Directorate Change

Grainger Trust PLC
25 January 2002



Lord Portsmouth and Manny Davidson, non Executive Directors of the Company, have 
decided to retire from the Board at the Annual General Meeting on the 5th March. 
At the same time a resolution will be put proposing the election to the Board of 
Robert Hiscox who is Chairman of Hiscox plc and a Trustee of the Portsmouth 
Settled Estates as a non Executive Director.


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