GRANITE MORTGAGES 03-1 PLC


RE: GRANITE MORTGAGES 03-1 PLC
    GBP 665,000,000.00
    MATURING: 20/Jan/2043
    ISSUE DATE: 27/Jan/2003
    ISIN: XS0160703434

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
20/Oct/2006 to 22/Jan/2007 HAS BEEN FIXED AT 5.38000 PCT.

DAY BASIS 94/365

INTEREST PAYABLE VALUE 22/Jan/2007 WILL AMOUNT TO
GBP 13.86 PER GBP 1,000.00 DENOMINATION.
GBP 138.55 PER GBP 10,000.00 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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