Director Shareholding

Grainger Trust PLC
15 November 2004



Directors Shareholdings

The company was notified on 12 November 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 £16.73.

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


Rupert Dickinson         24                  291,577              1.18%

Stephen Dickinson        24                1,312,221              5.29%

Andrew Cunningham        24                   74,151              0.30%



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