Director Shareholding

Grainger Trust PLC
8 January 2004

                       SCHEDULE 11

     NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED 
                        PERSONS


1)  NAME OF COMPANY

    GRAINGER TRUST PLC

2)  NAME OF DIRECTOR

    ROBERT DICKINSON

3)  Please state whether notification indicates that it is in respect of
    holding of the shareholder named in 2 above or in respect of a
    non-beneficial interest or in the case of an individual holder
    if it is a holding of that person's spouse or children under the
    age of 18 or in respect of an non-beneficial interest

    NON-BENEFICIAL

4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them. (If notified)

    ROBERT HENRY DICKINSON

5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)

    SELF

6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary

    TRANSFER OF SHARES TO BENEFICIARIES UNDER COMPANY PROFIT SHARE SCHEME

7)  Number of shares/amount of
    stock acquired

    -

8)  Percentage of issued Class

    -

9)  Number of shares/amount
    of stock disposed

    13,343

10) Percentage of issued Class

    0.05%

11) Class of security

    25P ORDINARY

12) Price per share

    -

13) Date of transaction

    18 DEC 2003

14) Date company informed

    18 DEC 2003

15) Total holding following this notification

    682,391

16) Total percentage holding of issued class following this notification

    2.75%

     IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE
                    COMPLETE THE FOLLOWING BOXES

17) Date of grant



18) Period during which or date on which exercisable



19) Total amount paid (if any) for grant of the option



20) Description of shares or debentures involved: class, number.



21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise



22) Total number of shares or debentures over which options held
    following this notification



23) Any additional information



24) Name of contact and telephone number for queries



25) Name and signature of authorised company official responsible for
    making this notification

    Date of Notification        7 JANUARY 2004                         







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