Director Shareholding

Grainger Trust PLC
5 October 2004


Letter to RNS

Directors Shareholdings

The company was notified on 5 October 2004 about the following disposal of a non
beneficial interest in shares from a Trust of which Mr Robert Dickinson and 
Mr Stephen Dickinson are Trustees.

Registered Holder              -    Dickinson Dees (Nominees) Limited
                                    Account:   27020487
Number of shares disposed      -    140(0.00%)
Price                          -    £16.3525
Class of security              -    25p ordinary shares
Date of transaction            -    21 June 2004

The total holding and percentage holding of the two Directors following this
notification is:-

                                 Total          Percentage
                                Holding           Holding

Robert Dickinson                  658,651         2.65%
Stephen Dickinson               1,312,179         5.29%


For and on behalf of
GRAINGER TRUST plc





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