 $0 $38,500,000 Aa3/AA/AA B3 XS0229614549 (GBP)19,000,000 (GBP)0 (GBP)19,000,000 Aa3/AA/AA B4 XS0229614895 (euro)56,900,000 (euro)0 (euro)56,900,000 Aa3/AA/AA M1 US38741YAT64 $0 $0 $0 A2/A/A M2 US38741YAU38 $36,300,000 $0 $36,300,000 A2/A/A M3 XS0229614978 (GBP)30,000,000 (GBP)0 (GBP)30,000,000 A2/A/A M4 XS0229615272 (euro)51,000,000 (euro)0 (euro)51,000,000 A2/A/A C1 US38741YAV11 $0 $0 $0 Baa2/BBB/BBB C2 US38741YAW93 $44,600,000 $0 $44,600,000 Baa2/BBB/BBB C3 XS0229615439 (GBP)10,000,000 (GBP)0 (GBP)10,000,000 Baa2/BBB/BBB C4 XS0229615603 (euro)76,100,000 (euro)0 (euro)76,100,000 Baa2/BBB/BBB - ----------------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------ Reference Margin Pool factor Expected Rate maturity A1 5.03% 0.03% 0.000000 May 07 A2 4.614% 0.04% 0.000000 May 07 A3 5.58% 0.07% 0.854705 Aug 08 A5 4.67% 0.10% 1.000000 Aug 10 A6 6.77% 0.12% 1.000000 Aug 12 B1 5.63% 0.12% 0.000000 Aug 07 B2 5.69% 0.18% 1.000000 Nov 08 B3 6.83% 0.18% 1.000000 Aug 10 B4 4.75% 0.18% 1.000000 Aug 10 M1 5.73% 0.22% 0.000000 Aug 07 M2 5.79% 0.28% 1.000000 Nov 08 M3 6.93% 0.28% 1.000000 Aug 10 M4 4.85% 0.28% 1.000000 Aug 10 C1 5.94% 0.43% 0.000000 Aug 07 C2 6.06% 0.55% 1.000000 Nov 08 C3 7.20% 0.55% 1.000000 Aug 10 C4 5.12% 0.55% 1.000000 Aug 10 - ------------------------------------------------------------------------------------------------------
Notes Granite Master Issuer plc - Series 2006-1 - ----------------------------------------------------------------------------------------------------------------------------------- ISIN ISIN Brought forward Repaid Outstanding Rating Reg S 144A Moodys/S&P/Fitch A1 USG4144BE89 US38741YBG35 $776,100,000 $0 $776,100,000 Aaa/AAA/AAA A2 XS0240602176 XS0240670413 (euro)52,966,820 (euro)0 (euro)52,966,820 Aaa/AAA/AAA A3 XS0240602507 XS0240670504 (GBP)12,155,323 (GBP)0 (GBP)12,155,323 Aaa/AAA/AAA A4 USG41441BF54 US38741YBH18 $68,373,692 $0 $68,373,692 Aaa/AAA/AAA A5 USG41441BG38 US38741YBJ73 $1,552,200,000 $0 $1,552,200,000 Aaa/AAA/AAA A6 XS0240602929 XS0240670686 (euro)1,900,000,000 (euro)0 (euro)1,900,000,000 Aaa/AAA/AAA A7 XS0240603067 XS0240670843 (GBP)400,000,000 (GBP)0 (GBP)400,000,000 Aaa/AAA/AAA A8 XS024063653 XS0240671148 (GBP)950,000,000 (GBP)0 (GBP)950,000,000 Aaa/AAA/AAA B1 USG41441BH11 US38741YBK47 $91,200,000 $0 $91,200,000 Aa3/AA/AA B2 USG41441BJ76 US38741YBL20 $84,100,000 $0 $84,100,000 Aa3/AA/AA B3 XS0240606169 XS0240671494 (GBP)25,000,000 (GBP)0 (GBP)25,000,000 Aa3/AA/AA B4 XS0240606755 XS0240671650 (euro)94,500,000 (euro)0 (euro)94,500,000 Aa3/AA/AA M1 USG41441BK40 US38741YBM03 $81,400,000 $0 $81,400,000 A2/A/A M2 USG41441BL23 US38741YBN85 $79,200,000 $0 $79,200,000 A2/A/A M3 XS0240607480 XS0240671734 (GBP)33,500,000 (GBP)0 (GBP)33,500,000 A2/A/A M4 XS0240607720 XS0240671817 (euro)97,700,000 (euro)0 (euro)97,700,000 A2/A/A C2 USG41441BM06 US38741YBP34 $132,400,000 $0 $132,400,000 Baa2/BBB/BBB C3 