6-K 1 efc4-0266_form6k.txt FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Private Registrants Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of December, 2003 GRANITE MORTGAGES 02-2 PLC (Translation of registrant's name into English) Fifth Floor, 100 Wood Street, London EC2V 7EX, England (Address of principal executive offices) GRANITE FINANCE TRUSTEES LIMITED (Translation of registrant's name into English) 22 Grenville Street, St Helier, Jersey JE4 8PX, Channel Islands (Address of principal executive offices) GRANITE FINANCE FUNDING LIMITED (Translation of registrant's name into English) 4 Royal Mint Court, London EC3N 4HJ, England (Address of principal executive offices) Indicate by check mark whether the registrants file or will file annual reports under cover Form 20-F or Form 40-F Form 20-F.....X....Form 40-F............. Indicate by check mark whether the registrants by furnishing the information contained in this Form are also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes............No.......X........... SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized. GRANITE MORTGAGES 02-2 PLC By: /s/ Clive Rakestrow -------------------- Name: L.D.C. Securitisation Director No. 1 Limited by its authorized person Clive Rakestrow for and on its behalf Title: Director Date: 29 January 2004 GRANITE FINANCE FUNDING LIMITED By: /s/ Nigel Charles Bradley -------------------------- Name: Nigel Charles Bradley Title: Director Date: 29 January 2004 GRANITE FINANCE TRUSTEES LIMITED By: /s/ Daniel Le Blancq --------------------- Name: Daniel Le Blancq Title: Director Date: 29 January 2004 INVESTORS' MONTHLY REPORT ------------------------- GRANITE MORTGAGES 02-2 PLC -------------------------- Monthly Report re: Granite Mortgages 02-2 Plc, Granite Finance Trustees Limited and Granite Finance Funding Limited Period 1 December 2003 - 31 December 2003 N.B. this data fact sheet and its notes can only be a summary of certain features of the bonds and their structure. No representation can be made that the information herein is accurate or complete and no liability is accepted therefor. Reference should be made to the issue documentation for a full description of the bonds and their structure. This data fact sheet and its notes are for information purposes only and are not intended as an offer or invitation with respect to the purchase or sale of any security. Reliance should not be placed on the information herein when making any decision whether to buy, hold or sell bonds (or other securities) or for any other purpose. Mortgage Loans ------------------------------------------------------------------------------ Number of Mortgage Loans in Pool 177,469 Current Balance (GBP)13,059,474,279 Last Months Closing Trust Assets (GBP)13,694,898,654 Funding share (GBP)12,733,905,268 Funding Share Percentage 97.51% Seller Share* (GBP)325,569,011 Seller Share Percentage 2.49% Minimum Seller Share (Amount)* (GBP)367,083,573 Minimum Seller Share (% of Total) 2.81% Excess Spread last period (% of Total) 0.13% ------------------------------------------------------------------------------ * Please see the Additional Notes to the Investor Reports

Properties in Possession ------------------------------------------------------------------------------- Number Principal (GBP) Arrears (GBP) Total (since inception) 88 4,721,098 204,264 ------------------------------------------------------------------------------- Properties in Possession 41 Number Brought Forward 35 Repossessed (Current Month) 6 Sold (since inception) 47 Sold (current month) 12 Sale Price / Last Loan Valuation 1.11 Average Time from Possession to Sale (days) 122 Average Arrears at Sale (GBP)2,060 Average Principal Loss (Since inception)* (GBP)421 Average Principal Loss (current month)** (GBP)33 MIG Claims Submitted 7 MIG Claims Outstanding 0 Average Time from Claim to Payment 59 ------------------------------------------------------------------------------- *This figure is calculated taking the cumulative principal losses since inception pre MIG claims divided by the number of properties sold since inception. **This figure is calculated taking the cumulative principal losses for the current month pre MIG claims divided by the number of properties sold in the current month. Note: The arrears analysis and repossession information is at close of business for the report month Substitution ------------------------------------------------------------------------------- Number Principal (GBP) Substituted this period 0 (GBP)0 Substituted to date (since 26 March 2001) 287,381 (GBP)21,658,382,742 ------------------------------------------------------------------------------- CPR Analysis ------------------------------------------------------------------------------- Monthly Annualised Current Month CPR Rate 4.87% 45.04% Previous Month CPR Rate 4.60% 42.70% ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Weighted Average Seasoning (by value) Months 25.75 Weighted Average Remaining Term (by value) Years 19.83 Average Loan Size (GBP)73,587 Weighted Average LTV (by value) 74.20% Weighted Average Indexed LTV (by value) 59.97% Fast Track (by value) 22.42% ------------------------------------------------------------------------------- Product Breakdown ------------------------------------------------------------------------------- Fixed Rate (by balance) 49.69% Together (by balance) 26.33% Capped (by balance) 2.46% Variable (by balance) 20.65% Tracker (by balance) 0.88% Total 100.0% -------------------------------------------------------------------------------

Additional Notes to the Investor Reports The Overcollateralisation test will be breached on any distribution date where the aggregate current balance of mortgage loans on such distribution date is less than an amount equal to the product of 1.05 and the principal amount outstanding of all notes of all issuers on such distribution date. The principal amount outstanding of such notes will be calculated on a straight line basis by applying the appropriate constant payment rate applicable to each series of notes on a monthly, rather than quarterly, basis. A non asset trigger event will occur if the current seller share is equal to or less the minimum seller share for two consecutive months. The one month cure period will now allow the seller to substitute new loans into the trust to meet the minimum seller requirement. The notes may be redeemed at the option of the issuer if on the payment date falling on or after July 2008, the New Basel Capital Accord has been implemented in the United Kingdom

GRANITE MORTGAGES 02-2 PLC 6-K