Director Shareholding

Grainger Trust PLC
13 January 2004


Directors Shareholdings


The following directors of Grainger Trust plc were yesterday awarded the
following conditional share awards and share options in the ordinary share
capital of Grainger Trust plc.


Director                      Number of shares             Number of shares over
                         conditionally awarded             which options granted

Rupert Dickinson                        12,254                            30,637
Andrew Cunningham                        9,191                            22,977
Sean Slade                               4,901                            12,254

The price at which both the conditional award and share options were granted was
£16.32, being the average mid-market price of the shares for the previous five
working days.




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