Granite Finance Trustees Ltd Report Date 30 April 2015 Mortgage Pool Data Date 30 April 2015 Trust Calculation Date 30 April 2015 Next Trust Determination Date 01 May 2015 Next Trust Distribution Date 12 May 2015 Disclaimer This investor report (the "Report") is intended for information purposes only and does not create any legally binding obligations on the part of NRAM plc (“NRAM”) and/or its affiliates and/or Granite Master Issuer plc, Granite Mortgages 03-2 plc, Granite Mortgages 03-3 plc, Granite Mortgages 04-1 plc, Granite Mortgages 04-2 plc and Granite Mortgages 04-3 plc (the "Granite Companies"). Without limitation, this Report does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction. When making an investment decision, you should rely solely on the financial and legal documentation relating to the transaction or product and not summary information such as that contained herein. NRAM and the Granite Companies are not acting as your financial adviser or in any other fiduciary capacity with respect to this information. The note(s), transaction(s) or products(s) mentioned herein may not be appropriate for all investors and before entering into any transaction you should take steps to ensure that you fully understand the transaction and have made an independent assessment of the appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. You should consider seeking advice from your own advisers in making the assessment. If you decide to enter into a transaction in relation to these note(s), transaction(s) or product(s), you do so in reliance on your own judgement. The information contained in this Report is based on material that NRAM believes to be reliable. Assumptions, estimates and opinions contained in this Report constitute NRAM’s judgment as at the date of the Report and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results. The distribution of this Report and the availability of these notes, products and services in certain jurisdictions may be restricted by law. Commentary on asset performance in the period 3 month plus arrears has remained flat at 3.76% in the month. Early arrears have remained flat at 4.55%. Annualised CPR has decreased to 14.72% in the month. Losses reduced to £1.4m. The possession stock reduced to 266. Outstanding Notes in Issue at Report Date Number Value (£) Asset Summary Granite Mortgages 03-2 plc 10 210,788,986 Weighted Average Seasoning (Months) Granite Mortgages 03-3 plc 12 184,413,871 Weighted Average Remaining Term (Years) Granite Mortgages 04-1 plc 9 314,705,281 Average Loan Size £97,028 Granite Mortgages 04-2 plc 9 343,709,396 Weighted Average LTV (by value) 77.49% Granite Mortgages 04-3 plc 10 405,534,216 Weighted Average Indexed LTV (by value) 71.67% Granite Master Issuer plc - Series 2005-1 9 685,527,284 Non-Verified (by value) 31.20% Granite Master Issuer plc - Series 2005-2 9 523,224,639 Mortgage Trust Assets Granite Master Issuer plc - Series 2005-4 11 482,066,910 Current Balance - Trust Mortgage Assets Granite Master Issuer plc - Series 2006-1 14 1,018,283,236 Granite Master Issuer plc - Series 2006-2 11 468,331,402 Last Months Closing Trust Assets £12,905,267,837 Granite Master Issuer plc - Series 2006-3 12 922,476,812 Funding Share £1,409,437,638 Granite Master Issuer plc - Series 2006-4 13 562,593,153 Funding 2 Share £6,936,584,574 Granite Master Issuer plc - Series 2007-1 19 1,369,728,051 Funding and Funding 2 Share Percentage Granite Master Issuer plc - Series 2007-2 19 1,045,499,716 Seller Share Number of Mortgage Loans in Pool 131,083 112.32 16.11 £12,718,720,671 Current Balance - Trust Cash and Other Assets £20,331,575 65.62% £4,372,698,459 Seller Share Percentage Monthly Distributions Principal Distribution Receipts Paid to Funding Paid to Funding 2 Paid to Seller 34.38% Granite Master Issuer Waterfall 17-20 Apr 2015 £ Distribution of Issuer Available Revenue Receipts Total (£) Issuer available revenue receipts from Funding 2 12,363,616 168,770,489 28,501,167 140,269,322 Issuer available revenue receipts - Issuers Revenue Ledger 33,086 Issuer available reserve fund 119,162,799 0 168,770,489 Issuer required revenue receipts Revenue Distribution Receipts GIC Interest 131,559,502 12,363,616 46,903,561 61,988 46,965,549 3rd party creditors 0 Issuer cash manager 0 Amounts due to the A notes and A swap providers Administration Fee Amounts due to the B notes and B note swap providers 849,559 5,178,952 Amounts due to the M notes and M note swap providers 1,037,123 Paid to Funding 2 25,488,350 Amounts due to the C notes and C note swap providers 1,822,358 Paid to Seller 15,738,300 Interest due on start-up loan (from NRAM plc) 46,965,549 Principal due on start-up loan Paid to Funding 559,946 2,632,989 0 0 Retain Funding 2 and GMI Profit Funding Bank Balance - Principal element of Balance Funding 2 Bank Balance - Principal element of Balance 49,714,114 