GRANITE MORTGAGES 03-1 PLC


Re:  GRANITE MORTGAGES 03-1 PLC
     USD 56,000,000.00
     MATURING: 20-Jan-2043
     ISIN: US38741TAE01

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
22-Jan-2008 TO 21-Apr-2008 HAS BEEN FIXED AT 5.343750 PCT

DAY BASIS: ACTUAL/360

INTEREST PAYABLE VALUE 21-Apr-2008 WILL AMOUNT TO:
USD 13.36 PER USD 1,000.00 DENOMINATION
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