Director Shareholding

Grainger Trust PLC
7 September 2004

Directors Shareholdings

The company was notified on 7 September 2004 that the following shares have been 
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 £18.00.

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

Rupert Dickinson             21               291,922               1.18%
Stephen Dickinson            21             1,312,319               5.29%
Andrew Cunningham            21                74,109               0.30%
Sean Slade                   21                32,186               0.13%




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