141,146,632 670 Repayment of Deferred Consideration to NRAM Plc 6,054,003 To fund issuer reserve fund 116,782,565 To fund funding 2 reserve fund 2,380,234 Excess of available revenue receipts over required receipts* 6,054,673 Excess Spread Last Quarter Annualised - Funding 0.40% Last Month Annualised - Funding 2 1.03% To top up funding reserve fund following breach of arrears trigger 0 4.79% NRAM plc Current Existing Borrowers' SVR Effective Date of Change 1 Mar 2009 Page 1 Main Parties to the Structure Role Ratings S&P Moody's Fitch LT ST LT ST LT ST A A-1 A1 P-1 AA+ F1+ A A-1 A2 P-1 A F1 The Royal Bank of Scotland plc A- A-2 Baa1 P-2 A F1 Barclays Bank plc A A-1 A2 P-1 A F1 AA- A-1+ Aa3 P-1 AA- F1+ F1 NRAM plc Seller Administrator Cash Manager Basis swap provider Start up loan provider Account bank Citibank N.A. Agent bank Common depositary Principal paying agent Registrar US Paying Agent Issuer Swap Providers HSBC Bank plc Citibank N.A. Swiss Re Financial Products Corporation - Guaranteed by Swiss Reinsurance Company * UBS AG A A-1 A2 P-1 A AA- A-1+ Aa3 P-1 A+ - A A-1 A2 P-1 A F1 A A-1 A2 P-1 A F1 AAA A-1 Aa2 P-1 A+ F1 Credit Suisse International A A-1 A1 P-1 A F1 Deutsche Bank AG A A-1 A3 P-2 A+ F1+ BNP Paribas SA A+ A-1 A1 P-1 A+ F1 Goldman Sachs Bank USA - Guaranteed by Goldman Sachs Group Inc * Goldman Sachs Mitsui Marine Derivative Products, LP - Guaranteed by Mitsui Sumitomo Insurance Company Ltd & Goldman Sachs Group Inc * * where the swap provider is guaranteed by another entity, the rating of the higher rated entity is shown Arrears Analysis of Non Repossessed Mortgage Loans Number Value (£) Arrears (£) By number (%) By Principal (%) > = 1 < 2 Months 3,467 387,750,079 2,967,708 2.64% 3.05% > = 2 < 3 Months 1,611 190,965,572 2,646,441 1.23% 1.50% > = 3 < 4 Months 925 110,826,606 2,034,878 0.71% 0.87% > = 4 < 5 Months 585 69,231,812 1,710,882 0.45% 0.54% > = 5 < 6 Months 433 53,321,008 1,608,204 0.33% 0.42% > = 6 < 7 Months 372 45,333,276 1,560,890 0.28% 0.36% > = 7 < 8 Months 235 28,498,648 1,174,787 0.18% 0.22% > = 8 < 9 Months 211 26,735,506 1,153,608 0.16% 0.21% > = 9 < 10 Months 164 21,235,702 996,532 0.13% 0.17% > = 10 < 11 Months 132 16,994,692 962,984 0.10% 0.13% > = 11 < 12 Months 104 13,350,807 749,836 0.08% 0.10% > = 12 < 13 Months 90 12,452,586 794,012 0.07% 0.10% > = 13 < 14 Months 79 9,150,115 698,528 0.06% 0.07% > = 14 < 15 Months 68 9,889,180 727,768 0.05% 0.08% > = 15 < 16 Months 39 5,446,194 425,103 0.03% 0.04% > = 16 < 17 Months 51 8,192,074 704,677 0.04% 0.06% > = 17 < 18 Months 36 4,541,444 416,172 0.03% 0.04% > = 18 < 19 Months 24 2,767,070 245,649 0.02% 0.02% > = 19 < 20 Months 15 2,915,944 239,869 0.01% 0.02% > = 20 < 21 Months 16 2,541,090 225,936 0.01% 0.02% > = 21 < 22 Months 17 1,867,291 210,237 0.01% 0.01% > = 22 < 23 Months 27 4,451,207 464,583 0.02% 0.03% > = 23 < 24 Months 9 1,594,273 173,390 0.01% 0.01% > = 24 < 36 Months 80 11,461,196 1,592,440 0.06% 0.09% > = 36 Months 23 3,639,037 674,569 0.02% 0.03% 8,813 1,045,152,408 25,159,682 6.72% 8.22% Total 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 aggregate equal or exceed 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 Total (since inception) Number Value (£) 22,874 2,580,042,097 Arrears (since inception) 152,413,091 Properties in Possession (Number) 266 Number Brought Forward 272 Repossessed (Current Month) 30,660,782 58 Relinquished (Current Month) 2 Sold (since inception) 22,567 Sold (current month) 62 Average Time from Possession to Sale (days) (since inception) 137 Average Arrears at Sale (since inception) 6,675 Total Principal Loss (Since inception) 552,231,462 Total Principal Loss (current month) 1,469,137 Number of accounts experiencing a loss since inception 18,315 Average loss on accounts experiencing a loss since inception 30,193 Following the Regulated News Service announcement made on 6 November 2013, the MIG Policies have been replaced by an indemnity from the Seller which means the Seller has become liable for all monies that would have become due to the Mortgages Trustee, Funding and / or Funding 2 under any of the MIG Policies Page 2 CPR Analysis Monthly Annualised Current Month CPR Rate - Total 1.32% 14.72% Previous Month CPR Rate - Total 1.33% 14.84% Current Month % of CPR - Removals* 0.00% Previous Month % of CPR - Removals* 0.05% Current Month % of CPR - Non-Removals** 100.00% Previous Month % of CPR - Non-Removals** 99.94% *Removals are loans that NRAM plc has repurchased from the Trust (e.g. Further Advances and Product Switches) **Non-Removals are scheduled repayments, overpayments and redemptions Product Breakdown Value Fixed Rate Together Variable Tracker Total Geographic Analysis % Balance £355,684,825 2.80% £5,851,781,574 46.01% £5,885,490,123 46.27% £625,764,148 4.92% £12,718,720,671 100.0% Number % of Total Value (£) % of Total East Anglia 4,522 3.45% 456,497,077 3.59% East Midlands 