Director Shareholding

Grainger Trust PLC
19 December 2001


LETTER TO COMPANY ANNOUNCEMENTS OFFICE

Please find below Notification of interests of directors and connected persons 
forms relating to the purchase of 12,902 Grainger Trust plc 25p ordinary shares.
These shares have been purchased on behalf of The Grainger Trust plc profit 
sharing scheme, of which Robert Dickinson is a trustee.

Please note that three other directors, Stephen Dickinson, Rupert Dickinson and 
Andrew Cunningham, are all beneficiaries under this scheme and have a beneficial
interest in 941 shares each as a result of the transaction.

The shares were acquired at market value of £8.50 from subsidiary companies of 
Grainger Trust plc, who held the shares for the purposes of employee share 
schemes.

In addition, 5,000 shares have today been transferred from the same holding to 
an employee under the terms of a bonus arrangement.

As a result of these transactions, The Grainger Trust Employee Trustee Limited's
holding of Grainger Trust plc shares has fallen to 189,889.

LETTER FROM GRAINGER TRUST PLC



                       DEALINGS BY DIRECTORS


1)  NAME OF COMPANY

GRAINGER TRUST PLC

2)  NAME OF DIRECTOR

ROBERT DICKINSON

3)  Please state whether notification indicates that it is in respect of
    holding of the shareholder named in 2 above or in respect of a
    non-beneficial interest or in the case of an individual holder
    if it is a holding of that person's spouse or children under the
    age of 18 or in respect of an non-beneficial interest

NON-BENEFICIAL

4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them. (If notified)

R H DICKINSON AND N BELLIS

5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)

DIRECTOR

6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary

PURCHASE OF PROFIT SHARES

7)  Number of shares/amount of
    stock acquired

12,902

8)   (0.05%)
    of issued Class



9)  Number of shares/amount
    of stock disposed



10)  ( N/A %)
    of issued Class



11) Class of security

25P ORDINARY

12) Price per share

£8.50

13) Date of transaction

19/12/01

14) Date company informed

19/12/01

15) Total holding following this notification

778,100

16) Total percentage holding of issued class following this notification

3.2%

     IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE
                    COMPLETE THE FOLLOWING BOXES

17) Date of grant



18) Period during which or date on which exercisable



19) Total amount paid (if any) for grant of the option



20) Description of shares or debentures involved: class, number.



21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise



22) Total number of shares or debentures over which options held
    following this notification



23) Any additional information

SEE LETTER ABOVE

24) Name of contact and telephone number for queries

G J DAVIS        0191 2611819

25) Name and signature of authorised company official responsible for
    making this notification

    Date of Notification     19/12/2001                            


                       DEALINGS BY DIRECTORS


1)  NAME OF COMPANY

GRAINGER TRUST PLC

2)  NAME OF DIRECTOR

RUPERT DICKINSON

3)  Please state whether notification indicates that it is in respect of
    holding of the shareholder named in 2 above or in respect of a
    non-beneficial interest or in the case of an individual holder
    if it is a holding of that person's spouse or children under the
    age of 18 or in respect of an non-beneficial interest

SELF

4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them. (If notified)

R H DICKINSON AND N BELLIS

5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)

SELF

6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary

PURCHASE OF PROFIT SHARES

7)  Number of shares/amount of
    stock acquired

941

8)   (0.003%)
    of issued Class



9)  Number of shares/amount
    of stock disposed



10)  ( N/A %)
    of issued Class



11) Class of security

25P ORDINARY

12) Price per share

£8.50

13) Date of transaction

19/12/01

14) Date company informed

19/12/01

15) Total holding following this notification

175,165

16) Total percentage holding of issued class following this notification

0.7%

     IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE
                    COMPLETE THE FOLLOWING BOXES

17) Date of grant



18) Period during which or date on which exercisable



19) Total amount paid (if any) for grant of the option



20) Description of shares or debentures involved: class, number.



21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise



22) Total number of shares or debentures over which options held
    following this notification



23) Any additional information

SEE LETTER ABOVE

24) Name of contact and telephone number for queries

G J DAVIS       0191 2611819

25) Name and signature of authorised company official responsible for
    making this notification

    Date of Notification    19/12/2001                             



                       DEALINGS BY DIRECTORS


1)  NAME OF COMPANY

GRAINGER TRUST PLC

2)  NAME OF DIRECTOR

STEPHEN DICKINSON

3)  Please state whether notification indicates that it is in respect of
    holding of the shareholder named in 2 above or in respect of a
    non-beneficial interest or in the case of an individual holder
    if it is a holding of that person's spouse or children under the
    age of 18 or in respect of an non-beneficial interest

SELF

4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them. (If notified)

R H DICKINSON AND N BELLIS

5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)

SELF

6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary

PURCHASE OF PROFIT SHARES

7)  Number of shares/amount of
    stock acquired

941

8)   (0.003%)
    of issued Class



9)  Number of shares/amount
    of stock disposed

-

10)  ( N/A %)
    of issued Class

-

11) Class of security

25P ORDINARY

12) Price per share

£8.50

13) Date of transaction

19/12/01

14) Date company informed

19/12/01

15) Total holding following this notification

1,387,893

16) Total percentage holding of issued class following this notification

5.6%

     IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE
                    COMPLETE THE FOLLOWING BOXES

17) Date of grant



18) Period during which or date on which exercisable



19) Total amount paid (if any) for grant of the option



20) Description of shares or debentures involved: class, number.



21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise



22) Total number of shares or debentures over which options held
    following this notification



23) Any additional information

SEE LETTER ABOVE

24) Name of contact and telephone number for queries

G J DAVIS    0191 2611819

25) Name and signature of authorised company official responsible for
    making this notification

    Date of Notification  19/12/2001                               



                       DEALINGS BY DIRECTORS


1)  NAME OF COMPANY

GRAINGER TRUST PLC

2)  NAME OF DIRECTOR

ANDREW CUNNINGHAM

3)  Please state whether notification indicates that it is in respect of
    holding of the shareholder named in 2 above or in respect of a
    non-beneficial interest or in the case of an individual holder
    if it is a holding of that person's spouse or children under the
    age of 18 or in respect of an non-beneficial interest

SELF

4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them. (If notified)

R H DICKINSON AND NIGEL BELLIS

5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)

SELF

6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary

PURCHASE OF PROFIT SHARES

7)  Number of shares/amount of
    stock acquired

941

8)   (0.003%)
    of issued Class



9)  Number of shares/amount
    of stock disposed



10)  ( N/A %)
    of issued Class



11) Class of security

25P ORDINARY

12) Price per share

£8.50

13) Date of transaction

19/12/01

14) Date company informed

19/12/01

15) Total holding following this notification

29,556

16) Total percentage holding of issued class following this notification

0.1%

     IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE
                    COMPLETE THE FOLLOWING BOXES

17) Date of grant



18) Period during which or date on which exercisable



19) Total amount paid (if any) for grant of the option



20) Description of shares or debentures involved: class, number.



21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise



22) Total number of shares or debentures over which options held
    following this notification



23) Any additional information

SEE LETTER ABOVE

24) Name of contact and telephone number for queries

G J DAVIS      0191 2611819

25) Name and signature of authorised company official responsible for
    making this notification

    Date of Notification   19/12/2001