Document:

<PAGE>

                                                                     Exhibit 4.3

================================================================================

                            P. H. GLATFELTER COMPANY
                                     Issuer

                          7 1/8% Senior Notes due 2016

                                   ----------

                          FIRST SUPPLEMENTAL INDENTURE

                         Dated as of September 22, 2006

                                   ----------

                                  SUNTRUST BANK
                                     Trustee

================================================================================

<PAGE>

          FIRST SUPPLEMENTAL INDENTURE (this "Supplemental Indenture"), dated as
of September __, 2006, among Glatfelter Holdings, LLC and Glatfelter Holdings
II, LLC, each a Delaware limited liability company (the "Additional Subsidiary
Guarantors"), the entities listed on Schedule I hereto (collectively, the
"Existing Subsidiary Guarantors"), P. H. Glatfelter Company, a Pennsylvania
corporation (the "Company"), and SunTrust Bank, as trustee (the "Trustee").

                                   WITNESSETH

          WHEREAS, the Company and the Existing Subsidiary Guarantors have
heretofore executed and delivered to the Trustee an indenture dated as of April
28, 2006 (the "Indenture"), providing for the issuance of 7 1/8% Senior Notes
due 2016 (the "Notes");

          WHEREAS, pursuant to Section 4.11 of the Indenture, the Company may
not permit any Domestic Restricted Subsidiary to incur any Indebtedness unless
(with exceptions) such Restricted Subsidiary simultaneously executes and
delivers a Subsidiary Guarantee and becomes a Subsidiary Guarantor;

          WHEREAS, each Additional Subsidiary Guarantor is a Domestic Restricted
Subsidiary of the Company and intends to guarantee the Company's obligations
under the Indenture;

          WHEREAS, pursuant to Section 9.01 of the Indenture, the Company, the
Subsidiary Guarantors and the Trustee may amend the Indenture without notice to
or consent of any Noteholder to, among other things, add Subsidiary Guarantees
and;

          WHEREAS, the Company has heretofore delivered or is delivering
contemporaneously to the Trustee (i) an Officers' Certificate and (ii) an
Opinion of Counsel, in each case in compliance with and to the effect set forth
in Sections 1.01, 9.06, 11.04 and 11.05.

          NOW THEREFORE, in consideration of the foregoing and for other good
and valuable consideration, the receipt of which is hereby acknowledged, the
parties agree, for the equal and proportionate benefit of all Noteholders, as
follows:

                                   ARTICLE ONE

                            RATIFICATION; DEFINITIONS

          SECTION 1.01. First Supplemental Indenture. This Supplemental
Indenture is supplemental to, and is entered into in accordance with Section
9.01 of the Indenture, and except as modified, amended and supplemented by this
Supplemental Indenture, the provisions of the Indenture are in all respects
ratified and confirmed and shall remain in full force and effect; and

          SECTION 1.02. Definitions. Capitalized terms used herein without
definition shall have the meanings assigned to them in the Indenture.

                                   ARTICLE TWO

<PAGE>

                        ADDITIONAL SUBSIDIARY GUARANTORS

          SECTION 2.01. Guarantee. Each Additional Subsidiary Guarantor hereby
expressly assumes the obligations of, and otherwise agrees to perform all of the
duties of, a Subsidiary Guarantor (in addition to any other Subsidiary
Guarantors) under the Indenture, subject to the terms and conditions thereof,
with the same effect as if such Additional Subsidiary Guarantor had been named
as a Subsidiary Guarantor therein as of the date this Supplemental Indenture is
executed and delivered.

                                  ARTICLE THREE

                                  MISCELLANEOUS

          SECTION 3.01. Successors and Assigns. This Supplemental Indenture
shall be binding upon each Additional Subsidiary Guarantor and its successors
and assigns and shall enure to the benefit of the successors and assigns of the
Trustee and the Holders and, in the event of any transfer or assignment of
rights by any Holder or the Trustee, the rights and privileges conferred upon
that party in the Indenture, this Supplemental Indenture and the Notes shall
automatically extend to and be vested in such transferee or assignee, all
subject to the terms and conditions of this Supplemental Indenture and the
Indenture.

          SECTION 3.02. Multiple Originals. The parties may sign any number of
copies of this Supplemental Indenture. Each signed copy shall be an original,
but all of them together represent the same agreement. One signed copy is enough
to prove this Supplemental Indenture.

          SECTION 3.03. Governing Law. This Supplemental Indenture shall be
governed by, and construed in accordance with, the laws of the State of New
York.

          SECTION 3.04. Effective Date. This Supplemental Indenture shall become
effective upon execution and delivery hereof.

          SECTION 3.05. Incorporation into Indenture. All provisions of this
Supplemental Indenture shall be deemed to be incorporated in, and made part of,
the Indenture; and the Indenture, as amended and supplemented by this
Supplemental Indenture, shall be read, taken and construed as one and the same
instrument.

          SECTION 3.06. Acceptance. The Trustee accepts the Indenture, as
supplemented by this Supplemental Indenture, and agrees to perform the same upon
the terms and conditions set forth therein as so supplemented.

          SECTION 3.07. Severability. In case any provision in this Supplemental
Indenture shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

          SECTION 3.08. Table of Contents; Headings. The headings of the
Articles and Sections of this Supplemental Indenture have been inserted for
convenience of reference only, are not intended to be considered part hereof and
shall not modify or restrict any of the terms or provisions hereof.

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed, all as of the date first written above.

                                        P. H. GLATFELTER COMPANY

                                        By: /s/ Jeffrey J. Norton
                                            ------------------------------------
                                        Name: Jeffrey J. Norton
                                        Title: Vice President, General
                                               Counsel & Secretary

<PAGE>

                                        PHG TEA LEAVES, INC.

                                        By: /s/ George B. Amoss, Jr.
                                            ------------------------------------
                                        Name: George B. Amoss, Jr.
                                        Title: Treasurer

                                        MOLLANVICK, INC.

                                        By: /s/ Donald Gross
                                            ------------------------------------
                                        Name: Donald Gross
                                        Title: Treasurer

                                        THE GLATFELTER PULP WOOD COMPANY

                                        By: /s/ John P. Jacunski
                                            ------------------------------------
                                        Name: John P. Jacunski
                                        Title: Treasurer

                                        GLT INTERNATIONAL FINANCE, LLC

                                        By: /s/ George B. Amoss, Jr.
                                            ------------------------------------
                                        Name: George B. Amoss, Jr.
                                        Title: Treasurer

                                        GLENN-WOLFE, INC.

                                        By: /s/ Donald Gross
                                            ------------------------------------
                                        Name: Donald Gross
                                        Title: Treasurer

<PAGE>

                                        GLATFELTER HOLDINGS, LLC

                                        By: /s/ David C. Elder
                                            ------------------------------------
                                        Name: David C. Elder
                                        Title: Treasurer

                                        GLATFELTER HOLDINGS II, LLC

                                        By: /s/ David C. Elder
                                            ------------------------------------
                                        Name: David C. Elder
                                        Title: Treasurer

<PAGE>

                                        SUNTRUST BANK, as Trustee

                                        By:    /s/ Nancy C. Harrison
                                            ------------------------------------
                                        Name:  Nancy C. Harrison
                                              ----------------------------------
                                        Title: Vice President
                                               ---------------------------------

<PAGE>

                                   SCHEDULE I

                         EXISTING SUBSIDIARY GUARANTORS

PHG Tea Leaves, Inc.

Mollanvick, Inc.

