media/Files/N/NRAM-V2/securitisation/granite... · Any projections are based on a number of assumptions as to market conditions and there ... Arrears classification is determined

Granite Finance Trustees Ltd

Report Date 30 June 2013Mortgage Pool Data Date 30 June 2013Trust Calculation Date 30 June 2013Next Trust Determination Date 01 July 2013Next Trust Distribution Date 09 July 2013

Disclaimer

This investor report (the "Report") is intended for information purposes only and does not create any legally binding obligations on the part of Northern Rock (Asset Management) plc (“NRAM”) and/or its affiliates and/orGranite 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 Reportdoes 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 transactionor 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 anindependent 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 seekingadvice 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 informationcontained 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 changewithout 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 period3 month plus arrears have decreased from 5.32% in the month to 5.29%. Early arrears increased from 5.53% to 6.03%.Annualised CPR has increased to 12.50% in the month. Losses decreased to £5.0m.The possession stock decreased from 727 to 672.

Outstanding Notes in Issue at Report Date Number Value (£) Asset SummaryNumber of Mortgage Loans in Pool 167,108

Granite Mortgages 03-2 plc 10 324,663,514 Weighted Average Seasoning (Months) 90.62Granite Mortgages 03-3 plc 12 284,039,769 Weighted Average Remaining Term (Years) 17.79Granite Mortgages 04-1 plc 9 463,242,252 Average Loan Size £100,845Granite Mortgages 04-2 plc 9 505,935,948 Weighted Average LTV (by value) 79.00%Granite Mortgages 04-3 plc 10 596,941,313 Weighted Average Indexed LTV (by value) 84.33%Granite Master Issuer plc - Series 2005-1 9 980,571,622 Non-Verified (by value) 31.09%Granite Master Issuer plc - Series 2005-2 9 789,753,149 Mortgage Trust AssetsGranite Master Issuer plc - Series 2005-4 11 734,694,819 Current Balance - Trust Mortgage Assets £16,852,009,069Granite Master Issuer plc - Series 2006-1 14 1,523,384,649 Current Balance - Trust Cash and Other Assets £19,684,857Granite Master Issuer plc - Series 2006-2 11 743,385,678 Last Months Closing Trust Assets £17,088,003,690Granite Master Issuer plc - Series 2006-3 12 1,482,474,967 Funding Share £2,127,309,629Granite Master Issuer plc - Series 2006-4 13 882,263,969 Funding 2 Share £10,469,612,456Granite Master Issuer plc - Series 2007-1 19 1,990,149,455 Funding and Funding 2 Share Percentage 74.75%Granite Master Issuer plc - Series 2007-2 19 1,503,429,822 Seller Share £4,255,086,984

Seller Share Percentage 25.25%

Monthly Distributions Granite Master Issuer Waterfall 17-20 June 2013

Principal Distribution £ Distribution of Issuer Available Revenue Receipts Total (£)Receipts 193,106,611

Issuer available revenue receipts from Funding 2 15,939,109Paid to Funding 32,610,937 Issuer available revenue receipts - Issuers Revenue Ledger 47,374Paid to Funding 2 160,495,674 Issuer available reserve fund 177,680,682Paid to Seller 0

193,106,611 193,667,165

Revenue Distribution Issuer required revenue receipts 15,939,109Receipts 56,620,688GIC Interest 53,015 3rd party creditors 0

56,673,702 Issuer cash manager 50,411Amounts due to the A notes and A swap providers 4,956,330

Administration Fee 840,988 Amounts due to the B notes and B note swap providers 837,418Paid to Funding 6,917,293 Amounts due to the M notes and M note swap providers 1,081,947Paid to Funding 2 34,043,635 Amounts due to the C notes and C note swap providers 1,750,741Paid to Seller 14,871,787 Interest due on start-up loan (from Northern Rock (Asset Management) plc) 0

56,673,702 Principal due on start-up loan 0Retain Funding 2 and GMI Profit 891

Funding Bank Balance - Principal element of Balance 47,513,166 Repayment of Deferred Consideration to NRAM Plc 7,308,744Funding 2 Bank Balance - Principal element of Balance 160,495,674 To fund issuer reserve fund 175,396,784

To fund funding 2 reserve fund 2,283,898Excess SpreadLast Quarter Annualised - Funding 0.41% Excess of available revenue receipts over required receipts* 7,309,635Last Month Annualised - Funding 2 0.81%

To top up funding reserve fund following breach of arrears trigger 0

Northern Rock (Asset Management) plc Current Existing Borrowers' SVR 4.79%Effective Date of Change 1 Mar 2009

Page 1

Main Parties to the Structure Role RatingsS&P Moody's Fitch

LT ST LT ST LT STNorthern Rock (Asset Management) plc Seller A A-1 A1 P-1 AA+ F1+

AdministratorCash ManagerBasis swap providerStart up loan providerAccount bank

Citibank N.A. Agent bank A A-1 A3 P-2 A F1Common depositaryPrincipal paying agentRegistrarUS Paying Agent

Issuer Swap ProvidersThe Royal Bank of Scotland plc A A-1 A3 P-2 A F1Barclays Bank plc A+ A-1 A2 P-1 A F1HSBC Bank plc AA- A-1+ Aa3 P-1 AA- F1+Citibank N.A. A A-1 A3 P-2 A F1Swiss Re Financial Products Corporation - Guaranteed by Swiss Reinsurance Company * AA- A-1+ A1 P-1 A+ -UBS AG A A-1 A2 P-1 A F1Goldman Sachs Bank USA - Guaranteed by Goldman Sachs Group Inc * A A-1 A2 P-1 A F1

AAA A-1 Aa2 P-1 A+ F1Credit Suisse International A+ A-1 A1 P-1 A F1Deutsche Bank AG A+ A-1 A2 P-1 A+ F1+BNP Paribas SA A+ A-1 A2 P-1 A+ F1+

* 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 5,834 4.05%> = 2 < 3 Months 2,766 1.99%> = 3 < 4 Months 1,640 1.20%> = 4 < 5 Months 1,108 0.82%> = 5 < 6 Months 853 0.62%> = 6 < 7 Months 604 0.45%> = 7 < 8 Months 459 0.34%> = 8 < 9 Months 449 0.33%> = 9 < 10 Months 319 0.24%> = 10 < 11 Months 277 0.23%> = 11 < 12 Months 200 0.16%> = 12 < 13 Months 163 0.13%> = 13 < 14 Months 147 0.12%> = 14 < 15 Months 121 0.09%> = 15 < 16 Months 130 0.12%> = 16 < 17 Months 100 0.08%> = 17 < 18 Months 71 0.05%> = 18 < 19 Months 52 0.04%> = 19 < 20 Months 42 0.03%> = 20 < 21 Months 32 0.02%> = 21 < 22 Months 42 0.04%> = 22 < 23 Months 29 0.02%> = 23 < 24 Months 26 0.03%> = 24 < 36 Months 124 0.11%> = 36 Months 35 0.03%Total 15,623 11.33%

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 previousdue 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 betweenthe 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 underpaymentsmade 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 beenmissed. 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 beclassified as being between 2 - 3 months in arrears, and so on.

Properties in Possession Number Value (£)Total (since inception) 20,734 2,339,291,078Arrears (since inception) 138,298,722Properties in Possession (Number) 672 85,595,516Number Brought Forward 727Repossessed (Current Month) 162Relinquished (Current Month) 2Sold (since inception) 20,046Sold (current month) 215Average Time from Possession to Sale (days) (since inception) 140Average Arrears at Sale (since inception) 6,651Total Principal Loss (Since inception) 487,547,804Total Principal Loss (current month) 4,980,467Number of accounts experiencing a loss since inception 16,162Average loss on accounts experiencing a loss since inception 30,143MIG Claims Submitted (since inception) 19MIG Claims Outstanding 0Average Time from Claim to Payment (Days) 81

1,908,885,082 45,180,279 9.35%5,744,623 976,134 0.02%17,857,117 2,353,156 0.07%4,409,529 490,260 0.02%4,013,568 398,362 0.02%6,153,319 613,334 0.03%4,030,561 377,779 0.02%5,522,053 518,534 0.03%7,100,787 635,587 0.03%8,943,054 767,450 0.04%14,095,097 1,065,672 0.06%19,434,223 1,425,150 0.08%15,088,625 1,076,627 0.07%19,464,710 1,268,843 0.09%21,757,138 1,350,050 0.10%27,004,919 1,485,843 0.12%38,319,875 1,964,835 0.17%39,942,909 1,916,922 0.19%55,244,898 2,437,635 0.27%57,412,801 2,240,323 0.27%76,490,630 2,566,274 0.36%

103,680,186 2,971,818 0.51%137,431,351 3,198,409 0.66%

681,733,990 4,973,074 3.49%

202,909,919 3,737,191 0.98%335,099,198 4,371,016 1.66%

Goldman Sachs Mitsui Marine Derivative Products, LP - Guaranteed by Mitsui Sumitomo Insurance Company Ltd &Goldman Sachs Group Inc *

Page 2

CPR AnalysisCurrent Month CPR Rate - TotalPrevious Month CPR Rate - TotalCurrent Month % of CPR - Removals*Previous Month % of CPR - Removals*Current Month % of CPR - Non-Removals**Previous Month % of CPR - Non-Removals***Removals are loans that Northern Rock (Asset Management) Plc has repurchased from the Trust (e.g. Further Advances and Product Switches)**Non-Removals are scheduled repayments, overpayments and redemptions

Product BreakdownFixed RateTogetherVariableTrackerTotal

Geographic AnalysisEast AngliaEast MidlandsGreater LondonNorthNorth WestScotlandSouth EastSouth WestWalesWest MidlandsYorks & HumbersideTotal

Repayment MethodEndowmentInterest OnlyRepaymentPart and PartTotal

LTV Levels Breakdown< 25%> = 25% < 50%> = 50% < 55%> = 55% < 60%> = 60% < 65%> = 65% < 70%> = 70% < 75%> = 75% < 80%> = 80% < 85%> = 85% < 90%> = 90% < 95%> = 95% < 100%> = 100%Total

Indexed LTV Levels Breakdown< 25%> = 25% < 50%> = 50% < 55%> = 55% < 60%> = 60% < 65%> = 65% < 70%> = 70% < 75%> = 75% < 80%> = 80% < 85%> = 85% < 90%> = 90% < 95%> = 95% < 100%> = 100%Total

Employment StatusFull TimePart TimeRetiredSelf EmployedOtherTotal

99.86%99.91%

1.11%0.94%

2,484 183,881,071 1.09%167,108 16,852,009,069 100.00%

1,566 79,883,418 0.47%18,515 2,779,333,387 16.49%

142,545 13,672,064,260 81.13%1,998 136,846,933 0.81%

167,108 16,852,009,069 100.0%

Number Value (£) % of Total

18,128 375,408,947Number Value (£)

13,555 1,844,295,936 10.94%2,880 383,889,452 2.28%

26,130 3,261,774,720 19.36%17,753 2,233,027,673 13.25%

15,912 1,710,067,708 10.15%25,003 2,753,766,102 16.34%

7,849 792,716,050 4.70%9,945 1,051,984,531 6.24%

5,144 462,921,424 2.75%6,247 606,680,455 3.60%

16,564 1,063,861,838 6.31%4,491 384,800,207 2.28%

Number Value (£) % of Total15,635 302,222,975 1.79%

109,872 8,994,599,248 53.37%

167,108 16,852,009,069 100.00%502 63,718,695

44,521 6,212,129,31712,213 1,581,561,810 9.39%

Number Value (£)

10.71% 1,512,414,514 8.97%167,108 100% 16,852,009,069 100%17,897

4.33% 643,661,361 3.82%14,010 8.38% 1,397,065,560 8.29%7,231

18.06% 4,123,937,626 24.47%11,791 7.06% 1,418,771,465 8.42%30,185

14.12% 2,046,093,425 12.14%19,966 11.95% 1,440,513,677 8.55%23,59215,527 9.29% 1,085,494,145 6.44%

5.27% 1,428,217,1797.16% 1,119,311,977 6.64%3.67% 636,528,141

100.0%

% of Total Value (£) % of Total3.78%

8.48%

% of Total

36.86%

2.23%

10.70%24.69%

0.38%

£7,677,797,909

% Balance3.66%45.56%

Value£616,059,545

Monthly Annualised12.50%10.77%0.14%0.09%

18,797 1,200,015,805 7.12%4,097 353,117,743 2.10%4,686 450,711,955 2.67%5,353 548,920,441 3.26%6,409 705,640,294 4.19%8,110 934,362,904 5.54%

6.86%12,936 1,514,761,606 8.99%

33,186 4,161,114,494

9,935 1,156,869,060

% of Total

46.42%4.37%

167,108 16,852,009,069

14,947 1,780,543,06815,628 1,866,540,96614,896

100.0%

10.57%11.08%

6,133Number

11,9638,813

£7,822,439,744£735,711,870

£16,852,009,069

1,804,001,787

Page 3

Month / Year in which Fixed Rate Period Ends

Jul-13Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14Remainder of 201420152016201720182019202020212022Total

Trigger Events Event OccurredAssetAn "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 Noof any Funding issuer or to the AAA principal deficiency sub-ledger of Funding 2. Following an asset trigger event controlled amortisation schedules willno longer apply and the notes will become pass-through notes paying principal pro rata on the most senior outstanding notes and then sequential.

Non-AssetA "non-asset trigger event" means any of the following events: Yes

an insolvency event occurs in relation to the seller; the seller's role as administrator is terminated and a new administrator is not appointed within 60 days; oron 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 makingthe distributions of mortgages trustee principal receipts due on that distribution dateA "seller share event" will occur if, on a distribution date, (i) the result of the calculation of the current seller share on that distribution datewould be equal to or less than the minimum seller share for such distribution date (determined using the amounts of the current seller share and minimumseller 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 ofTrust principal changes with all principal allocated to Funding and Funding 2 in proportion to their respective shares. The bonds will be paid sequentiallyby rating class. Within the AAA class bonds will be paid in order of legal final maturity.

Arrears Trigger YesAn arrears trigger event will occur if the outstanding principal balance of 90+ day arrears in the trust exceed 2%. In the eventof an arrears trigger the Granite Mortgages 04-2 issuer reserve fund will step up to 1.415%, the Granite 04-3 issuerreserve 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 YesA 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 04-2issuer 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 £22.1mnIn 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 NoThere are any material legal proceedings against Northern Rock (Asset Management) 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. Thisdata fact sheet and its notes are for information purposes only and are not intended as an offer or invitation withrespect to the purchase or sale of any security. Reliance should not be placed on the information herein whenmaking any decision whether to buy, hold or sell bonds (or other securities) or for any other purpose.

8.79%100%

1 0.01% 35,611

25.44%13.51%

1,874 24.28% 156,714,043

7,718 100% 616,059,545537 6.96% 54,127,396895 11.60% 83,227,184

362 4.69% 24,290,965 3.94%

% of Total Value (£) % of Total

91 1.18% 2,771,186125 1.62% 9,284,496

0.45%1.51%15.94%

1.35%0.79%

1.34%

0.97%0.36%

2.13%2681,697

32

Number

106

103

98,178,821

1,812,434

1,170

1.37%0.41%0.40%31

21.99%15.16%

3.47%

6,004,6752,187,415

19.97%

0.06%

0.91%0.18%

1.75%

0.29%

0.32%0.01%

1.33% 8,244,024

122,999,25013,144,160

4,884,076

108 1.40% 10,791,87391 1.18% 8,324,447

8

0.93%

0.27% 1,108,4221.11% 5,575,474

728621

40 0.52% 1,957,3730.10% 396,222

Page 4

Notes Granite Mortgages 03-2 plcISIN Brought forward Repaid Outstanding £ Equivalent Rating Reference Rate Margin Pool factor

Series 1A3 US38741QAC06 $83,095,317 $0 $83,095,317 £51,685,835 Aaa/A/AAA 0.78% 0.50% 0.166191B US38741QAD88 $48,961,154 $0 $48,961,154 £30,454,161 Aa1/A/AAA 1.26% 0.98% 0.640015C US38741QAE61 $6,720,158 $0 $6,720,158 £4,179,983 Baa1/A/BBB+ 2.83% 2.55% 0.640015Series 2A XS0168665718 €49,857,191 €0 €49,857,191 £35,627,548 Aaa/A/AAA 0.71% 0.50% 0.166191B XS0168666013 €46,657,100 €0 €46,657,100 £33,340,789 Aa1/A/AAA 1.19% 0.98% 0.640015M XS0168771748 €33,472,789 €0 €33,472,789 £23,919,386 Aa3/A/AA+ 1.71% 1.50% 0.640015C1 XS0168666104 €16,000,000 €0 €16,000,000 £11,433,472 Baa1/A/BBB+ 2.76% 2.55% 1.000000C2 XS0168666443 €41,920,988 €0 €41,920,988 £29,956,401 Baa1/A/BBB+ 2.76% 2.55% 0.640015Series 3A XS0168666526 £94,465,713 £0 £94,465,713 £94,465,713 Aaa/A/AAA 0.98% 0.48% 0.268155C XS0168666872 £9,600,226 £0 £9,600,226 £9,600,226 Baa1/A/BBB+ 3.05% 2.55% 0.640015

£324,663,514

Credit EnhancementNotes Outstanding % of Notes OutstandingClass A Notes (£ Equivalent) £181,779,096 55.99%Class B Notes (£ Equivalent) £63,794,950 19.65%Class M Notes (£ Equivalent) £23,919,386 7.37%Class C Notes (£ Equivalent) £55,170,081 16.99%

£324,663,514 100.00%03-2 Reserve FundGranite Mortgages 03-2 Reserve Fund Requirement £35,000,000 10.78%Balance Brought Forward £35,000,000 10.78%Drawings this Period - Quarter 1st Feb 13 to 30th Apr 13 £0 0.00%Excess Spread this Period - Quarter 1st Feb 13 to 30th Apr 13 £68,493 0.02%Funding Reserve Fund Drawdown this Period - Quarter 1st Feb 13 to 30th Apr 13 £0 0.00%Funding Reserve Fund Top-up this Period* -£68,493Current Balance £35,000,000 10.78%Funding Reserve FundFunding Reserve Fund requirement £43,848,228 2.06%Funding Reserve Balance brought forward £44,427,278 2.09%Drawings this Period - Quarter 1st Apr 13 to 30th Jun 13 £0 0.00%Excess Spread this Period - Quarter 1st Apr 13 to 30th Jun 13 £2,032,215 0.10%Repayment of deferred consideration -£2,611,264 -0.12%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £43,848,228 2.06%Funding Reserve % 1.0% NA*Top-ups only occur at the end of each quarter.


