55ZL Hsbc Bk. 25

    GRANITE MORTGAGES 03-1 PLC

RE: GRANITE MORTGAGES 03-1 PLC
    GBP 41,000,000.00
    MATURING: 20/Jan/2043
    ISSUE DATE: 27/Jan/2003
    ISIN: XS0160703780

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
20/Apr/2006 TO 20/Jul/2006 HAS BEEN FIXED AT 6.080000 PCT

DAY BASIS 91/365

INTEREST PAYABLE VALUE 20/Jul/2006 WILL AMOUNT TO:
GBP 15.16 PER GBP 1,000.00 DENOMINATION
GBP 151.58 PER GBP 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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Hsbc Bk. 25 (LSE:55ZL)
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