Granite Mortgages 02-1 PLC

RE: GRANITE MORTGAGES 02-1 PLC
USD 69,700,000.00
MATURING:20-Apr-2042
ISSUE DATE: 20-Mar-2002
ISIN: US38741NAC74

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD 20-Oct-2003 to
20-Jan-2004 HAS BEEN FIXED AT 1.490000 PCT.

INTEREST PAYABLE VALUE 20-Jan-2004 WILL AMOUNT TO
USD 38.08 PER USD 10,000.00 DENOMINATION.
USD 380.78 PER USD 100,000.00 DENOMINATION.

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: 44 020 7508 3858/3855 OR FAX: 44 020 7508 3881.