Granite Mort. 03-1

RE: GRANITE MORTGAGES 03-1 PLC

    USD 300,000,000.OO

    MATURING: 20/Jan/2020

    ISSUE DATE: 27/Jan/2003

    ISIN: US38741TAC45


PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD

20/Jul/2006 TO 20/Oct/2006 HAS BEEN FIXED AT 5.650870 PCT.


DAY BASIS 92/360


INTEREST PAYABLE VALUE 20/Oct/2006 WILL AMOUNT TO

USD 4.63 PER USD 320.35 DENOMINATION.

USD 46.26 PER USD 3,203.53 DENOMINATION.


IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON

TEL: 44 (0)20 7508 3858/3855 OR FAX: 44 (0)20 7508 3881.
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