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Granite Mort. 03-1



Re:  GRANITE MORTGAGES 03-1 PLC
     USD 300000000
     MATURING: 20-Jan-2020
     ISIN: US38741TAC45

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
21-Apr-2008 TO 21-Jul-2008 HAS BEEN FIXED AT 2.849231 PCT

DAY BASIS: ACTUAL/360

INTEREST PAYABLE VALUE 21-Jul-2008 WILL AMOUNT TO:
USD 0.06 PER USD 7.65 DENOMINATION

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