56QY Stn.ch.bk.31

        
 Re:                                                                                                 GRANITE MORTGAGES
04-03 PLC
                                                                                                     EUR 800150000
                                                                                                     MATURING:
20-Sep-2044
                                                                                                     ISIN: XS0201483228
                                                                                                                                
 PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
 22-Dec-2008 TO 20-Mar-2009 HAS BEEN FIXED AT 3.265000 PCT
  
 DAY BASIS: ACTUAL/360
  
 INTEREST PAYABLE VALUE 20-Mar-2009 WILL AMOUNT TO:
 EUR 126.88 PER EUR 15243.37 DENOMINATION
    
    

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