Acquisition

Grainger Trust PLC
30 September 2003

FOR IMMEDIATE RELEASE
30th September 2003


                         GRAINGER TRUST PLC:

               ACQUISITION OF £40.5M LIFE TENANCY PORTFOLIO

Grainger Trust plc announces that one of its subsidiaries has exchanged
contracts to purchase a portfolio of 917 life tenancy interests from NPI
Limited. The consideration will amount to £40.5m and will be funded from
existing resources and a new bank facility.

The acquisition significantly enhances the Group's exposure to the life tenancy
market, which the directors believe has excellent growth prospects.

The interests being acquired are all partial reversions in houses where the
occupier retains an equity interest of 10% - 80%. The portfolio produces no
income, but Grainger will receive full vacant possession value of their interest
over time. The current vacant possession value of Grainger's interest in the
properties is estimated at £80.5m. The portfolio is geographically spread
throughout the United Kingdom, excluding Scotland, with only 1.5% by value being
in London and 33% in the remainder of the South East. The properties do not
attract rental income and the tenants have security of tenure for life.


                                      Ends



Contact:-   Grainger Trust plc
Rupert Dickinson,    Chief Executive                               020 7795 4700
Andrew Cunningham,   Deputy Chief Executive /Finance Director      0191 261 1819

Baron Phillips Associates
Baron Phillips                                                     020 7920 3161


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