Series 1A3 US38741UAC18 $43,400,642 $0 $43,400,642 £26,906,784 Aaa/A/AAA 0.68% 0.40% 0.086801B US38741UAD90 $46,442,845 $0 $46,442,845 £28,792,836 Aa1/A/AAA 1.18% 0.90% 0.645040M US38741UAE73 $17,416,067 $0 $17,416,067 £10,797,314 Aa3/A/AA+ 1.68% 1.40% 0.645040C US38741UAF49 $32,251,976 $0 $32,251,976 £19,995,025 Baa1/A/BBB+ 2.73% 2.45% 0.645040Series 2A XS0176409927 €55,552,822 €0 €55,552,822 £38,796,579 Aaa/A/AAA 0.59% 0.38% 0.086801B XS0176410180 €14,835,909 €0 €14,835,909 £10,360,995 Aa1/A/AAA 1.11% 0.90% 0.645040M XS0176410347 €4,837,796 €0 €4,837,796 £3,378,585 Aa3/A/AA+ 1.61% 1.40% 0.645039C XS0176410420 €35,477,173 €0 €35,477,173 £24,776,292 Baa1/A/BBB+ 2.66% 2.45% 0.645040

Series 3A XS0176410693 £89,595,982 £0 £89,595,982 £89,595,982 Aaa/A/AAA 0.88% 0.38% 0.263518B XS0176410776 £18,383,626 £0 £18,383,626 £18,383,626 Aa1/A/AAA 1.40% 0.90% 0.645040M XS0176410859 £7,417,954 £0 £7,417,954 £7,417,954 Aa3/A/AA+ 1.90% 1.40% 0.645039C XS0176411071 £4,837,796 £0 £4,837,796 £4,837,796 Baa1/A/BBB+ 2.95% 2.45% 0.645039

£284,039,769


£284,039,769 100.00%03-3 Reserve FundGranite Mortgages 03-3 Reserve Fund Requirement £33,400,000 11.76%Balance Brought Forward £33,400,000 11.76%Drawings this Period - Quarter 1st Feb 13 to 30th Apr 13 £0 0.00%Excess Spread this Period - Quarter 1st Feb 13 to 30th Apr 13 £116,705 0.04%Funding Reserve Fund Drawdown this Period - Quarter 1st Feb 13 to 30th Apr 13 £0 0.00%Funding Reserve Fund Top-up this Period* -£116,705Current Balance £33,400,000 11.76%Funding Reserve FundFunding Reserve Fund requirement £43,848,228 2.06%Funding Reserve Balance brought forward £44,427,278 2.09%Drawings this Period - Quarter 1st Apr 13 to 30th Jun 13 £0 0.00%Excess Spread this Period - Quarter 1st Apr 13 to 30th Jun 13 £2,032,215 0.10%Repayment of deferred consideration -£2,611,264 -0.12%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £43,848,228 2.06%Funding Reserve % 1.0% NA

Page 5


Series 2A1 US38741VAF22 $191,503,463 $11,225,339 $180,278,124 £98,297,777 Aaa/A/AAA 0.59% 0.32% 0.152133A2 XS0184562816 €138,712,072 €8,130,871 €130,581,201 £90,056,001 Aaa/A/AAA 0.53% 0.32% 0.145090B XS0184563111 €91,000,000 €0 €91,000,000 £62,758,621 Aa2/A/AAA 0.89% 0.68% 1.000000M XS0184563541 €45,000,000 €0 €45,000,000 £31,034,483 A1/A/AA+ 1.35% 1.14% 1.000000C XS0184563897 €60,000,000 €0 €60,000,000 £41,379,310 Baa1/A/BBB+ 2.28% 2.07% 1.000000Series 3A XS0184565249 £92,115,590 £5,399,530 £86,716,060 £86,716,060 Aaa/A/AAA 0.83% 0.32% 0.144527B XS0184566130 £23,000,000 £0 £23,000,000 £23,000,000 Aa2/A/AAA 1.19% 0.68% 1.000000M XS0184566569 £10,000,000 £0 £10,000,000 £10,000,000 A1/A/AA+ 1.65% 1.14% 1.000000C XS0184567534 £20,000,000 £0 £20,000,000 £20,000,000 Baa1/A/BBB+ 2.58% 2.07% 1.000000

£463,242,252


£463,242,252 100.00%04-1 Reserve FundGranite Mortgages 04-1 Reserve Fund Requirement £60,000,000 12.95%Balance Brought Forward £60,000,000 12.95%Drawings this Period - Quarter 1st Apr 13 to 30th Jun 13 £0 0.00%Excess Spread this Period - Quarter 1st Apr 13 to 30th Jun 13 £492,620 0.11%Funding Reserve Fund Drawdown this Period - Quarter 1st Apr 13 to 30th Jun 13 £0 0.00%Funding Reserve Fund Top-up this Period* -£492,620Current Balance £60,000,000 12.95%Funding Reserve FundFunding Reserve Fund requirement £43,848,228 2.06%Funding Reserve Balance brought forward £44,427,278 2.09%Drawings this Period - Quarter 1st Apr 13 to 30th Jun 13 £0 0.00%Excess Spread this Period - Quarter 1st Apr 13 to 30th Jun 13 £2,032,215 0.10%Repayment of deferred consideration -£2,611,264 -0.12%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £43,848,228 2.06%Funding Reserve % 1.0% NA


Series 2A1 XS0193212825 €153,037,561 €8,245,171 €144,792,390 £98,498,224 Aaa/A/AAA 0.49% 0.28% 0.108054A2 XS0193213807 £27,802,941 £1,497,933 £26,305,008 £26,305,008 Aaa/A/AAA 0.79% 0.28% 0.107807B XS0193215414 €36,677,882 €0 €36,677,882 £24,950,940 Aa3/A/AAA 0.75% 0.54% 0.398673M XS0193216578 €21,324,350 €0 €21,324,350 £14,506,361 A2/A/AA+ 1.01% 0.80% 0.398586C XS0193217030 €35,398,421 €0 €35,398,421 £24,080,559 Baa2/A/BBB+ 1.81% 1.60% 0.397735Series 3A XS0193218350 £215,294,215 £11,599,359 £203,694,856 £203,694,856 Aaa/A/AAA 0.83% 0.32% 0.270835B XS0193218863 £38,900,000 £0 £38,900,000 £38,900,000 Aa2/A/AAA 1.15% 0.64% 1.000000M XS0193219754 £26,500,000 £0 £26,500,000 £26,500,000 A1/A/AA+ 1.45% 0.94% 1.000000C XS0193220927 £48,500,000 £0 £48,500,000 £48,500,000 Baa2/A/BBB+ 2.21% 1.70% 1.000000

£505,935,948


£505,935,948 100.00%04-2 Reserve FundGranite Mortgages 04-2 Reserve Fund Requirement £59,800,000 11.82%Balance Brought Forward £59,800,000 11.82%Drawings this Period - Quarter 1st Apr 13 to 30th Jun 13 £0 0.00%Excess Spread this Period - Quarter 1st Apr 13 to 30th Jun 13 £799,676 0.16%Funding Reserve Fund Drawdown this Period - Quarter 1st Apr 13 to 30th Jun 13 £0 0.00%Funding Reserve Fund Top-up this Period* -£799,676 -0.16%Current Balance £59,800,000 11.82%Funding Reserve FundFunding Reserve Fund requirement £43,848,228 2.06%Funding Reserve Balance brought forward £44,427,278 2.09%Drawings this Period - Quarter 1st Apr 13 to 30th Jun 13 £0 0.00%Excess Spread this Period - Quarter 1st Apr 13 to 30th Jun 13 £2,032,215 0.10%Repayment of deferred consideration -£2,611,264 -0.12%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £43,848,228 2.06%Funding Reserve % 1.0% NA

Page 6


Series 2A1 US38741SAF92 $70,172,398 $4,401,325 $65,771,073 £36,620,865 Aaa/A/AAA 0.55% 0.28% 0.092155A2 XS0201483228 €78,672,333 €4,934,455 €73,737,878 £50,333,023 Aaa/A/AAA 0.49% 0.28% 0.092155B XS0201483657 €28,548,768 €0 €28,548,768 £19,487,214 Aa1/A/AAA 0.77% 0.56% 0.383720M XS0201484036 €22,217,388 €0 €22,217,388 £15,165,453 Aa3/A/AA+ 0.95% 0.74% 0.383720C XS0201485355 €53,356,267 €0 €53,356,267 £36,420,660 Baa2/A/BBB+ 1.81% 1.60% 0.383720Series 3A1 XS0201486320 £105,376,092 £6,609,357 £98,766,735 £98,766,735 Aaa/A/AAA 0.87% 0.36% 0.240162A2 XS0201565628 £153,740,195 £9,642,831 £144,097,364 £144,097,364 Aaa/A/AAA 0.89% 0.38% 0.240162B XS0201486833 £54,350,000 £0 £54,350,000 £54,350,000 Aa1/A/AAA 1.21% 0.70% 1.000000M XS0201487211 £42,250,000 £0 £42,250,000 £42,250,000 Aa3/A/AA+ 1.41% 0.90% 1.000000C XS0201487567 £99,450,000 £0 £99,450,000 £99,450,000 Baa1/A/BBB+ 2.27% 1.76% 1.000000

£596,941,313


£596,941,313 100.00%04-3 Reserve FundGranite Mortgages 04-3 Reserve Fund Requirement £66,000,000 11.06%Balance Brought Forward £66,000,000 11.06%Drawings this Period - Quarter 1st Apr 13 to 30th Jun 13 £0 0.00%Excess Spread this Period - Quarter 1st Apr 13 to 30th Jun 13 £740,133 0.12%Funding Reserve Fund Drawdown this Period - Quarter 1st Apr 13 to 30th Jun 13 £0 0.00%Funding Reserve Fund Top-up this Period* -£740,133 -0.12%Current Balance £66,000,000 11.06%Funding Reserve FundFunding Reserve Fund requirement £43,848,228 2.06%Funding Reserve Balance brought forward £44,427,278 2.09%Drawings this Period - Quarter 1st Apr 13 to 30th Jun 13 £0 0.00%Excess Spread this Period - Quarter 1st Apr 13 to 30th Jun 13 £2,032,215 0.10%Repayment of deferred consideration -£2,611,264 -0.12%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £43,848,228 2.06%Funding Reserve % 1.0% NA

Notes Granite Master Issuer plcA Notes

SEC ISIN Issuer ISIN Brought forward Repaid Outstanding £ Equivalent Rating Reference Rate Margin Pool factorA4 Series 2005-1 US38741YAC30 $260,909,527 $4,880,854 $256,028,673 £136,185,464 Aaa/A+/AAA 0.39% 0.20% 0.232753A5 Series 2005-1 XS0210929161 €355,785,830 €6,655,712 €349,130,118 £243,126,823 Aaa/A+/AAA 0.30% 0.18% 0.232753A6 Series 2005-1 XS0210925847 £228,003,726 £4,265,283 £223,738,443 £223,738,443 Aaa/A+/AAA 0.73% 0.24% 0.298318A5 Series 2005-2 XS0220174543 €206,541,917 €3,863,795 €202,678,122 £139,720,200 Aaa/A+/AAA 0.40% 0.28% 0.253348A6 Series 2005-2 US38741YAH27 $322,721,746 $6,037,180 $316,684,566 £172,298,458 Aaa/A+/AAA 0.45% 0.26% 0.253348A7 Series 2005-2 XS0220172257 £161,183,434 £3,015,271 £158,168,163 £158,168,163 Aaa/A+/AAA 0.81% 0.32% 0.298318A8 Series 2005-2 XS0220486277 £76,001,242 £1,421,761 £74,579,481 £74,579,481 Aaa/A+/AAA 0.81% 0.32% 0.298318A5 Series 2005-4 XS0229614200 €412,625,942 €7,719,024 €404,906,918 £273,105,975 Aaa/A+/AAA 0.32% 0.20% 0.298318A6 Series 2005-4 XS0229614465 £247,885,650 £4,637,215 £243,248,435 £243,248,435 Aaa/A+/AAA 0.73% 0.24% 0.298318A1 USG41441BE89 Series 2006-1 US38741YBG35 $143,956,530 $2,693,005 $141,263,525 £80,035,992 Aaa/A+/AAA 0.26% 0.07% 0.182017A5 USG41441BG38 Series 2006-1 US38741YBJ73 $287,913,061 $5,386,011 $282,527,050 £160,071,983 Aaa/A+/AAA 0.33% 0.14% 0.182017A6 XS0240602929 Series 2006-1 XS0240670686 €577,609,438 €10,805,383 €566,804,055 £389,556,052 Aaa/A+/AAA 0.32% 0.20% 0.298318A7 XS0240603067 Series 2006-1 XS0240670843 £121,601,987 £2,274,817 £119,327,170 £119,327,170 Aaa/A+/AAA 0.73% 0.24% 0.298318A8 XS0240603653 Series 2006-1 XS0240671148 £288,804,719 £5,402,691 £283,402,028 £283,402,028 Aaa/A+/AAA 0.73% 0.24% 0.298318A4 Series 2006-2 US38741YBR99 $261,823,643 $4,897,954 $256,925,689 £136,662,601 Aaa/A+/AAA 0.27% 0.08% 0.201510A5 Series 2006-2 XS0252421499 €413,446,756 €7,734,379 €405,712,377 £276,370,829 Aaa/A+/AAA 0.32% 0.20% 0.298318A6 Series 2006-2 XS0252427009 £152,002,484 £2,843,522 £149,158,962 £149,158,962 Aaa/A+/AAA 0.60% 0.11% 0.298318A3 Series 2006-3 US38741YBZ16 $466,909,069 $8,734,502 $458,174,567 £244,620,698 Aaa/A+/AAA 0.27% 0.08% 0.254541A4 Series 2006-3 US38741YCA55 $304,004,968 $5,687,044 $298,317,924 £159,272,784 Aaa/A+/AAA 0.27% 0.08% 0.298318A5 Series 2006-3 XS0267967924 €380,006,210 €7,108,805 €372,897,405 £253,155,061 Aaa/A+/AAA 0.34% 0.22% 0.298318A6 Series 2006-3 XS0267968658 £212,803,477 £3,980,930 £208,822,547 £208,822,547 Aaa/A+/AAA 0.71% 0.22% 0.298318A7 Series 2006-3 US38741YCD94 $532,008,693 $9,952,326 $522,056,367 £278,727,372 Aaa/A+/AAA 0.39% 0.20% 0.298318A4 Series 2006-4 US38741YDB20 $214,110,699 $4,005,385 $210,105,314 £110,233,638 Aaa/A+/AAA 0.29% 0.10% 0.298318A5 Series 2006-4 CA38741YDD81 CAD 106,401,738 CAD 1,990,465 CAD 104,411,273 £47,862,147 Aaa/A+/AAA 1.35% 0.13% 0.298318A6 Series 2006-4 US38741YDC03 $343,525,613 $6,426,359 $337,099,254 £176,862,148 Aaa/A+/AAA 0.37% 0.18% 0.298318A7 Series 2006-4 XS0275944766 €345,045,638 €6,454,795 €338,590,843 £228,932,281 Aaa/A+/AAA 0.34% 0.22% 0.298318A8 Series 2006-4 XS0276823167 £91,201,490 £1,706,113 £89,495,377 £89,495,377 Aaa/A+/AAA 0.71% 0.22% 0.2983182A1 Series 2007-1 US38741YDF34 $440,807,203 $8,246,214 $432,560,989 £220,694,382 Aaa/A+/AAA 0.33% 0.14% 0.2983183A1 Series 2007-1 US38741YDG17 $456,007,451 $8,530,565 $447,476,886 £228,304,534 Aaa/A+/AAA 0.39% 0.20% 0.2983183A2 Series 2007-1 XS0284071908 €501,608,196 €9,383,621 €492,224,575 £323,831,957 Aaa/A+/AAA 0.32% 0.20% 0.2983184A1 Series 2007-1 US38741YDH99 $304,004,968 $5,687,044 $298,317,924 £152,203,022 Aaa/A+/AAA 0.41% 0.22% 0.2983185A1 Series 2007-1 XS0284076295 £197,603,229 £3,696,578 £193,906,651 £193,906,651 Aaa/A+/AAA 0.71% 0.22% 0.2983186A1 Series 2007-1 XS0284077186 £152,002,484 £2,843,522 £149,158,962 £149,158,962 Aaa/A+/AAA 0.68% 0.19% 0.298318Series 07-2 2A1 Series 2007-2 US38741YDR71 $311,605,092 $5,829,220 $305,775,872 £153,988,957 Aaa/A+/AAA 0.27% 0.08% 0.298318Series 07-2 2A2 Series 2007-2 CA38741YEC99 CAD 152,002,484 CAD 2,843,522 CAD 149,158,962 £68,377,630 Aaa/A+/AAA 1.40% 0.18% 0.298318Series 07-2 3A1 Series 2007-2 US38741YDS54 $334,405,464 $6,255,748 $328,149,716 £165,256,442 Aaa/A+/AAA 0.37% 0.18% 0.298318Series 07-2 3A2 Series 2007-2 XS0298974840 €304,004,967 €5,687,043 €298,317,924 £204,215,446 Aaa/A+/AAA 0.32% 0.20% 0.298318Series 07-2 4A1 Series 2007-2 US38741YDT38 $304,004,967 $5,687,043 $298,317,924 £150,233,129 Aaa/A+/AAA 0.28% 0.09% 0.298318Series 07-2 4A2 Series 2007-2 XS0298980060 £197,603,229 £3,696,578 £193,906,651 £193,906,651 Aaa/A+/AAA 0.71% 0.22% 0.298318

