Director Shareholding

Grainger Trust PLC
11 January 2005


Directors Shareholdings
-----------------------

The following directors of Grainger Trust plc were yesterday awarded the
following conditional share awards and share options in the ordinary share
capital of Grainger Trust plc.

                           Number of shares         Number of shares over
Director              conditionally awarded         which options granted
                                        

Rupert Dickinson                     11,000                        27,501     
Andrew Cunningham                     8,250                        20,625

The price at which both the conditional award and share options were granted was
£19.09, being the average mid-market price of the shares for the previous five
working days.


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