Directorate Change

Grainger Trust PLC
20 June 2002

FOR IMMEDIATE RELEASE
20th June 2002

                    GRAINGER APPOINTS SLADE TO MAIN BOARD

Grainger Trust plc, the tenanted residential property investment specialist,
today announces that Sean Slade MRICS has been invited to join the board as an
executive director with immediate effect.

Slade joined Grainger almost six years ago from Hill Samuel Asset Management and
has been responsible for the Group's residential and commercial trading and
development activities. He will become the main board director responsible for
these areas of Grainger's activities and will strengthen the executive
management team.

Today the company also announced, along with its interim results which showed a
*% increase in taxable profits for the six months to 31st March 2002, that from
October Rupert Dickinson becomes Group Managing Director and Stephen Dickinson
becomes Deputy Chairman.

Commented Stephen Dickinson: 'Sean has already made a valuable contribution to
the group over the past six years and we believe that he brings both extensive
property expertise and broad business experience to the Board that will be
increasingly important for Grainger's future development.'

                                     Ends.



Contact:                Grainger Trust plc                   Tel: [phone]
                        Steven Dickinson, Managing Director
                        Andrew Cunningham, Finance Director

                        Baron Phillips Associates            Tel: [phone]
                        Baron Phillips





                      This information is provided by RNS
            The company news service from the London Stock Exchange