Director Shareholding

Grainger Trust PLC
8 December 2003



Letter to RNS

Directors Shareholdings

The company was notified on Friday 5 December 2003 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 shares was £16.15

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


Rupert Dickinson         24               227,560          0.92%
Stephen Dickinson        24             1,356,322          5.48%
Andrew Cunningham        24                72,700          0.29%
Sean Slade               24                39,981          0.16%



Letter from Grainger Trust plc



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