Page 7

B NotesB2 Series 2005-1 XS0210929591 €80,000,000 €0 €80,000,000 £55,710,306 Aa3/A+/AA+ 0.50% 0.38% 1.000000B3 Series 2005-1 XS0210925920 £55,000,000 £0 £55,000,000 £55,000,000 Aa3/A+/AA+ 0.87% 0.38% 1.000000B2 Series 2005-2 XS0220173909 €62,000,000 €0 €62,000,000 £42,740,935 Aa3/A+/AA+ 0.52% 0.40% 1.000000B3 Series 2005-2 XS0220175862 £35,100,000 £0 £35,100,000 £35,100,000 Aa3/A+/AA+ 0.89% 0.40% 1.000000B2 Series 2005-4 US38741YAS81 $20,716,933 $0 $20,716,933 £11,361,082 Aa3/A+/AA+ 0.55% 0.36% 0.538102B3 Series 2005-4 XS0229614549 £19,000,000 £0 £19,000,000 £19,000,000 Aa3/A+/AA+ 0.85% 0.36% 1.000000B4 Series 2005-4 XS0229614895 €56,900,000 €0 €56,900,000 £38,378,524 Aa3/A+/AA+ 0.48% 0.36% 1.000000B2 USG41441BJ76 Series 2006-1 US38741YBL20 $84,100,000 $0 $84,100,000 £47,648,725 Aa3/A+/AA+ 0.53% 0.34% 1.000000B3 XS0240606169 Series 2006-1 XS0240671494 £25,000,000 £0 £25,000,000 £25,000,000 Aa3/A+/AA+ 0.85% 0.36% 1.000000B4 XS0240606755 Series 2006-1 XS0240671650 €94,500,000 €0 €94,500,000 £64,948,454 Aa3/A+/AA+ 0.48% 0.36% 1.000000B2 Series 2006-2 US38741YBT55 $36,000,000 $0 $36,000,000 £19,148,936 Aa3/A+/AA+ 0.47% 0.28% 1.000000B3 Series 2006-2 XS0252428072 €37,500,000 €0 €37,500,000 £25,544,959 Aa3/A+/AA+ 0.40% 0.28% 1.000000B2 Series 2006-3 US38741YCF43 $182,000,000 $0 $182,000,000 £97,170,315 Aa3/A+/AA+ 0.53% 0.34% 1.000000B3 Series 2006-3 XS0268037131 €30,000,000 €0 €30,000,000 £20,366,599 Aa3/A+/AA+ 0.44% 0.32% 1.000000B1 Series 2006-4 US38741YCV92 $60,600,000 $0 $60,600,000 £31,794,334 Aa3/A+/AA+ 0.37% 0.18% 1.000000B3 Series 2006-4 XS0275945730 €62,500,000 €0 €62,500,000 £42,258,283 Aa3/A+/AA+ 0.50% 0.38% 1.0000001B1 Series 2007-1 US38741YDJ55 $84,000,000 $0 $84,000,000 £42,857,143 Aa3/A+/AA+ 0.33% 0.14% 1.0000002B1 Series 2007-1 US38741YDK29 $80,000,000 $0 $80,000,000 £40,816,327 Aa3/A+/AA+ 0.43% 0.24% 1.0000003B1 Series 2007-1 XS0284072468 €167,000,000 €0 €167,000,000 £109,868,421 Aa3/A+/AA+ 0.46% 0.34% 1.0000003B2 Series 2007-1 XS0284073193 £25,000,000 £0 £25,000,000 £25,000,000 Aa3/A+/AA+ 0.83% 0.34% 1.000000Series 07-2 1B1 Series 2007-2 US38741YDU01 $66,500,000 $0 $66,500,000 £33,489,450 Aa3/A+/AA+ 0.35% 0.16% 1.000000Series 07-2 2B1 Series 2007-2 US38741YDV83 $53,500,000 $0 $53,500,000 £26,942,640 Aa3/A+/AA+ 0.43% 0.24% 1.000000Series 07-2 3B1 Series 2007-2 US38741YDW66 $35,000,000 $0 $35,000,000 £17,626,026 Aa3/A+/AA+ 0.51% 0.32% 1.000000Series 07-2 3B2 Series 2007-2 XS0298975813 €100,000,000 €0 €100,000,000 £68,455,641 Aa3/A+/AA+ 0.44% 0.32% 1.000000Series 07-2 3B3 Series 2007-2 XS0298980813 £53,000,000 £0 £53,000,000 £53,000,000 Aa3/A+/AA+ 0.81% 0.32% 1.000000

M NotesM2 Series 2005-1 XS0210929757 €79,000,000 €0 €79,000,000 £55,013,928 A2/A+/A 0.68% 0.56% 1.000000M3 Series 2005-1 XS0210926225 £55,000,000 £0 £55,000,000 £55,000,000 A2/A+/A 1.05% 0.56% 1.000000M2 Series 2005-2 XS0220172927 €70,000,000 €0 €70,000,000 £48,255,894 A2/A+/A 0.72% 0.60% 1.000000M3 Series 2005-2 XS0220174972 £28,100,000 £0 £28,100,000 £28,100,000 A2/A+/A 1.13% 0.64% 1.000000M2 Series 2005-4 US38741YAU38 $19,533,108 $0 $19,533,108 £10,711,877 A2/A+/A 0.75% 0.56% 0.538102M3 Series 2005-4 XS0229614978 £30,000,000 £0 £30,000,000 £30,000,000 A2/A+/A 1.05% 0.56% 1.000000M4 Series 2005-4 XS0229615272 €51,000,000 €0 €51,000,000 £34,399,029 A2/A+/A 0.68% 0.56% 1.000000M2 USG41441BL23 Series 2006-1 US38741YBN85 $79,200,000 $0 $79,200,000 £44,872,521 A2/A+/A 0.77% 0.58% 1.000000M3 XS0240607480 Series 2006-1 XS0240671734 £33,500,000 £0 £33,500,000 £33,500,000 A2/A+/A 1.09% 0.60% 1.000000M4 XS0240607720 Series 2006-1 XS0240671817 €97,700,000 €0 €97,700,000 £67,147,766 A2/A+/A 0.72% 0.60% 1.000000M2 Series 2006-2 US38741YBV02 $25,000,000 $0 $25,000,000 £13,297,872 A2/A+/A 0.65% 0.46% 1.000000M3 Series 2006-2 XS0252429047 €35,000,000 €0 €35,000,000 £23,841,962 A2/A+/A 0.58% 0.46% 1.000000M4 Series 2006-2 XS0252423198 £10,000,000 £0 £10,000,000 £10,000,000 A2/A+/A 0.95% 0.46% 1.000000M2 Series 2006-3 US38741YCK38 $100,000,000 $0 $100,000,000 £53,390,283 A2/A+/A 0.75% 0.56% 1.000000M3 Series 2006-3 XS0268038451 €47,000,000 €0 €47,000,000 £31,907,671 A2/A+/A 0.66% 0.54% 1.000000M4 Series 2006-3 XS0268038964 £10,000,000 £0 £10,000,000 £10,000,000 A2/A+/A 1.03% 0.54% 1.000000M1 Series 2006-4 US38741YCX58 $47,800,000 $0 $47,800,000 £25,078,699 A2/A+/A 0.53% 0.34% 1.000000M2 Series 2006-4 US38741YCY32 $10,000,000 $0 $10,000,000 £5,246,590 A2/A+/A 0.77% 0.58% 1.000000M3 Series 2006-4 XS0275946621 €84,400,000 €0 €84,400,000 £57,065,585 A2/A+/A 0.70% 0.58% 1.0000001M1 Series 2007-1 US38741YDL02 $84,000,000 $0 $84,000,000 £42,857,143 A2/A+/A 0.49% 0.30% 1.0000002M1 Series 2007-1 US38741YDM84 $80,000,000 $0 $80,000,000 £40,816,327 A2/A+/A 0.69% 0.50% 1.0000003M1 Series 2007-1 XS0284073607 €131,000,000 €0 €131,000,000 £86,184,211 A2/A+/A 0.66% 0.54% 1.0000003M2 Series 2007-1 XS0284074167 £40,000,000 £0 £40,000,000 £40,000,000 A2/A+/A 1.03% 0.54% 1.000000Series 07-2 1M1 Series 2007-2 US38741YDX40 $64,000,000 $0 $64,000,000 £32,230,448 A2/A+/A 0.51% 0.32% 1.000000Series 07-2 2M1 Series 2007-2 US38741YDY23 $52,000,000 $0 $52,000,000 £26,187,239 A2/A+/A 0.67% 0.48% 1.000000Series 07-2 3M2 Series 2007-2 XS0298976621 €162,000,000 €0 €162,000,000 £110,898,138 A2/A+/A 0.70% 0.58% 1.000000Series 07-2 3M3 Series 2007-2 XS0298981621 £20,000,000 £0 £20,000,000 £20,000,000 A2/A+/A 1.07% 0.58% 1.000000

C NotesC2 Series 2005-1 XS0210929914 €139,000,000 €0 €139,000,000 £96,796,657 Baa2/BBB-/BBB 1.24% 1.12% 1.000000C3 Series 2005-1 XS0210926571 £60,000,000 £0 £60,000,000 £60,000,000 Baa2/BBB-/BBB 1.61% 1.12% 1.000000C2 Series 2005-2 XS0220173651 €131,700,000 €0 €131,700,000 £90,790,018 Baa2/BBB-/BBB 1.22% 1.10% 1.000000C2 Series 2005-4 US38741YAW93 $23,999,357 $0 $23,999,357 £13,161,150 Baa2/BBB-/BBB 1.29% 1.10% 0.538102C3 Series 2005-4 XS0229615439 £10,000,000 £0 £10,000,000 £10,000,000 Baa2/BBB-/BBB 1.59% 1.10% 1.000000C4 Series 2005-4 XS0229615603 €76,100,000 €0 €76,100,000 £51,328,747 Baa2/BBB-/BBB 1.22% 1.10% 1.000000C2 USG41441BM06 Series 2006-1 US38741YBP34 $132,400,000 $0 $132,400,000 £75,014,164 Baa2/BBB-/BBB 1.39% 1.20% 1.000000C3 XS0240608371 Series 2006-1 XS0240671908 £44,200,000 £0 £44,200,000 £44,200,000 Baa2/BBB-/BBB 1.69% 1.20% 1.000000C4 XS0240608702 Series 2006-1 XS0240672039 €129,000,000 €0 €129,000,000 £88,659,794 Baa2/BBB-/BBB 1.32% 1.20% 1.000000C1 Series 2006-2 US38741YBW84 $75,000,000 $0 $75,000,000 £39,893,617 Baa2/BBB-/BBB 1.13% 0.94% 1.000000C2 Series 2006-2 XS0252430136 €55,000,000 €0 €55,000,000 £37,465,940 Baa2/BBB-/BBB 1.06% 0.94% 1.000000C3 Series 2006-2 XS0252423941 £12,000,000 £0 £12,000,000 £12,000,000 Baa2/BBB-/BBB 1.43% 0.94% 1.000000C2 Series 2006-3 US38741YCP25 $60,000,000 $0 $60,000,000 £32,034,170 Baa2/BBB-/BBB 1.19% 1.00% 1.000000C3 Series 2006-3 XS0268039699 €137,000,000 €0 €137,000,000 £93,007,468 Baa2/BBB-/BBB 1.12% 1.00% 1.000000C1 Series 2006-4 US38741YCZ07 $32,600,000 $0 $32,600,000 £17,103,882 Baa2/BBB-/BBB 0.95% 0.76% 1.000000C2 Series 2006-4 US38741YDA47 $15,000,000 $0 $15,000,000 £7,869,885 Baa2/BBB-/BBB 1.15% 0.96% 1.000000C3 Series 2006-4 XS0275947512 €62,800,000 €0 €62,800,000 £42,461,122 Baa2/BBB-/BBB 1.08% 0.96% 1.0000001C1 Series 2007-1 US38741YDN67 $94,600,000 $0 $94,600,000 £48,265,306 Baa2/BBB-/BBB 0.79% 0.60% 1.0000002C1 Series 2007-1 US38741YDP16 $30,000,000 $0 $30,000,000 £15,306,122 Baa2/BBB-/BBB 1.05% 0.86% 1.0000002C2 Series 2007-1 XS0284071221 €30,000,000 €0 €30,000,000 £19,736,842 Baa2/BBB-/BBB 1.02% 0.90% 1.0000003C1 Series 2007-1 XS0284081618 €265,000,000 €0 €265,000,000 £174,342,105 Baa2/BBB-/BBB 1.12% 1.00% 1.0000003C2 Series 2007-1 XS0284075560 £36,000,000 £0 £36,000,000 £36,000,000 Baa2/BBB-/BBB 1.49% 1.00% 1.000000Series 07-2 2C1 Series 2007-2 US38741YEA38 $50,000,000 $0 $50,000,000 £25,180,037 Baa2/BBB-/BBB 1.05% 0.86% 1.000000Series 07-2 2C2 Series 2007-2 XS0298977512 €52,000,000 €0 €52,000,000 £35,596,933 Baa2/BBB-/BBB 0.98% 0.86% 1.000000Series 07-2 3C2 Series 2007-2 XS0298978320 €84,500,000 €0 €84,500,000 £57,845,016 Baa2/BBB-/BBB 1.10% 0.98% 1.000000Series 07-2 3C3 Series 2007-2 XS0298984641 £60,000,000 £0 £60,000,000 £60,000,000 Baa2/BBB-/BBB 1.47% 0.98% 1.000000

Page 8

Credit Enhancement for Granite Master Issuer plcNotes Outstanding % of Notes OutstandingClass A Notes (£ Equivalent) £7,260,818,873 68.30%Class B Notes (£ Equivalent) £1,049,227,098 9.87%Class M Notes (£ Equivalent) £1,036,003,182 9.75%Class C Notes (£ Equivalent) £1,284,058,977 12.08%

10,630,108,129.42 100.00%

Subordination Levels Current RequiredClass A Notes 38.41% 11.60%Class B Notes 28.54% 8.30%Class M Notes 18.79% 5.11%Class C Notes 6.71% 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 FundProgramme Reserve Required Percent 1.65%Programme Reserve Required Amount £713,425,000Balance Brought Forward £713,425,000Drawings this Period £0 *Additions this period £0Current Balance of Funding 2 & Granite Master Issuer Reserve Fund £713,425,000

Current reserve fund as a percentage of outstanding notes 6.71%Excess Spread this Period £7,309,635

Contact Details Telephone email

Julie Kirk +44 1274 554235 [email protected] Vanham +44 1274 806341 [email protected]

Bloomberg Tickers GRAN / GRANM

Page 9


Report Date 31 May 2013Mortgage Pool Data Date 31 May 2013Trust Calculation Date 31 May 2013Next Trust Determination Date 03 June 2013Next Trust Distribution Date 11 June 2013

Disclaimer


Commentary on asset performance in the period3 month plus arrears have decreased from 5.47% in the month to 5.32%. Early arrears decreased from 5.80% to 5.53%.Annualised CPR has increased to 10.77% in the month. Losses increased to £7.1m.The possession stock decreased from 758 to 727.

Outstanding Notes in Issue at Report Date Number Value (£) Asset SummaryNumber of Mortgage Loans in Pool 168,639

Granite Mortgages 03-2 plc 10 324,663,514 Weighted Average Seasoning (Months) 89.65Granite Mortgages 03-3 plc 12 284,039,769 Weighted Average Remaining Term (Years) 17.87Granite Mortgages 04-1 plc 9 480,369,966 Average Loan Size £101,036Granite Mortgages 04-2 plc 9 524,642,200 Weighted Average LTV (by value) 79.05%Granite Mortgages 04-3 plc 10 619,012,356 Weighted Average Indexed LTV (by value) 84.37%Granite Master Issuer plc - Series 2005-1 9 992,068,001 Non-Verified (by value) 31.13%Granite Master Issuer plc - Series 2005-2 9 800,138,411 Mortgage Trust AssetsGranite Master Issuer plc - Series 2005-4 11 744,538,444 Current Balance - Trust Mortgage Assets £17,038,567,753Granite Master Issuer plc - Series 2006-1 14 1,543,065,883 Current Balance - Trust Cash and Other Assets £49,435,937Granite Master Issuer plc - Series 2006-2 11 754,103,145 Last Months Closing Trust Assets £17,238,294,318Granite Master Issuer plc - Series 2006-3 12 1,504,295,249 Funding Share £2,159,920,566Granite Master Issuer plc - Series 2006-4 13 894,719,917 Funding 2 Share £10,630,108,130Granite Master Issuer plc - Series 2007-1 19 2,014,324,124 Funding and Funding 2 Share Percentage 75.07%Granite Master Issuer plc - Series 2007-2 19 1,521,273,031 Seller Share £4,248,539,057

Seller Share Percentage 24.93%

Monthly Distributions Granite Master Issuer Waterfall 17-20 May 2013



166,543,090 195,285,365


58,442,925 Issuer cash manager 0Amounts due to the A notes and A swap providers 4,601,294

Administration Fee 880,337 Amounts due to the B notes and B note swap providers 766,477Paid to Funding 7,092,883 Amounts due to the M notes and M note swap providers 993,377Paid to Funding 2 34,907,809 Amounts due to the C notes and C note swap providers 1,593,584Paid to Seller 15,561,896 Interest due on start-up loan (from Northern Rock (Asset Management) plc) 0



To fund funding 2 reserve fund 2,154,900Excess SpreadLast Quarter Annualised - Funding 0.34% Excess of available revenue receipts over required receipts 7,495,049Last Month Annualised - Funding 2 0.83%


Northern Rock (Asset Management) plc Current Existing Borrowers' SVR 4.79%

Effective Date of Change 1 Mar 2009

Page 1


LT ST LT ST LT STNorthern Rock (Asset Management) plc Seller A A-1 A1 P-1 A F1



Issuer Swap ProvidersThe Royal Bank of Scotland plc A A-1 A3 P-2 A F1

Barclays Bank plc A+ A-1 A2 P-1 A F1

HSBC Bank plc AA- A-1+ Aa3 P-1 AA- F1+

Citibank N.A. A A-1 A3 P-2 A F1

Swiss Re Financial Products Corporation - Guaranteed by Swiss Reinsurance Company * AA- A-1+ A1 P-1 A+ -

UBS AG A A-1 A2 P-1 A F1

Goldman Sachs Bank USA - Guaranteed by Goldman Sachs Group Inc * 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 A2 P-1 A+ F1+