XS0240608371 XS0240671908 (GBP)44,200,000 (GBP)0 (GBP)44,200,000 Baa2/BBB/BBB C4 XS0240608702 XS0240672039 (euro)129,000,000 (euro)0 (euro)129,000,000 Baa2/BBB/BBB - ----------------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------- Reference Margin Pool factor Expected Rate maturity A1 4.97% -0.03% 1.000000 Nov 09 A2 4.61% 0.04% 0.060777 Nov 07 A3 6.69% 0.04% 0.060777 Nov 07 A4 5.04% 0.04% 0.060777 Nov 07 A5 5.58% 0.07% 1.000000 Nov 09 A6 4.67% 0.10% 1.000000 Feb 11 A7 6.77% 0.12% 1.000000 Feb 13 A8 6.77% 0.12% 1.000000 Feb 13 B1 5.64% 0.13% 1.000000 Nov 07 B2 5.68% 0.17% 1.000000 May 10 B3 6.83% 0.18% 1.000000 Feb 11 B4 4.75% 0.18% 1.000000 Feb 11 M1 5.74% 0.23% 1.000000 Nov 07 M2 5.80% 0.29% 1.000000 May 10 M3 6.95% 0.30% 1.000000 Feb 11 M4 4.87% 0.30% 1.000000 Feb 11 C2 6.11% 0.60% 1.000000 May 10 C3 7.25% 0.60% 1.000000 Feb 11 C4 5.17% 0.60% 1.000000 Feb 11 - ---------------------------------------------------------------------------------
Notes Granite Master Issuer plc - Series 2006-2 - ----------------------------------------------------------------------------------------------------------------------------------- ISIN Brought forward Repaid Outstanding Rating Moodys/S&P/Fitch A1 US38741YBQ17 $214,780,153 $113,515,514 $101,264,639 Aaa/AAA/AAA A2 XS0252419832 (euro)79,548,205 (euro)42,042,783 (euro)37,505,422 Aaa/AAA/AAA A3 XS0252425995 (GBP)18,561,248 (GBP)9,809,983 (GBP)8,751,265 Aaa/AAA/AAA A4 US38741YBR99 $1,275,000,000 $0 $1,275,000,000 Aaa/AAA/AAA A5 XS0252421499 (euro)1,360,000,000 (euro)0 (euro)1,360,000,000 Aaa/AAA/AAA A6 XS0252427009 (GBP)500,000,000 (GBP)0 (GBP)500,000,000 Aaa/AAA/AAA B1 US38741YBS72 $29,000,000 $0 $29,000,000 Aa3/AA/AA B2 US38741YBT55 $36,000,000 $0 $36,000,000 Aa3/AA/AA B3 XS0252428072 (euro)37,500,000 (euro)0 (euro)37,500,000 Aa3/AA/AA M1 US38741YBU29 $25,000,000 $0 $25,000,000 A2/A/A M2 US38741YBV02 $25,000,000 $0 $25,000,000 A2/A/A M3 XS0252429047 (euro)35,000,000 (euro)0 (euro)35,000,000 A2/A/A M4 XS0252423198 (GBP)10,000,000 (GBP)0 (GBP)10,000,000 A2/A/A C2 US38741YBW84 $75,000,000 $0 $75,000,000 Baa2/BBB/BBB C3 XS0252430136 (euro)55,000,000 (euro)0 (euro)55,000,000 Baa2/BBB/BBB C4 XS0252423941 (GBP)12,000,000 (GBP)0 (GBP)12,000,000 Baa2/BBB/BBB - ----------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------- Reference Margin Pool factor Expected Rate maturity A1 5.01% 0.01% 0.125018 Jan 08 A2 4.683% 0.03% 0.125018 Jan 08 A3 6.31% 0.03% 0.125018 Jan 08 A4 5.22% 0.04% 1.000000 Jul 10 A5 4.75% 0.10% 1.000000 Oct 11 A6 6.39% 0.11% 1.000000 Jul 13 B1 5.26% 0.08% 1.000000 Apr 08 B2 5.32% 0.14% 1.000000 Jul 11 B3 4.79% 0.14% 1.000000 Jul 11 M1 5.36% 0.18% 1.000000 Apr 08 M2 5.41% 0.23% 1.000000 Jul 11 M3 4.88% 0.23% 1.000000 Jul 11 M4 6.51% 0.23% 1.000000 Jul 11 C2 5.65% 0.47% 1.000000 Jul 11 C3 5.12% 0.47% 1.000000 Jul 11 C4 6.75% 0.47% 1.000000 Jul 11 - --------------------------------------------------------------------------------------------
