Director Shareholding

Grainger Trust PLC
12 December 2003

Grainger Trust plc

12 December 2003

Director shareholding

Grainger Trust announces the following sales of ordinary shares by directors of
the Company today:


Director              Number of Shares    Price per    Total Holding following    Total % Holding of Issued
                            Sold        share (pence)     this announcement         Shares following this
                                                                                        announcement

Robert Dickinson            7,287            1578              695,734                      2.81%
                                             
Stephen Dickinson           3,644            1578             1,346,322                     5.42%
                                             
Rupert Dickinson            5,465            1578              254,625                      1.03%
                                             
Andrew Cunningham           7,287            1578              73,732                       0.30%
                                             
Sean Slade                  2,978            1580              31,809                       0.13%




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