The Glatfelter Pulp Wood Company

GLT International Finance, LLC

Glenn-Wolfe, Inc.Exhibit 4.1.2

                                                               EXECUTION VERSION

                            Dated 19 September, 2006

                        GRANITE FINANCE FUNDING 2 LIMITED
                                  as Funding 2

                            GRANITE MASTER ISSUER PLC
                                as Master Issuer

                              THE BANK OF NEW YORK
                          as Funding 2 Security Trustee

                                 CITIBANK, N.A.
                                  as Agent Bank

                        --------------------------------

                             LOAN TRANCHE SUPPLEMENT

                        --------------------------------

                                  SIDLEY AUSTIN
                                WOOLGATE EXCHANGE
                              25 BASINGHALL STREET
                                 LONDON EC2V 5HA
                             TELEPHONE 020 7360 3600
                             FACSIMILE 020 7626 7937
                           REF: PR/30507-30130/1034377

<PAGE>

THIS LOAN TRANCHE SUPPLEMENT is dated 19 September, 2006 between:

(1)   GRANITE FINANCE FUNDING 2 LIMITED (registered number 5249387) a private
      limited liability company incorporated under the laws of England and Wales
      whose registered office is at Fifth Floor, 100 Wood Street, London EC2V
      7EX as Funding 2;

(2)   GRANITE MASTER ISSUER PLC (registered number 5250668) a public limited
      company incorporated under the laws of England and Wales whose registered
      office is at Fifth Floor, 100 Wood Street, London EC2V 7EX as Master
      Issuer;

(3)   THE BANK OF NEW YORK, acting through its office at 48th Floor, One Canada
      Square, London E14 5AL in its capacity as the Funding 2 Security Trustee;
      and

(4)   CITIBANK, N.A., acting through its office at Citigroup Centre, Canada
      Square, Canary Wharf, London E14 5LB in its capacity as the Agent Bank.

This document constitutes the Loan Tranche Supplement relating to the Loan
Tranches described herein. Terms used herein shall be deemed to be defined as
such for the purposes of the Global Intercompany Loan Agreement entered into
between the parties hereto on 19 January, 2005. This Loan Tranche Supplement
contains the final terms of the Loan Tranches identified and described herein,
is supplemental to and must be read in conjunction with the Global Intercompany
Loan Agreement.

<PAGE>

Loan Tranche: The Series 2006-3 Class A1 Notes will fund the Series 2006-3 AAA
(Class A1) Loan Tranche which shall have the following terms:

1.        Borrower:                      Granite Finance Funding 2 Limited

2.        Lender:                        Granite Master Issuer plc

3.        (i)      Loan Tranche Rating:  AAA

          (ii)     Series Number:        Series 2006-3

4.        Initial Outstanding            (GBP)533,902,830
          Principal Balance:

5.        (i)      Closing Date:         19 September, 2006

          (ii)     Loan Tranche          19 September, 2006
                   Interest
                   Commencement Date:

          (iii)    Loan Tranche          In respect of the first Loan Tranche
                   Interest Reset        Interest Reset Date, the Loan Tranche
                   Dates:                Interest Commencement Date and, for
                                         each subsequent Loan Tranche Interest
                                         Reset Date each Monthly Payment Date
                                         falling in April, July, October and
                                         January of each year beginning in
                                         October 2006 (or, if such date is not
                                         a London Business Day, the next
                                         following London Business Day), up
                                         to, and including, the Final
                                         Repayment Date.

6.        Final Repayment Date:          The Loan Payment Date falling in
                                         December 2030.

7.        Loan Payment Dates:            Each Monthly Payment Date in each
                                         year (or, if such date is not a
                                         London Business Day, the next
                                         following London Business Day) up to
                                         and including the Final Repayment
                                         Date.

8.        Initial Relevant Screen Rate:  The linear interpolation of one month
                                         sterling LIBOR and two month sterling
                                         LIBOR.

9.        Relevant Screen Rate:          LIBOR for three-month sterling
                                         deposits.

10.       Loan Reference Rate:           LIBOR for three-month sterling
                                         deposits.

11.       Relevant Margin:               -0.0095 per cent. per annum

12.       Step-Up Date:                  The Loan Payment Date occurring in
                                         October 2012

                                       2
<PAGE>

13.       Relevant Margin following      0.1500 per cent. per annum
          Step-Up Date:

14.       Redemption/Payment Basis:      Controlled Amortisation

15.       Change of Redemption/Payment   Not Applicable
          Basis:

16.       Details relating to Bullet     Not Applicable
          Loan Tranche:

17.       Details relating to            Not Applicable
          Scheduled Repayment Loan
          Tranche:

18.       Details relating to             Applicable
          Controlled Repayment Loan
          Tranche:

          Controlled Repayment Dates                Target Balance:
          Loan Payment Date occurring
          in:

                                                         (GBP)

                  January 2007                        410,000,000

                   April 2007                         330,000,000

                    July 2007                         260,000,000

                  October 2007                        190,000,000

                  January 2008                        120,000,000

                   April 2008                              0

                    July 2008                              0

                  October 2008                             0

                  January 2009                             0

                   April 2009                              0

                    July 2009                              0

                  October 2009                             0

                  January 2010                             0

                   April 2010                              0

                    July 2010                              0

                  October 2010                             0

                                       3
<PAGE>

                  January 2011                             0

                   April 2011                              0

                    July 2011                              0

                  October 2011                             0

                  January 2012                             0

                   April 2012                              0

                    July 2012                              0

                  October 2012                             0

19.            Details relating          Not Applicable
               to Pass-through
               Loan Tranches:

20.       Other terms and special        Not Applicable
          conditions:

                                       4
<PAGE>

Loan Tranche: The Series 2006-3 Class A2 Notes will fund the Series 2006-3 AAA
(Class A2) Loan Tranche which shall have the following terms:

1.        Borrower:                      Granite Finance Funding 2 Limited

2.        Lender:                        Granite Master Issuer plc

3.        (i)      Loan Tranche Rating:  AAA

          (ii)     Series Number:        Series 2006-3

4.        Initial Outstanding            (GBP)563,475,900
          Principal Balance:

5.        (i)      Closing Date:         19 September, 2006

          (ii)     Loan Tranche          19 September, 2006
                   Interest
                   Commencement Date:

          (iii)    Loan Tranche          In respect of the first Loan Tranche
                   Interest Reset        Interest Reset Date, the Loan Tranche
                   Dates:                Interest Commencement Date and, for
                                         each subsequent Loan Tranche Interest
                                         Reset Date, the Monthly Payment Date
                                         falling in January, April, July and
                                         October of each year (or, if such
                                         date is not a London Business Day,
                                         the next following London Business
                                         Day) or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, each
                                         Monthly Payment Date of each year
                                         (or, if such date is not a London
                                         Business Day, the next following
                                         London Business Day), in each case,
                                         up to, and including, the Final
                                         Repayment Date.

6.        Final Repayment Date:          The Loan Payment Date falling in
                                         December 2030.

7.        Loan Payment Dates:            Each Monthly Payment Date in each
                                         year (or, if such date is not a
                                         London Business Day, the next
                                         following London Business Day) up to
                                         and including the Final Repayment
                                         Date.

8.        Initial Relevant Screen Rate:  The linear interpolation of one month
                                         sterling LIBOR and two month sterling
                                         LIBOR.

                                       5
<PAGE>

9.        Relevant Screen Rate:          LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

10.       Loan Reference Rate:           LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

11.       Relevant Margin:               0.0114 per cent. per annum

12.       Step-Up Date:                  The Loan Payment Date occurring in
                                         October 2012.

