Granite Master Issuer plc Series 2007-3

The eleventh transaction to emerge from the Northern Rock's Granite Master Issuance programme (which
was updated on 13 Sept07.. doc available on EuroABS), and not one of the previous ten could have been
launched into more difficult market conditions.

Apart from the investor (and regulator) concerns ragarding the sub-prime crisis, this week has seen queues
of depositors outside Northern Rock branches demanding their money (after the announcement to special
borrowing arrangements with the Bank of England), and the share price falling from 750p one month ago to
under 300p by the issuance date.

All the classes of the 2007-3 will be purchased by Northern Rock and the notes will probably be used as
repo collateral under Northern Rock's agreement with the Bank of England under which it can access
emergency funds if required. All tranches of the new issue can be called after November this year.

(For the Northern Rock press release "Statement on Market Condition", released 14 Sept 2007, please go to
the "Issuers" section, and view under Press Releases" in the Northern Rock display)


Compare/contrast: Granite Master 2007-2
Granite Master Issuer plc Series 2007-2