BNP Paribas SA A+ A-1 A2 P-1 A+ F1+

* where the swap provider is guaranteed by another entity, the rating of the higher rated entity is shownArrears Analysis of Non Repossessed Mortgage Loans Number Value (£) Arrears (£) By number (%) By Principal (%)> = 1 < 2 Months 5,252 £0> = 2 < 3 Months 2,648 £0> = 3 < 4 Months 1,677 £0> = 4 < 5 Months 1,102 £0> = 5 < 6 Months 832 £0> = 6 < 7 Months 586 £0> = 7 < 8 Months 535 £0> = 8 < 9 Months 424 £0> = 9 < 10 Months 359 £0> = 10 < 11 Months 264 £0> = 11 < 12 Months 197 £0> = 12 < 13 Months 161 £0> = 13 < 14 Months 128 £0> = 14 < 15 Months 151 £0> = 15 < 16 Months 120 £0> = 16 < 17 Months 109 £0> = 17 < 18 Months 65 £0> = 18 < 19 Months 57 £0> = 19 < 20 Months 44 £0> = 20 < 21 Months 42 £0> = 21 < 22 Months 38 £0> = 22 < 23 Months 25 £0> = 23 < 24 Months 32 £0> = 24 < 36 Months 109 £0> = 36 Months 37 £0Total 14,994 £0



1,848,158,146 44,871,859 8.89%5,427,826 986,654 0.02%16,416,589 2,141,625 0.06%5,504,298 579,610 0.02%3,135,645 373,279 0.01%5,860,449 544,089 0.02%5,393,877 559,181 0.02%5,227,019 452,321 0.03%7,500,536 664,549 0.03%8,699,579 753,090 0.04%14,655,737 1,128,135 0.06%17,244,582 1,256,618 0.07%21,835,377 1,490,049 0.09%15,628,036 1,070,490 0.08%21,811,720 1,336,138 0.10%27,033,152 1,495,503 0.12%36,845,841 1,857,966 0.16%45,244,541 2,160,956 0.21%53,207,869 2,321,086 0.25%65,582,243 2,577,320 0.32%74,378,627 2,483,174 0.35%

103,640,782 2,886,079 0.49%136,292,808 3,239,518 0.65%

624,577,700 4,587,448 3.11%

209,605,618 3,775,457 0.99%317,407,696 4,151,526 1.57%


Page 2

CPR AnalysisCurrent Month CPR Rate - Total 0.94% 10.77%Previous Month CPR Rate - Total 0.90% 10.32%Current Month % of CPR - Removals* 0.09%Previous Month % of CPR - Removals* 0.04%Current Month % of CPR - Non-Removals** 99.91%Previous Month % of CPR - Non-Removals** 99.96%*Removals are loans that Northern Rock (Asset Management) Plc has repurchased from the Trust (e.g. Further Advances and Product Switches)**Non-Removals are scheduled repayments, overpayments and redemptions







2,496 185,030,627 1.09%168,639 17,038,567,753 100.00%

1,580 80,199,422 0.47%18,684 2,804,941,351 16.46%

143,858 13,830,067,611 81.17%2,021 138,328,741 0.81%

168,639 17,038,567,753 100.0%


18,179 379,964,654Number Value (£)

13,747 1,866,807,279 10.96%2,913 387,073,072 2.27%

26,686 3,325,047,284 19.51%18,144 2,277,935,970 13.37%

15,908 1,717,073,989 10.08%25,138 2,771,875,983 16.27%

7,860 793,287,339 4.66%9,916 1,053,110,733 6.18%

5,156 466,251,612 2.74%6,304 612,841,188 3.60%

16,758 1,079,283,313 6.33%4,470 383,721,541 2.25%

Number Value (£) % of Total15,639 304,258,449 1.79%

110,866 9,108,066,130 53.46%

168,639 17,038,567,753 100.00%512 64,810,214

44,922 6,268,728,81612,339 1,596,962,593 9.37%

Number Value (£)

10.71% 1,528,050,393 8.97%168,639 100% 17,038,567,753 100%18,053

4.32% 648,985,134 3.81%14,105 8.36% 1,410,057,255 8.28%7,280

18.10% 4,174,488,006 24.50%11,915 7.07% 1,436,582,582 8.43%30,517

14.08% 2,063,035,909 12.11%20,151 11.95% 1,457,950,126 8.56%23,74615,688 9.30% 1,097,546,740 6.44%

5.28% 1,445,755,8637.16% 1,131,218,233 6.64%3.68% 644,897,512

100.0%

% of Total Value (£) % of Total3.78%

8.49%

% of Total

36.79%

2.23%

10.75%24.75%

0.38%

£7,754,565,215

% Balance3.69%45.51%

Value£628,681,632

Monthly Annualised

19,005 1,213,694,311 7.12%4,101 355,935,512 2.09%4,751 455,057,459 2.67%5,374 554,207,510 3.25%6,457 714,834,026 4.20%8,142 936,806,760 5.50%

6.88%12,961 1,520,676,924 8.92%

33,652 4,217,724,989

10,030 1,172,173,734

% of Total

46.46%4.34%

168,639 17,038,567,753

15,048 1,798,350,55615,797 1,887,938,01615,142

100.0%

10.55%11.08%

6,204Number

12,0718,909

£7,915,324,085£739,996,820

£17,038,567,753

1,831,203,302

Page 3


Jun-13Jul-13Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Remainder of 201420152016201720182019202020212022Total




than the minimum seller share (determined using the amounts of the current seller share and minimum seller share that would exist after makingthe distributions of mortgages trustee principal receipts due on that distribution dateA "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 minimumseller 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 ofTrust principal changes with all principal allocated to Funding and Funding 2 in proportion to their respective shares. The bonds will be paid sequentiallyby rating class. Within the AAA class bonds will be paid in order of legal final maturity.






8.70%100%

41 0.52% 2,038,918

25.25%13.43%

1,891 24.14% 158,764,257

7,835 100% 628,681,632545 6.96% 54,699,417902 11.51% 84,401,521

365 4.66% 24,580,202 3.91%


91 1.16% 2,812,296130 1.66% 9,648,094

0.45%1.53%15.89%

1.74%1.37%

0.29%

2721,708

106

Number

41

31

99,880,108

2,234,035

1,186

0.52%1.35%0.42%33

21.80%15.14%

3.47%125,119,509

0.51%0.97%

3,218,0486,069,667

13,302,342

8,632,9630.81%0.89%

1.33%

0.36%

0.06%0.32%2.12%19.90%

0.18%

0.40% 1,820,438104 1.33% 8,338,544110 1.40% 10,935,087

21

1.17%

1.10% 5,599,7560.92% 5,065,588

927286

8 0.10% 406,6400.27% 1,114,201

Page 4



£324,663,514

Credit Enhancement % of Notes OutstandingClass A Notes (£ Equivalent)Class B Notes (£ Equivalent) £63,794,950 19.65%Class M Notes (£ Equivalent) £23,919,386 7.37%Class C Notes (£ Equivalent) £55,170,081 16.99%Granite Mortgages 03-2 Reserve Fund Requirement £35,000,000 10.78%Balance Brought Forward £35,000,000 10.78%Drawings this Period - Quarter 1st Feb 13 to 30th Apr 13 £0 0.00%Excess Spread this Period - Quarter 1st Feb 13 to 30th Apr 13 £68,493 0.02%Funding Reserve Fund Drawdown this Period - Quarter 1st Feb 13 to 30th Apr 13 £0 0.00%Funding Reserve Fund Top-up this Period* -£68,493Current Balance £35,000,000 10.78%Funding Reserve Fund requirement £44,427,278 2.06%Funding Reserve Balance brought forward £44,636,676 2.07%Drawings this Period - Quarter 1st Feb 13 to 30th Apr 13 £0 0.00%Excess Spread this Period - Quarter 1st Feb 13 to 30th Apr 13 £185,125 0.01%Repayment of deferred consideration -£394,523 -0.02%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £44,427,278 2.06%Funding Reserve % 1.0% NA*Top-ups only occur at the end of each quarter.


Series 1A3 US38741UAC18 $43,400,642 $0 $43,400,642 £26,906,784 Aaa/A/AAA 0.68% 0.40% 0.086801B US38741UAD90 $46,442,845 $0 $46,442,845 £28,792,836 Aa1/A/AAA 1.18% 0.90% 0.645040M US38741UAE73 $17,416,067 $0 $17,416,067 £10,797,314 Aa3/A/AA 1.68% 1.40% 0.645040C US38741UAF49 $32,251,976 $0 $32,251,976 £19,995,025 Baa1/A/BBB 2.73% 2.45% 0.645040Series 2A XS0176409927 €55,552,822 €0 €55,552,822 £38,796,579 Aaa/A/AAA 0.59% 0.38% 0.086801B XS0176410180 €14,835,909 €0 €14,835,909 £10,360,995 Aa1/A/AAA 1.11% 0.90% 0.645040M XS0176410347 €4,837,796 €0 €4,837,796 £3,378,585 Aa3/A/AA 1.61% 1.40% 0.645039C XS0176410420 €35,477,173 €0 €35,477,173 £24,776,292 Baa1/A/BBB 2.66% 2.45% 0.645040

Series 3A XS0176410693 £89,595,982 £0 £89,595,982 £89,595,982 Aaa/A/AAA 0.88% 0.38% 0.263518B XS0176410776 £18,383,626 £0 £18,383,626 £18,383,626 Aa1/A/AAA 1.40% 0.90% 0.645040M XS0176410859 £7,417,954 £0 £7,417,954 £7,417,954 Aa3/A/AA 1.90% 1.40% 0.645039C XS0176411071 £4,837,796 £0 £4,837,796 £4,837,796 Baa1/A/BBB 2.95% 2.45% 0.645039

£284,039,769

Credit Enhancement % of Notes OutstandingClass A Notes (£ Equivalent)Class B Notes (£ Equivalent) £57,537,457 20.26%Class M Notes (£ Equivalent) £21,593,853 7.60%Class C Notes (£ Equivalent) £49,609,114 17.47%Granite Mortgages 03-2 Reserve Fund Requirement £33,400,000 11.76%Balance Brought Forward £33,400,000 11.76%Drawings this Period - Quarter 1st Feb 13 to 30th Apr 13 £0 0.00%Excess Spread this Period - Quarter 1st Feb 13 to 30th Apr 13 £116,705 0.04%Funding Reserve Fund Drawdown this Period - Quarter 1st Feb 13 to 30th Apr 13 £0 0.00%Funding Reserve Fund Top-up this Period* -£116,705Current Balance £33,400,000 11.76%Funding Reserve Fund requirement £44,427,278 2.06%Funding Reserve Balance brought forward £44,636,676 2.07%Drawings this Period - Quarter 1st Feb 13 to 30th Apr 13 £0 0.00%Excess Spread this Period - Quarter 1st Feb 13 to 30th Apr 13 £185,125 0.01%Repayment of deferred consideration -£394,523 -0.02%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £44,427,278 2.06%Funding Reserve % 1.0% NA

Page 5


Series 2A1 US38741VAF22 $191,503,463 $0 $191,503,463 £104,418,464 Aaa/A/AAA 0.60% 0.32% 0.161606A2 XS0184562816 €138,712,072 €0 €138,712,072 £95,663,498 Aaa/A/AAA 0.53% 0.32% 0.154125B XS0184563111 €91,000,000 €0 €91,000,000 £62,758,621 Aa2/A/AAA 0.89% 0.68% 1.000000M XS0184563541 €45,000,000 €0 €45,000,000 £31,034,483 A1/A/AA- 1.35% 1.14% 1.000000C XS0184563897 €60,000,000 €0 €60,000,000 £41,379,310 Baa1/A/BBB 2.28% 2.07% 1.000000Series 3A XS0184565249 £92,115,590 £0 £92,115,590 £92,115,590 Aaa/A/AAA 0.83% 0.32% 0.153526B XS0184566130 £23,000,000 £0 £23,000,000 £23,000,000 Aa2/A/AAA 1.19% 0.68% 1.000000M XS0184566569 £10,000,000 £0 £10,000,000 £10,000,000 A1/A/AA- 1.65% 1.14% 1.000000C XS0184567534 £20,000,000 £0 £20,000,000 £20,000,000 Baa1/A/BBB 2.58% 2.07% 1.000000

£480,369,966

Credit Enhancement % of Notes OutstandingClass A Notes (£ Equivalent)Class B Notes (£ Equivalent) £85,758,621 17.85%Class M Notes (£ Equivalent) £41,034,483 8.54%Class C Notes (£ Equivalent) £61,379,310 12.78%Granite Mortgages 04-1 Reserve Fund Requirement £60,000,000 12.49%Balance Brought Forward £60,000,000 12.49%Drawings this Period - 1st Jan to 31st Mar 13 £0 0.00%Excess Spread this Period - 1st Jan to 31st Mar 13 £387,788 0.08%Funding Reserve Fund Drawdown this Period - 1st Jan to 31st Mar 13 £0 0.00%Funding Reserve Fund Top-up this Period* -£387,788Current Balance £60,000,000 12.49%Funding Reserve Fund requirement £44,427,278 2.06%Funding Reserve Balance brought forward £44,636,676 2.07%Drawings this Period - 1st Jan to 31st Mar 13 £0 0.00%Excess Spread this Period - 1st Jan to 31st Mar 13 £185,125 0.01%Repayment of deferred consideration -£394,523 -0.02%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £44,427,278 2.06%Funding Reserve % 1.0% NA


Series 2A1 XS0193212825 €153,037,561 €0 €153,037,561 £104,107,184 Aaa/A/AAA 0.49% 0.28% 0.114207A2 XS0193213807 £27,802,941 £0 £27,802,941 £27,802,941 Aaa/A/AAA 0.79% 0.28% 0.113946B XS0193215414 €36,677,882 €0 €36,677,882 £24,950,940 Aa3/A/AAA 0.75% 0.54% 0.398673M XS0193216578 €21,324,350 €0 €21,324,350 £14,506,361 A2/A/AA 1.01% 0.80% 0.398586C XS0193217030 €35,398,421 €0 €35,398,421 £24,080,559 Baa1/A/BBB+ 1.81% 1.60% 0.397735Series 3A XS0193218350 £215,294,215 £0 £215,294,215 £215,294,215 Aaa/A/AAA 0.83% 0.32% 0.286257B XS0193218863 £38,900,000 £0 £38,900,000 £38,900,000 Aa2/A/AAA 1.15% 0.64% 1.000000M XS0193219754 £26,500,000 £0 £26,500,000 £26,500,000 A1/A/AA 1.45% 0.94% 1.000000C XS0193220927 £48,500,000 £0 £48,500,000 £48,500,000 Baa1/A/BBB+ 2.21% 1.70% 1.000000

£524,642,200

Credit Enhancement % of Notes OutstandingClass A Notes (£ Equivalent)Class B Notes (£ Equivalent) £63,850,940 12.17%Class M Notes (£ Equivalent) £41,006,361 7.82%Class C Notes (£ Equivalent) £72,580,559 13.83%Granite Mortgages 04-1 Reserve Fund Requirement £59,800,000 11.40%Balance Brought Forward £59,800,000 11.40%Drawings this Period - 1st Jan to 31st Mar 13 £0 0.00%Excess Spread this Period - 1st Jan to 31st Mar 13 £690,227 0.13%Funding Reserve Fund Drawdown this Period - 1st Jan to 31st Mar 13 £0 0.00%Funding Reserve Fund Top-up this Period* -£690,227 -0.13%Current Balance £59,800,000 11.40%Funding Reserve Fund requirement £44,427,278 2.06%Funding Reserve Balance brought forward £44,636,676 2.07%Drawings this Period - 1st Jan to 31st Mar 13 £0 0.00%Excess Spread this Period - 1st Jan to 31st Mar 13 £185,125 0.01%Repayment of deferred consideration -£394,523 -0.02%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £44,427,278 2.06%Funding Reserve % 1.0% NA

Page 6


Series 2A1 US38741SAF92 $70,172,398 $0 $70,172,398 £39,071,491 Aaa/A/AAA 0.56% 0.28% 0.098322A2 XS0201483228 €78,672,333 €0 €78,672,333 £53,701,251 Aaa/A/AAA 0.49% 0.28% 0.098322B XS0201483657 €28,548,768 €0 €28,548,768 £19,487,214 Aa1/A/AAA 0.77% 0.56% 0.383720M XS0201484036 €22,217,388 €0 €22,217,388 £15,165,453 Aa3/A/AA+ 0.95% 0.74% 0.383720C XS0201485355 €53,356,267 €0 €53,356,267 £36,420,660 Baa2/A/BBB+ 1.81% 1.60% 0.383720Series 3A1 XS0201486320 £105,376,092 £0 £105,376,092 £105,376,092 Aaa/A/AAA 0.87% 0.36% 0.256234A2 XS0201565628 £153,740,195 £0 £153,740,195 £153,740,195 Aaa/A/AAA 0.89% 0.38% 0.256234B XS0201486833 £54,350,000 £0 £54,350,000 £54,350,000 Aa1/A/AAA 1.21% 0.70% 1.000000M XS0201487211 £42,250,000 £0 £42,250,000 £42,250,000 Aa3/A/AA+ 1.41% 0.90% 1.000000C XS0201487567 £99,450,000 £0 £99,450,000 £99,450,000 Baa1/A/BBB+ 2.27% 1.76% 1.000000

£619,012,356

Credit Enhancement % of Notes OutstandingClass A Notes (£ Equivalent)Class B Notes (£ Equivalent) £73,837,214 11.93%Class M Notes (£ Equivalent) £57,415,453 9.28%Class C Notes (£ Equivalent) £135,870,660 21.95%Granite Mortgages 04-1 Reserve Fund Requirement £66,000,000 10.66%Balance Brought Forward £66,000,000 10.66%Drawings this Period - 1st Jan to 31st Mar 13 £0 0.00%Excess Spread this Period - 1st Jan to 31st Mar 13 £612,937 0.10%Funding Reserve Fund Drawdown this Period - 1st Jan to 31st Mar 13 £0 0.00%Funding Reserve Fund Top-up this Period* -£612,937 -0.10%Current Balance £66,000,000 10.66%Funding Reserve Fund requirement £44,427,278 2.06%Funding Reserve Balance brought forward £44,636,676 2.07%Drawings this Period - 1st Jan to 31st Mar 13 £0 0.00%Excess Spread this Period - 1st Jan to 31st Mar 13 £185,125 0.01%Repayment of deferred consideration -£394,523 -0.02%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £44,427,278 2.06%Funding Reserve % 1.0% NA



