Director Shareholding

Grainger Trust PLC
20 December 2004

                                     SCHEDULE 11

                  NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED 
                                       PERSONS


1)   NAME OF COMPANY

GRAINGER TRUST PLC

2)   NAME OF DIRECTOR

ROBERT DICKINSON

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

NON-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)

ROBERT DICKINSON

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

TRANSFER OF SHARES TO BENEFICIARIES UNDER COMPANY PROFIT SHARE SCHEME

7)   Number of shares/amount of
     stock acquired

-

8)   Percentage of issued Class

-

9)   Number of shares/amount
     of stock disposed

12,902

10)  Percentage of issued Class

0.05%

11)  Class of security

25P ORDINARY

12)  Price per share

-

13)  Date of transaction

20 DEC 2004

14)  Date company informed

20 DEC 2004

15)  Total holding following this notification

645,749

16)  Total percentage holding of issued class following this notification

2.6%


     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
                               ASSISTANT COMPANY SECRETARY

     Date of Notification    20 DECEMBER 2004                            




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