Director Shareholding

Grainger Trust PLC
28 July 2003




                                   Directors Shareholdings.

We refer to our Schedule II notification of 23 July 2003 relating to the 
interests of Ms Nichola Pease in the shares of the company.  That notification
indicated that her total holding following the notification was 37,080 shares.

We would wish to clarify that that figure related soley to her non beneficial
holding.  Her total holding, including both beneficial and non beneficial 
interests, was 108,772 shares which represents 0.44% of the issued share capital.



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