Director Shrhldg/Hldg in Co

Grainger Trust PLC
17 September 2002




                          DEALINGS BY DIRECTORS 

1)  NAME OF COMPANY 

    GRAINGER TRUST PLC

2)  NAME OF DIRECTOR

    S 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 

    SELF 

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

    S 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 

    EXERCISE OF SAYE OPTIONS

7)  Number of shares/amount of
    stock acquired

    8,060
   
8)   (0.03%)
    of issued Class 


9)  Number of shares/amount 
    of stock disposed 
    
    - 

10)  (  - % ) 
    of issued Class 


11) Class of security 

    25p ORDINARY

12) Price per share 

    £2.14

13) Date of transaction 

    17/9/02 

14) Date company informed 

    17/9/02 

15) Total holding following this notification 

    1,394,229 

16) Total percentage holding of issued class following this notification

    5.6%     

     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

    G J DAVIS - 0191 261-1819 

25) Name and signature of authorised company official responsible for 
    making this notification

    Date of Notification        17/9/2002 



LETTER TO RNS

Grainger QUEST Trustee Company Limited, a wholly owned subsidiary of Grainger 
Trust plc, was today allotted 48,647 Grainger Trust plc 25p Ordinary Shares at 
a price of £9.03 per share.

These shares have been acquired for the purposes of the Grainger Trust plc SAYE 
Share Option Scheme.

FROM GRAINGER TRUST PLC

                      This information is provided by RNS 
            The company news service from the London Stock Exchange  END