GRANITE MORTGAGES 03-2 PLC

RE: GRANITE MORTGAGES 03-2-PLC
    EUR 300,000,000.00
    MATURING: 20-Jul-2043
    ISSUE DATE: 21-May-2003
    ISIN: XS0168665718

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
20-Jul-2006 TO 20-Oct-2006 HAS BEEN FIXED AT 3.354000 PCT

DAY BASIS 92/360

INTEREST PAYABLE VALUE 20-Oct-2006 WILL AMOUNT TO:
EUR 8.57 PER EUR 1,000.00 DENOMINATION
EUR 85.71 PER EUR 10,000.00 DENOMINATION.

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: 44 20 7508 3858/3855 OR FAX: 44 20 7508 3881
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