13.       Relevant Margin following      0.2024 per cent. per annum
          Step-Up Date:

14.       Redemption/Payment Basis:      Controlled Amortisation

15.       Change of Redemption/Payment   Not Applicable
          Basis:

16.       Details relating to Bullet     Not Applicable
          Loan Tranche:

17.       Details relating to            Not Applicable
          Scheduled Repayment Loan
          Tranche:

18.       Details relating to            Applicable
          Controlled Repayment Loan
          Tranche:

           Controlled Repayment Dates               Target Balance:
           Loan Payment Date occurring
                       in:
                                                         (GBP)

                  January 2007                        432,710,048

                   April 2007                         348,278,819

                    July 2007                         274,401,494

                  October 2007                        200,524,168

                  January 2008                        126,646,843

                   April 2008                          90,000,000

                    July 2008                              0

                                       6
<PAGE>

                  October 2008                             0

                  January 2009                             0

                   April 2009                              0

                    July 2009                              0

                  October 2009                             0

                  January 2010                             0

                   April 2010                              0

                    July 2010                              0

                  October 2010                             0

                  January 2011                             0

                   April 2011                              0

                    July 2011                              0

                  October 2011                             0

                  January 2012                             0

                   April 2012                              0

                    July 2012                              0

                  October 2012                             0

19.       Details relating to            Not Applicable
          Pass-through Loan Tranches:

20.       Other terms and special        Not Applicable
          conditions:

                                       7
<PAGE>

Loan Tranche: The Series 2006-3 Class A3 Notes will fund the Series 2006-3 AAA
(Class A3) Loan Tranche which shall have the following terms:

1.        Borrower:                      Granite Finance Funding 2 Limited

2.        Lender:                        Granite Master Issuer plc

3.        (i)      Loan Tranche Rating:  AAA

          (ii)     Series Number:        Series 2006-3

4.        Initial Outstanding            (GBP)961,025,094
          Principal Balance:

5.        (i)      Closing Date:         19 September, 2006

          (ii)     Loan Tranche          19 September, 2006
                   Interest
                   Commencement Date:

          (iii)    Loan Tranche          In respect of the first Loan Tranche
                   Interest Reset        Interest Reset Date, the Loan Tranche
                   Dates:                Interest Commencement Date and, for
                                         each subsequent Loan Tranche Interest
                                         Reset Date, the Monthly Payment Date
                                         falling in January, April, July and
                                         October of each year (or, if such
                                         date is not a London Business Day,
                                         the next following London Business
                                         Day) or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, each
                                         Monthly Payment Date of each year
                                         (or, if such date is not a London
                                         Business Day, the next following
                                         London Business Day), in each case,
                                         up to, and including, the Final
                                         Repayment Date.

6.        Final Repayment Date:          The Loan Payment Date falling in
                                         December 2054.

7.        Loan Payment Dates:            Each Monthly Payment Date in each
                                         year (or, if such date is not a
                                         London Business Day, the next
                                         following London Business Day) up to
                                         and including the Final Repayment
                                         Date.

8.        Initial Relevant Screen Rate:  The linear interpolation of one month
                                         sterling LIBOR and two month sterling
                                         LIBOR.

                                       8
<PAGE>

9.        Relevant Screen Rate:          LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

10.       Loan Reference Rate:           LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

11.       Relevant Margin:               0.0275 per cent. per annum

12.       Step-Up Date:                  The Loan Payment Date occurring in
                                         October 2012

13.       Relevant Margin following      0.2051 per cent. per annum
          Step-Up Date:

14.       Redemption/Payment Basis:      Controlled Amortisation

15.       Change of Redemption/Payment   Not Applicable
          Basis:

16.       Details relating to Bullet     Not Applicable
          Loan Tranche:

17.       Details relating to            Not Applicable
          Scheduled Repayment Loan
          Tranche:

18.       Details relating to            Applicable
          Controlled Repayment Loan
          Tranche:

           Controlled Repayment Dates               Target Balance:
           Loan Payment Date occurring
                       in:
                                                         (GBP)

                  January 2007                        961,025,094

                   April 2007                         961,025,094

                    July 2007                         961,025,094

                  October 2007                        961,025,094

                  January 2008                        961,025,094

                   April 2008                         961,025,094

                    July 2008                         910,000,000

                                       9
<PAGE>

                  October 2008                        820,000,000

                  January 2009                        660,000,000

                   April 2009                         510,000,000

                    July 2009                         370,000,000

                  October 2009                        230,000,000

                  January 2010                         90,000,000

                   April 2010                              0

                    July 2010                              0

                  October 2010                             0

                  January 2011                             0

                   April 2011                              0

                    July 2011                              0

                  October 2011                             0

                  January 2012                             0

                   April 2012                              0

                    July 2012                              0

                  October 2012                             0

19.       Details relating to            Not Applicable
          Pass-through Loan Tranches:

20.       Other terms and special        Not Applicable
          conditions:

                                       10
<PAGE>

Loan Tranche: The Series 2006-3 Class A4 Notes will fund the Series 2006-3 AAA
(Class A4) Loan Tranche which shall have the following terms:

1.        Borrower:                      Granite Finance Funding 2 Limited

2.        Lender:                        Granite Master Issuer plc

3.        (i)      Loan Tranche Rating:  AAA

          (ii)     Series Number:        Series 2006-3

4.        Initial Outstanding            (GBP)533,902,830
          Principal Balance:

5.        (i)      Closing Date:         19 September, 2006

          (ii)     Loan Tranche          19 September, 2006
                   Interest
                   Commencement Date:

          (iii)    Loan Tranche          In respect of the first Loan Tranche
                   Interest Reset        Interest Reset Date, the Loan Tranche
                   Dates:                Interest Commencement Date and, for
                                         each subsequent Loan Tranche Interest
                                         Reset Date, the Monthly Payment Date
                                         falling in January, April, July and
                                         October of each year (or, if such
                                         date is not a London Business Day,
                                         the next following London Business
                                         Day) or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, each
                                         Monthly Payment Date of each year
                                         (or, if such date is not a London
                                         Business Day, the next following
                                         London Business Day), in each case,
                                         up to, and including, the Final
                                         Repayment Date.

6.        Final Repayment Date:          The Loan Payment Date falling in
                                         December 2054.

7.        Loan Payment Dates:            Each Monthly Payment Date in each
                                         year (or, if such date is not a
                                         London Business Day, the next
                                         following London Business Day) up to
                                         and including the Final Repayment
                                         Date.

8.        Initial Relevant Screen Rate:  The linear interpolation of one month
                                         sterling LIBOR and two month sterling
                                         LIBOR.

                                       11
<PAGE>

9.        Relevant Screen Rate:          LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

10.       Loan Reference Rate:           LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

11.       Relevant Margin:               0.0836 per cent. per annum

12.       Step-Up Date:                  The Loan Payment Date occurring in
                                         October 2012

13.       Relevant Margin following      0.2337 per cent. per annum
          Step-Up Date:

14.       Redemption/Payment Basis:      Controlled Amortisation

15.       Change of Redemption/Payment   Not Applicable
          Basis:

16.       Details relating to Bullet     Not Applicable
          Loan Tranche:

17.       Details relating to            Not Applicable
          Scheduled Repayment Loan
          Tranche:

18.       Details relating to            Applicable
          Controlled Repayment Loan
          Tranche:

           Controlled Repayment Dates               Target Balance:
           Loan Payment Date occurring
                       in:
                                                         (GBP)

                  January 2007                        533,902,830

                   April 2007                         533,902,830

                    July 2007                         533,902,830

                  October 2007                        533,902,830

                  January 2008                        533,902,830

                   April 2008                         533,902,830

                    July 2008                         533,902,830

                                       12
<PAGE>

                  October 2008                        533,902,830

                  January 2009                        533,902,830

                   April 2009                         533,902,830

                    July 2009                         533,902,830

                  October 2009                        533,902,830

                  January 2010                        533,902,830

                   April 2010                         527,000,000

                    July 2010                         505,000,000

                  October 2010                        485,000,000

                  January 2011                        465,000,000

                   April 2011                         445,625,261

                    July 2011                         427,778,395

                  October 2011                        410,371,716

                  January 2012                        393,589,166

                   April 2012                         377,587,327

                    July 2012                         362,152,896

                  October 2012                        307,829,961

19.       Details relating to            Not Applicable
          Pass-through Loan Tranches:

20.       Other terms and special        Not Applicable
          conditions:

                                       13
<PAGE>

Loan Tranche: The Series 2006-3 Class A5 Notes will fund the Series 2006-3 AAA
(Class A5) Loan Tranche which shall have the following terms:

1.        Borrower:                      Granite Finance Funding 2 Limited

2.        Lender:                        Granite Master Issuer plc

3.        (i)      Loan Tranche Rating:  AAA

          (ii)     Series Number:        Series 2006-3

4.        Initial Outstanding            (GBP)848,608,283
          Principal Balance:

5.        (i)      Closing Date:         19 September, 2006

          (ii)     Loan Tranche          19 September, 2006
                   Interest
                   Commencement Date:

          (iii)    Loan Tranche          In respect of the first Loan Tranche
                   Interest Reset        Interest Reset Date, the Loan Tranche
                   Dates:                Interest Commencement Date and, for
                                         each subsequent Loan Tranche Interest
                                         Reset Date, the Monthly Payment Date
                                         falling in January, April, July and
                                         October of each year (or, if such
                                         date is not a London Business Day,
                                         the next following London Business
                                         Day) or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, each
                                         Monthly Payment Date of each year
                                         (or, if such date is not a London
                                         Business Day, the next following
                                         London Business Day), in each case,
                                         up to, and including, the Final
                                         Repayment Date.

6.        Final Repayment Date:          The Loan Payment Date falling in
                                         December 2054

7.        Loan Payment Dates:            Each Monthly Payment Date in each
                                         year (or, if such date is not a
                                         London Business Day, the next
                                         following London Business Day) up to
                                         and including the Final Repayment
                                         Date.

8.        Initial Relevant Screen Rate:  The linear interpolation of one month
                                         sterling LIBOR and two month sterling
                                         LIBOR.

                                       14
<PAGE>

9.        Relevant Screen Rate:          LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

10.       Loan Reference Rate:           LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

11.       Relevant Margin:               0.0834 per cent. per annum

12.       Step-Up Date:                  The Loan Payment Date occurring in
                                         October 2012

13.       Relevant Margin following      0.3492 per cent. per annum
          Step-Up Date:

14.       Redemption/Payment Basis:      Controlled Amortisation

15.       Change of Redemption/Payment   Not Applicable
          Basis:

16.       Details relating to Bullet     Not Applicable
          Loan Tranche:

17.       Details relating to            Not Applicable
          Scheduled Repayment Loan
          Tranche:

18.       Details relating to            Applicable
          Controlled Repayment Loan
          Tranche:

           Controlled Repayment Dates               Target Balance:
           Loan Payment Date occurring
                       in:
                                                         (GBP)

                  January 2007                        848,608,283

                   April 2007                         848,608,283

                    July 2007                         848,608,283

                  October 2007                        848,608,283

                  January 2008                        848,608,283

                   April 2008                         848,608,283

                    July 2008                         848,608,283

                                       15
<PAGE>

                  October 2008                        848,608,283

                  January 2009                        848,608,283

                   April 2009                         848,608,283

                    July 2009                         848,608,283

                  October 2009                        848,608,283

                  January 2010                        848,608,283

                   April 2010                         837,636,626

                    July 2010                         802,668,873

                  October 2010                        770,880,007

                  January 2011                        739,091,141

                   April 2011                         708,296,091

                    July 2011                         679,929,510

                  October 2011                        652,262,580

                  January 2012                        625,587,668

                   April 2012                         600,153,653

                    July 2012                         575,621,499

                  October 2012                        489,278,274

19.       Details relating to            Not Applicable
          Pass-through Loan Tranches:

20.       Other terms and special        Not Applicable
          conditions:

                                       16
<PAGE>

Loan Tranche: The Series 2006-3 Class A6 Notes will fund the Series 2006-3 AAA
(Class A6) Loan Tranche which shall have the following terms:

1.        Borrower:                      Granite Finance Funding 2 Limited

2.        Lender:                        Granite Master Issuer plc

3.        (i)      Loan Tranche Rating:  AAA

          (ii)     Series Number:        Series 2006-3

4.        Initial Outstanding            (GBP)700,000,000
          Principal Balance:

5.        (i)      Closing Date:         19 September, 2006

          (ii)     Loan Tranche          19 September, 2006
                   Interest
                   Commencement Date:

          (iii)    Loan Tranche          In respect of the first Loan Tranche
                   Interest Reset        Interest Reset Date, the Loan Tranche
                   Dates:                Interest Commencement Date and, for
                                         each subsequent Loan Tranche Interest
                                         Reset Date, the Monthly Payment Date
                                         falling in January, April, July and
                                         October of each year (or, if such
                                         date is not a London Business Day,
                                         the next following London Business
                                         Day) or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, each
                                         Monthly Payment Date of each year
                                         (or, if such date is not a London
                                         Business Day, the next following
                                         London Business Day), in each case,
                                         up to, and including, the Final
                                         Repayment Date.

6.        Final Repayment Date:          The Loan Payment Date falling in
                                         December 2054

7.        Loan Payment Dates:            Each Monthly Payment Date in each
                                         year (or, if such date is not a
                                         London Business Day, the next
                                         following London Business Day) up to
                                         and including the Final Repayment
                                         Date.

8.        Initial Relevant Screen Rate:  The linear interpolation of one month
                                         sterling LIBOR and two month sterling
                                         LIBOR.

                                       17
<PAGE>

9.        Relevant Screen Rate:          LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

10.       Loan Reference Rate:           LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

11.       Relevant Margin:               0.11 per cent. per annum

12.       Step-Up Date:                  The Loan Payment Date occurring in
                                         October 2012

13.       Relevant Margin following      0.22 per cent. per annum
          Step-Up Date:

14.       Redemption/Payment Basis:      Controlled Amortisation

15.       Change of Redemption/Payment   Not Applicable
          Basis:

16.       Details relating to Bullet     Not Applicable
          Loan Tranche:

17.       Details relating to            Not Applicable
          Scheduled Repayment Loan
          Tranche:

18.       Details relating to            Applicable
          Controlled Repayment Loan
          Tranche:

           Controlled Repayment Dates               Target Balance:
           Loan Payment Date occurring
                       in:
                                                         (GBP)

                  January 2007                        700,000,000

                   April 2007                         700,000,000

                    July 2007                         700,000,000

                  October 2007                        700,000,000

                  January 2008                        700,000,000

                   April 2008                         700,000,000

                    July 2008                         700,000,000

                                       18
<PAGE>

                  October 2008                        700,000,000

                  January 2009                        700,000,000

                   April 2009                         700,000,000

                    July 2009                         700,000,000

                  October 2009                        700,000,000

                  January 2010                        700,000,000

                   April 2010                         690,949,700

                    July 2010                         662,105,500

                  October 2010                        635,883,500

                  January 2011                        609,661,500

                   April 2011                         584,259,279

                    July 2011                         560,860,254

                  October 2011                        538,038,357

                  January 2012                        516,034,756

                   April 2012                         495,054,745

                    July 2012                         474,818,662

                  October 2012                        403,595,863

19.       Details relating to            Not Applicable
          Pass-through Loan Tranches:

20.       Other terms and special        Not Applicable
          conditions:

                                       19
<PAGE>

Loan Tranche: The Series 2006-3 Class A7 Notes will fund the Series 2006-3 AAA
(Class A7) Loan Tranche which shall have the following terms:

1.        Borrower:                      Granite Finance Funding 2 Limited

2.        Lender:                        Granite Master Issuer plc

3.        (i)      Loan Tranche Rating:  AAA

          (ii)     Series Number:        Series 2006-3

4.        Initial Outstanding            (GBP)934,329,952
          Principal Balance:

5.        (i)      Closing Date:         19 September, 2006

          (ii)     Loan Tranche          19 September, 2006
                   Interest
                   Commencement Date:

          (iii)    Loan Tranche          In respect of the first Loan Tranche
                   Interest Reset        Interest Reset Date, the Loan Tranche
                   Dates:                Interest Commencement Date and, for
                                         each subsequent Loan Tranche Interest
                                         Reset Date, the Monthly Payment Date
                                         falling in January, April, July and
                                         October of each year (or, if such
                                         date is not a London Business Day,
                                         the next following London Business
                                         Day) or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, each
                                         Monthly Payment Date of each year
                                         (or, if such date is not a London
                                         Business Day, the next following
                                         London Business Day), in each case,
                                         up to, and including, the Final
                                         Repayment Date.