Notes Granite Master Issuer plc - Series 2006-3 - ----------------------------------------------------------------------------------------------------------------------------------- ISIN Brought forward Repaid Outstanding Rating Moodys/S&P/Fitch A1 US38741YBX67 $486,980,000 $131,110,000 $355,870,000 Aaa/AAA/AAA A2 XS0267966959 (euro) 404,193,400 (euro)108,821,300 (euro)295,372,100 Aaa/AAA/AAA A3 US38741YBZ16 $1,800,000,000 $0 $1,800,000,000 Aaa/AAA/AAA A4 US38741YCA55 $1,000,000,000 $0 $1,000,000,000 Aaa/AAA/AAA A5 XS0267967924 (euro)1,250,000,000 (euro)0 (euro)1,250,000,000 Aaa/AAA/AAA A6 XS0267968658 (GBP)700,000,000 (GBP)0 (GBP)700,000,000 Aaa/AAA/AAA A7 US38741YCD94 $1,750,000,000 $0 $1,750,000,000 Aaa/AAA/AAA B1 US38741YCE77 $70,000,000 $0 $70,000,000 Aa3/AA/AA B2 US38741YCF43 $182,000,000 $0 $182,000,000 Aa3/AA/AA B3 XS0268037131 (euro) 30,000,000 (euro)0 (euro)30,000,000 Aa3/AA/AA M1 US38741YCJ64 $90,000,000 $0 $90,000,000 A2/A/A M2 US38741YCK38 $100,000,000 $0 $100,000,000 A2/A/A M3 XS0268038451 (euro) 47,000,000 (euro)0 (euro)47,000,000 A2/A/A M4 XS0268038964 (GBP)10,000,000 (GBP)0 (GBP)10,000,000 A2/A/A C2 US38741YCP25 $60,000,000 $0 $60,000,000 Baa2/BBB/BBB C3 XS0268039699 (euro) 137,000,000 (euro)0 (euro)137,000,000 Baa2/BBB/BBB - ----------------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------ Reference Margin Pool factor Expected Rate maturity A1 5.02% 0.02% 0.355870 Apr 08 A2 4.693% 0.04% 0.355870 Jul 08 A3 5.22% 0.04% 1.000000 Apr 10 A4 5.16% -0.02% 1.000000 Oct 12 A5 4.76% 0.11% 1.000000 Oct 12 A6 6.39% 0.11% 1.000000 Oct 12 A7 5.28% 0.10% 1.000000 Oct 12 B1 5.27% 0.09% 1.000000 Oct 08 B2 5.35% 0.17% 1.000000 Oct 12 B3 4.81% 0.16% 1.000000 Oct 12 M1 5.36% 0.18% 1.000000 Oct 08 M2 5.46% 0.28% 1.000000 Oct 12 M3 4.92% 0.27% 1.000000 Oct 12 M4 6.55% 0.27% 1.000000 Oct 12 C2 5.68% 0.50% 1.000000 Oct 12 C3 5.15% 0.50% 1.000000 Oct 12 - -----------------------------------------------------------------------------------------------------------------------------------
Notes Granite Master Issuer plc - Series 2006-4 - ----------------------------------------------------------------------------------------------------------------------------------- ISIN Brought forward Repaid Outstanding Rating Moodys/S&P/Fitch A1 US38741YCS63 $335,742,427 $0 $335,742,427 Aaa/AAA/AAA A2 XS0275943958 (euro) 103,305,363 (euro)0 (euro) 103,305,363 Aaa/AAA/AAA A3 XS0275944097 (GBP)180,784,384 (GBP)0 (GBP)180,784,384 Aaa/AAA/AAA A4 US38741YDB20 $704,300,000 $0 $704,300,000 Aaa/AAA/AAA A5 CA38741YDD81 CAD 350,000,000 CAD 0 CAD 350,000,000 Aaa/AAA/AAA A6 US38741YDC03 $1,130,000,000 $0 $1,130,000,000 Aaa/AAA/AAA A7 XS0275944766 (euro)1,135,000,000 (euro)0 (euro)1,135,000,000 Aaa/AAA/AAA A8 XS0276823167 (GBP)300,000,000 (GBP)0 (GBP)300,000,000 Aaa/AAA/AAA B1 US38741YCV92 $60,600,000 $0 $60,600,000 Aa3/AA/AA B3 