Director Shareholding

Grainger Trust PLC
23 July 2003



Letter to RNS

Directors' Shareholdings


We were notified yesterday that Ms. Nichola Pease, a director of Grainger Trust
plc now no longer has a non-beneficial interest in 133,476 shares which were
previously managed by Odey Asset Management Limited, a company in which her
spouse is a director, as Odey Asset Management Limited are now no longer
responsible for managing this particular block of shares.


As a result Nichola Pease's non beneficial interest in the shares of Grainger
Trust plc is reduced to 41,200 shares which represents 0.167% of the issued
share capital.


Letter from Grainger Trust Plc



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