Director Shareholding

Grainger Trust PLC
24 January 2005


                                SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS


1)  NAME OF COMPANY

    GRAINGER TRUST PLC


2)  NAME OF DIRECTOR

    NICHOLA PEASE


3)  Please state whether notification indicates that it is in respect of
    holding of the shareholder named in 2 above or in respect of a
    non-beneficial interest or in the case of an individual holder
    if it is a holding of that person's spouse or children under the
    age of 18 or in respect of an non-beneficial interest

    YES - BENEFICIAL


4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them. (If notified)

    BANK OF NEW YORK NOMINEES


5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)

    SELF


6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary

    DISPOSAL


7)  Number of shares/amount of
    stock acquired

    -


8)  Percentage of issued Class

    -


9)  Number of shares/amount
    of stock disposed

    35,000


10) Percentage of issued Class

    0.14%


11) Class of security

    25P ORDINARY


12) Price per share

    £19.43


13) Date of transaction

    24/1/2005


14) Date company informed

    24/1/2005


15) Total holding following this notification

    BENEFICIAL     -   13,192
    NON-BENEFICIAL -   37,080

16) Total percentage holding of issued class following this notification

    BENEFICIAL       0.05%
    NON-BENEFICIAL - 0.15%

     IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE
                    COMPLETE THE FOLLOWING BOXES

17) Date of grant

    -


18) Period during which or date on which exercisable

    -


19) Total amount paid (if any) for grant of the option

    -


20) Description of shares or debentures involved: class, number.

    -


21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise

    -


22) Total number of shares or debentures over which options held
    following this notification

    -


23) Any additional information

    -


24) Name of contact and telephone number for queries

    -


25) Name and signature of authorised company official responsible for
    making this notification
   
    M.P. WINDLE 

    Date of Notification    24 JANUARY 2005
                         


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