XS0275945730 (euro) 62,500,000 (euro)0 (euro) 62,500,000 Aa3/AA/AA M1 US38741YCX58 $47,800,000 $0 $47,800,000 A2/A/A M2 US38741YCY32 $10,000,000 $0 $10,000,000 A2/A/A M3 XS0275946621 (euro) 84,400,000 (euro)0 (euro) 84,400,000 A2/A/A C1 US38741YCZ07 $32,600,000 $0 $32,600,000 Baa2/BBB/BBB C2 US38741YDA47 $15,000,000 $0 $15,000,000 Baa2/BBB/BBB C3 XS0275947512 (euro) 62,800,000 (euro)0 (euro) 62,800,000 Baa2/BBB/BBB - ----------------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------- Reference Margin Pool factor Expected Rate maturity A1 5.03% 0.03% 0.516527 Dec-11 A2 4.771% 0.04% 0.516527 Dec-11 A3 6.43% 0.04% 0.516527 Dec-11 A4 5.64% 0.05% 1.000000 Dec-11 A5 4.86% 0.07% 1.000000 Dec-11 A6 5.68% 0.09% 1.000000 Dec-11 A7 4.84% 0.11% 1.000000 Dec-11 A8 6.50% 0.11% 1.000000 Dec-11 B1 5.68% 0.09% 1.000000 Dec-11 B3 4.92% 0.19% 1.000000 Dec-11 M1 5.76% 0.17% 1.000000 Dec-11 M2 5.88% 0.29% 1.000000 Dec-11 M3 5.02% 0.29% 1.000000 Dec-11 C1 5.97% 0.38% 1.000000 Dec-11 C2 6.07% 0.48% 1.000000 Dec-11 C3 5.21% 0.48% 1.000000 Dec-11 - -------------------------------------------------------------------------------------------------
Notes Granite Master Issuer plc - Series 2007-1 - ----------------------------------------------------------------------------------------------------------------------------------- ISIN Brought forward Repaid Outstanding Rating Moodys/S&P/Fitch 1A1 US38741YDE68 $819,553,579 $0 $819,553,579 Aaa/AAA/AAA 1A3 XS0284070504 (GBP)273,184,526 (GBP)0 (GBP)273,184,526 Aaa/AAA/AAA 2A1 US38741YDF34 $1,450,000,000 $0 $1,450,000,000 Aaa/AAA/AAA 3A1 US38741YDG17 $1,500,000,000 $0 $1,500,000,000 Aaa/AAA/AAA 3A2 XS0284071908 (euro)1,650,000,000 (euro)0 (euro)1,650,000,000 Aaa/AAA/AAA 4A1 US38741YDH99 $1,000,000,000 $0 $1,000,000,000 Aaa/AAA/AAA 5A1 XS0284076295 (GBP)650,000,000 (GBP)0 (GBP)650,000,000 Aaa/AAA/AAA 6A1 XS0284077186 (GBP)500,000,000 (GBP)0 (GBP)500,000,000 Aaa/AAA/AAA 1B1 US38741YDJ55 $84,000,000 $0 $84,000,000 Aa3/AA/AA 2B1 US38741YDK29 $80,000,000 $0 $80,000,000 Aa3/AA/AA 3B1 XS0284072468 (euro) 167,000,000 (euro)0 (euro) 167,000,000 Aa3/AA/AA 3B2 XS0284073193 (GBP)25,000,000 (GBP)0 (GBP)25,000,000 Aa3/AA/AA 1M1 US38741YDL02 $84,000,000 $0 $84,000,000 A2/A/A 2M1 US38741YDM84 $80,000,000 $0 $80,000,000 A2/A/A 3M1 XS0284073607 (euro) 131,000,000 (euro)0 (euro)131,000,000 A2/A/A 3M2 XS0284074167 (GBP)40,000,000 (GBP)0 (GBP)40,000,000 A2/A/A 1C1 US38741YDN67 $94,600,000 $0 $94,600,000 Baa2/BBB/BBB 2C1 US38741YDP16 $30,000,000 $0 $30,000,000 Baa2/BBB/BBB 2C2 XS0284071221 (euro) 30,000,000 (euro)0 (euro) 30,000,000 Baa2/BBB/BBB 3C1 XS0284081618 (euro) 265,000,000 (euro)0 (euro) 265,000,000 Baa2/BBB/BBB 3C2 XS0284075560 (GBP)36,000,000 (GBP)0 (GBP)36,000,000 Baa2/BBB/BBB - ----------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------- Reference Margin Pool factor Expected Rate maturity 1A1 5.03% 0.03000% 0.607077 Jun-10 1A3 6.42% 