Offer Document Posted

Grainger Trust PLC
24 March 2005


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN



24 March 2005

Grainger Trust plc

Recommended Offer for City North Group plc (the 'Offer')

Posting of Offer Document



Grainger Trust plc ('Grainger') announces that the offer document formally making the Offer for the whole of the issued 
and to be issued ordinary share capital of City North Group plc ('City North') (the 'Offer Document'), together with the
associated form of acceptance, has been posted to City North shareholders today.


Enquiries:

Grainger

Rupert Dickinson                                                                            020 7795 4700

Andrew Cunningham                                                                           0191 261 1819


JPMorgan Cazenove                                                                           020 7588 2828

Richard Cotton

Roger Clarke


Baron Phillips Associates                                                                   020 7920 3161

Baron Phillips


City North                                                                                  020 7932 0403

Michael Sherley-Dale


KPMG Corporate Finance                                                                      020 7311 1000

David Simpson

Richard Barlow

Richard Brown



JPMorgan Cazenove Limited, which is regulated in the United Kingdom by the Financial Services Authority, is acting for 
Grainger and for no one else in connection with the Offer and will not be responsible to anyone other than Grainger for 
providing the protections afforded to clients of JPMorgan Cazenove Limited or for providing advice in relation to the 
Offer or any matter referred to herein or in the Offer Document.

KPMG Corporate Finance, a division of KPMG LLP which is authorised and regulated by the Financial Services Authority for
investment business activities, is acting for City North as financial adviser in relation to the Offer and is not acting
for any other person in relation to such Offer.
KPMG Corporate Finance will not be responsible to anyone other than City North for providing the protections afforded to
its clients or for providing advice in relation to the contents of this announcement, or any matter referred to herein, 
or in the Offer Document.



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