9,370 7.15% 849,344,669 6.68% Greater London 6,459 4.93% 1,015,188,799 North 12,624 9.63% 860,359,445 6.76% North West 19,379 14.78% 1,631,598,585 12.83% Scotland 16,048 12.24% 1,109,035,274 8.72% South East 22,112 16.87% 2,971,555,282 23.36% South West 8,803 6.72% 1,039,170,564 8.17% Wales 5,982 4.56% 512,512,164 4.03% West Midlands 11,306 8.63% 1,091,467,422 8.58% Yorks & Humberside 14,478 11.04% 1,181,991,391 9.29% Total 131,083 100% 12,718,720,671 100% % of Total Repayment Method 7.98% Number Value (£) Endowment 9,386 1,231,387,452 9.68% Interest Only 35,378 4,919,600,617 38.68% Repayment 86,084 6,539,338,245 51.42% Part and Part 235 28,394,357 0.22% Total 131,083 12,718,720,671 100.00% LTV Levels Breakdown Number 12,595 Value (£) 235,326,537 % of Total > = 25% < 50% 14,250 888,557,342 6.99% > = 50% < 55% 4,031 319,962,609 2.52% > = 55% < 60% 5,041 428,561,423 3.37% > = 60% < 65% 5,956 542,969,881 4.27% > = 65% < 70% 7,412 715,163,617 5.62% > = 70% < 75% 10,769 1,041,628,400 8.19% > = 75% < 80% 14,784 1,502,906,139 11.82% > = 80% < 85% 18,103 1,976,450,984 15.54% > = 85% < 90% 15,506 2,048,097,306 16.10% > = 90% < 95% 10,185 1,330,701,946 10.46% > = 95% < 100% 10,253 1,392,555,629 10.95% > = 100% 2,198 295,838,858 2.33% Total 131,083 12,718,720,671 100.0% Indexed LTV Levels Breakdown < 25% 1.85% Number 16,572 Value (£) 397,273,510 % of Total > = 25% < 50% 19,194 1,429,148,206 11.24% > = 50% < 55% 5,312 535,878,585 4.21% > = 55% < 60% 6,345 693,127,613 5.45% > = 60% < 65% 8,130 907,237,372 > = 65% < 70% 10,333 1,151,103,745 9.05% > = 70% < 75% 12,298 1,369,495,069 10.77% > = 75% < 80% 12,746 1,443,783,520 11.35% > = 80% < 85% 12,453 1,428,746,038 11.23% > = 85% < 90% 10,366 1,220,067,579 9.59% > = 90% < 95% 7,372 884,608,526 6.96% > = 95% < 100% 4,910 605,659,634 > = 100% 5,052 652,591,274 5.13% Total 131,083 12,718,720,671 100.0% Employment Status Number Value (£) % of Total Full Time 111,559 10,231,266,296 80.44% Part Time 1,583 104,979,368 0.83% Retired 1,228 60,324,330 0.47% Self Employed 14,805 2,181,752,777 17.15% Other 1,908 140,397,900 1.10% Total 131,083 12,718,720,670 100.00% < 25% Page 3 3.12% 7.13% 4.76% Month / Year in which Fixed Rate Period Ends Number % of Total Value (£) % of Total May-15 114 2.38% 8,097,542 2.28% Jun-15 35 0.73% 2,463,830 0.69% Jul-15 43 0.90% 3,200,954 0.90% Aug-15 203 4.24% 13,977,697 3.93% Sep-15 285 5.96% 18,034,645 5.07% Oct-15 0 0.00% 0 0.00% Nov-15 0 0.00% 0 0.00% Dec-15 230 4.81% 13,369,086 3.76% Jan-16 10 0.21% 1,250,325 0.35% Feb-16 15 0.31% 1,537,930 0.43% Mar-16 0 0.00% 0 0.00% Apr-16 35 0.73% 3,308,092 May-16 44 0.92% 3,315,308 0.93% Remainder of 2016 760 15.89% 57,127,541 16.06% 2017 0.93% 99 2.07% 6,828,958 1.92% 2018 66 1.38% 1,540,738 0.43% 2019 277 5.79% 15,246,378 4.29% 2020 1,444 30.18% 108,897,432 30.62% 2021 694 14.51% 57,342,269 16.12% 2022 430 8.99% 40,146,099 11.29% Total 4,784 100% 355,684,825 100% Trigger Events Event Occurred Asset 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 No 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. Non-Asset A "non-asset trigger event" means any of the following events:  an insolvency event occurs in relation to the seller; Yes  the seller's role as administrator is terminated and a new administrator is not appointed within 60 days; or 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). As advised via RNS dated 20 November 2008 a non-asset trigger event has occurred. Following the occurrence of the non-asset trigger the distribution of Trust principal changes with all principal allocated to Funding and Funding 2 in proportion to their respective shares. The bonds will be paid sequentially by rating class. Within the AAA class bonds will be paid in order of legal final maturity. Arrears Trigger Yes An 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 £37.5 million. This trigger event is curable. As advised via RNS dated 20 November 2008 an arrears trigger event has occurred. Step Up Trigger Yes A step up trigger event will occur if any issuer is not called on its step up and call date. In the event of a Funding issuer non call trigger the Granite Mortgages 04-2 issuer reserve fund target will step up by £8.9mn, the Granite Mortgages 04-3 issuer reserve fund target by £10.8mn, and the Funding reserve target will step up by £22.1mn In the event of a Funding 2 series not being called the Funding 2 reserve fund required amount increases by £37.5 million. In each case the increase is targeted by trapping excess spread. As the Granite Mortgages 03-3 plc notes were not redeemed on the January 2009 payment date a Funding step up trigger event has occurred. Legal proceedings No There are any material legal proceedings against NRAM plc, any of the Granite entities or the Trustee. 