0.03000% 0.607077 Jun-10 2A1 5.66% 0.07000% 1.000000 Jun-10 3A1 5.69% 0.10000% 1.000000 Jun-12 3A2 4.83% 0.10000% 1.000000 Jun-12 4A1 5.70% 0.11000% 1.000000 Jun-12 5A1 6.50% 0.11000% 1.000000 Jun-12 6A1 5.60% 0.00000% 1.000000 Dec-13 1B1 5.66% 0.07000% 1.000000 Jun-10 2B1 5.71% 0.12000% 1.000000 Jun-10 3B1 4.90% 0.17000% 1.000000 Jun-12 3B2 6.56% 0.17000% 1.000000 Jun-12 1M1 5.74% 0.15000% 1.000000 Jun-10 2M1 5.84% 0.25000% 1.000000 Jun-10 3M1 5.00% 0.27000% 1.000000 Jun-12 3M2 6.66% 0.27000% 1.000000 Jun-12 1C1 5.89% 0.30000% 1.000000 Jun-10 2C1 6.02% 0.43000% 1.000000 Jun-10 2C2 5.18% 0.45000% 1.000000 Jun-10 3C1 5.23% 0.50000% 1.000000 Jun-12 3C2 6.89% 0.50000% 1.000000 Jun-12 - --------------------------------------------------------------------------------------------------
Notes Granite Master Issuer plc - Series 2007-2 - ----------------------------------------------------------------------------------------------------------------------------------- ISIN Brought forward Repaid Outstanding Rating Moodys/S&P/Fitch Series 07-2 1A1 US38741YDQ98 $1,060,000,000 $214,707,307 $845,292,693 Aaa/AAA/AAA Series 07-2 1A2 XS0298974337 (euro)325,000,000 (euro)65,830,071 (euro)259,169,929 Aaa/AAA/AAA Series 07-2 1A3 XS0298979138 (GBP)150,000,000 (GBP)30,383,110 (GBP)119,616,890 Aaa/AAA/AAA Series 07-2 2A1 US38741YDR71 $1,025,000,000 $0 $1,025,000,000 Aaa/AAA/AAA Series 07-2 2A2 CA38741YEC99 CAD 500,000,000 CAD 0 CAD 500,000,000 Aaa/AAA/AAA Series 07-2 3A1 US38741YDS54 $1,100,000,000 $0 $1,100,000,000 Aaa/AAA/AAA Series 07-2 3A2 XS0298974840 (euro)1,000,000,000 (euro)0 (euro)1,000,000,000 Aaa/AAA/AAA Series 07-2 4A1 US38741YDT38 $1,000,000,000 $0 $1,000,000,000 Aaa/AAA/AAA Series 07-2 4A2 XS0298980060 (GBP)650,000,000 (GBP)0 (GBP)650,000,000 Aaa/AAA/AAA Series 07-2 1B1 US38741YDU01 $66,500,000 $0 $66,500,000 Aa3/AA/AA Series 07-2 2B1 US38741YDV83 $53,500,000 $0 $53,500,000 Aa3/AA/AA Series 07-2 3B1 US38741YDW66 $35,000,000 $0 $35,000,000 Aa3/AA/AA Series 07-2 3B2 XS0298975813 (euro)100,000,000 (euro) 0 (euro)100,000,000 Aa3/AA/AA Series 07-2 3B3 XS0298980813 (GBP)53,000,000 (GBP)0 (GBP)53,000,000 Aa3/AA/AA Series 07-2 1M1 US38741YDX40 $64,000,000 $0 $64,000,000 A2/A/A Series 07-2 2M1 US38741YDY23 $52,000,000 $0 $52,000,000 A2/A/A Series 07-2 3M2 XS0298976621 (euro)162,000,000 (euro) 0 (euro)162,000,000 A2/A/A Series 07-2 3M3 XS0298981621 (GBP)20,000,000 (GBP)0 (GBP)20,000,000 A2/A/A Series 07-2 2C1 US38741YEA38 $50,000,000 $0 $50,000,000 Baa2/BBB/BBB Series 07-2 2C2 XS0298977512 (euro) 52,000,000 (euro) 0 (euro)52,000,000 Baa2/BBB/BBB Series 07-2 3C2 XS0298978320 (euro) 84,500,000 (euro) 0 (euro)84,500,000 Baa2/BBB/BBB Series 07-2 3C3 XS0298984641 (GBP)60,000,000 (GBP)0 (GBP)60,000,000 Baa2/BBB/BBB - ----------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------- Reference Margin Pool factor Expected Rate maturity Series 07-2 1A1 5.08% 0.03000% 