GRANITE MORTGAGES 03-2 PLC

RE: GRANITE MORTGAGES 03-2 PLC

    EUR 72,900,000.00
    MATURING: 20-Jul-2043
    ISSUE DATE: 21-May-2003
    ISIN: XS0168666013

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD

20-Oct-2006 TO 22-Jan-2007 HAS BEEN FIXED AT 4.001000 PCT


DAY BASIS 94/360


INTEREST PAYABLE VALUE 22-Jan-2007 WILL AMOUNT TO:

EUR 10.45 PER EUR 1,000.00 DENOMINATION

EUR 104.47 PER EUR 10,000.00 DENOMINATION.


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

TEL: 44 20 7508 3858/3855 OR FAX: 44 20 7508 3881
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