Statement re debt repayment

Grainger Trust PLC
19 December 2003


19 December 2003
For immediate release


GRAINGER TRUST PLC
Repayment of debenture stock


On 17 December 2003 Grainger Trust gave 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 has today been determined as £190.04 per £100 principal
amount of stock.  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 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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