6.        Final Repayment Date:          The Loan Payment Date falling in
                                         December 2054

7.        Loan Payment Dates:            Each Monthly Payment Date in each
                                         year (or, if such date is not a
                                         London Business Day, the next
                                         following London Business Day) up to
                                         and including the Final Repayment
                                         Date.

8.        Initial Relevant Screen Rate:  The linear interpolation of one month
                                         sterling LIBOR and two month sterling
                                         LIBOR.

                                       20
<PAGE>

9.        Relevant Screen Rate:          LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

10.       Loan Reference Rate:           LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

11.       Relevant Margin:               0.0936 per cent. per annum

12.       Step-Up Date:                  The Loan Payment Date occurring in
                                         October 2012

13.       Relevant Margin following      0.3337 per cent. per annum
          Step-Up Date:

14.       Redemption/Payment Basis:      Controlled Amortisation

15.       Change of Redemption/Payment   Not Applicable
          Basis:

16.       Details relating to Bullet     Not Applicable
          Loan Tranche:

17.       Details relating to            Not Applicable
          Scheduled Repayment Loan
          Tranche:

18.       Details relating to            Applicable
          Controlled Repayment Loan
          Tranche:

           Controlled Repayment Dates               Target Balance:
           Loan Payment Date occurring
                       in:
                                                         (GBP)

                  January 2007                        934,329,952

                   April 2007                         934,329,952

                    July 2007                         934,329,952

                  October 2007                        934,329,952

                  January 2008                        934,329,952

                   April 2008                         934,329,952

                    July 2008                         934,329,952

                                       21
<PAGE>

                  October 2008                        934,329,952

                  January 2009                        934,329,952

                   April 2009                         934,329,952

                    July 2009                         934,329,952

                  October 2009                        934,329,952

                  January 2010                        934,329,952

                   April 2010                         922,250,000

                    July 2010                         883,750,000

                  October 2010                        848,759,000

                  January 2011                        813,750,000

                   April 2011                         779,844,206

                    July 2011                         748,612,192

                  October 2011                        718,150,503

                  January 2012                        688,781,041

                   April 2012                         660,777,823

                    July 2012                         633,767,567

                  October 2012                        538,702,433

19.       Details relating to            Not Applicable
          Pass-through Loan Tranches:

20.       Other terms and special        Not Applicable
          conditions:

                                       22
<PAGE>

Loan Tranche: The Series 2006-3 Class B1 Notes will fund the Series 2006-3 AA
(Class B1) Loan Tranche which shall have the following terms:

1.        Borrower:                      Granite Finance Funding 2 Limited

2.        Lender:                        Granite Master Issuer plc

3.        (i)      Loan Tranche Rating:  AA

          (ii)     Series Number:        Series 2006-3

4.        Initial Outstanding            (GBP)37,373,198
          Principal Balance:

5.        (i)      Closing Date:         19 September, 2006

          (ii)     Loan Tranche          19 September, 2006
                   Interest
                   Commencement Date:

          (iii)    Loan Tranche          In respect of the first Loan Tranche
                   Interest Reset        Interest Reset Date, the Loan Tranche
                   Dates:                Interest Commencement Date and, for
                                         each subsequent Loan Tranche Interest
                                         Reset Date, the Monthly Payment Date
                                         falling in January, April, July and
                                         October of each year (or, if such
                                         date is not a London Business Day,
                                         the next following London Business
                                         Day) or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, each
                                         Monthly Payment Date of each year
                                         (or, if such date is not a London
                                         Business Day, the next following
                                         London Business Day), in each case,
                                         up to, and including, the Final
                                         Repayment Date.

6.        Final Repayment Date:          The Loan Payment Date falling in
                                         December 2054

7.        Loan Payment Dates:            Each Monthly Payment Date in each
                                         year (or, if such date is not a
                                         London Business Day, the next
                                         following London Business Day) up to
                                         and including the Final Repayment
                                         Date.

8.        Initial Relevant Screen Rate:  The linear interpolation of one month
                                         sterling LIBOR and two month sterling
                                         LIBOR.

                                       23
<PAGE>

9.        Relevant Screen Rate:          LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

10.       Loan Reference Rate:           LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

11.       Relevant Margin:               0.0744 per cent. per annum

12.       Step-Up Date:                  The Loan Payment Date occurring in
                                         October 2012

13.       Relevant Margin following      0.2988 per cent. per annum
          Step-Up Date:

14.       Redemption/Payment Basis:      Controlled Amortisation

15.       Change of Redemption/Payment   Not Applicable
          Basis:

16.       Details relating to Bullet     Not Applicable
          Loan Tranche:

17.       Details relating to            Not Applicable
          Scheduled Repayment Loan
          Tranche:

18.       Details relating to            Applicable
          Controlled Repayment Loan
          Tranche:

           Controlled Repayment Dates               Target Balance:
           Loan Payment Date occurring
                       in:
                                                          (GBP)

                 January 2007                          37,373,198

                   April 2007                          37,373,198

                    July 2007                          37,373,198

                  October 2007                         37,373,198

                  January 2008                         37,373,198

                   April 2008                          37,373,198

                    July 2008                          37,373,198

                                       24
<PAGE>

                  October 2008                             0

                  January 2009                             0

                   April 2009                              0

                    July 2009                              0

                  October 2009                             0

                  January 2010                             0

                   April 2010                              0

                    July 2010                              0

                  October 2010                             0

                  January 2011                             0

                   April 2011                              0

                    July 2011                              0

                  October 2011                             0

                  January 2012                             0

                   April 2012                              0

                    July 2012                              0

                  October 2012                             0

19.       Details relating to            Not Applicable
          Pass-through Loan Tranches:

20.       Other terms and special        Not Applicable
          conditions:

                                       25
<PAGE>

Loan Tranche: The Series 2006-3 Class B2 Notes will fund the Series 2006-3 AA
(Class B2) Loan Tranche which shall have the following terms:

1.        Borrower:                      Granite Finance Funding 2 Limited

2.        Lender:                        Granite Master Issuer plc

3.        (i)      Loan Tranche Rating:  AA

          (ii)     Series Number:        Series 2006-3

4.        Initial Outstanding            (GBP)97,170,315
          Principal Balance:

5.        (i)      Closing Date:         19 September, 2006

          (ii)     Loan Tranche          19 September, 2006
                   Interest
                   Commencement Date:

          (iii)    Loan Tranche          In respect of the first Loan Tranche
                   Interest Reset        Interest Reset Date, the Loan Tranche
                   Dates:                Interest Commencement Date and, for
                                         each subsequent Loan Tranche Interest
                                         Reset Date, the Monthly Payment Date
                                         falling in January, April, July and
                                         October of each year (or, if such
                                         date is not a London Business Day,
                                         the next following London Business
                                         Day) or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, each
                                         Monthly Payment Date of each year
                                         (or, if such date is not a London
                                         Business Day, the next following
                                         London Business Day), in each case,
                                         up to, and including, the Final
                                         Repayment Date

6.        Final Repayment Date:          The Loan Payment Date falling in
                                         December 2054

7.        Loan Payment Dates:            Each Monthly Payment Date in each
                                         year (or, if such date is not a
                                         London Business Day, the next
                                         following London Business Day) up to
                                         and including the Final Repayment
                                         Date.