Page 7

B NotesB2 Series 2005-1 XS0210929591 €80,000,000 €0 €80,000,000 £55,710,306 Aa3/A+/AA 0.49% 0.38% 1.000000B3 Series 2005-1 XS0210925920 £55,000,000 £0 £55,000,000 £55,000,000 Aa3/A+/AA 0.87% 0.38% 1.000000B2 Series 2005-2 XS0220173909 €62,000,000 €0 €62,000,000 £42,740,935 Aa3/A+/AA 0.51% 0.40% 1.000000B3 Series 2005-2 XS0220175862 £35,100,000 £0 £35,100,000 £35,100,000 Aa3/A+/AA 0.89% 0.40% 1.000000B2 Series 2005-4 US38741YAS81 $20,716,933 $0 $20,716,933 £11,361,082 Aa3/A+/AA 0.56% 0.36% 0.538102B3 Series 2005-4 XS0229614549 £19,000,000 £0 £19,000,000 £19,000,000 Aa3/A+/AA 0.85% 0.36% 1.000000B4 Series 2005-4 XS0229614895 €56,900,000 €0 €56,900,000 £38,378,524 Aa3/A+/AA 0.47% 0.36% 1.000000B2 USG41441BJ76 Series 2006-1 US38741YBL20 $84,100,000 $0 $84,100,000 £47,648,725 Aa3/A+/AA 0.54% 0.34% 1.000000B3 XS0240606169 Series 2006-1 XS0240671494 £25,000,000 £0 £25,000,000 £25,000,000 Aa3/A+/AA 0.85% 0.36% 1.000000B4 XS0240606755 Series 2006-1 XS0240671650 €94,500,000 €0 €94,500,000 £64,948,454 Aa3/A+/AA 0.47% 0.36% 1.000000B2 Series 2006-2 US38741YBT55 $36,000,000 $0 $36,000,000 £19,148,936 Aa3/A+/AA 0.48% 0.28% 1.000000B3 Series 2006-2 XS0252428072 €37,500,000 €0 €37,500,000 £25,544,959 Aa3/A+/AA 0.39% 0.28% 1.000000B2 Series 2006-3 US38741YCF43 $182,000,000 $0 $182,000,000 £97,170,315 Aa3/A+/AA 0.54% 0.34% 1.000000B3 Series 2006-3 XS0268037131 €30,000,000 €0 €30,000,000 £20,366,599 Aa3/A+/AA 0.43% 0.32% 1.000000B1 Series 2006-4 US38741YCV92 $60,600,000 $0 $60,600,000 £31,794,334 Aa3/A+/AA 0.38% 0.18% 1.000000B3 Series 2006-4 XS0275945730 €62,500,000 €0 €62,500,000 £42,258,283 Aa3/A+/AA 0.49% 0.38% 1.0000001B1 Series 2007-1 US38741YDJ55 $84,000,000 $0 $84,000,000 £42,857,143 Aa3/A+/AA 0.34% 0.14% 1.0000002B1 Series 2007-1 US38741YDK29 $80,000,000 $0 $80,000,000 £40,816,327 Aa3/A+/AA 0.44% 0.24% 1.0000003B1 Series 2007-1 XS0284072468 €167,000,000 €0 €167,000,000 £109,868,421 Aa3/A+/AA 0.45% 0.34% 1.0000003B2 Series 2007-1 XS0284073193 £25,000,000 £0 £25,000,000 £25,000,000 Aa3/A+/AA 0.83% 0.34% 1.000000Series 07-2 1B1 Series 2007-2 US38741YDU01 $66,500,000 $0 $66,500,000 £33,489,450 Aa3/A+/AA 0.36% 0.16% 1.000000Series 07-2 2B1 Series 2007-2 US38741YDV83 $53,500,000 $0 $53,500,000 £26,942,640 Aa3/A+/AA 0.44% 0.24% 1.000000Series 07-2 3B1 Series 2007-2 US38741YDW66 $35,000,000 $0 $35,000,000 £17,626,026 Aa3/A+/AA 0.52% 0.32% 1.000000Series 07-2 3B2 Series 2007-2 XS0298975813 €100,000,000 €0 €100,000,000 £68,455,641 Aa3/A+/AA 0.43% 0.32% 1.000000Series 07-2 3B3 Series 2007-2 XS0298980813 £53,000,000 £0 £53,000,000 £53,000,000 Aa3/A+/AA 0.81% 0.32% 1.000000



Page 8

Credit Enhancement for Granite Master Issuer plc % of Notes OutstandingClass A Notes (£ Equivalent) £7,399,236,947 68.71%Class B Notes (£ Equivalent) £1,049,227,098 9.74%Class M Notes (£ Equivalent) £1,036,003,182 9.62%Class C Notes (£ Equivalent) £1,284,058,977 11.92%



Programme Reserve Required Percent 1.65%Programme Reserve Required Amount £713,425,000Balance Brought Forward £713,425,000Drawings this Period £0 *Additions this period £0Current Balance of Funding 2 & Granite Master Issuer Reserve Fund £713,425,000Current reserve fund as a percentage of outstanding notes 6.63%Excess Spread this Period £7,495,049




Page 9


Report Date 30 April 2013Mortgage Pool Data Date 30 April 2013Trust Calculation Date 30 April 2013Next Trust Determination Date 01 May 2013Next Trust Distribution Date 09 May 2013

Disclaimer


Commentary on asset performance in the period3 month plus arrears have decreased from 5.77% in the month to 5.47%. Early arrears decreased from 6.34% to 5.80%.Annualised CPR has increased to 10.32% in the month. Losses decreased to £5.5m.The possession stock increased from 721 to 758.

Outstanding Notes in Issue at Report Date Number Value (£)170,088

Granite Mortgages 03-2 plc 10 324,663,514 88.69Granite Mortgages 03-3 plc 12 284,039,769 17.94Granite Mortgages 04-1 plc 9 480,369,966 £101,121Granite Mortgages 04-2 plc 9 524,642,200 79.10%Granite Mortgages 04-3 plc 10 619,012,356 84.40%Granite Master Issuer plc - Series 2005-1 9 1,002,915,045 Non-Verified (by value) 31.15%Granite Master Issuer plc - Series 2005-2 9 809,937,096Granite Master Issuer plc - Series 2005-4 11 753,826,087 £17,199,553,029Granite Master Issuer plc - Series 2006-1 14 1,561,635,492 £38,741,289Granite Master Issuer plc - Series 2006-2 11 764,215,273 £17,390,684,835Granite Master Issuer plc - Series 2006-3 12 1,524,883,087 £2,188,045,580Granite Master Issuer plc - Series 2006-4 13 906,472,332 £10,768,526,206Granite Master Issuer plc - Series 2007-1 19 2,037,133,370 75.33%Granite Master Issuer plc - Series 2007-2 19 1,538,108,429 £4,242,981,243

24.67%

Monthly Distributions Granite Master Issuer Waterfall 17-22 April 2013



157,136,476 201,487,040









Current Balance - Trust Cash and Other Assets

Average Loan SizeWeighted Average LTV (by value)Weighted Average Indexed LTV (by value)

Current Balance - Trust Mortgage AssetsMortgage Trust Assets

Asset Summary

Seller ShareSeller Share Percentage

Funding ShareFunding 2 ShareFunding and Funding 2 Share Percentage

Number of Mortgage Loans in PoolWeighted Average Seasoning (Months)Weighted Average Remaining Term (Years)

Last Months Closing Trust Assets

Reduction in Seller ShareOn 11 December 2012 Northern Rock (Asset Management) plc (NRAM) issued a Regulatory News Service (RNS) regarding customers of NRAM who have loan accounts which are regulated under the Consumer Credit Act (CCA).

Following changes to the CCA implemented in 2008 before the separation of NRAM and Northern Rock plc, certain letters and statements have been sent to customers that do not comply with all the requirements prescribed by the CCA.This was brought to light following the transfer of the NRAM loans onto the UK Asset Resolution (UKAR) IT platform. As a result of this, interest payments made by borrowers during the period that the documentation was not in compliancewith the CCA is unenforceable. Such interest payments, therefore, have been recharacterised as principal and the loan balances reduced accordingly.

In order to ensure that no loss is suffered by the Granite noteholders, and in accordance with Clause 3.4(c) of the Administration Agreement, there will be a reduction in the Seller Share equal to the reduction in the capital value of theaffected loans in the pool.

On 27/28 April 2013, 1,161 affected Granite loans were remediated by a reduction in capital value of loan balances by a total of £1,786,306.80. A corresponding reduction of 0.04% has been applied to the Seller Share.

Page 1






AAA A-1 Aa2 P-1 A+ F1Credit Suisse International A+ A-1 A1 P-1 A F1Deutsche Bank AG A+ A-1 A2 P-1 A+ F1+BNP Paribas SA A+ A-1 A2 P-1 A+ F1+

* where the swap provider is guaranteed by another entity, the rating of the higher rated entity is shownArrears Analysis of Non Repossessed Mortgage Loans Number Value (£) Arrears (£) By number (%) By Principal (%)> = 1 < 2 Months 5,555 3.83%> = 2 < 3 Months 2,831 1.97%> = 3 < 4 Months 1,708 1.25%> = 4 < 5 Months 1,147 0.82%> = 5 < 6 Months 858 0.63%> = 6 < 7 Months 647 0.46%> = 7 < 8 Months 538 0.39%> = 8 < 9 Months 438 0.32%> = 9 < 10 Months 364 0.27%> = 10 < 11 Months 267 0.21%> = 11 < 12 Months 224 0.18%> = 12 < 13 Months 179 0.14%> = 13 < 14 Months 155 0.12%> = 14 < 15 Months 131 0.10%> = 15 < 16 Months 143 0.11%> = 16 < 17 Months 93 0.07%> = 17 < 18 Months 75 0.06%> = 18 < 19 Months 56 0.04%> = 19 < 20 Months 55 0.04%> = 20 < 21 Months 42 0.03%> = 21 < 22 Months 40 0.03%> = 22 < 23 Months 26 0.02%> = 23 < 24 Months 30 0.03%> = 24 < 36 Months 120 0.11%> = 36 Months 35 0.03%Total 15,757 11.27%




658,816,715 4,839,686 3.27%

215,116,495 3,895,514 1.00%338,824,550 4,405,786 1.66%

107,931,707 3,014,837 0.50%141,054,995 3,295,820 0.67%

66,385,001 2,581,530 0.32%79,696,120 2,700,671 0.38%

47,265,250 2,213,567 0.21%55,825,103 2,450,240 0.26%

30,657,174 1,699,755 0.13%36,314,623 1,815,327 0.16%

19,892,840 1,380,017 0.09%24,226,301 1,519,979 0.11%

19,608,009 1,460,090 0.08%18,041,929 1,214,263 0.08%

10,064,309 861,986 0.04%12,833,061 993,383 0.05%

6,403,616 587,616 0.03%7,352,773 620,123 0.03%

5,576,175 557,872 0.02%5,197,064 495,292 0.02%

4,669,040 526,657 0.02%4,123,049 427,748 0.02%

5,003,199 922,585 0.02%18,219,103 2,338,187 0.07%

1,939,098,200 46,818,531 9.26%

Page 2

CPR AnalysisCurrent Month CPR Rate - TotalPrevious Month CPR Rate - TotalCurrent Month % of CPR - Removals*Previous Month % of CPR - Removals*Current Month % of CPR - Non-Removals**Previous Month % of CPR - Non-Removals***Removals are loans that Northern Rock (Asset Management) Plc has repurchased from the Trust (e.g. Further Advances and Product Switches)**Non-Removals are scheduled repayments, overpayments and redemptions







10.07%0.04%0.00%

99.96%

506 63,508,648 0.37%

6,265Number

12,1599,006

£7,992,268,567£743,522,584

£17,199,553,029

100.0%

15,285 1,849,986,152 10.76%34,191 4,280,719,204 24.89%170,088 17,199,553,029

15,143 1,810,309,287 10.53%15,956 1,910,245,172 11.11%

10,033 1,176,868,789 6.84%12,967 1,523,521,893 8.86%

6,472 717,694,751 4.17%8,173 942,819,180 5.48%

4,749 454,672,411 2.64%5,416 558,104,550 3.24%

19,163 1,227,232,390 7.14%4,140 359,994,603 2.09%

% of Total18,400 387,384,649 2.25%

Number Value (£)

£646,564,862

Monthly Annualised0.90%0.88%

10.32%

100.00%

£7,817,197,016

% Balance3.76%

45.45%

Value

46.47%4.32%

100.0%

% of Total3.79%

7.15% 1,141,750,269 6.64%3.68% 652,267,785

% of Total Value (£)

5.29% 1,463,250,913 8.51%15,843 9.31% 1,108,362,122 6.44%

14.06% 2,077,881,830 12.08%20,334 11.95% 1,473,804,539 8.57%23,910

18.10% 4,212,064,139 24.49%12,018 7.07% 1,449,974,415 8.43%30,792

4.32% 656,107,899 3.81%14,212 8.36% 1,421,452,492 8.26%7,342

10.70% 1,542,636,626 8.97%170,088 100% 17,199,553,029 100%18,207

% of Total12,471 1,612,076,257 9.37%

Number Value (£)

36.76%45,348 6,322,288,389111,763 9,201,679,736 53.50%

170,088 17,199,553,029 100.00%

Number Value (£) % of Total15,784 308,979,295 1.80%16,875 1,088,988,232 6.33%4,541 388,415,083 2.26%5,156 466,816,281 2.71%6,284 612,561,754 3.56%7,858 796,660,351 4.63%9,928 1,053,443,560 6.12%

15,774 1,706,973,327 9.92%25,264 2,789,818,937 16.22%27,228 3,382,007,240 19.66%18,553 2,326,075,836 13.52%13,873 1,885,042,147 10.96%2,970 393,770,988 2.29%

170,088 17,199,553,029 100.0%

Number Value (£) % of Total145,091 13,962,049,514 81.18%

2,038 139,565,297 0.81%1,593 81,012,296 0.47%

18,846 2,829,446,191 16.45%2,520 187,479,731 1.09%

170,088 17,199,553,029 100.00%

Page 3


May-13Jun-13Jul-13Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14Remainder of 201420152016201720182019202020212022Total




than the minimum seller share (determined using the amounts of the current seller share and minimum seller share that would exist after makingthe distributions of mortgages trustee principal receipts due on that distribution dateA "seller share event" will occur if, on a distribution date, (i) the result of the calculation of the current seller share on that distribution datewould be equal to or less than the minimum seller share for such distribution date (determined using the amounts of the current seller share and minimumseller 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 ofTrust principal changes with all principal allocated to Funding and Funding 2 in proportion to their respective shares. The bonds will be paid sequentiallyby rating class. Within the AAA class bonds will be paid in order of legal final maturity.






21 0.26% 1,120,41386 1.08% 5,711,41772 0.90% 5,089,71596 1.20% 8,653,893 1.35%

112 1.40% 11,043,517 1.72%105 1.31% 8,373,660 1.30%

0.41% 2,242,189 0.35%32 0.40% 1,826,666 0.28%

15.75%

0.96%

19.92%128,101,980

0.54%0.50%

0.89%

2.47%

3,502,3793,227,899

15,873,790

0.17%

0.79%

101,306,779

6,151,429

1,199

0.58%0.53%1.33%106

21.69%15.01%

4.02%3211,732

42

Number

46

33

Value (£) % of Total

1.52%94 1.18% 2,922,642 0.45%

131 1.64% 9,747,503

373 4.67% 25,159,069 3.91%1,914 23.97% 162,062,780 25.20%912 11.42% 85,077,722 13.23%550 6.89% 55,405,259 8.62%

7,986 100% 643,018,735 100%

9 0.11% 418,034 0.07%

% of Total

Page 4


Series 1A3 US38741QAC06 $88,200,741 $5,105,424 $83,095,317 £51,685,835 Aaa/A/AAA 0.78% 0.50% 0.166191B US38741QAD88 $48,961,154 $0 $48,961,154 £30,454,161 Aa1/A/AAA 1.26% 0.98% 0.640015C US38741QAE61 $6,720,158 $0 $6,720,158 £4,179,983 Baa1/A/BBB+ 2.83% 2.55% 0.640015Series 2A XS0168665718 €52,920,445 €3,063,254 €49,857,191 £35,627,548 Aaa/A/AAA 0.71% 0.50% 0.166191B XS0168666013 €46,657,100 €0 €46,657,100 £33,340,789 Aa1/A/AAA 1.19% 0.98% 0.640015M XS0168771748 €33,472,789 €0 €33,472,789 £23,919,386 Aa3/A/AA+ 1.71% 1.50% 0.640015C1 XS0168666104 €16,000,000 €0 €16,000,000 £11,433,472 Baa1/A/BBB+ 2.76% 2.55% 1.000000C2 XS0168666443 €41,920,988 €0 €41,920,988 £29,956,401 Baa1/A/BBB+ 2.76% 2.55% 0.640015Series 3A XS0168666526 £100,269,740 £5,804,027 £94,465,713 £94,465,713 Aaa/A/AAA 0.98% 0.48% 0.268155C XS0168666872 £9,600,226 £0 £9,600,226 £9,600,226 Baa1/A/BBB+ 3.05% 2.55% 0.640015

£324,663,514

Credit Enhancement % of Notes OutstandingClass A Notes (£ Equivalent)Class B Notes (£ Equivalent) £63,794,950 19.65%Class M Notes (£ Equivalent) £23,919,386 7.37%Class C Notes (£ Equivalent) £55,170,081 16.99%Granite Mortgages 03-2 Reserve Fund Requirement £35,000,000 10.78%Balance Brought Forward £35,000,000 10.78%Drawings this Period - Quarter 1st Feb 13 to 30th Apr 13 £0 0.00%Excess Spread this Period - Quarter 1st Feb 13 to 30th Apr 13 £68,493 0.02%Funding Reserve Fund Drawdown this Period - Quarter 1st Feb 13 to 30th Apr 13 £0 0.00%Funding Reserve Fund Top-up this Period* -£68,493Current Balance £35,000,000 10.78%Funding Reserve Fund requirement £44,427,278 2.03%Funding Reserve Balance brought forward £44,636,676 2.04%Drawings this Period - Quarter 1st Feb 13 to 30th Apr 13 £0 0.00%Excess Spread this Period - Quarter 1st Feb 13 to 30th Apr 13 £185,125 0.01%Repayment of deferred consideration -£394,523 -0.02%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £44,427,278 2.03%Funding Reserve % 1.0% NA*Top-ups only occur at the end of each quarter.


