Director Shareholding

Grainger Trust PLC
25 August 2004


Directors Shareholdings

The company was notified on 24 August 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 £17.00 for 24 of the shares and £17.92 for
the remaining 21 shares.

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

Rupert Dickinson             45               291,901               1.18%
Stephen Dickinson            45             1,312,298               5.29%
Andrew Cunningham            45                74,088               0.30%
Sean Slade                   45                32,165               0.13%



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