Director Shareholding

Grainger Trust PLC
6 December 2002

        
Under the terms of the deferred bonus scheme approved by shareholders at the
annual general meeting held 5 March 2002, Rupert Dickinson and Andrew Cunningham
were yesterday granted conditional share awards of 42,065 and 21,032 Grainger
Trust plc 25p ordinary shares respectively.

These shares will be transferred to them in December 2005 after the preliminary
announcement of results, provided that in respect of their individual deferred
bonus, Rupert Dickinson and Andrew Cunningham are at that time still in the
service of the Company and not under notice to leave.


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