0.797446 Apr-12 Series 07-2 1A2 4.25% 0.04000% 0.797446 Apr-12 Series 07-2 1A3 6.07% 0.04000% 0.797446 Apr-12 Series 07-2 2A1 5.40% 0.04000% 1.000000 Apr-12 Series 07-2 2A2 4.95% 0.09000% 1.000000 Apr-12 Series 07-2 3A1 5.45% 0.09000% 1.100000 Apr-12 Series 07-2 3A2 4.31% 0.10000% 1.000000 Apr-12 Series 07-2 4A1 5.03% -0.02000% 1.000000 Apr-12 Series 07-2 4A2 6.14% 0.11000% 1.000000 Apr-13 Series 07-2 1B1 5.44% 0.08000% 1.000000 Apr-12 Series 07-2 2B1 5.48% 0.12000% 1.000000 Apr-12 Series 07-2 3B1 5.52% 0.16000% 1.000000 Apr-12 Series 07-2 3B2 4.37% 0.16000% 1.000000 Apr-12 Series 07-2 3B3 6.19% 0.16000% 1.000000 Apr-12 Series 07-2 1M1 5.52% 0.16000% 1.000000 Apr-12 Series 07-2 2M1 5.60% 0.24000% 1.000000 Apr-12 Series 07-2 3M2 4.50% 0.29000% 1.000000 Apr-12 Series 07-2 3M3 6.32% 0.29000% 1.000000 Apr-12 Series 07-2 2C1 5.79% 0.43000% 1.000000 Apr-12 Series 07-2 2C2 4.64% 0.43000% 1.000000 Apr-12 Series 07-2 3C2 4.70% 0.49000% 1.000000 Apr-12 Series 07-2 3C3 6.52% 0.49000% 1.000000 Apr-12 - --------------------------------------------------------------------------------------------
Notes Granite Master Issuer plc - Series 2007-3 - ----------------------------------------------------------------------------------------------------------------------------------- ISIN Brought forward Repaid Outstanding Rating Moodys/S&P/Fitch Series 07-3 1A XS0320662751 (GBP)1,000,000,000.00 (GBP)0.00 (GBP)1,000,000,000.00 Aaa/AAA/AAA Series 07-3 1B XS0320662165 (GBP)40,500,000.00 (GBP)0.00 (GBP)40,500,000.00 Aa3/AA/AA Series 07-3 1M XS0320661191 (GBP)40,500,000.00 (GBP)0.00 (GBP)40,500,000.00 A2/A/A Series 07-3 2A XS0320662249 (GBP)3,600,000,000.00 (GBP)0.00 (GBP)3,600,000,000.00 Aaa/AAA/AAA Series 07-3 2B XS0320661357 (GBP)92,500,000.00 (GBP)0.00 (GBP)92,500,000.00 Aa3/AA/AA Series 07-3 2M XS0320663486 (GBP)119,000,000.00 (GBP)0.00 (GBP)119,000,000.00 A2/A/A Series 07-3 2C XS0320660037 (GBP)140,000,000.00 (GBP)0.00 (GBP)140,000,000.00 Baa2/BBB/BBB - ----------------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------ Reference Margin Pool factor Expected Rate maturity Series 07-3 1A 7.07% 0.40000% 1.000000 Nov-10 Series 07-3 1B 7.42% 0.75000% 1.000000 Nov-10 Series 07-3 1M 7.92% 1.25000% 1.000000 Nov-10 Series 07-3 2A 7.17% 0.50000% 1.000000 Nov-10 Series 07-3 2B 7.67% 1.00000% 1.000000 Nov-10 Series 07-3 2M 8.27% 1.60000% 1.000000 Nov-10 Series 07-3 2C 8.92% 2.25000% 1.000000 Nov-10 - ------------------------------------------------------------------------------------------------
