Director Shareholding

Grainger Trust PLC
11 December 2003

Grainger Trust plc



11 December 2003



Director shareholding



Grainger Trust plc ('Company') announces that Rupert Dickinson and Andrew
Cunningham have received 42,065 and 21,032 ordinary  shares in the Company
pursuant to the terms of the Deferred Bonus Scheme.  This scheme was approved by
shareholders on 5 March 2002.



The Company also announces the following sales of ordinary shares by directors
of the Company yesterday for a price of 1592 pence per share:




Director                   Number of Shares    Total Holding following   Total % Holding of Issued Shares
                                 Sold             this announcement      following this announcement
Robert Dickinson                12,713                 703,021                        2.84%
Stephen Dickinson                6,356                1,349,966                       5.45%
Rupert Dickinson                 9,535                 260,090                        1.05%
Andrew Cunningham               12,713                  81,019                        0.33%
Sean Slade                       5,194                  34,787                        0.14%










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