72KI Cred.ag. Gg 25

    Granite Mortgages 03-1 PLC

RE: GRANITE MORTGAGES 03-1 PLC
USD 1,225,000,000.00
MATURING: 20-Jan-2020
ISSUE DATE: 27-Jan-2003
ISIN: US38741TAB61

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
20-Jul-2006 TO 20-Oct-2006 HAS BEEN FIXED AT 5.690000 PCT

DAY BASIS 92/360

INTEREST PAYABLE VALUE 20-Oct-2006 WILL AMOUNT TO:
USD 4.66 PER USD 320.35 DENOMINATION
USD 46.58 PER USD 3,203.53 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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