Directorate Change

Grainger Trust PLC
14 October 2002

FOR IMMEDIATE RELEASE

14th October 2002





                              GRAINGER TRUST PLC:
                   RUPERT DICKINSON APPOINTED CHIEF EXECUTIVE


Grainger Trust plc ('Grainger'), the tenanted residential property specialist,
today announces that Rupert Dickinson has been appointed Chief Executive with
immediate effect.


Rupert has been Grainger's Deputy Managing Director since June 2000 and succeeds
Stephen Dickinson who becomes Non-Executive Deputy Chairman. Rupert led the team
that, together with Deutsche Bank Real Estate Private Equity Group, acquired
Bradford Property Trust plc in May 2001. This acquisition resulted in Grainger
becoming the UK's largest quoted specialist tenanted residential property
company.







                                     Ends.











Contact:     Grainger Trust plc                     Tel: [phone]
             Rupert Dickinson, Chief Executive

             Baron Phillips Associates              Tel: [phone]
             Baron Phillips




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