Northern Rock PLC
16 January 2008


                    Northern Rock plc - Notice to Noteholders

To the holders of the outstanding U.S.$100,000,000 Undated Subordinated Floating
Rate Notes (the 'Notes') issued by Northern Rock plc (the 'Issuer') under a
U.S.$25,000,000,000 Euro Medium Term Note Programme.

ISIN: XS0125284777

NOTICE IS HEREBY GIVEN to the holders of the Notes that, pursuant to Condition 5
(f) of the Terms and Conditions of the Notes (the 'Terms and Conditions'):

(i)  the Interest Date falling on 25 February 2008 will be an Optional Interest
     Payment Date; and

(ii) the Issuer has elected to pay interest due on such Optional Interest
     Payment Date.

Capitalised terms used herein shall bear the meanings ascribed to them in the
Terms and Conditions.


For further information, please contact:

ISSUER

Northern Rock plc

Northern Rock House

Gosforth

Newcastle upon Tyne

NE3 4PL

Antony Swalwell               Tony Laggan

Capital Markets               Settlements

Tel: +44 (0)191 279 4553      Tel: +44 (0) 191 279 6109


ISSUING AND PRINCIPAL PAYING AGENT

Citibank, N.A.

21st Floor

Canada Square

Canary Wharf

London E14 5LB


TRUSTEE

The Law Debenture Trust Corporation plc

Fifth Floor

100 Wood Street

London EC2V 7EX



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