8.        Initial Relevant Screen Rate:  The linear interpolation of one month
                                         sterling LIBOR and two month sterling
                                         LIBOR.

                                       26
<PAGE>

9.        Relevant Screen Rate:          LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

10.       Loan Reference Rate:           LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

11.       Relevant Margin:               0.1686 per cent. per annum

12.       Step-Up Date:                  The Loan Payment Date occurring in
                                         October 2012

13.       Relevant Margin following      0.4875 per cent. per annum
          Step-Up Date:

14.       Redemption/Payment Basis:      Pass-through

15.       Change of Redemption/Payment   Not Applicable
          Basis:

16.       Details relating to Bullet     Not Applicable
          Loan Tranche:

17.       Details relating to            Not Applicable
          Scheduled Repayment Loan
          Tranche:

18.       Details relating to            Not Applicable
          Controlled Repayment Loan
          Tranche:

19.       Details relating to            Applicable
          Pass-through Loan Tranches:

                                         The Series 2006-3 AA Class B2 Loan
                                         Tranche will become due on the Loan
                                         Payment Date falling in October 2012
                                         and any Loan Payment Date thereafter.

20.       Other terms and special        Not Applicable
          conditions:

                                       27
<PAGE>

Loan Tranche: The Series 2006-3 Class B3 Notes will fund the Series 2006-3 AA
(Class B3) Loan Tranche which shall have the following terms:

1.        Borrower:                      Granite Finance Funding 2 Limited

2.        Lender:                        Granite Master Issuer plc

3.        (i)      Loan Tranche Rating:  AA

          (ii)     Series Number:        Series 2006-3

4.        Initial Outstanding            (GBP)20,366,599
          Principal Balance:

5.        (i)      Closing Date:         19 September, 2006

          (ii)     Loan Tranche          19 September, 2006
                   Interest
                   Commencement Date:

          (iii)    Loan Tranche          In respect of the first Loan Tranche
                   Interest Reset        Interest Reset Date, the Loan Tranche
                   Dates:                Interest Commencement Date and, for
                                         each subsequent Loan Tranche Interest
                                         Reset Date, the Monthly Payment Date
                                         falling in January, April, July and
                                         October of each year (or, if such
                                         date is not a London Business Day,
                                         the next following London Business
                                         Day) or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, each
                                         Monthly Payment Date of each year
                                         (or, if such date is not a London
                                         Business Day, the next following
                                         London Business Day), in each case,
                                         up to, and including, the Final
                                         Repayment Date.

6.        Final Repayment Date:          The Loan Payment Date falling in
                                         December 2054

7.        Loan Payment Dates:            Each Monthly Payment Date in each
                                         year (or, if such date is not a
                                         London Business Day, the next
                                         following London Business Day) up to
                                         and including the Final Repayment
                                         Date.

8.        Initial Relevant Screen Rate:  The linear interpolation of one month
                                         sterling LIBOR and two month sterling
                                         LIBOR.

                                       28
<PAGE>

9.        Relevant Screen Rate:          LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

10.       Loan Reference Rate:           LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

11.       Relevant Margin:               0.1369 per cent. per annum

12.       Step-Up Date:                  The Loan Payment Date occurring in
                                         October 2012

13.       Relevant Margin following      0.4555 per cent. per annum
          Step-Up Date:

14.       Redemption/Payment Basis:      Pass-through

15.       Change of Redemption/Payment   Not Applicable
          Basis:

16.       Details relating to Bullet     Not Applicable
          Loan Tranche:

17.       Details relating to            Not Applicable
          Scheduled Repayment Loan
          Tranche:

18.       Details relating to            Not Applicable
          Controlled Repayment Loan
          Tranche:

19.       Details relating to            Applicable
          Pass-through Loan Tranches:

                                         The Series 2006-3 AA Class B3 Loan
                                         Tranche will become due on the Loan
                                         Payment Date falling in October 2012
                                         and any Loan Payment Date thereafter.

20.       Other terms and special        Not Applicable
          conditions:

                                       29
<PAGE>

Loan Tranche: The Series 2006-3 Class M1 Notes will fund the Series 2006-3 A
(Class M1) Loan Tranche which shall have the following terms:

1.        Borrower:                      Granite Finance Funding 2 Limited

2.        Lender:                        Granite Master Issuer plc

3.        (i)      Loan Tranche Rating:  A

          (ii)     Series Number:        Series 2006-3

4.        Initial Outstanding            (GBP)48,051,255
          Principal Balance:

5.        (i)      Closing Date:         19 September, 2006

          (ii)     Loan Tranche          19 September, 2006
                   Interest
                   Commencement Date:

          (iii)    Loan Tranche          In respect of the first Loan Tranche
                   Interest Reset        Interest Reset Date, the Loan Tranche
                   Dates:                Interest Commencement Date and, for
                                         each subsequent Loan Tranche Interest
                                         Reset Date, the Monthly Payment Date
                                         falling in January, April, July and
                                         October of each year (or, if such
                                         date is not a London Business Day,
                                         the next following London Business
                                         Day) or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, each
                                         Monthly Payment Date of each year
                                         (or, if such date is not a London
                                         Business Day, the next following
                                         London Business Day), in each case,
                                         up to, and including, the Final
                                         Repayment Date.

6.        Final Repayment Date:          The Loan Payment Date falling in
                                         December 2054

7.        Loan Payment Dates:            Each Monthly Payment Date in each
                                         year (or, if such date is not a
                                         London Business Day, the next
                                         following London Business Day) up to
                                         and including the Final Repayment
                                         Date.

8.        Initial Relevant Screen Rate:  The linear interpolation of one month
                                         sterling LIBOR and two month sterling
                                         LIBOR.

                                       30
<PAGE>

9.        Relevant Screen Rate:          LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

10.       Loan Reference Rate:           LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

11.       Relevant Margin:               0.1765 per cent. per annum

12.       Step-Up Date:                  The Loan Payment Date occurring in
                                         October 2012

13.       Relevant Margin following      0.5030 per cent. per annum
          Step-Up Date:

14.       Redemption/Payment Basis:      Controlled Amortisation

15.       Change of Redemption/Payment   Not Applicable
          Basis:

16.       Details relating to Bullet     Not Applicable
          Loan Tranche:

17.       Details relating to            Not Applicable
          Scheduled Repayment Loan
          Tranche:

18.       Details relating to            Applicable
          Controlled Repayment Loan
          Tranche:

           Controlled Repayment Dates               Target Balance:
           Loan Payment Date occurring
                       in:
                                                         (GBP)

                  January 2007                         48,051,255

                   April 2007                          48,051,255

                    July 2007                          48,051,255

                  October 2007                         48,051,255

                  January 2008                         48,051,255

                   April 2008                          48,051,255

                    July 2008                          48,051,255

                                       31
<PAGE>

                  October 2008                             0

                  January 2009                             0

                   April 2009                              0

                    July 2009                              0

                  October 2009                             0

                  January 2010                             0

                   April 2010                              0

                    July 2010                              0

                  October 2010                             0

                  January 2011                             0

                   April 2011                              0

                    July 2011                              0

                  October 2011                             0

                  January 2012                             0

                   April 2012                              0

                    July 2012                              0

                  October 2012                             0

19.       Details relating to            Not Applicable
          Pass-through Loan Tranches:

20.       Other terms and special        Not Applicable
          conditions:

                                       32
<PAGE>

Loan Tranche: The Series 2006-3 Class M2 Notes will fund the Series 2006-3 A
(Class M2) Loan Tranche which shall have the following terms:

1.        Borrower:                      Granite Finance Funding 2 Limited

2.        Lender:                        Granite Master Issuer plc

3.        (i)      Loan Tranche Rating:  A

          (ii)     Series Number:        Series 2006-3

4.        Initial Outstanding            (GBP)53,390,283
          Principal Balance:

5.        (i)      Closing Date:         19 September, 2006

          (ii)     Loan Tranche          19 September, 2006
                   Interest
                   Commencement Date:

          (iii)    Loan Tranche          In respect of the first Loan Tranche
                   Interest Reset        Interest Reset Date, the Loan Tranche
                   Dates:                Interest Commencement Date and, for
                                         each subsequent Loan Tranche Interest
                                         Reset Date, the Monthly Payment Date
                                         falling in January, April, July and
                                         October of each year (or, if such
                                         date is not a London Business Day,
                                         the next following London Business
                                         Day) or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, each
                                         Monthly Payment Date of each year
                                         (or, if such date is not a London
                                         Business Day, the next following
                                         London Business Day), in each case,
                                         up to, and including, the Final
                                         Repayment Date.

