Director Shareholding

Grainger Trust PLC
6 November 2003



Directors Shareholdings

The company has been notified today that the following shares have been 
purchased for the respective Directors.

The shares which were purchased under the Company's SIP are registered in the 
name of Capita IRG.

The price per 25p ordinary shares was £13.65.

Director              Number of     Total holding          Total percentage
                       shares       following this         holding of issued
                      acquired       notification          shares following
                                                           this notification

Rupert Dickinson         27            227,536                   0.92%
Stephen Dickinson        27          1,356,298                   5.48%
Andrew Cunnigham         27             72,676                   0.29%
Sean Slade               27             39,958                   0.16%



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