Directorate Change

Grainger Trust PLC
24 January 2003

                                GRAINGER TRUST PLC:

                             RESIGNATION OF DIRECTOR

Grainger Trust plc today announces that Robin Oldfield is to resign as a non
executive Director with effect from the forthcoming Annual General Meeting on
27th February 2003. Mr Oldfield has been a Director since 1994 and is a member
of both the Audit and Remuneration Committees.



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