6.        Final Repayment Date:          The Loan Payment Date falling in
                                         December 2054

7.        Loan Payment Dates:            Each Monthly Payment Date in each
                                         year (or, if such date is not a
                                         London Business Day, the next
                                         following London Business Day) up to
                                         and including the Final Repayment
                                         Date.

8.        Initial Relevant Screen Rate:  The linear interpolation of one month
                                         sterling LIBOR and two month sterling
                                         LIBOR.

                                       33
<PAGE>

9.        Relevant Screen Rate:          LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

10.       Loan Reference Rate:           LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

11.       Relevant Margin:               0.2934 per cent. per annum

12.       Step-Up Date:                  The Loan Payment Date occurring in
                                         October 2012

13.       Relevant Margin following      0.7368 per cent. per annum
          Step-Up Date:

14.       Redemption/Payment Basis:      Pass-through

15.       Change of Redemption/Payment   Not Applicable
          Basis:

16.       Details relating to Bullet     Not Applicable
          Loan Tranche:

17.       Details relating to            Not Applicable
          Scheduled Repayment Loan
          Tranche:

18.       Details relating to            Not Applicable
          Controlled Repayment Loan
          Tranche:

19.       Details relating to            Applicable
          Pass-through Loan Tranches:

                                         The Series 2006-3 A Class M2 Loan
                                         Tranche will become due on the Loan
                                         Payment Date falling in October 2012
                                         and any Loan Payment Date thereafter.

20.       Other terms and special        Not Applicable
          conditions:

                                       34
<PAGE>

Loan Tranche: The Series 2006-3 Class M3 Notes will fund the Series 2006-3 A
(Class M3) Loan Tranche which shall have the following terms:

1.        Borrower:                      Granite Finance Funding 2 Limited

2.        Lender:                        Granite Master Issuer plc

3.        (i)      Loan Tranche Rating:  A

          (ii)     Series Number:        Series 2006-3

4.        Initial Outstanding            (GBP)31,907,672
          Principal Balance:

5.        (i)      Closing Date:         19 September, 2006

          (ii)     Loan Tranche          19 September, 2006
                   Interest
                   Commencement Date:

          (iii)    Loan Tranche          In respect of the first Loan Tranche
                   Interest Reset        Interest Reset Date, the Loan Tranche
                   Dates:                Interest Commencement Date and, for
                                         each subsequent Loan Tranche Interest
                                         Reset Date, the Monthly Payment Date
                                         falling in January, April, July and
                                         October of each year (or, if such
                                         date is not a London Business Day,
                                         the next following London Business
                                         Day) or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, each
                                         Monthly Payment Date of each year
                                         (or, if such date is not a London
                                         Business Day, the next following
                                         London Business Day), in each case,
                                         up to, and including, the Final
                                         Repayment Date.

6.        Final Repayment Date:          The Loan Payment Date falling in
                                         December 2054.

7.        Loan Payment Dates:            Each Monthly Payment Date in each
                                         year (or, if such date is not a
                                         London Business Day, the next
                                         following London Business Day) up to
                                         and including the Final Repayment
                                         Date.

8.        Initial Relevant Screen Rate:  The linear interpolation of one month
                                         sterling LIBOR and two month sterling
                                         LIBOR.

                                       35
<PAGE>

9.        Relevant Screen Rate:          LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

10.       Loan Reference Rate:           LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

11.       Relevant Margin:               0.2549 per cent. per annum

12.       Step-Up Date:                  The Loan Payment Date occurring in
                                         October 2012

13.       Relevant Margin following      0.6894 per cent. per annum
          Step-Up Date:

14.       Redemption/Payment Basis:      Pass-through

15.       Change of Redemption/Payment   Not Applicable
          Basis:

16.       Details relating to Bullet     Not Applicable
          Loan Tranche:

17.       Details relating to            Not Applicable
          Scheduled Repayment Loan
          Tranche:

18.       Details relating to            Not Applicable
          Controlled Repayment Loan
          Tranche:

19.       Details relating to            Applicable
          Pass-through Loan Tranches:

                                         The Series 2006-3 A Class M3 Loan
                                         Tranche will become due on the Loan
                                         Payment Date falling in October 2012
                                         and any Loan Payment Date thereafter.

20.       Other terms and special        Not Applicable
          conditions:

                                       36
<PAGE>

Loan Tranche: The Series 2006-3 Class M4 Notes will fund the Series 2006-3 A
(Class M4) Loan Tranche which shall have the following terms:

1.        Borrower:                      Granite Finance Funding 2 Limited

2.        Lender:                        Granite Master Issuer plc

3.        (i)      Loan Tranche Rating:  A

          (ii)     Series Number:        Series 2006-3

4.        Initial Outstanding            (GBP)10,000,000
          Principal Balance:

5.        (i)      Closing Date:         19 September, 2006

          (ii)     Loan Tranche          19 September, 2006
                   Interest
                   Commencement Date:

          (iii)    Loan Tranche          In respect of the first Loan Tranche
                   Interest Reset        Interest Reset Date, the Loan Tranche
                   Dates:                Interest Commencement Date and, for
                                         each subsequent Loan Tranche Interest
                                         Reset Date, the Monthly Payment Date
                                         falling in January, April, July and
                                         October of each year (or, if such
                                         date is not a London Business Day,
                                         the next following London Business
                                         Day) or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, each
                                         Monthly Payment Date of each year
                                         (or, if such date is not a London
                                         Business Day, the next following
                                         London Business Day), in each case,
                                         up to, and including, the Final
                                         Repayment Date.

6.        Final Repayment Date:          The Loan Payment Date falling in
                                         December 2054.

7.        Loan Payment Dates:            Each Monthly Payment Date in each
                                         year (or, if such date is not a
                                         London Business Day, the next
                                         following London Business Day) up to
                                         and including the Final Repayment
                                         Date.

8.        Initial Relevant Screen Rate:  The linear interpolation of one month
                                         sterling LIBOR and two month sterling
                                         LIBOR.

                                       37
<PAGE>

9.        Relevant Screen Rate:          LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

10.       Loan Reference Rate:           LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

11.       Relevant Margin:               0.27 per cent. per annum

12.       Step-Up Date:                  The Loan Payment Date occurring in
                                         October 2012

13.       Relevant Margin following      0.54 per cent. per annum
          Step-Up Date:

14.       Redemption/Payment Basis:      Pass-through

15.       Change of Redemption/Payment   Not Applicable
          Basis:

16.       Details relating to Bullet     Not Applicable
          Loan Tranche:

17.       Details relating to            Not Applicable
          Scheduled Repayment Loan
          Tranche:

18.       Details relating to            Not Applicable
          Controlled Repayment Loan
          Tranche:

19.       Details relating to            Applicable
          Pass-through Loan Tranches:

                                         The Series 2006-3 A Class M4 Loan
                                         Tranche will become due on the Loan
                                         Payment Date falling in October 2012
                                         and any Loan Payment Date thereafter.

