Director Shareholding

Grainger Trust PLC
7 January 2004


Directors Shareholdings

Grainger Trust plc ('Company') announces that Rupert Dickinson has exercised 
options on 40,000 ordinary shares in the Company at a price of 231.2p per share.

His total shareholding following this notification is now 294,834 shares which 
represents 1.19% of the issued share capital.

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