Credit Enhancement for Granite Master Issuer plc - ------------------------------------------------------------------------------------------------------------------- % of Notes Outstanding Class A Notes ((GBP) Equivalent) (GBP)34,173,173,687 89.30% Class B Notes ((GBP) Equivalent) (GBP)1,429,449,378 3.74% Class M Notes ((GBP) Equivalent) (GBP)1,312,166,184 3.43% Class C Notes ((GBP) Equivalent) (GBP)1,484,322,554 3.88% - ------------------------------------------------------------------------------------------------------------------- Subordination Levels - ------------------------------------------------------------------------------------------------------------------- Current Required Class A Notes 12.78% 11.60% Class B Notes 9.05% 8.30% Class M Notes 5.62% 5.11% Class C Notes 1.74% 1.85% - -------------------------------------------------------------------------------------------------------------------
Required subordination levels are taken from the Offering Circular Supplement dated January 20, 2006. There is an additional Rating Agency allowance of 0.20% to current levels in recognition of excess spread.
Programme Reserve Required Percent 1.65% Programme Reserve Required Amount (GBP)638,425,000 1.74% Balance Brought Forward (GBP)638,425,000 1.74% Drawings this Period (GBP)0 0.00% *Additions this period (GBP)0 0.00% Current Balance of Funding 2 & Granite Master Issuer Reserve Fund (GBP)638,425,000 1.74% Excess Spread this Period (GBP)18,830,016 0.05%
Currency swap triggers - ---------------------- S&P Moody's Fitch --- ------- ----- Dollar and Euro currency swap agreements: Initial downgrade trigger Short term A1+ P-1 F1 -------------- -------------- -------------- Long term N/A A1 A1 -------------- -------------- -------------- Subsequent downgrade trigger Short term N/A P-2 F2 -------------- -------------- -------------- Long term BBB- A3 BBB+ -------------- -------------- -------------- Second subsequent downgrade Short term N./A N/A F3 -------------- -------------- -------------- Long term N/A N/A BBB- -------------- -------------- -------------- Dollar and Euro currency swap providers: ABN Amro Bank NV Short term A-1+ P-1 F1 -------------- -------------- -------------- Long term AA- Aa3 AA- -------------- -------------- -------------- Barclays Bank PLC Short term A-1+ P-1 F1 -------------- -------------- -------------- Long term AA+ Aa1 AA- -------------- -------------- -------------- HSBC Short term A-1+ P-1 F1 -------------- -------------- -------------- Long term AA- Aa2 AA -------------- -------------- -------------- Citigroup Global markets Limited Short term A-1+ P-1 F1 -------------- -------------- -------------- Long term AA- Aa1 AA+ -------------- -------------- -------------- Swiss Re Short term A-1+ P-1 A-1+ -------------- -------------- -------------- Long term AA Aa2 AA -------------- -------------- -------------- UBS AG Short term A-1+ P-1 N/A -------------- -------------- -------------- Long term AA+ Aa2 N/A -------------- -------------- -------------- AIG Short term Not applicable Not applicable Not applicable -------------- -------------- -------------- Long term Not applicable Not applicable Not applicable -------------- -------------- --------------
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