Director Shareholding

Grainger Trust PLC
7 October 2004


Directors Shareholdings

The company was notified on 7 October 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 £18.95.


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

Rupert Dickinson             18               291,553               1.18%
Stephen Dickinson            18             1,312,197               5.29%
Andrew Cunningham            18                74,127               0.30%
Sean Slade                   18                32,204               0.13%




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