New Non-Executive

Grainger Trust PLC
26 February 2004

FOR IMMEDIATE RELEASE
26th February 2004

 GRAINGER FURTHER STRENGTHENS BOARD WITH THE APPOINTMENT OF ROBIN BROADHURST AS
                              NON-EXECUTIVE DIRECTOR

Grainger Trust plc ('Grainger'), the UK's largest quoted residential property
investor with a market capitalisation of approximately £450m, today announces
that it has further strengthened its Board with the appointment of a
non-executive director with immediate effect.

Robin Broadhurst CBE, 57, brings 35 years of UK and International property
experience to Grainger's Board. He recently retired from Jones LangLasalle where
he had been European Chairman since September 2000 and had been a partner of
Jones Lang Wootton, which merged with the Chicago-based LaSalle Partners in
1999, for 25 years. His current corporate interests include: a Trustee and
Director of the Grosvenor Estate, a Senior Advisor to Credit Suisse First
Boston, Chairman of the Local Government and the Regions Property Advisory
Group, Consultant to Sir Robert McAlpine Limited, a member of the Prince's
Council and a Director of MPG Limited. He was also a Director of the Royal Opera
House Development Board until 2000. His other interests include: Council Member
of the British Property Federation and Governor of Rugby School.

Robert Dickinson, Chairman of Grainger, said: 'We are delighted to welcome Robin
onto Grainger's Board as he brings a wealth of property and business experience.
We believe that he will make a substantial contribution to the future
development and success of Grainger which has grown dramatically over the past
few years.'

The appointment follows the retirement of John Ward, a Director since 1994, who
stepped down at today's Annual General Meeting.

Ends.

Contact:
     Andrew Cunningham, Finance Director, Grainger Trust.     Tel: [phone]
     Baron Phillips, Baron Phillips Associates.               Tel: [phone]


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