Director Shareholding

Grainger Trust PLC
12 January 2004


Letter to:  RNS

Directors Shareholdings


The Company has been informed by Stephen Dickinson that he no longer has an
interest in 34,650 ordinary shares in the Company, which were previously
disclosed as part of his non beneficial interests.


As a result Stephen Dickinson's non beneficial interest in the shares in the
Company is reduced to 541,061 shares which represents 2.18% of the issued share
capital.


His total holding, including his beneficial interest, in the shares in the
company is reduced to 1,312,151 shares which represents 5.29% of the issued
share capital.


Letter from: Grainger Trust Plc




                      This information is provided by RNS
            The company news service from the London Stock Exchange