Repayment of Debenture Stock

Grainger Trust PLC
17 December 2003

GRAINGER TRUST PLC 
Repayment of debenture stock

Grainger Trust has today given notice to the holders of its 11.75 per cent.
First Mortgage Debenture Stock 2024 of its intention to repay the stock in full
on 23 December 2003.

The repayment price will be the higher of par and the price at which the yield
on the stock is equal to the yield on the 8% Treasury Stock 2021 at 3.00 pm on
19 December.  Accrued interest to 23 December 2003 will also be paid.


Further information:

Grainger Trust plc;
     Andrew Cunningham, Finance Director, 0191 261 1819
     Marie Glanville, Company Secretary, 0191 261 1819 
Cazenove & Co. Ltd:
     Francis Burkitt, Director, 020 7155 8355 
Baron Phillips Associates:
     Baron Phillips, 020 7920 3161

This announcement has been approved for the purposes of section 21 of the
Financial Services and Markets Act 2000 by Cazenove & Co. Ltd, which is
regulated by the Financial Services Authority.



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