Director Shareholding

Grainger Trust PLC
4 June 2004


Directors Shareholdings

The company was notified on 4 June 2004 that the following shares have been 
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 share was £17.59 for 21 of the shares and £16.75 for
the remaining 21 shares.

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

Rupert Dickinson             42               294,936               1.19%
Stephen Dickinson            42             1,312,253               5.29%
Andrew Cunningham            42                74,043               0.30%
Sean Slade                   42                32,120               0.13%



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