TIDM56QY 
 
 
Re:  GRANITE MORTGAGES 04-03 PLC 
     EUR 800,150,000.00 
     MATURING: 20-Sep-2044 
     ISIN: XS0201483228 
PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD 
20-Sep-2011 TO 20-Oct-2011 HAS BEEN FIXED AT 1.815000 PCT 
DAY BASIS: ACTUAL/360 
INTEREST PAYABLE VALUE 20-Oct-2011 WILL AMOUNT TO: 
EUR 11.35 PER EUR 7,502.81 DENOMINATION
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