Director Shareholding

Grainger Trust PLC
6 January 2004

Directors Shareholdings

The company was notified on 6 January 2004 that the following shares were 
purchased for the respective Directors.

The shares which were purchased under the Company's SIP are registered in the 
name of Capita IRG.

The price per 25p ordinary share was £16.15.

Director               Number of       Total holding       Total percentage                                             
                          shares      following this      holding of issued
                        acquired        notification       shares following
                                                          this notification

Rupert Dickinson             209             254,834                  1.03%
Stephen Dickinson            209           1,346,531                  5.44%
Andrew Cunningham            209              73,941                  0.30%
Scan Slade                   209              32,018                  0.13%


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