Granite Mortgages 02-1 PLC

RE: GRANITE MORTGAGES 02-1 PLC
    USD 96,500,000.00
    MATURING: 20-Apr-2042
    ISSUE DATE: 20-Mar-2002
    ISIN: US38741NAD57

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD 20-Jan-2004 TO
20-Apr-2004 HAS BEEN FIXED AT 2.420000 PCT.

INTEREST PAYABLE VALUE 20-Apr-2004 WILL AMOUNT TO 
USD 61.17 PER USD 10,000.00 DENOMINATION.
USD 611.72 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.