Director Shareholding

Grainger Trust PLC
16 July 2003

Letter to RNS

Directors' Shareholding

We have today been informed that Mr Robert Dickinson and Mr Stephen Dickinson,
both directors of Grainger Trust plc, have ceased to act as trustees for a trust
which held 13,767 shares in Grainger Trust plc.

As a result, their interests in the share of the Company have reduced to:


                                  Number of Shares             Percentage

Robert Dickinson                    715,734                       2.89%

Stephen Dickinson                 1,356,187                       5.48%



From      G.J.Davis
Company Secretary

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