Statement re debt repayment

Grainger Trust PLC
23 December 2003

23 December 2003

For immediate release



GRAINGER TRUST PLC

Repayment of debenture stock



Grainger Trust previously announced the early redemption of its 10.50 per cent.
First Mortgage Debenture Stock 2024 and its 11.75 per cent. First Mortgage
Debenture Stock 2024.



The company confirms that cheques for the redemption amounts and accrued
interest have today been dispatched to stockholders by special delivery.



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 8855

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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