20.       Other terms and special        Not Applicable
          conditions:

                                       38
<PAGE>

Loan Tranche: The Series 2006-3 Class C2 Notes will fund the Series 2006-3 BBB
(Class C2) Loan Tranche which shall have the following terms:

1.        Borrower:                      Granite Finance Funding 2 Limited

2.        Lender:                        Granite Master Issuer plc

3.        (i)      Loan Tranche Rating:  BBB

          (ii)     Series Number:        Series 2006-3

4.        Initial Outstanding            (GBP)32,034,170
          Principal Balance:

5.        (i)      Closing Date:         19 September, 2006

          (ii)     Loan Tranche          19 September, 2006
                   Interest
                   Commencement Date:

          (iii)    Loan Tranche          In respect of the first Loan Tranche
                   Interest Reset        Interest Reset Date, the Loan Tranche
                   Dates:                Interest Commencement Date and, for
                                         each subsequent Loan Tranche Interest
                                         Reset Date, the Monthly Payment Date
                                         falling in January, April, July and
                                         October of each year (or, if such
                                         date is not a London Business Day,
                                         the next following London Business
                                         Day) or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, each
                                         Monthly Payment Date of each year
                                         (or, if such date is not a London
                                         Business Day, the next following
                                         London Business Day), in each case,
                                         up to, and including, the Final
                                         Repayment Date.

6.        Final Repayment Date:          The Loan Payment Date falling in
                                         December 2054

7.        Loan Payment Dates:            Each Monthly Payment Date in each
                                         year (or, if such date is not a
                                         London Business Day, the next
                                         following London Business Day) up to
                                         and including the Final Repayment
                                         Date.

8.        Initial Relevant Screen Rate:  The linear interpolation of one month
                                         sterling LIBOR and two month sterling
                                         LIBOR.

                                       39
<PAGE>

9.        Relevant Screen Rate:          LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

10.       Loan Reference Rate:           LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

11.       Relevant Margin:               0.5250 per cent. per annum

12.       Step-Up Date:                  The Loan Payment Date occurring in
                                         October 2012

13.       Relevant Margin following      1.2000 per cent. per annum
          Step-Up Date:

14.       Redemption/Payment Basis:      Pass-through

15.       Change of Redemption/Payment   Not Applicable
          Basis:

16.       Details relating to Bullet     Not Applicable
          Loan Tranche:

17.       Details relating to            Not Applicable
          Scheduled Repayment Loan
          Tranche:

18.       Details relating to            Not Applicable
          Controlled Repayment Loan
          Tranche:

19.       Details relating to            Applicable
          Pass-through Loan Tranches:

                                         The Series 2006-3 BBB Class C2 Loan
                                         Tranche will become due on the Loan
                                         Payment Date falling in October 2012
                                         and any Loan Payment Date thereafter.

20.       Other terms and special        Not Applicable
          conditions:

                                       40
<PAGE>

Loan Tranche: The Series 2006-3 Class C3 Notes will fund the Series 2006-3 BBB
(Class C3) Loan Tranche which shall have the following terms:

1.        Borrower:                      Granite Finance Funding 2 Limited

2.        Lender:                        Granite Master Issuer plc

3.        (i)      Loan Tranche Rating:  BBB

          (ii)     Series Number:        Series 2006-3

4.        Initial Outstanding            (GBP)93,007,468
          Principal Balance:

5.        (i)      Closing Date:         19 September, 2006

          (ii)     Loan Tranche          19 September, 2006
                   Interest
                   Commencement Date:

          (iii)    Loan Tranche          In respect of the first Loan Tranche
                   Interest Reset        Interest Reset Date, the Loan Tranche
                   Dates:                Interest Commencement Date and, for
                                         each subsequent Loan Tranche Interest
                                         Reset Date, the Monthly Payment Date
                                         falling in January, April, July and
                                         October of each year (or, if such
                                         date is not a London Business Day,
                                         the next following London Business
                                         Day) or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, each
                                         Monthly Payment Date of each year
                                         (or, if such date is not a London
                                         Business Day, the next following
                                         London Business Day), in each case,
                                         up to, and including, the Final
                                         Repayment Date.

6.        Final Repayment Date:          The Loan Payment Date falling in
                                         December 2054

7.        Loan Payment Dates:            Each Monthly Payment Date in each
                                         year (or, if such date is not a
                                         London Business Day, the next
                                         following London Business Day) up to
                                         and including the Final Repayment
                                         Date.

8.        Initial Relevant Screen Rate:  The linear interpolation of one month
                                         sterling LIBOR and two month sterling
                                         LIBOR.

                                       41
<PAGE>

9.        Relevant Screen Rate:          LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

10.       Loan Reference Rate:           LIBOR for three-month sterling
                                         deposits or, following the earlier to
                                         occur of the Step-Up Date in relation
                                         to this Loan Tranche or a
                                         Pass-Through Trigger Event, LIBOR for
                                         one-month sterling deposits.

11.       Relevant Margin:               0.5013 per cent. per annum

12.       Step-Up Date:                  The Loan Payment Date occurring in
                                         October 2012

13.       Relevant Margin following      1.1782 per cent. per annum
          Step-Up Date:

14.       Redemption/Payment Basis:      Pass-through

15.       Change of Redemption/Payment   Not Applicable
          Basis:

16.       Details relating to Bullet     Not Applicable
          Loan Tranche:

17.       Details relating to            Not Applicable
          Scheduled Repayment Loan
          Tranche:

18.       Details relating to            Not Applicable
          Controlled Repayment Loan
          Tranche:

19.       Details relating to            Applicable
          Pass-through Loan Tranches:

                                         The Series 2006-3 BBB Class C3 Loan
                                         Tranche will become due on the Loan
                                         Payment Date falling in October 2012
                                         and any Loan Payment Date thereafter.

20.       Other terms and special        Not Applicable
          conditions:

                                       42
<PAGE>

Confirmations:

Funding 2 confirms that:

(a)   no Funding 2 Intercompany Loan Event of Default has occurred and is
      continuing which has not been waived, or would result from the making of
      each Loan Tranche set out in this Loan Tranche Supplement;

(b)   the representations and warranties set out in Clause 13 (Representations
      and Warranties of Funding 2) of the Global Intercompany Loan Agreement are
      true on and as of the Closing Date specified in this Loan Tranche
      Supplement by reference to the facts and circumstances then existing; and

(c)   as of the Closing Date specified in this Loan Tranche Supplement, there is
      no debit balance on the Funding 2 Principal Deficiency Ledger.

The Master Issuer confirms that:

(a)   no Issuer Event of Default has occurred and is continuing which has not
      been waived, or would result from the making of each Loan Tranche set out
      in this Loan Tranche Supplement; and

(b)   the aggregate amount of the Loan Tranches to be made on the Closing Date
      specified in this Loan Tranche Supplement and any Loan Tranches
      outstanding on such Closing Date do not exceed the Total Credit
      Commitment.

                                       43
<PAGE>

                                 EXECUTION PAGE
                           for Loan Tranche Supplement

as Funding 2
EXECUTED for and on behalf of      )
GRANITE FINANCE FUNDING 2 LIMITED  )
by                                 )
/s/ S Tyson
-------------------------

Name: Sharon Tyson

as Master Issuer
EXECUTED for and on behalf of      )
GRANITE MASTER ISSUER PLC          )
by                                 )
/s/ S Tyson
-------------------------

Name: Sharon Tyson

as Funding 2 Security Trustee
EXECUTED for and on behalf of      )
THE BANK OF NEW YORK               )
by                                 )
/s/ H Kim
-------------------------

Name:

as Agent Bank
EXECUTED for and on behalf of      )
CITIBANK, N.A.                     )
by                                 )
G. Mitchell
-------------------------

Name: GEORGIA MITCHELL

                                       44

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