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-Jul-2006 TO 20-Oct-2006 HAS BEEN FIXED AT 6.186880 PCT

DAY BASIS 92/365

INTEREST PAYABLE VALUE 20-Oct-2006 WILL AMOUNT TO:
GBP 15.59 PER GBP 1,000.00 DENOMINATION
GBP 155.94 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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