Series 1A3 US38741UAC18 $46,131,326 $2,730,684 $43,400,642 £26,906,784 Aaa/A/AAA 0.68% 0.40% 0.086801B US38741UAD90 $46,442,845 $0 $46,442,845 £28,792,836 Aa1/A/AAA 1.18% 0.90% 0.645040M US38741UAE73 $17,416,067 $0 $17,416,067 £10,797,314 Aa3/A/AA 1.68% 1.40% 0.645040C US38741UAF49 $32,251,976 $0 $32,251,976 £19,995,025 Baa1/A/BBB 2.73% 2.45% 0.645040Series 2A XS0176409927 €59,048,097 €3,495,275 €55,552,822 £38,796,579 Aaa/A/AAA 0.59% 0.38% 0.086801B XS0176410180 €14,835,909 €0 €14,835,909 £10,360,995 Aa1/A/AAA 1.11% 0.90% 0.645040M XS0176410347 €4,837,796 €0 €4,837,796 £3,378,585 Aa3/A/AA 1.61% 1.40% 0.645039C XS0176410420 €35,477,173 €0 €35,477,173 £24,776,292 Baa1/A/BBB 2.66% 2.45% 0.645040

Series 3A XS0176410693 £95,233,186 £5,637,204 £89,595,982 £89,595,982 Aaa/A/AAA 0.88% 0.38% 0.263518B XS0176410776 £18,383,626 £0 £18,383,626 £18,383,626 Aa1/A/AAA 1.40% 0.90% 0.645040M XS0176410859 £7,417,954 £0 £7,417,954 £7,417,954 Aa3/A/AA 1.90% 1.40% 0.645039C XS0176411071 £4,837,796 £0 £4,837,796 £4,837,796 Baa1/A/BBB 2.95% 2.45% 0.645039

£284,039,769

Credit Enhancement % of Notes OutstandingClass A Notes (£ Equivalent)Class B Notes (£ Equivalent) £57,537,457 20.26%Class M Notes (£ Equivalent) £21,593,853 7.60%Class C Notes (£ Equivalent) £49,609,114 17.47%Granite Mortgages 03-3 Reserve Fund Requirement £33,400,000 11.76%Balance Brought Forward £33,400,000 11.76%Drawings this Period - Quarter 1st Feb 13 to 30th Apr 13 £0 0.00%Excess Spread this Period - Quarter 1st Feb 13 to 30th Apr 13 £116,705 0.04%Funding Reserve Fund Drawdown this Period - Quarter 1st Feb 13 to 30th Apr 13 £0 0.00%Funding Reserve Fund Top-up this Period* -£116,705Current Balance £33,400,000 11.76%Funding Reserve Fund requirement £44,427,278 2.03%Funding Reserve Balance brought forward £44,636,676 2.04%Drawings this Period - Quarter 1st Feb 13 to 30th Apr 13 £0 0.00%Excess Spread this Period - Quarter 1st Feb 13 to 30th Apr 13 £185,125 0.01%Repayment of deferred consideration -£394,523 -0.02%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £44,427,278 2.03%Funding Reserve % 1.0% NA

Page 5



£480,369,966

Credit Enhancement % of Notes OutstandingClass A Notes (£ Equivalent)Class B Notes (£ Equivalent) £85,758,621 17.85%Class M Notes (£ Equivalent) £41,034,483 8.54%Class C Notes (£ Equivalent) £61,379,310 12.78%Granite Mortgages 04-1 Reserve Fund Requirement £60,000,000 12.49%Balance Brought Forward £60,000,000 12.49%Drawings this Period - 1st Jan to 31 Mar 13 £0 0.00%Excess Spread this Period - 1st Jan to 31 Mar 13 £387,788 0.08%Funding Reserve Fund Drawdown this Period - 1st Jan to 31 Mar 12 £0 0.00%Funding Reserve Fund Top-up this Period* -£387,788Current Balance £60,000,000 12.49%Funding Reserve Fund requirement £44,427,278 2.03%Funding Reserve Balance brought forward £44,636,676 2.04%Drawings this Period - 1st Jan to 31 Mar 13 £0 0.00%Excess Spread this Period - 1st Jan to 31 Mar 13 £185,125 0.01%Repayment of deferred consideration -£394,523 -0.02%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £44,427,278 2.03%Funding Reserve % 1.0% NA


Series 2A1 XS0193212825 €153,037,561 €0 €153,037,561 £104,107,184 Aaa/A/AAA 0.49% 0.28% 0.114207A2 XS0193213807 £27,802,941 £0 £27,802,941 £27,802,941 Aaa/A/AAA 0.79% 0.28% 0.113946B XS0193215414 €36,677,882 €0 €36,677,882 £24,950,940 Aa3/A/AAA 0.75% 0.54% 0.398673M XS0193216578 €21,324,350 €0 €21,324,350 £14,506,361 A2/A/AA 1.01% 0.80% 0.398586C XS0193217030 €35,398,421 €0 €35,398,421 £24,080,559 Baa2/A/BBB+ 1.81% 1.60% 0.397735Series 3A XS0193218350 £215,294,215 £0 £215,294,215 £215,294,215 Aaa/A/AAA 0.83% 0.32% 0.286257B XS0193218863 £38,900,000 £0 £38,900,000 £38,900,000 Aa2/A/AAA 1.15% 0.64% 1.000000M XS0193219754 £26,500,000 £0 £26,500,000 £26,500,000 A1/A/AA 1.45% 0.94% 1.000000C XS0193220927 £48,500,000 £0 £48,500,000 £48,500,000 Baa1/A/BBB+ 2.21% 1.70% 1.000000

£524,642,200

Credit Enhancement % of Notes OutstandingClass A Notes (£ Equivalent)Class B Notes (£ Equivalent) £63,850,940 12.17%Class M Notes (£ Equivalent) £41,006,361 7.82%Class C Notes (£ Equivalent) £72,580,559 13.83%Granite Mortgages 04-2 Reserve Fund Requirement £59,800,000 11.40%Balance Brought Forward £59,800,000 11.40%Drawings this Period - 1st Jan to 31 Mar 13 £0 0.00%Excess Spread this Period - 1st Jan to 31 Mar 13 £690,227 0.13%Funding Reserve Fund Drawdown this Period - 1st Jan to 31 Mar 12 £0 0.00%Funding Reserve Fund Top-up this Period* -£690,227 -0.13%Current Balance £59,800,000 11.40%Funding Reserve Fund requirement £44,427,278 2.03%Funding Reserve Balance brought forward £44,636,676 2.04%Drawings this Period - Quarter 1st Feb 13 to 30th Apr 13 £0 0.00%Excess Spread this Period - Quarter 1st Feb 13 to 30th Apr 13 £185,125 0.01%Repayment of deferred consideration -£394,523 -0.02%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £44,427,278 2.03%Funding Reserve % 1.0% NA

Page 6



£619,012,356

Credit Enhancement % of Notes OutstandingClass A Notes (£ Equivalent)Class B Notes (£ Equivalent) £73,837,214 11.93%Class M Notes (£ Equivalent) £57,415,453 9.28%Class C Notes (£ Equivalent) £135,870,660 21.95%Granite Mortgages 04-3 Reserve Fund Requirement £66,000,000 10.66%Balance Brought Forward £66,000,000 10.66%Drawings this Period - 1st Jan to 31 Mar 13 £0 0.00%Excess Spread this Period - 1st Jan to 31 Mar 13 £612,937 0.10%Funding Reserve Fund Drawdown this Period - 1st Jan to 31 Mar 12 £0 0.00%Funding Reserve Fund Top-up this Period* -£612,937 -0.10%Current Balance £66,000,000 10.66%Funding Reserve Fund requirement £44,427,278 2.03%Funding Reserve Balance brought forward £44,636,676 2.04%Drawings this Period - Quarter 1st Feb 13 to 30th Apr 13 £0 0.00%Excess Spread this Period - Quarter 1st Feb 13 to 30th Apr 13 £185,125 0.01%Repayment of deferred consideration -£394,523 -0.02%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £44,427,278 2.03%Funding Reserve % 1.0% NA



Page 7




Page 8








Page 9


Report Date 31 March 2013Mortgage Pool Data Date 31 March 2013Trust Calculation Date 31 March 2013Next Trust Determination Date 01 April 2013Next Trust Distribution Date 10 April 2013

Disclaimer

This investor report (the "Report") is intended for information purposes only and does not create any legally binding obligations on the part of Northern Rock (Asset Management) 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 period3 month plus arrears have decreased from 5.97% in the month to 5.77%. Early arrears decreased from 6.51% to 6.34%.Annualised CPR has increased to 10.07% in the month. Losses increased to £6.6m.The possession stock increased from 667 to 721.



24.44%

Monthly Distributions Granite Master Issuer Waterfall 18-20 March 2013



149,109,782 194,933,395


63,013,109 Issuer cash manager 49,315Amounts due to the A notes and A swap providers 4,663,351

Administration Fee 901,145 Amounts due to the B notes and B note swap providers 755,034Paid to Funding 7,734,607 Amounts due to the M notes and M note swap providers 976,076Paid to Funding 2 38,066,083 Amounts due to the C notes and C note swap providers 1,580,802Paid to Seller 16,311,274 Interest due on start-up loan (from Northern Rock (Asset Management) plc) 0






Asset Summary




Last Months Closing Trust AssetsCurrent Balance - Trust Cash and Other Assets



Remarketable noteThe Conditional Purchase Agreement relating to the series 2007-2 Class 4A2 notes and in terms of which Barclays Bank PLC was acting as the Conditional Purchaser, has terminated. Barclays Capital Inc’s role under the Remarketing Agreement has also terminated.

Reduction in Seller ShareOn 11 December 2012 Northern Rock (Asset Management) plc (NRAM) issued a Regulatory News Service (RNS) regarding customers of NRAM who have loan accounts which are regulated under the Consumer Credit Act (CCA).

Following changes to the CCA implemented in 2008 before the separation of NRAM and Northern Rock plc, certain letters and statements have been sent to customers that do not comply with all the requirements prescribed by the CCA. This was brought to light following the transfer of the NRAM loans onto the UK Asset Resolution (UKAR) IT platform. As a result of this, interest payments made by borrowers during the period that the documentation was not in compliance with the CCA is unenforceable. Such interest payments, therefore, have been recharacterised as principal and the loan balances reduced accordingly.

In order to ensure that no loss is suffered by the Granite noteholders, and in accordance with Clause 3.4(c) of the Administration Agreement, there will be a reduction in the Seller Share equal to the reduction in the capital value of the affected loans in the pool.

On 23/24 March 2013, 2,960 affected Granite loans were remediated by a reduction in capital value of loan balances by a total of £5,169,793.97. A corresponding reduction of 0.23% has been applied to the Seller Share.

A further tranche of remediation which is likely to affect around 1,200 further loans in Granite is due to occur towards the end of April, at which point there will be a further reduction in the Seller Share.

Page 1

Main Parties to the Structure Role Ratings S&P Moody's Fitch





AAA A-1 Aa2 P-1 A+ F1Credit Suisse International A+ A-1 A1 P-1 A F1Deutsche Bank AG A+ A-1 A2 P-1 A+ F1+BNP Paribas A+ A-1 A2 P-1 A+ F1+

* where the swap provider is guaranteed by another entity, the rating of the higher rated entity is shownArrears Analysis of Non Repossessed Mortgage Loans Number Value (£) Arrears (£) By number (%) By Principal (%)> = 1 < 2 Months 6,318 4.28%> = 2 < 3 Months 2,999 2.06%> = 3 < 4 Months 1,825 1.32%> = 4 < 5 Months 1,218 0.86%> = 5 < 6 Months 955 0.68%> = 6 < 7 Months 670 0.49%> = 7 < 8 Months 585 0.43%> = 8 < 9 Months 483 0.35%> = 9 < 10 Months 382 0.29%> = 10 < 11 Months 254 0.20%> = 11 < 12 Months 233 0.19%> = 12 < 13 Months 216 0.16%> = 13 < 14 Months 153 0.11%> = 14 < 15 Months 158 0.12%> = 15 < 16 Months 126 0.10%> = 16 < 17 Months 99 0.08%> = 17 < 18 Months 89 0.07%> = 18 < 19 Months 72 0.05%> = 19 < 20 Months 43 0.03%> = 20 < 21 Months 43 0.03%> = 21 < 22 Months 36 0.03%> = 22 < 23 Months 33 0.03%> = 23 < 24 Months 24 0.02%> = 24 < 36 Months 131 0.11%> = 36 Months 33 0.03%Total 17,178 12.11%



2,101,827,679 49,771,629 10.02%5,111,902 871,561 0.02%19,706,733 2,541,977 0.08%4,230,370 488,836 0.01%4,647,771 482,169 0.02%5,625,543 543,823 0.02%5,189,704 514,214 0.03%5,167,364 467,840 0.03%8,498,275 761,626 0.04%11,584,032 964,420 0.05%14,073,685 1,085,922 0.06%16,740,512 1,241,839 0.07%20,897,313 1,455,849 0.09%18,859,284 1,286,475 0.09%27,811,086 1,717,362 0.13%32,607,002 1,842,061 0.14%33,989,144 1,739,921 0.15%50,453,670 2,402,493 0.22%59,947,613 2,600,213 0.28%74,767,872 2,844,056 0.34%85,267,572 2,824,124 0.39%117,867,633 3,416,908 0.56%149,169,145 3,484,274 0.71%

742,511,219 5,374,154 3.69%

229,526,088 4,078,298 1.06%357,577,145 4,741,215 1.75%


Page 2







Employment StatusFull TimePart TimeRetiredSelf EmployedOtherTotal 171,436 17,354,920,835 100.00%

19,016 2,857,638,793 16.47%2,532 189,115,728 1.09%

2,060 140,731,322 0.81%1,608 81,288,039 0.47%

Number Value (£) % of Total146,220 14,086,146,952 81.17%

3,022 400,235,793 2.31%171,436 17,354,920,835 100.0%

18,989 2,376,219,706 13.69%14,083 1,911,002,153 11.01%

25,275 2,795,160,752 16.11%27,780 3,441,562,493 19.83%

9,870 1,050,362,504 6.05%15,637 1,698,767,964 9.79%

6,255 612,350,194 3.53%7,889 801,027,602 4.62%

4,519 388,048,621 2.24%5,185 469,937,351 2.71%

15,905 311,896,094 1.80%17,027 1,098,349,608 6.33%

171,436 17,354,920,835 100.00%


112,724 9,298,612,036 53.58%36.73%45,681 6,373,833,301

% of Total12,549 1,621,612,648 9.34%

Number Value (£)

10.70% 1,557,419,836 8.97%171,436 100% 17,354,920,835 100%18,346

4.31% 662,203,571 3.82%14,319 8.35% 1,432,851,590 8.26%7,396

18.11% 4,249,040,832 24.48%12,119 7.07% 1,462,687,451 8.43%31,041

14.05% 2,097,091,275 12.08%20,515 11.97% 1,488,816,901 8.58%24,084

5.30% 1,477,945,588 8.52%15,977 9.32% 1,118,511,048 6.44%

% of Total3.79%

7.14% 1,150,546,790 6.63%3.69% 657,805,954


46.54%4.30%100.0%

£7,874,004,742

% Balance3.79%45.37%

Value£657,044,829

Monthly Annualised

% of Total18,122 372,876,844 2.15%

Number Value (£)

18,954 1,188,009,501 6.85%4,091 349,472,889 2.01%4,493 422,937,683 2.44%5,264 529,980,430 3.05%6,059 659,869,843 3.80%7,478 839,583,664 4.84%9,559 1,127,344,121 6.50%11,905 1,401,217,160 8.07%14,278 1,711,665,127 9.86%15,605 1,891,608,460 10.90%

100.0%

15,438 1,872,889,465 10.79%40,190 4,987,465,650 28.74%171,436 17,354,920,835

£8,077,462,710£746,408,554

£17,354,920,835

6,322Number

12,2339,084

482 60,862,851 0.35%

Page 3


Apr-13May-13Jun-13Jul-13Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Remainder of 201420152016201720182019202020212022After 2022Total



• an insolvency event occurs in relation to the seller;• 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 ofTrust principal changes with all principal allocated to Funding and Funding 2 in proportion to their respective shares. The bonds will be paid sequentiallyby rating class. Within the AAA class bonds will be paid in order of legal final maturity.

Arrears Trigger YesAn 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 issuerreserve 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 YesA 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 04-2issuer 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.



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. Thisdata fact sheet and its notes are for information purposes only and are not intended as an offer or invitation withrespect to the purchase or sale of any security. Reliance should not be placed on the information herein whenmaking any decision whether to buy, hold or sell bonds (or other securities) or for any other purpose.

8,110 100% 657,044,829 100%

555 6.84% 56,124,375 8.54%926 11.42% 86,816,081 13.21%

1,937 23.88% 164,877,037 25.09%376 4.64% 25,760,763 3.92%

1.51%96 1.18% 3,015,699 0.46%131 1.62% 9,897,675


3351,748

42

Number

3446

102,234,141

6,220,220

1,208

0.42%0.57%0.52%1.32%107

21.55%14.90%

4.13% 2.54%

3,544,8213,515,5733,242,563

16,658,776130,009,712

0.54%0.54%0.49%

0.87%

0 0.00% 0 0.00%

15.56%

0.95%

19.79%

34 0.42% 2,355,159 0.36%33 0.41% 1,939,057 0.30%107 1.32% 8,527,964 1.30%114 1.41% 11,358,887 1.73%101 1.25% 8,848,319 1.35%73 0.90% 5,238,957 0.80%

21 0.26% 1,125,325 0.17%86 1.06% 5,733,724

Page 4



£335,832,125

Credit Enhancement % of Notes OutstandingClass A Notes (£ Equivalent)Class B Notes (£ Equivalent) £63,794,950 19.00%Class M Notes (£ Equivalent) £23,919,386 7.12%Class C Notes (£ Equivalent) £55,170,081 16.43%Granite Mortgages 03-2 Reserve Fund Requirement £35,000,000 10.42%Balance Brought Forward £35,000,000 10.42%Drawings this Period - Quarter 1st Nov 12 to 31st Jan 13 £0 0.00%Excess Spread this Period - Quarter 1st Nov 12 to 31st Jan 13 -£37,715 -0.01%Funding Reserve Fund Drawdown this Period - Quarter 1st Nov 12 to 31st Jan 13 £0 0.00%Funding Reserve Fund Top-up this Period* £37,715Current Balance £35,000,000 10.42%Funding Reserve Fund requirement £44,636,676 2.02%Funding Reserve Balance brought forward £45,209,098 2.04%Drawings this Period - Quarter 1st Nov 12 to 31st Jan 13 £0 0.00%Excess Spread this Period - Quarter 1st Nov 12 to 31st Jan 13 £1,690,740 0.08%Repayment of deferred consideration -£2,263,162 -0.10%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £44,636,676 2.02%Funding Reserve % 1.0% NA*Top-ups only occur at the end of each quarter.