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. Page 4 Notes Granite Mortgages 03-2 plc Series 1 A3 B C Series 2 A B M C1 C2 Series 3 A C ISIN Brought forward Repaid Outstanding £ Equivalent Rating MDY/S&P/Fitch Reference Rate Margin Pool factor US38741QAC06 US38741QAD88 US38741QAE61 $36,754,763 $48,961,154 $6,720,158 $5,714,056 $0 $0 $31,040,707 $48,961,154 $6,720,158 £19,307,524 £30,454,161 £4,179,983 A3/A/AAA A3/A/AAA Baa2/A/A 0.78% 1.26% 2.83% 0.50% 0.98% 2.55% 0.062081 0.640015 0.640015 XS0168665718 XS0168666013 XS0168771748 XS0168666104 XS0168666443 €22,052,858 €46,657,100 €33,472,789 €16,000,000 €41,920,988 €3,428,434 €0 €0 €0 €0 €18,624,424 €46,657,100 €33,472,789 €16,000,000 €41,920,988 £13,308,864 £33,340,789 £23,919,386 £11,433,472 £29,956,401 A3/A/AAA A3/A/AAA Baa1/A/AA+ Baa2/A/A Baa2/A/A 0.50% 0.98% 1.50% 2.55% 2.55% 0.50% 0.98% 1.50% 2.55% 2.55% 0.062081 0.640015 0.640015 1.000000 0.640015 XS0168666526 XS0168666872 £41,784,122 £9,600,226 £6,495,942 £0 £35,288,180 £9,600,226 £35,288,180 £9,600,226 £210,788,986 Aaa/A/AAA Baa2/A/A 1.05% 3.12% 0.48% 2.55% 0.100171 0.640015 Credit Enhancement Notes Outstanding Class A Notes (£ Equivalent) Class B Notes (£ Equivalent) Class M Notes (£ Equivalent) Class C Notes (£ Equivalent) 03-2 Reserve Fund Granite Mortgages 03-2 Reserve Fund Requirement Balance Brought Forward Drawings this Period - Quarter 1st Feb 15 to 30th Apr 15 Excess Spread this Period -Quarter 1st Feb 15 to 30th Apr 15 Funding Reserve Fund Drawdown this Period - Quarter 1st Feb 15 to 30th Apr 15 Funding Reserve Fund Top-up this Period* Current Balance Funding Reserve Fund Funding Reserve Fund requirement Funding Reserve Balance brought forward Drawings this Period - Quarter 1st Feb 15 to 30th Apr 15 Excess Spread this Period - Quarter 1st Feb 15 to 30th Apr 15 Repayment of deferred consideration Allocation to Issuer Reserve Funds Funding reserve Balance carried forward Funding Reserve % *Top-ups only occur at the end of each quarter. Notes Series 1 A3 B M C Series 2 A B M C Series 3 A B M C Credit Enhancement Notes Outstanding Class A Notes (£ Equivalent) Class B Notes (£ Equivalent) Class M Notes (£ Equivalent) Class C Notes (£ Equivalent) 03-3 Reserve Fund Granite Mortgages 03-3 Reserve Fund Requirement Balance Brought Forward Drawings this Period - Quarter 1st Feb 15 to 30th Apr 15 Excess Spread this Period -Quarter 1st Feb 15 to 30th Apr 15 Funding Reserve Fund Drawdown this Period - Quarter 1st Feb 15 to 30th Apr 15 Funding Reserve Fund Top-up this Period* Current Balance Funding Reserve Fund Funding Reserve Fund requirement Funding Reserve Balance brought forward Drawings this Period - Quarter 1st Feb 15 to 30th Apr 15 Excess Spread this Period - Quarter 1st Feb 15 to 30th Apr 15 Repayment of deferred consideration Allocation to Issuer Reserve Funds Funding reserve Balance carried forward Funding Reserve % £67,904,568 £63,794,950 £23,919,386 £55,170,081 £210,788,985 % of Notes Outstanding 32.21% 30.26% 11.35% 26.17% 100.00% £35,000,000 £35,000,000 £0 £15,952 £0 -£15,952 £35,000,000 16.60% 16.60% 0.00% 0.01% 0.00% -0.01% 16.60% £36,691,518 £36,925,878 £0 £57,354 -£291,715 £0 £36,691,517 1.0% 2.51% 2.53% £0 0.00% -0.02% £0 2.51% NA Granite Mortgages 03-3 plc ISIN Brought forward Repaid Outstanding £ Equivalent Rating MDY/S&P/Fitch Reference Rate Margin Pool factor US38741UAC18 US38741UAD90 US38741UAE73 US38741UAF49 $18,614,964 $46,442,845 $17,416,067 $32,251,976 $3,056,216 $0 $0 $0 $15,558,748 $46,442,845 $17,416,067 $32,251,976 £9,645,845 £28,792,836 £10,797,314 £19,995,025 Aaa/A/AAA Aaa/A/AAA Aaa/A/AA+ Aa3/A/A 0.68% 1.18% 1.68% 2.73% 0.40% 0.90% 1.40% 2.45% 0.031117 0.645040 0.645040 0.645040 XS0176409927 XS0176410180 XS0176410347 XS0176410420 €23,827,154 €14,835,909 €4,837,796 €35,477,173 €3,911,957 €0 €0 €0 €19,915,197 €14,835,909 €4,837,796 €35,477,173 £13,908,232 £10,360,995 £3,378,585 £24,776,292 Aa1/A/AAA Aa2/A/AAA Aa2/A/AA+ Aa3/A/A 0.38% 0.90% 1.40% 2.45% 0.38% 0.90% 1.40% 2.45% 0.031117 0.645040 0.645039 0.645040 XS0176410693 XS0176410776 XS0176410859 XS0176411071 £38,428,602 £18,383,626 £7,417,954 £4,837,796 £6,309,232 £0 £0 £0 £32,119,370 £18,383,626 £7,417,954 £4,837,796 £32,119,370 £18,383,626 £7,417,954 £4,837,796 £184,413,871 Aaa/A/AAA Aaa/A/AAA Aaa/A/AA+ Aa3/A/A 0.95% 1.47% 1.97% 3.02% 0.38% 0.90% 1.40% 2.45% 0.094469 0.645040 0.645039 0.645039 £55,673,447 £57,537,458 £21,593,853 £49,609,114 £184,413,872 % of Notes Outstanding 30.19% 31.20% 11.71% 26.90% 100.00% £33,400,000 £33,400,000 £0 £41,402 £0 -£41,402 £33,400,000 18.11% 18.11% 0.00% 0.02% 0.00% -0.02% 18.11% £36,691,518 £36,925,878 £0 £57,354 -£291,715 £0 £36,691,517 1.0% 2.51% 2.53% 0.00% 0.00% -0.02% 0.00% 2.51% NA Internal - NRAM Plc Notes Granite Mortgages 04-1 plc Series 2 A1 A2 B M C Series 3 A B M C ISIN Brought forward Repaid Outstanding £ Equivalent Rating MDY/S&P/Fitch Reference Rate Margin Pool factor US38741VAF22 XS0184562816 XS0184563111 XS0184563541 XS0184563897 $82,928,424 €60,067,705 €91,000,000 €45,000,000 €60,000,000 $0 €0 €0 €0 €0 $82,928,424 €60,067,705 €91,000,000 €45,000,000 €60,000,000 £45,217,243 £41,426,003 £62,758,621 £31,034,483 £41,379,310 A3/A/AAA Aa2/A/AAA Aa2/A/AAA Aa2/A/AA+ Aa3/A/A 0.59% 0.35% 0.71% 1.17% 2.10% 0.32% 0.32% 0.68% 1.14% 2.07% 0.069982 0.066742 1.000000 1.000000 1.000000 XS0184565249 XS0184566130 XS0184566569 XS0184567534 £39,889,621 £23,000,000 £10,000,000 £20,000,000 £0 £0 £0 £0 £39,889,621 £23,000,000 £10,000,000 £20,000,000 £39,889,621 £23,000,000 £10,000,000 £20,000,000 £314,705,281 Aaa/A/AAA Aaa/A/AAA Aaa/A/AA+ Aa3/A/A 0.89% 1.25% 1.71% 2.64% 0.32% 0.68% 1.14% 2.07% 0.066483 1.000000 1.000000 1.000000 Credit Enhancement Notes Outstanding Class A Notes (£ Equivalent) Class B Notes (£ Equivalent) Class M Notes (£ Equivalent) Class C Notes (£ Equivalent) 04-1 Reserve Fund Granite Mortgages 04-1 Reserve Fund Requirement Balance Brought Forward Drawings this Period - Quarter 1st Jan 15 to 31st Mar 15 Excess Spread this Period - Quarter 1st Jan 15 to 31st Mar 15 Funding Reserve Fund Drawdown this Period - Quarter 1st Jan 15 to 31st Mar 15 Funding Reserve Fund Top-up this Period* Current Balance Funding Reserve Fund Funding Reserve Fund requirement Funding Reserve Balance brought forward Drawings this Period - Quarter 1st Feb 15 to 30th Apr 15 Excess Spread this Period - Quarter 1st Feb 15 to 30th Apr 15 Repayment of deferred consideration Allocation to Issuer Reserve Funds Funding reserve Balance carried forward Funding Reserve % Notes Series 2 A1 A2 B M C Series 3 A B M C Credit Enhancement Notes Outstanding Class A Notes (£ Equivalent) Class B Notes (£ Equivalent) Class M Notes (£ Equivalent) Class C Notes (£ Equivalent) 04-2 Reserve Fund Granite Mortgages 04-2 Reserve Fund Requirement Balance Brought Forward Drawings this Period - Quarter 1st Jan 15 to 31st Mar 15 Excess Spread this Period - Quarter 1st Jan 15 to 31st Mar 15 Funding Reserve Fund Drawdown this Period - Quarter 1st Jan 15 to 31st Mar 15 Funding Reserve Fund Top-up this Period* Current Balance Funding Reserve Fund Funding Reserve Fund requirement Funding Reserve Balance brought forward Drawings this Period - Quarter 1st Feb 15 to 30th Apr 15 Excess Spread this Period - Quarter 1st Feb 15 to 30th Apr 15 Repayment of deferred consideration Allocation to Issuer Reserve Funds Funding reserve Balance carried forward Funding Reserve % £126,532,868 £85,758,621 £41,034,483 £61,379,310 £314,705,282 % of Notes Outstanding 40.21% 27.25% 13.04% 19.50% 100.00% £60,000,000 £60,000,000 £0 £322,937 £0 -£322,937 £60,000,000 19.07% 19.07% 0.00% 0.10% 0.00% -0.10% 19.07% £36,691,518 £36,925,878 £0 £57,354 -£291,715 £0 £36,691,517 1.0% 2.51% 2.53% 0.00% 0.00% -0.02% 0.00% 2.51% NA Granite Mortgages 04-2 plc ISIN Brought forward Repaid Outstanding £ Equivalent Rating MDY/S&P/Fitch Reference Rate Margin Pool factor XS0193212825 XS0193213807 XS0193215414 XS0193216578 XS0193217030 €73,287,651 £13,314,458 €36,677,882 €21,324,350 €35,398,421 €0 £0 €0 €0 €0 €73,287,651 £13,314,458 €36,677,882 €21,324,350 €35,398,421 £49,855,545 £13,314,458 £24,950,940 £14,506,361 £24,080,559 A3/A/AAA Aaa/A/AAA Baa1/A/AAA Baa1/A/AA+ Baa1/A/A 0.31% 0.85% 0.57% 0.83% 1.63% 0.28% 0.28% 0.54% 0.80% 1.60% 0.054692 0.054567 0.398673 0.398586 0.397735 XS0193218350 XS0193218863 XS0193219754 XS0193220927 £103,101,534 £38,900,000 £26,500,000 £48,500,000 £0 £0 £0 £0 £103,101,534 £38,900,000 £26,500,000 £48,500,000 £103,101,534 £38,900,000 £26,500,000 £48,500,000 £343,709,396 Aaa/A/AAA Aaa/A/AAA Aaa/A/AA+ Aa3/A/A 0.89% 1.21% 1.51% 2.27% 0.32% 0.64% 0.94% 1.70% 0.137085 1.000000 1.000000 1.000000 £166,271,537 £63,850,940 £41,006,361 £72,580,559 £343,709,397 % of Notes Outstanding 48.38% 18.58% 11.93% 21.12% 100.00% £59,800,000 £59,800,000 £0 £573,447 £0 -£573,447 £59,800,000 17.40% 17.40% 0.00% 0.17% 0.00% -0.17% 17.40% £36,691,518 £36,925,878 £0 £57,354 -£291,715 £0 £36,691,517 1.0% 2.51% 2.53% 0.00% 0.00% -0.02% 0.00% 2.51% NA Internal - NRAM Plc Notes Granite Mortgages 04-3 plc Series 2 A1 A2 B M C Series 3 A1 A2 B M C ISIN Brought forward Repaid Outstanding £ Equivalent Rating MDY/S&P/Fitch Reference Rate Margin Pool factor US38741SAF92 XS0201483228 XS0201483657 XS0201484036 XS0201485355 $27,601,383 €30,944,720 €28,548,768 €22,217,388 €53,356,267 $0 €0 €0 €0 €0 $27,601,383 €30,944,720 €28,548,768 €22,217,388 €53,356,267 £15,368,253 £21,122,676 £19,487,214 £15,165,453 £36,420,660 Aaa/A/AAA Aa1/A/AAA Aa2/A/AAA Aa2/A/AA+ Aa3/A/A 0.55% 0.31% 0.59% 0.77% 1.63% 0.28% 0.28% 0.56% 0.74% 1.60% 0.038674 0.038674 0.383720 0.383720 0.383720 XS0201486320 XS0201565628 XS0201486833 XS0201487211 XS0201487567 £41,448,291 £60,471,670 £54,350,000 £42,250,000 £99,450,000 £0 £0 £0 £0 £0 £41,448,291 £60,471,670 £54,350,000 £42,250,000 £99,450,000 £41,448,291 £60,471,670 £54,350,000 £42,250,000 £99,450,000 £405,534,216 Aaa/A/AAA Aaa/A/AAA Aaa/A/AAA Aaa/A/AA+ Aa3/A/A 0.93% 0.95% 1.27% 1.47% 2.33% 0.36% 0.38% 