Director Shareholding

Grainger Trust PLC
3 February 2004


Directors Shareholdings

The company was notified on 3 February 2004 that the following shares were 
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 share was £17.35.

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

Rupert Dickinson                   21               294,855              1.19%

Stephen Dickinson                  21             1,312,172              5.29%

Andrew Cunningham                  21                73,962              0.30%

Sean Slade                         21                32,039              0.13%




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