£293,810,901

Credit Enhancement % of Notes OutstandingClass A Notes (£ Equivalent)Class B Notes (£ Equivalent) £57,537,457 19.58%Class M Notes (£ Equivalent) £21,593,853 7.35%Class C Notes (£ Equivalent) £49,609,114 16.88%Granite Mortgages 03-3 Reserve Fund Requirement £33,400,000 11.37%Balance Brought Forward £33,400,000 11.37%Drawings this Period - Quarter 1st Nov 12 to 31st Jan 13 £0 0.00%Excess Spread this Period - Quarter 1st Nov 12 to 31st Jan 13 £26,644 0.01%Funding Reserve Fund Drawdown this Period - Quarter 1st Nov 12 to 31st Jan 13 £0 0.00%Funding Reserve Fund Top-up this Period* -£26,644Current Balance £33,400,000 11.37%Funding Reserve Fund requirement £44,636,676 2.02%Funding Reserve Balance brought forward £45,209,098 2.04%Drawings this Period - Quarter 1st Nov 12 to 31st Jan 13 £0 0.00%Excess Spread this Period - Quarter 1st Nov 12 to 31st Jan 13 £1,690,740 0.08%Repayment of deferred consideration -£2,263,162 -0.10%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £44,636,676 2.02%Funding Reserve % 1.0% NA

Page 5


Series 2A1 US38741VAF22 $202,600,324 $11,096,861 $191,503,463 £104,418,464 Aaa/A/AAA 0.60% 0.32% 0.161606A2 XS0184562816 €146,749,883 €8,037,811 €138,712,072 £95,663,498 Aaa/A/AAA 0.53% 0.32% 0.154125B XS0184563111 €91,000,000 €0 €91,000,000 £62,758,621 Aa2/A/AAA 0.89% 0.68% 1.000000M XS0184563541 €45,000,000 €0 €45,000,000 £31,034,483 A1/A/AA- 1.35% 1.14% 1.000000C XS0184563897 €60,000,000 €0 €60,000,000 £41,379,310 Baa1/A/BBB 2.28% 2.07% 1.000000Series 3A XS0184565249 £97,453,320 £5,337,730 £92,115,590 £92,115,590 Aaa/A/AAA 0.83% 0.32% 0.153526B XS0184566130 £23,000,000 £0 £23,000,000 £23,000,000 Aa2/A/AAA 1.19% 0.68% 1.000000M XS0184566569 £10,000,000 £0 £10,000,000 £10,000,000 A1/A/AA- 1.65% 1.14% 1.000000C XS0184567534 £20,000,000 £0 £20,000,000 £20,000,000 Baa1/A/BBB 2.58% 2.07% 1.000000

£480,369,966

Credit Enhancement % of Notes OutstandingClass A Notes (£ Equivalent)Class B Notes (£ Equivalent) £85,758,621 17.85%Class M Notes (£ Equivalent) £41,034,483 8.54%Class C Notes (£ Equivalent) £61,379,310 12.78%Granite Mortgages 04-1 Reserve Fund Requirement £60,000,000 12.49%Balance Brought Forward £60,000,000 12.49%Drawings this Period - 1st Jan to 31 Mar 13 £0 0.00%Excess Spread this Period - 1st Jan to 31 Mar 13 £334,562 0.07%Funding Reserve Fund Drawdown this Period - 1st Jan to 31 Mar 12 £0 0.00%Funding Reserve Fund Top-up this Period* -£334,562Current Balance £60,000,000 12.49%Funding Reserve Fund requirement £44,636,676 2.02%Funding Reserve Balance brought forward £45,209,098 2.04%Drawings this Period - 1st Jan to 31 Mar 13 £0 0.00%Excess Spread this Period - 1st Jan to 31 Mar 13 £1,690,740 0.08%Repayment of deferred consideration -£2,263,162 -0.10%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £44,636,676 2.02%Funding Reserve % 1.0% NA


Series 2A1 XS0193212825 €161,188,363 €8,150,802 €153,037,561 £104,107,184 Aaa/A/AAA 0.49% 0.28% 0.114207A2 XS0193213807 £29,283,729 £1,480,788 £27,802,941 £27,802,941 Aaa/A/AAA 0.79% 0.28% 0.113946B XS0193215414 €36,677,882 €0 €36,677,882 £24,950,940 Aa3/A/AAA 0.75% 0.54% 0.398673M XS0193216578 €21,324,350 €0 €21,324,350 £14,506,361 A2/A/AA 1.01% 0.80% 0.398586C XS0193217030 €35,398,421 €0 €35,398,421 £24,080,559 Baa1/A/A- 1.81% 1.60% 0.397735Series 3A XS0193218350 £226,760,815 £11,466,600 £215,294,215 £215,294,215 Aaa/A/AAA 0.83% 0.32% 0.286257B XS0193218863 £38,900,000 £0 £38,900,000 £38,900,000 Aa2/A/AAA 1.15% 0.64% 1.000000M XS0193219754 £26,500,000 £0 £26,500,000 £26,500,000 A1/A/AA 1.45% 0.94% 1.000000C XS0193220927 £48,500,000 £0 £48,500,000 £48,500,000 Baa1/A/A- 2.21% 1.70% 1.000000

£524,642,200

Credit Enhancement % of Notes OutstandingClass A Notes (£ Equivalent)Class B Notes (£ Equivalent) £63,850,940 12.17%Class M Notes (£ Equivalent) £41,006,361 7.82%Class C Notes (£ Equivalent) £72,580,559 13.83%Granite Mortgages 04-2 Reserve Fund Requirement £59,800,000 11.40%Balance Brought Forward £59,800,000 11.40%Drawings this Period - 1st Jan to 31 Mar 13 £0 0.00%Excess Spread this Period - 1st Jan to 31 Mar 13 £640,965 0.12%Funding Reserve Fund Drawdown this Period - 1st Jan to 31 Mar 12 £0 0.00%Funding Reserve Fund Top-up this Period* -£640,965 -0.12%Current Balance £59,800,000 11.40%Funding Reserve Fund requirement £44,636,676 2.02%Funding Reserve Balance brought forward £45,209,098 2.04%Drawings this Period - Quarter 1st Nov 12 to 31st Jan 13 £0 0.00%Excess Spread this Period - Quarter 1st Nov 12 to 31st Jan 13 £1,690,740 0.08%Repayment of deferred consideration -£2,263,162 -0.10%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £44,636,676 2.02%Funding Reserve % 1.0% NA

Page 6


Series 2A1 US38741SAF92 $74,523,348 $4,350,950 $70,172,398 £39,071,491 Aaa/A/AAA 0.56% 0.28% 0.098322A2 XS0201483228 €83,550,311 €4,877,978 €78,672,333 £53,701,251 Aaa/A/AAA 0.49% 0.28% 0.098322B XS0201483657 €28,548,768 €0 €28,548,768 £19,487,214 Aa1/A/AAA 0.77% 0.56% 0.383720M XS0201484036 €22,217,388 €0 €22,217,388 £15,165,453 Aa3/A/AA+ 0.95% 0.74% 0.383720C XS0201485355 €53,356,267 €0 €53,356,267 £36,420,660 Baa2/A/BBB+ 1.81% 1.60% 0.383720Series 3A1 XS0201486320 £111,909,803 £6,533,711 £105,376,092 £105,376,092 Aaa/A/AAA 0.87% 0.36% 0.256234A2 XS0201565628 £163,272,661 £9,532,466 £153,740,195 £153,740,195 Aaa/A/AAA 0.89% 0.38% 0.256234B XS0201486833 £54,350,000 £0 £54,350,000 £54,350,000 Aa1/A/AAA 1.21% 0.70% 1.000000M XS0201487211 £42,250,000 £0 £42,250,000 £42,250,000 Aa3/A/AA+ 1.41% 0.90% 1.000000C XS0201487567 £99,450,000 £0 £99,450,000 £99,450,000 Baa1/A/BBB+ 2.27% 1.76% 1.000000

£619,012,356

Credit Enhancement % of Notes OutstandingClass A Notes (£ Equivalent)Class B Notes (£ Equivalent) £73,837,214 11.93%Class M Notes (£ Equivalent) £57,415,453 9.28%Class C Notes (£ Equivalent) £135,870,660 21.95%Granite Mortgages 04-3 Reserve Fund Requirement £66,000,000 10.66%Balance Brought Forward £66,000,000 10.66%Drawings this Period - 1st Jan to 31 Mar 13 £0 0.00%Excess Spread this Period - 1st Jan to 31 Mar 13 £551,053 0.09%Funding Reserve Fund Drawdown this Period - 1st Jan to 31 Mar 12 £0 0.00%Funding Reserve Fund Top-up this Period* -£551,053 -0.09%Current Balance £66,000,000 10.66%Funding Reserve Fund requirement £44,636,676 2.02%Funding Reserve Balance brought forward £45,209,098 2.04%Drawings this Period - Quarter 1st Nov 12 to 31st Jan 13 £0 0.00%Excess Spread this Period - Quarter 1st Nov 12 to 31st Jan 13 £1,690,740 0.08%Repayment of deferred consideration -£2,263,162 -0.10%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £44,636,676 2.02%Funding Reserve % 1.0% NA



Page 7




Page 8








Page 9


Report Date 28 February 2013Mortgage Pool Data Date 28 February 2013Trust Calculation Date 28 February 2013Next Trust Determination Date 01 March 2013Next Trust Distribution Date 11 March 2013

Disclaimer


Commentary on asset performance in the period3 month plus arrears have decreased from 5.99% in the month to 5.97%. Early arrears increased from 6.05% to 6.51%.Annualised CPR has remained at 9.44% in the month. Losses remained at £6.3m.The possession stock increased from 655 to 667.



24.25%

Monthly Distributions Granite Master Issuer Waterfall 18-20 February 2013



149,458,835 203,059,052












Asset Summary





Page 1


LT ST LT ST LT STNorthern Rock (Asset Management) plc Seller A A1 A1 P1 A F1


Citibank NA Agent bank A A-1 A3 P-2 A F1Common depositaryPrincipal paying agentRegistrarUS Paying Agent

Issuer Swap ProvidersRBS A A-1 A3 P-2 A F1

Barclays Bank PLC A+ A-1 A2 P-1 A F1

HSBC AA- A-1+ Aa3 P-1 AA- F1+

Citibank N.A A A-1 A3 P-2 A F1

Swiss Re AA- A-1+ A1 P-1 A+ -

UBS AG A A-1 A2 P-1 A F1

Goldman Sachs A A-1 A2 P-1 A F1

Credit Suisse A+ A-1 A1 P-1 A F1

Deutsche A+ A-1 A2 P-1 A+ F1+

BNP Paribas A+ A-1 A2 P-1 A+ F1+




760,644,065 5,597,593 3.78%

236,371,438 4,255,285 1.13%378,726,960 4,935,463 1.80%

120,826,316 3,362,963 0.55%160,234,288 3,797,956 0.75%

76,218,960 2,860,974 0.34%92,441,712 3,072,053 0.44%

47,097,149 2,238,343 0.21%63,044,764 2,769,980 0.29%

38,405,959 2,123,348 0.16%37,660,577 1,974,894 0.17%

22,477,006 1,523,373 0.10%25,594,156 1,679,526 0.12%

17,557,715 1,282,960 0.08%17,011,462 1,176,918 0.08%

13,880,039 1,143,241 0.06%15,904,208 1,206,005 0.06%

6,536,743 582,012 0.03%7,191,305 666,690 0.04%

5,229,350 529,758 0.02%5,710,431 545,122 0.03%

5,360,003 596,379 0.02%4,413,829 506,473 0.02%

4,906,964 801,989 0.02%21,139,268 2,692,480 0.08%

2,184,584,666 51,921,779 10.37%

Page 2








458 57,705,392 0.33%

6,383Number

12,3149,161

£8,154,935,794£749,898,631

£17,507,802,798

100.0%

15,587 1,892,304,814 10.81%40,764 5,054,127,781 28.87%172,728 17,507,802,798

14,339 1,718,249,736 9.81%15,730 1,910,259,629 10.91%

9,580 1,129,502,138 6.45%11,960 1,414,714,107 8.08%

6,113 666,406,206 3.81%7,481 842,722,065 4.81%

4,497 421,052,046 2.40%5,255 532,150,856 3.04%

19,080 1,196,554,478 6.83%4,111 353,799,370 2.02%

% of Total18,231 375,959,573 2.15%

Number Value (£)

£667,861,972

Monthly Annualised

£7,935,106,401

% Balance3.81%45.32%

Value

46.58%4.28%100.0%

% of Total3.79%

7.13% 1,161,216,945 6.63%3.70% 664,095,725


5.30% 1,490,470,751 8.51%16,098 9.32% 1,129,384,439 6.45%

14.04% 2,115,295,299 12.08%20,685 11.98% 1,503,062,146 8.59%24,246

18.12% 4,288,557,098 24.50%12,220 7.07% 1,475,695,513 8.43%31,303

4.30% 666,119,509 3.80%14,404 8.34% 1,443,416,296 8.24%7,434

10.70% 1,570,489,076 8.97%172,728 100% 17,507,802,798 100%18,480

% of Total12,642 1,632,291,487 9.32%

Number Value (£)

36.67%45,999 6,419,644,053113,629 9,398,161,866 53.68%

172,728 17,507,802,798 100.00%

Number Value (£) % of Total15,995 314,941,021 1.80%17,102 1,103,767,536 6.30%4,542 391,676,234 2.24%5,148 468,264,736 2.67%6,279 614,934,118 3.51%7,878 800,079,562 4.57%9,884 1,055,661,833 6.03%15,437 1,687,196,955 9.64%25,309 2,799,500,274 15.99%28,339 3,504,393,505 20.02%19,445 2,423,390,460 13.84%14,274 1,933,539,347 11.04%3,096 410,457,217 2.34%

172,728 17,507,802,798 100.0%

Number Value (£) % of Total147,305 14,212,900,707 81.18%2,083 142,775,920 0.82%1,625 82,342,222 0.47%19,162 2,879,339,734 16.45%2,553 190,444,215 1.09%

172,728 17,507,802,798 100.00%

Page 3


Mar-13Apr-13May-13Jun-13Jul-13Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Remainder of 201420152016201720182019202020212022After 2022Total




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 ofTrust principal changes with all principal allocated to Funding and Funding 2 in proportion to their respective shares. The bonds will be paid sequentiallyby rating class. Within the AAA class bonds will be paid in order of legal final maturity.






87 1.06% 5,787,548 0.87%75 0.91% 5,501,516 0.82%108 1.31% 8,888,288 1.33%115 1.40% 11,436,020 1.71%110 1.34% 8,827,816 1.32%33 0.40% 1,948,271 0.29%34 0.41% 2,363,587 0.35%109 1.33% 6,409,967 0.96%

0 0.00% 0 0.00%

15.59%

0.49%

19.73%131,756,238

0.00%0.54%0.53%

4.39% 2.74%

03,610,6743,554,822

18,332,214

104,131,219

3,252,777

1,227

0.00%0.43%0.57%0.51%42

21.53%14.92%

3611,771

47

Number

035


1.58%98 1.19% 3,109,743 0.47%136 1.65% 10,581,079

384 4.67% 26,834,236 4.02%

11.37% 87,839,272 13.15%1,959 23.82% 167,191,467 25.03%

8,225 100% 667,861,972 100%

559 6.80% 56,505,217 8.46%935

Page 4



£335,832,125

Credit Enhancement % of Notes OutstandingClass A Notes (£ Equivalent)Class B Notes (£ Equivalent) £63,794,950 19.00%Class M Notes (£ Equivalent) £23,919,386 7.12%Class C Notes (£ Equivalent) £55,170,081 16.43%Granite Mortgages 03-2 Reserve Fund Requirement £35,000,000 10.42%Balance Brought Forward £35,000,000 10.42%Drawings this Period - Quarter 1st Nov 12 to 31st Jan 13 £0 0.00%Excess Spread this Period - Quarter 1st Nov 12 to 31st Jan 13 -£37,715 -0.01%Funding Reserve Fund Drawdown this Period - Quarter 1st Nov 12 to 31st Jan 13 £0 0.00%Funding Reserve Fund Top-up this Period* £37,715Current Balance £35,000,000 10.42%Funding Reserve Fund requirement £45,209,098 2.02%Funding Reserve Balance brought forward £45,456,497 2.03%Drawings this Period - Quarter 1st Nov 12 to 31st Jan 13 £0 0.00%Excess Spread this Period - Quarter 1st Nov 12 to 31st Jan 13 -£11,145 0.00%Repayment of deferred consideration -£236,254 -0.01%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £45,209,098 2.02%Funding Reserve % 1.0% NA*Top-ups only occur at the end of each quarter.