0.70% 0.90% 1.76% 0.100786 0.100786 1.000000 1.000000 1.000000 Reference Rate 0.38% 0.15% 0.75% 0.25% 0.44% 0.83% 0.83% 0.17% 0.75% 0.25% 0.32% 0.17% 0.75% 0.75% 0.26% 0.17% 0.73% 0.26% 0.26% 0.19% 0.73% 0.38% 0.28% 1.12% 0.36% 0.19% 0.73% 0.32% 0.38% 0.17% 0.40% 0.73% 0.70% 0.26% 1.17% 0.36% 0.17% 0.27% 0.72% Margin 0.20% 0.18% 0.24% 0.28% 0.26% 0.32% 0.32% 0.20% 0.24% 0.07% 0.14% 0.20% 0.24% 0.24% 0.08% 0.20% 0.22% 0.08% 0.08% 0.22% 0.22% 0.20% 0.10% 0.13% 0.18% 0.22% 0.22% 0.14% 0.20% 0.20% 0.22% 0.22% 0.19% 0.08% 0.18% 0.18% 0.20% 0.09% 0.22% Pool factor 0.118878 0.118878 0.152365 0.129397 0.129397 0.152365 0.152365 0.152365 0.152365 0.092965 0.092965 0.152365 0.152365 0.152365 0.102921 0.152365 0.152365 0.130006 0.152365 0.152365 0.152365 0.152365 0.152365 0.152365 0.152365 0.152365 0.152365 0.152365 0.152365 0.152365 0.152365 0.152365 0.152365 0.152365 0.152365 0.152365 0.152365 0.152365 0.152365 Credit Enhancement Notes Outstanding Class A Notes (£ Equivalent) Class B Notes (£ Equivalent) Class M Notes (£ Equivalent) Class C Notes (£ Equivalent) 04-3 Reserve Fund Granite Mortgages 04-3 Reserve Fund Requirement Balance Brought Forward Drawings this Period - Quarter 1st Jan 15 to 31st Mar 15 Excess Spread this Period - Quarter 1st Jan 15 to 31st Mar 15 Funding Reserve Fund Drawdown this Period - Quarter 1st Jan 15 to 31st Mar 15 Funding Reserve Fund Top-up this Period* Current Balance Funding Reserve Fund Funding Reserve Fund requirement Funding Reserve Balance brought forward Drawings this Period - Quarter 1st Feb 15 to 30th Apr 15 Excess Spread this Period - Quarter 1st Feb 15 to 30th Apr 15 Repayment of deferred consideration Allocation to Issuer Reserve Funds Funding reserve Balance carried forward Funding Reserve % Notes A Notes % of Notes Outstanding 34.13% 18.21% 14.16% 33.50% 100.00% £66,000,000 £66,000,000 £0 £494,790 £0 -£494,790 £66,000,000 16.27% 16.27% 0.00% 0.12% 0.00% -0.12% 16.27% £36,691,518 £36,925,878 £0 £57,354 -£291,715 £0 £36,691,517 1.0% 2.51% 2.53% 0.00% 0.00% -0.02% 0.00% 2.51% NA Outstanding $130,765,894 €178,317,184 £114,273,754 €103,517,257 $161,745,714 £80,783,926 £38,091,251 €206,805,021 £124,238,425 $72,149,931 $144,299,862 €289,493,509 £60,946,002 £144,746,755 $131,224,042 €207,216,407 £76,182,502 $234,011,316 $152,365,005 €190,456,256 £106,655,503 $266,638,758 $107,310,673 CAD 53,327,752 $172,172,455 €172,934,280 £45,709,501 $220,929,257 $228,547,507 €251,402,258 $152,365,005 £99,037,253 £76,182,502 $156,174,130 CAD 76,182,502 $167,601,505 €152,365,005 $152,365,005 £99,037,253 £ Equivalent £69,556,327 £124,176,312 £114,273,754 £71,361,683 £88,000,933 £80,783,926 £38,091,251 £139,488,076 £124,238,425 £40,878,148 £81,756,296 £198,964,611 £60,946,002 £144,746,755 £69,800,022 £141,155,591 £76,182,502 £124,939,304 £81,348,107 £129,298,205 £106,655,503 £142,359,187 £56,301,507 £24,445,451 £90,331,823 £116,926,491 £45,709,501 £112,719,009 £116,605,871 £165,396,222 £77,737,247 £99,037,253 £76,182,502 £78,649,408 £34,923,674 £84,404,243 £104,302,440 £76,731,130 £99,037,253 Granite Master Issuer plc SEC ISIN A4 A5 A6 A5 A6 A7 A8 A5 A6 A1 A5 A6 A7 A8 A4 A5 A6 A3 A4 A5 A6 A7 A4 A5 A6 A7 A8 2A1 3A1 3A2 4A1 5A1 6A1 Series 07-2 2A1 Series 07-2 2A2 Series 07-2 3A1 Series 07-2 3A2 Series 07-2 4A1 Series 07-2 4A2 £138,410,890 £73,837,214 £57,415,453 £135,870,660 £405,534,217 USG41441BE89 USG41441BG38 XS0240602929 XS0240603067 XS0240603653 Issuer Series 2005-1 Series 2005-1 Series 2005-1 Series 2005-2 Series 2005-2 Series 2005-2 Series 2005-2 Series 2005-4 Series 2005-4 Series 2006-1 Series 2006-1 Series 2006-1 Series 2006-1 Series 2006-1 Series 2006-2 Series 2006-2 Series 2006-2 Series 2006-3 Series 2006-3 Series 2006-3 Series 2006-3 Series 2006-3 Series 2006-4 Series 2006-4 Series 2006-4 Series 2006-4 Series 2006-4 Series 2007-1 Series 2007-1 Series 2007-1 Series 2007-1 Series 2007-1 Series 2007-1 Series 2007-2 Series 2007-2 Series 2007-2 Series 2007-2 Series 2007-2 Series 2007-2 ISIN US38741YAC30 XS0210929161 XS0210925847 XS0220174543 US38741YAH27 XS0220172257 XS0220486277 XS0229614200 XS0229614465 US38741YBG35 US38741YBJ73 XS0240670686 XS0240670843 XS0240671148 US38741YBR99 XS0252421499 XS0252427009 US38741YBZ16 US38741YCA55 XS0267967924 XS0267968658 US38741YCD94 US38741YDB20 CA38741YDD81 US38741YDC03 XS0275944766 XS0276823167 US38741YDF34 US38741YDG17 XS0284071908 US38741YDH99 XS0284076295 XS0284077186 US38741YDR71 CA38741YEC99 US38741YDS54 XS0298974840 US38741YDT38 XS0298980060 Brought forward $135,852,625 €185,253,637 £118,718,948 €107,544,029 $168,037,545 £83,926,382 £39,572,983 €214,849,638 £129,071,240 $74,956,529 $149,913,058 €300,754,669 £63,316,772 £150,377,334 $136,328,595 €215,277,026 £79,145,965 $243,114,245 $158,291,931 €197,864,914 £110,804,352 $277,010,879 $111,485,007 CAD 55,402,176 $178,869,882 €179,661,341 £47,487,579 $229,523,300 $237,437,896 €261,181,686 $158,291,931 £102,889,755 £79,145,965 $162,249,229 CAD 79,145,966 $174,121,124 €158,291,931 $158,291,931 £102,889,755 Repaid $5,086,731 €6,936,453 £4,445,194 €4,026,772 $6,291,831 £3,142,456 £1,481,732 €8,044,617 £4,832,815 $2,806,598 $5,613,196 €11,261,160 £2,370,770 £5,630,579 $5,104,553 €8,060,619 £2,963,463 $9,102,929 $5,926,926 €7,408,658 £4,148,849 $10,372,121 $4,174,334 CAD 2,074,424 $6,697,427 €6,727,061 £1,778,078 $8,594,043 $8,890,389 €9,779,428 $5,926,926 £3,852,502 £2,963,463 $6,075,099 CAD 2,963,464 $6,519,619 €5,926,926 $5,926,926 £3,852,502 Internal - NRAM Plc Rating MDY/S&P/Fitch Aa2/A/AAA A3/A/AAA Aaa/A/AAA Aaa/A/AAA Aa2/A/AAA Aaa/A/AAA Aaa/A/AAA Aa1/A/AAA Aaa/A/AAA Aa2/A/AAA Aaa/A/AAA Aa2/A/AAA Aaa/A/AAA Aaa/A/AAA Aa2/A/AAA Aa1/A/AAA Aaa/A/AAA Aa2/A/AAA Aa2/A/AAA A3/A/AAA Aaa/A/AAA Aa2/A/AAA Aa2/A/AAA Aa2/A/AAA Aa2/A/AAA Aa1/A/AAA Aaa/A/AAA Aaa/A/AAA Aaa/A/AAA Aaa/A/AAA Aaa/A/AAA Aaa/A/AAA Aaa/A/AAA Aa1/A/AAA Aa1/A/AAA Aa1/A/AAA Aaa/A/AAA Aaa/A/AAA Aaa/A/AAA B Notes B2 B3 B2 B3 B2 B3 B4 B2 B3 B4 B2 B3 B2 B3 B1 B3 1B1 2B1 3B1 3B2 Series 07-2 1B1 Series 07-2 2B1 Series 07-2 3B1 Series 07-2 3B2 Series 07-2 3B3 M Notes M2 M3 M2 M3 M2 M3 M4 M2 M3 M4 M2 M3 M4 M2 M3 M4 M1 M2 M3 1M1 2M1 3M1 3M2 Series 07-2 1M1 Series 07-2 2M1 Series 07-2 3M2 Series 07-2 3M3 C Notes C2 C3 C2 C2 C3 C4 C2 C3 C4 C1 C2 C3 C2 C3 C1 C2 C3 1C1 2C1 2C2 3C1 3C2 Series 07-2 2C1 Series 07-2 2C2 Series 07-2 3C2 Series 07-2 3C3 USG41441BJ76 XS0240606169 XS0240606755 USG41441BL23 XS0240607480 XS0240607720 USG41441BM06 XS0240608371 XS0240608702 Series 2005-1 Series 2005-1 Series 2005-2 Series 2005-2 Series 2005-4 Series 2005-4 Series 2005-4 Series 2006-1 Series 2006-1 Series 2006-1 Series 2006-2 Series 2006-2 Series 2006-3 Series 2006-3 Series 2006-4 Series 2006-4 Series 2007-1 Series 2007-1 Series 2007-1 Series 2007-1 Series 2007-2 Series 2007-2 Series 2007-2 Series 2007-2 Series 2007-2 XS0210929591 XS0210925920 XS0220173909 XS0220175862 US38741YAS81 XS0229614549 XS0229614895 US38741YBL20 XS0240671494 XS0240671650 US38741YBT55 XS0252428072 US38741YCF43 XS0268037131 US38741YCV92 XS0275945730 US38741YDJ55 US38741YDK29 XS0284072468 XS0284073193 US38741YDU01 US38741YDV83 US38741YDW66 XS0298975813 XS0298980813 €80,000,000 £55,000,000 €62,000,000 £35,100,000 $20,716,933 £19,000,000 €56,900,000 $84,100,000 £25,000,000 €94,500,000 $36,000,000 €37,500,000 $182,000,000 €30,000,000 $60,600,000 €62,500,000 $84,000,000 $80,000,000 €167,000,000 £25,000,000 $66,500,000 $53,500,000 $35,000,000 €100,000,000 £53,000,000 €0 £0 €0 £0 $0 £0 €0 $0 £0 €0 $0 €0 $0 €0 $0 €0 $0 $0 €0 £0 $0 $0 $0 €0 £0 €80,000,000 £55,000,000 €62,000,000 £35,100,000 $20,716,933 £19,000,000 €56,900,000 $84,100,000 £25,000,000 €94,500,000 $36,000,000 €37,500,000 $182,000,000 €30,000,000 $60,600,000 €62,500,000 $84,000,000 $80,000,000 €167,000,000 £25,000,000 $66,500,000 $53,500,000 $35,000,000 €100,000,000 £53,000,000 £55,710,306 £55,000,000 £42,740,935 £35,100,000 £11,361,082 £19,000,000 £38,378,524 £47,648,725 £25,000,000 £64,948,454 £19,148,936 £25,544,959 £97,170,315 £20,366,599 £31,794,334 £42,258,283 £42,857,143 £40,816,327 £109,868,421 £25,000,000 £33,489,450 £26,942,640 £17,626,026 £68,455,641 £53,000,000 Baa1/A/AA+ Aaa/A/AA+ Aaa/A/AA+ Aaa/A/AA+ Baa1/A/AA+ Aaa/A/AA+ Aaa/A/AA+ Aaa/A/AA+ Aaa/A/AA+ Aa2/A/AA+ Aa3/A/AA+ Aa1/A/AA+ Aa2/A/AA+ Baa1/A/AA+ Aa2/A/AA+ Aaa/A/AA+ Aaa/A/AA+ Aaa/A/AA+ Aaa/A/AA+ Aaa/A/AA+ Aa1/A/AA+ Aa1/A/AA+ Aa1/A/AA+ Aaa/A/AA+ Aaa/A/AA+ 0.35% 0.89% 0.37% 0.91% 0.54% 0.87% 0.33% 0.52% 0.87% 0.33% 0.46% 0.25% 0.52% 0.29% 0.36% 0.35% 0.32% 0.42% 0.31% 0.85% 0.34% 0.42% 0.50% 0.29% 0.82% 0.38% 0.38% 0.40% 0.40% 0.36% 0.36% 0.36% 0.34% 0.36% 0.36% 0.28% 0.28% 0.34% 0.32% 0.18% 0.38% 0.14% 0.24% 0.34% 0.34% 0.16% 0.24% 0.32% 0.32% 0.32% 1.000000 1.000000 1.000000 1.000000 0.538102 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 Series 2005-1 Series 2005-1 Series 2005-2 Series 2005-2 Series 2005-4 Series 2005-4 Series 2005-4 Series 2006-1 Series 2006-1 Series 2006-1 Series 2006-2 Series 2006-2 Series 2006-2 Series 2006-3 Series 2006-3 Series 2006-3 Series 2006-4 Series 2006-4 Series 2006-4 Series 2007-1 Series 2007-1 Series 2007-1 Series 2007-1 Series 2007-2 Series 2007-2 Series 2007-2 Series 2007-2 XS0210929757 XS0210926225 XS0220172927 XS0220174972 US38741YAU38 XS0229614978 XS0229615272 US38741YBN85 XS0240671734 XS0240671817 US38741YBV02 XS0252429047 XS0252423198 US38741YCK38 XS0268038451 XS0268038964 US38741YCX58 US38741YCY32 XS0275946621 US38741YDL02 US38741YDM84 XS0284073607 XS0284074167 US38741YDX40 US38741YDY23 XS0298976621 XS0298981621 €79,000,000 £55,000,000 €70,000,000 £28,100,000 $19,533,108 £30,000,000 €51,000,000 $79,200,000 £33,500,000 €97,700,000 $25,000,000 €35,000,000 £10,000,000 $100,000,000 €47,000,000 £10,000,000 $47,800,000 $10,000,000 €84,400,000 $84,000,000 $80,000,000 €131,000,000 £40,000,000 $64,000,000 $52,000,000 €162,000,000 £20,000,000 €0 £0 €0 £0 $0 £0 €0 $0 £0 €0 $0 €0 £0 $0 €0 £0 $0 $0 €0 $0 $0 €0 £0 $0 $0 €0 £0 €79,000,000 £55,000,000 €70,000,000 £28,100,000 $19,533,108 £30,000,000 €51,000,000 $79,200,000 £33,500,000 €97,700,000 $25,000,000 €35,000,000 £10,000,000 $100,000,000 €47,000,000 £10,000,000 $47,800,000 $10,000,000 €84,400,000 $84,000,000 $80,000,000 €131,000,000 £40,000,000 $64,000,000 $52,000,000 €162,000,000 £20,000,000 £55,013,928 £55,000,000 £48,255,894 £28,100,000 £10,711,877 £30,000,000 £34,399,029 £44,872,521 £33,500,000 £67,147,766 £13,297,872 £23,841,962 £10,000,000 £53,390,283 £31,907,671 £10,000,000 £25,078,699 £5,246,590 £57,065,585 £42,857,143 £40,816,327 £86,184,211 £40,000,000 £32,230,448 £26,187,239 £110,898,138 £20,000,000 Baa1/A/AA Aa1/A/AA Aa1/A/AA Aa1/A/AA Baa1/A/AA Aa1/A/AA Aa1/A/AA Aa1/A/AA Aa1/A/AA Aa2/A/AA Aa3/A/AA Aa1/A/AA Aa1/A/AA Aa2/A/AA Baa1/A/AA Aa1/A/AA Aa2/A/AA Aa2/A/AA Aa1/A/AA Aa1/A/AA Aa1/A/AA Aa1/A/AA Aa1/A/AA Aa1/A/AA Aa1/A/AA Aa1/A/AA Aa1/A/AA 0.53% 1.07% 0.57% 1.15% 0.74% 1.07% 0.53% 0.76% 1.11% 0.57% 0.64% 0.43% 0.97% 0.74% 0.51% 1.05% 0.52% 0.76% 0.55% 0.48% 0.68% 0.51% 1.05% 0.50% 0.66% 0.55% 1.08% 0.56% 0.56% 0.60% 0.64% 0.56% 0.56% 0.56% 0.58% 0.60% 0.60% 0.46% 0.46% 0.46% 0.56% 0.54% 0.54% 0.34% 0.58% 0.58% 0.30% 0.50% 0.54% 0.54% 0.32% 0.48% 0.58% 0.58% 1.000000 1.000000 1.000000 1.000000 0.538102 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 Series 2005-1 Series 2005-1 Series 2005-2 Series 2005-4 Series 2005-4 Series 2005-4 Series 2006-1 Series 2006-1 Series 2006-1 Series 2006-2 Series 2006-2 Series 2006-2 Series 2006-3 Series 2006-3 Series 2006-4 Series 2006-4 Series 2006-4 Series 2007-1 Series 2007-1 Series 2007-1 Series 2007-1 Series 2007-1 Series 2007-2 Series 2007-2 Series 2007-2 Series 2007-2 XS0210929914 XS0210926571 XS0220173651 US38741YAW93 XS0229615439 XS0229615603 US38741YBP34 XS0240671908 XS0240672039 US38741YBW84 XS0252430136 XS0252423941 US38741YCP25 XS0268039699 US38741YCZ07 US38741YDA47 XS0275947512 US38741YDN67 US38741YDP16 XS0284071221 XS0284081618 XS0284075560 US38741YEA38 XS0298977512 XS0298978320 XS0298984641 €139,000,000 £60,000,000 €131,700,000 $23,999,357 £10,000,000 €76,100,000 $132,400,000 £44,200,000 €129,000,000 $75,000,000 €55,000,000 £12,000,000 $60,000,000 €137,000,000 $32,600,000 $15,000,000 €62,800,000 $94,600,000 $30,000,000 €30,000,000 €265,000,000 £36,000,000 $50,000,000 €52,000,000 €84,500,000 £60,000,000 €0 £0 €0 $0 £0 €0 $0 £0 €0 $0 €0 £0 $0 €0 $0 $0 €0 $0 $0 €0 €0 £0 $0 €0 €0 £0 €139,000,000 £60,000,000 €131,700,000 $23,999,357 £10,000,000 €76,100,000 $132,400,000 £44,200,000 €129,000,000 $75,000,000 €55,000,000 £12,000,000 $60,000,000 €137,000,000 $32,600,000 $15,000,000 €62,800,000 $94,600,000 $30,000,000 €30,000,000 €265,000,000 £36,000,000 $50,000,000 €52,000,000 €84,500,000 £60,000,000 £96,796,657 £60,000,000 £90,790,018 £13,161,150 £10,000,000 £51,328,747 £75,014,164 £44,200,000 £88,659,794 £39,893,617 £37,465,940 £12,000,000 £32,034,170 £93,007,468 £17,103,882 £7,869,885 £42,461,122 £48,265,306 £15,306,122 £19,736,842 £174,342,105 £36,000,000 £25,180,037 £35,596,933 £57,845,016 £60,000,000 Baa1/BBB-/BBB+ A3/BBB-/BBB+ A3/BBB-/BBB+ Baa1/BBB-/BBB+ A3/BBB-/BBB+ A3/BBB-/BBB+ A3/BBB-/BBB+ A3/BBB-/BBB+ A3/BBB-/BBB+ A3/BBB-/BBB+ A3/BBB-/BBB+ A3/BBB-/BBB+ A3/BBB-/BBB+ Baa1/BBB-/BBB+ A3/BBB-/BBB+ A3/BBB-/BBB+ A3/BBB-/BBB+ A3/BBB-/BBB+ A3/BBB-/BBB+ A3/BBB-/BBB+ A3/BBB-/BBB+ A3/BBB-/BBB+ A3/BBB-/BBB+ A3/BBB-/BBB+ A3/BBB-/BBB+ A3/BBB-/BBB+ 1.09% 1.63% 1.07% 1.28% 1.61% 1.07% 1.38% 1.71% 1.17% 1.12% 0.91% 1.45% 1.18% 0.97% 0.94% 1.14% 0.93% 0.78% 1.04% 0.87% 0.97% 1.51% 1.04% 0.83% 0.95% 1.48% 1.12% 1.12% 1.10% 1.10% 1.10% 1.10% 1.20% 1.20% 1.20% 0.94% 0.94% 0.94% 1.00% 1.00% 0.76% 0.96% 0.96% 0.60% 0.86% 0.90% 1.00% 1.00% 0.86% 0.86% 0.98% 0.98% 1.000000 1.000000 1.000000 0.538102 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 Internal - NRAM Plc Credit Enhancement for Granite Master Issuer plc Notes Outstanding Class A Notes (£ Equivalent) Class B Notes (£ Equivalent) Class M Notes (£ Equivalent) Class C Notes (£ Equivalent) Subordination Levels Class A Notes Class B Notes Class M Notes Class C Notes £3,708,441,945 £1,049,227,098 £1,036,003,182 £1,284,058,977 £7,077,731,202 % of Notes Outstanding 52.40% 14.82% 14.64% 18.14% 100.00% Current 57.68% 42.86% 28.22% 10.08% Required 11.60% 8.30% 5.11% 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. Reserve Fund Programme Reserve Required Percent Programme Reserve Required Amount Balance Brought Forward Drawings this Period *Additions this period Current Balance of Funding 2 & Granite Master Issuer Reserve Fund 1.65% £713,425,000 £713,425,000 £0 £0 £713,425,000 Current reserve fund as a percentage of outstanding notes Excess Spread this Period 10.08% £6,054,673 Contact Details Telephone email Neil Vanham +44 1274 806341 neil.vanham@ukar.co.uk Bloomberg Tickers GRAN / GRANM Internal - NRAM Plc