Early Repayment of Debt

Grainger Trust PLC
21 November 2003

21 November, 2003

For immediate release



GRAINGER TRUST PLC

Proposed early repayment of debenture stocks



(1) 10.50 per cent. First Mortgage Debenture Stock 2024


£1,913,000 of this stock remains outstanding.  Grainger has today given notice
to holders of this stock of the early repayment of the stock on 23 December
2003.  The repayment price is £169.746 per £100 principal amount of stock, being
the price at which the yield on the stock is equal to the yield on the 8.75%
Treasury Stock 2017 at 3.00 pm on 19 November 2003, as provided in the
conditions of such stock.  Accrued interest will also be paid.  Cheques will be
despatched on 23 December 2003 to holders on the register on 19 December 2003.


(2) 11.75 per cent. First Mortgage Debenture Stock 2024


£619,500 of this stock remains outstanding.  Grainger has today given notice to
holders of this stock convening a meeting of stockholders to be held on 16
December 2003 to consider an extraordinary resolution approving a proposal to
amend the conditions of such stock, in order to grant it the option (at its
discretion) to redeem the stock early at the higher of par and the price at
which the yield on such stock is equal to the yield on the 8% Treasury Stock
2021, together with accrued interest, all as more fully described in the
circular that it will today post to stockholders.  If the proposal is approved
and if this option is exercised by Grainger giving notice on 17 December 2003,
the redemption price would be set by reference to the gilt yield on 19 December
2003 and cheques would be dispatched on 23 December 2003.  The company has
discussed this proposal with the holders of about 95% of the outstanding stock,
who have irrevocably undertaken to vote in favour of the proposal.

The company is taking these actions because the amount of these stocks
outstanding is so small that the administrative burden outweighs the benefit.


Further information:

Grainger Trust plc:

   Andrew Cunningham, Finance Director, 0191 261 1819
   Marie Glanville, Company Secretary, 0191 261 1819

Cazenove & Co. Ltd:

   Francis Burkitt, Director, 020 7155 8855
Baron Phillips Associates:
   Baron Phillips, 020 7920 3161


This announcement has been approved for the purposes of section 21 of the
Financial Services and Markets Act 2000 by Cazenove & Co. Ltd, which is
regulated by the Financial Services Authority.






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