£293,810,901

Credit Enhancement % of Notes OutstandingClass A Notes (£ Equivalent)Class B Notes (£ Equivalent) £57,537,457 19.58%Class M Notes (£ Equivalent) £21,593,853 7.35%Class C Notes (£ Equivalent) £49,609,114 16.88%Granite Mortgages 03-3 Reserve Fund Requirement £33,400,000 11.37%Balance Brought Forward £33,400,000 11.37%Drawings this Period - Quarter 1st Nov 12 to 31st Jan 13 £0 0.00%Excess Spread this Period - Quarter 1st Nov 12 to 31st Jan 13 £26,644 0.01%Funding Reserve Fund Drawdown this Period - Quarter 1st Nov 12 to 31st Jan 13 £0 0.00%Funding Reserve Fund Top-up this Period* -£26,644Current Balance £33,400,000 11.37%Funding Reserve Fund requirement £45,209,098 2.02%Funding Reserve Balance brought forward £45,456,497 2.03%Drawings this Period - Quarter 1st Nov 12 to 31st Jan 13 £0 0.00%Excess Spread this Period - Quarter 1st Nov 12 to 31st Jan 13 -£11,145 0.00%Repayment of deferred consideration -£236,254 -0.01%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £45,209,098 2.02%Funding Reserve % 1.0% NA

Page 5



£497,301,647

Credit Enhancement % of Notes OutstandingClass A Notes (£ Equivalent)Class B Notes (£ Equivalent) £85,758,621 17.24%Class M Notes (£ Equivalent) £41,034,483 8.25%Class C Notes (£ Equivalent) £61,379,310 12.34%Granite Mortgages 04-1 Reserve Fund Requirement £60,000,000 12.07%Balance Brought Forward £60,000,000 12.07%Drawings this Period - 1st Oct to 31 Dec 12 £0 0.00%Excess Spread this Period - 1st Oct to 31 Dec 12 £334,562 0.07%Funding Reserve Fund Drawdown this Period - 1st Oct to 31 Dec 12 £0 0.00%Funding Reserve Fund Top-up this Period* -£334,562Current Balance £60,000,000 12.07%Funding Reserve Fund requirement £45,209,098 2.02%Funding Reserve Balance brought forward £45,456,497 2.03%Drawings this Period - Quarter 1st Nov 12 to 31st Jan 13 £0 0.00%Excess Spread this Period - Quarter 1st Nov 12 to 31st Jan 13 -£11,145 0.00%Repayment of deferred consideration -£236,254 -0.01%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £45,209,098 2.02%Funding Reserve % 1.0% NA


Series 2A1 XS0193212825 €161,188,363 €0 €161,188,363 £109,651,948 Aaa/A/AAA 0.46% 0.28% 0.120290A2 XS0193213807 £29,283,729 £0 £29,283,729 £29,283,729 Aaa/A/AAA 0.80% 0.28% 0.120015B XS0193215414 €36,677,882 €0 €36,677,882 £24,950,940 Aa3/A/AAA 0.72% 0.54% 0.398673M XS0193216578 €21,324,350 €0 €21,324,350 £14,506,361 A2/A/AA 0.98% 0.80% 0.398586C XS0193217030 €35,398,421 €0 €35,398,421 £24,080,559 Baa1/A/A- 1.78% 1.60% 0.397735Series 3A XS0193218350 £226,760,815 £0 £226,760,815 £226,760,815 Aaa/A/AAA 0.84% 0.32% 0.301504B XS0193218863 £38,900,000 £0 £38,900,000 £38,900,000 Aa2/A/AAA 1.16% 0.64% 1.000000M XS0193219754 £26,500,000 £0 £26,500,000 £26,500,000 A1/A/AA 1.46% 0.94% 1.000000C XS0193220927 £48,500,000 £0 £48,500,000 £48,500,000 Baa1/A/A- 2.22% 1.70% 1.000000

£543,134,351

Credit Enhancement % of Notes OutstandingClass A Notes (£ Equivalent)Class B Notes (£ Equivalent) £63,850,940 11.76%Class M Notes (£ Equivalent) £41,006,361 7.55%Class C Notes (£ Equivalent) £72,580,559 13.36%Granite Mortgages 04-2 Reserve Fund Requirement £59,800,000 11.01%Balance Brought Forward £59,800,000 11.01%Drawings this Period - 1st Oct to 31 Dec 12 £0 0.00%Excess Spread this Period - 1st Oct to 31 Dec 12 £640,965 0.12%Funding Reserve Fund Drawdown this Period - 1st Oct to 31 Dec 12 £0 0.00%Funding Reserve Fund Top-up this Period* -£640,965 -0.12%Current Balance £59,800,000 11.01%Funding Reserve Fund requirement £45,209,098 2.02%Funding Reserve Balance brought forward £45,456,497 2.03%Drawings this Period - Quarter 1st Nov 12 to 31st Jan 13 £0 0.00%Excess Spread this Period - Quarter 1st Nov 12 to 31st Jan 13 -£11,145 0.00%Repayment of deferred consideration -£236,254 -0.01%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £45,209,098 2.02%Funding Reserve % 1.0% NA

Page 6



£640,830,788




Page 7




Page 8








Page 9


Report Date 31 January 2013Mortgage Pool Data Date 31 January 2013Trust Calculation Date 31 January 2013Next Trust Determination Date 01 February 2013Next Trust Distribution Date 11 February 2013

Disclaimer


Commentary on asset performance in the period3 month plus arrears have decreased from 6.16% in the month to 5.99%. Early arrears decreased from 6.21% to 6.05%.Annualised CPR has decreased from 9.57% to 9.44%. Losses decreased from £6.5m to £6.3m.The possession stock decreased from 613 to 655.



24.02%

Monthly Distributions Granite Master Issuer Waterfall 17-22 January 2013



152,730,384 206,028,467












Asset Summary





Page 1


LT ST LT ST LT STNorthern Rock (Asset Management) plc Seller A A1 Aa3 P1 A F1


Citibank NA Agent bank A A-1 A3 P-2 A F1Common depositaryPrincipal paying agentRegistrarUS Paying Agent

Issuer Swap ProvidersRBS A A-1 A3 P-2 A F1Barclays Bank PLC A+ A-1 A2 P-1 A F1HSBC AA- A-1+ Aa3 P-1 AA- F1+Citibank N.A A A-1 A3 P-2 A F1Swiss Re AA- A-1+ A1 P-1 A+ -UBS AG A A-1 A2 P-1 A F1Goldman Sachs A- A-2 A3 P-2 A F1Credit Suisse A+ A-1 A1 P-1 A F1Deutsche A+ A-1 A2 P-1 A+ F1+BNP Paribas A+ A-1 A2 P-1 A+ F1+




693,424,908 5,162,991 3.37%

237,075,695 4,323,029 1.13%373,648,638 4,841,739 1.79%

120,542,899 3,416,836 0.57%159,400,585 3,737,595 0.73%

75,271,422 2,896,685 0.34%97,701,322 3,205,193 0.45%

51,278,459 2,456,505 0.23%59,263,668 2,624,858 0.28%

37,238,228 2,204,665 0.16%41,128,158 2,092,603 0.18%

20,348,899 1,335,365 0.09%29,095,193 1,771,015 0.12%

19,096,685 1,406,724 0.08%17,955,651 1,263,144 0.08%

10,588,083 930,143 0.05%15,689,338 1,152,900 0.06%

6,988,051 596,549 0.03%9,196,413 794,407 0.04%

5,481,422 569,215 0.02%5,606,768 556,860 0.02%

5,049,989 534,639 0.02%4,833,949 552,942 0.02%

4,613,144 729,599 0.02%23,311,656 2,893,587 0.09%

2,123,829,223 52,049,788 9.99%

Page 2


Product BreakdownFixed RateTogetherCappedVariableTrackerTotal


Repayment MethodEndowmentInterest OnlyPension PolicyPersonal Equity PlanRepaymentPart and PartTotal




422 52,729,289 0.30%

6,421Number

12,3759,242

£0£8,230,853,417£751,925,191

£17,651,891,805

100.0%

15,755 1,914,952,826 10.85%41,331 5,122,811,919 29.02%173,909 17,651,891,805

14,406 1,730,419,087 9.80%15,810 1,922,725,938 10.89%

9,539 1,129,106,517 6.40%11,965 1,414,641,782 8.01%

6,144 671,777,867 3.81%7,488 848,189,052 4.81%

4,505 425,346,315 2.41%5,234 528,017,684 2.99%

19,251 1,209,558,731 6.85%4,142 356,216,180 2.02%

% of Total18,339 378,127,905 2.14%

Number Value (£)

£681,652,278

Monthly Annualised

£7,987,460,919

% Balance3.86%45.25%

Value

0.00%46.63%4.26%100.0%

% of Total3.79%

7.12% 1,168,873,679 6.62%3.69% 669,070,233


5.31% 1,505,575,583 8.53%16,192 9.31% 1,138,046,843 6.45%

14.02% 2,130,163,479 12.07%20,816 11.97% 1,514,986,028 8.58%24,377

18.15% 4,326,929,307 24.51%12,319 7.08% 1,487,318,713 8.43%31,557

4.29% 670,100,880 3.80%14,515 8.35% 1,455,684,790 8.25%7,466

10.71% 1,585,142,269 8.98%173,909 100% 17,651,891,805 100%18,629

% of Total12,733 1,643,184,757 9.31%

Number Value (£)

36.61%0 0 0.00%

46,303 6,463,169,503

0 0 0.00%114,451 9,492,808,256 53.78%

173,909 17,651,891,805 100.00%

Number Value (£) % of Total16,049 315,349,017 1.79%17,274 1,115,929,117 6.32%4,520 389,422,749 2.21%5,174 470,929,445 2.67%6,210 611,883,645 3.47%7,942 806,655,169 4.57%9,814 1,053,650,689 5.97%15,271 1,675,779,670 9.49%25,218 2,791,145,626 15.81%28,908 3,569,977,528 20.22%19,881 2,470,702,514 14.00%14,500 1,964,086,011 11.13%3,148 416,380,624 2.36%

173,909 17,651,891,805 100.0%

Number Value (£) % of Total148,285 14,331,539,387 81.19%2,100 143,907,373 0.82%1,635 83,076,679 0.47%19,313 2,900,856,910 16.43%2,576 192,511,455 1.09%

173,909 17,651,891,805 100.00%

Page 3


Feb-13Mar-13Apr-13May-13Jun-13Jul-13Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Remainder of 201420152016201720182019202020212022After 2022Total




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 ofTrust principal changes with all principal allocated to Funding and Funding 2 in proportion to their respective shares. The bonds will be paid sequentiallyby rating class. Within the AAA class bonds will be paid in order of legal final maturity.






75 0.90% 5,526,276 0.81%114 1.36% 9,114,530 1.34%118 1.41% 11,864,985 1.74%111 1.33% 8,967,808 1.32%33 0.39% 1,956,857 0.29%35 0.42% 2,441,266 0.36%110 1.32% 6,659,092 0.98%43 0.51% 3,276,906 0.48%

0 0.00% 0 0.00%

15.72%

0.55%

19.75%134,621,065

0.23%0.00%0.53%

5.48% 3.59%

1,559,5880

3,620,885

24,459,480

107,184,236

3,747,814

1,250

0.26%0.00%0.42%0.57%48

21.44%14.95%

4581,792

35

Number

220


1.57%98 1.17% 3,158,209 0.46%139 1.66% 10,720,365

385 4.61% 27,025,821 3.96%

11.32% 88,964,522 13.05%1,982 23.71% 169,620,636 24.88%

8,360 100% 681,652,278 100%

566 6.77% 57,161,935 8.39%946

Page 4


Series 1A3 US38741QAC06 $94,232,707 $6,031,966 $88,200,741 £54,861,442 Aaa/A/AAA 0.80% 0.50% 0.176401B US38741QAD88 $48,961,154 $0 $48,961,154 £30,454,161 Aa1/A/AAA 1.28% 0.98% 0.640015C US38741QAE61 $6,720,158 $0 $6,720,158 £4,179,983 Baa1/A/BBB+ 2.85% 2.55% 0.640015Series 2A XS0168665718 €56,539,625 €3,619,180 €52,920,445 £37,816,525 Aaa/A/AAA 0.71% 0.50% 0.176401B XS0168666013 €46,657,100 €0 €46,657,100 £33,340,789 Aa1/A/AAA 1.19% 0.98% 0.640015M XS0168771748 €33,472,789 €0 €33,472,789 £23,919,386 Aa3/A/AA+ 1.71% 1.50% 0.640015C1 XS0168666104 €16,000,000 €0 €16,000,000 £11,433,472 Baa1/A/BBB+ 2.76% 2.55% 1.000000C2 XS0168666443 €41,920,988 €0 €41,920,988 £29,956,401 Baa1/A/BBB+ 2.76% 2.55% 0.640015Series 3A XS0168666526 £107,127,094 £6,857,354 £100,269,740 £100,269,740 Aaa/A/AAA 0.99% 0.48% 0.284631C XS0168666872 £9,600,226 £0 £9,600,226 £9,600,226 Baa1/A/BBB+ 3.06% 2.55% 0.640015

£335,832,125

Credit Enhancement % of Notes OutstandingClass A Notes (£ Equivalent)Class B Notes (£ Equivalent) £63,794,950 19.00%Class M Notes (£ Equivalent) £23,919,386 7.12%Class C Notes (£ Equivalent) £55,170,081 16.43%Granite Mortgages 03-2 Reserve Fund Requirement £35,000,000 10.42%Balance Brought Forward £35,000,000 10.42%Drawings this Period - Quarter 1st Nov 12 to 31st Jan 13 £0 0.00%Excess Spread this Period - Quarter 1st Nov 12 to 31st Jan 13 -£37,715 -0.01%Funding Reserve Fund Drawdown this Period - Quarter 1st Nov 12 to 31st Jan 13 £0 0.00%Funding Reserve Fund Top-up this Period* £37,715Current Balance £35,000,000 10.42%Funding Reserve Fund requirement £45,209,098 2.00%Funding Reserve Balance brought forward £45,456,497 2.01%Drawings this Period - Quarter 1st Nov 12 to 31st Jan 13 £0 0.00%Excess Spread this Period - Quarter 1st Nov 12 to 31st Jan 13 -£11,145 0.00%Repayment of deferred consideration -£236,254 -0.01%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £45,209,098 2.00%Funding Reserve % 1.0% NA*Top-ups only occur at the end of each quarter.


Series 1A3 US38741UAC18 $49,357,579 $3,226,253 $46,131,326 £28,599,706 Aaa/A/AAA 0.70% 0.40% 0.092263B US38741UAD90 $46,442,845 $0 $46,442,845 £28,792,836 Aa1/A/AAA 1.20% 0.90% 0.645040M US38741UAE73 $17,416,067 $0 $17,416,067 £10,797,314 Aa3/A/AA 1.70% 1.40% 0.645040C US38741UAF49 $32,251,976 $0 $32,251,976 £19,995,025 Baa1/A/BBB 2.75% 2.45% 0.645040Series 2A XS0176409927 €63,177,701 €4,129,604 €59,048,097 £41,237,584 Aaa/A/AAA 0.59% 0.38% 0.092263B XS0176410180 €14,835,909 €0 €14,835,909 £10,360,995 Aa1/A/AAA 1.11% 0.90% 0.645040M XS0176410347 €4,837,796 €0 €4,837,796 £3,378,585 Aa3/A/AA 1.61% 1.40% 0.645039C XS0176410420 €35,477,173 €0 €35,477,173 £24,776,292 Baa1/A/BBB 2.66% 2.45% 0.645040

Series 3A XS0176410693 £101,893,442 £6,660,256 £95,233,186 £95,233,186 Aaa/A/AAA 0.89% 0.38% 0.280098B XS0176410776 £18,383,626 £0 £18,383,626 £18,383,626 Aa1/A/AAA 1.41% 0.90% 0.645040M XS0176410859 £7,417,954 £0 £7,417,954 £7,417,954 Aa3/A/AA 1.91% 1.40% 0.645039C XS0176411071 £4,837,796 £0 £4,837,796 £4,837,796 Baa1/A/BBB 2.96% 2.45% 0.645039

£293,810,901

Credit Enhancement % of Notes OutstandingClass A Notes (£ Equivalent)Class B Notes (£ Equivalent) £57,537,457 19.58%Class M Notes (£ Equivalent) £21,593,853 7.35%Class C Notes (£ Equivalent) £49,609,114 16.88%Granite Mortgages 03-3 Reserve Fund Requirement £33,400,000 11.37%Balance Brought Forward £33,400,000 11.37%Drawings this Period - Quarter 1st Nov 12 to 31st Jan 13 £0 0.00%Excess Spread this Period - Quarter 1st Nov 12 to 31st Jan 13 £26,644 0.01%Funding Reserve Fund Drawdown this Period - Quarter 1st Nov 12 to 31st Jan 13 £0 0.00%Funding Reserve Fund Top-up this Period* -£26,644Current Balance £33,400,000 11.37%Funding Reserve Fund requirement £45,209,098 2.00%Funding Reserve Balance brought forward £45,456,497 2.01%Drawings this Period - Quarter 1st Nov 12 to 31st Jan 13 £0 0.00%Excess Spread this Period - Quarter 1st Nov 12 to 31st Jan 13 -£11,145 0.00%Repayment of deferred consideration -£236,254 -0.01%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £45,209,098 2.00%Funding Reserve % 1.0% NA

Page 5



£497,301,647

Credit Enhancement % of Notes OutstandingClass A Notes (£ Equivalent)Class B Notes (£ Equivalent) £85,758,621 17.24%Class M Notes (£ Equivalent) £41,034,483 8.25%Class C Notes (£ Equivalent) £61,379,310 12.34%Granite Mortgages 04-1 Reserve Fund Requirement £60,000,000 12.07%Balance Brought Forward £60,000,000 12.07%Drawings this Period - 1st Oct to 31 Dec 12 £0 0.00%Excess Spread this Period - 1st Oct to 31 Dec 12 £334,562 0.07%Funding Reserve Fund Drawdown this Period - 1st Oct to 31 Dec 12 £0 0.00%Funding Reserve Fund Top-up this Period* -£334,562Current Balance £60,000,000 12.07%Funding Reserve Fund requirement £45,209,098 2.00%Funding Reserve Balance brought forward £45,456,497 2.01%Drawings this Period - Quarter 1st Nov 12 to 31st Jan 13 £0 0.00%Excess Spread this Period - Quarter 1st Nov 12 to 31st Jan 13 -£11,145 0.00%Repayment of deferred consideration -£236,254 -0.01%Allocation to Issuer Reserve Funds £0 0.00%Funding reserve Balance carried forward £45,209,098 2.00%Funding Reserve % 1.0% NA


Series 2A1 XS0193212825 €161,188,363 €0 €161,188,363 £109,651,948 Aaa/A/AAA 0.46% 0.28% 0.120290A2 XS0193213807 £29,283,729 £0 £29,283,729 £29,283,729 Aaa/A/AAA 0.80% 0.28% 0.120015B XS0193215414 €36,677,882 €0 €36,677,882 £24,950,940 Aa3/A/AAA 0.72% 0.54% 0.398673M XS0193216578 €21,324,350 €0 €21,324,350 £14,506,361 A2/A/AA 0.98% 0.80% 0.398586C XS0193217030 €35,398,421 €0 €35,398,421 £24,080,559 Baa1/A/A- 1.78% 1.60% 0.397735Series 3A XS0193218350 £226,760,815 £0 £226,760,815 £226,760,815 Aaa/A/AAA 0.84% 0.32% 0.301504B XS0193218863 £38,900,000 £0 £38,900,000 £38,900,000 Aa2/A/AAA 1.16% 0.64% 1.000000M XS0193219754 £26,500,000 £0 £26,500,000 £26,500,000 A1/A/AA 1.46% 0.94% 1.000000C XS0193220927 £48,500,000 £0 £48,500,000 £48,500,000 Baa1/A/A- 2.22% 1.70% 1.000000

£543,134,351


Page 6



£640,830,788




Page 7




Page 8








Page 9

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media/Files/N/NRAM-V2/securitisation/granite... · Any projections are based on a number of assumptions as to market conditions and there ... Arrears classification is determined