Granite Master Issuer plc Series 2007-2

The tenth issuance off the Northern Rock's Master Issuer programme, which was undated on 17May
(can be viewed under Debt Issuance Programme), which again features a high quality of collateral
and a relatively low weighted average LTV of mortgage loans.

The initial collateral pool (substitution is permitted) consists of 479,902 of owner-occupied residential
mortgage loans (59.58% of mortgage loans in the pool are fixed rate loans). The deal features
weighted-average seasoning of 24.80mnths, with a current WA LTV of 77.51%. THe loans are geo-
graphically well diversified, but as is common, London & the South East dominate (38.77%). Other
main regions are: North West 10.44%, Scotland 9.93%, South West 8.21%, and Yorkshire & Humber-
side 7.88%.

Compare/contrast: previous Granite Master issues, Holmes Master 2007-1, Permanent Master 2007-1