Director Shareholding

Grainger Trust PLC
19 June 2001


                       DEALINGS BY DIRECTORS


1)  NAME OF COMPANY

    GRAINGER TRUST PLC 

2)  NAME OF DIRECTOR

    ROBERT HENRY DICKINSON

3)  Please state whether notification indicates that it is in respect of
    holding of the shareholder named in 2 above or in respect of a
    non-beneficial interest or in the case of an individual holder
    if it is a holding of that person's spouse or children under the
    age of 18 or in respect of an non-beneficial interest

     SELF

4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them. (If notified)

    DICKINSON DEES

5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)

     SELF & TRUSTEE

6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary

    TRUSTEE

7)  Number of shares/amount of
    stock acquired

      -

8)   (N/A %)
    of issued Class



9)  Number of shares/amount
    of stock disposed

     15,000

10)  ( N/A %)
    of issued Class

     0.06%

11) Class of security

     ORDINARY 25P

12) Price per share

     £8.07

13) Date of transaction

    19/6/01

14) Date company informed

    19/6/01

15) Total holding following this notification

     798,564

16) Total percentage holding of issued class following this notification

     3.24%

     IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE
                    COMPLETE THE FOLLOWING BOXES

17) Date of grant



18) Period during which or date on which exercisable



19) Total amount paid (if any) for grant of the option



20) Description of shares or debentures involved: class, number.



21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise



22) Total number of shares or debentures over which options held
    following this notification



23) Any additional information

    SEE LETTER BELOW 

24) Name of contact and telephone number for queries

     G J DAVIS  0191 261 1819

25) Name and signature of authorised company official responsible for
    making this notification   G J DAVIS

    Date of Notification     19/6/2001                            


LETTER TO COMPANY ANNOUNCEMENTS OFFICE


Robert Henry Dickinson

In the above mentioned notification of interests of directors and connected
persons, we have notified you of a transaction which occurred today, being the
sale of 15,000 Grainger Trust plc 25p ordinary shares at a price of £8.07.

In addition, we have been informed that Mr. Dickinson no longer has a notifiable
interest in 160,706 Grainger Trust plc shares which are held by a company in
which Mr. Dickinson does not have a controlling interest.

As a result, Mr. Dickinson's notifiable holdings in Grainger Trust plc now stand
at 798,564 shares.


LETTER FROM GRAINGER TRUST PLC