Purchase of Own Securities

Grainger Trust PLC
2 May 2002

The issuer advises that the following replaces the Purchase of Own Securities
announcement released on 2 May 2002 at 14:21hrs under RNS: 4370V.

The correct information should read: 4,675,000 nominal remains in issue and not
9,025,000 as previously stated.

All other details remain unchanged. The full amended text appears below.



Purchase of own securities - Correction

Grainger Trust has repurchased and cancelled £2,175,000 nominal of its 10.5%
debenture stock 2024. £4,675,000 nominal remains in issue.

Grainger Trust has repurchased and cancelled £928,000 nominal of its 11.75%
debenture stock 2024. £1,947,000 nominal remains in issue.

Contact:

Andrew Cunningham, Finance Director, 0191 261 1819

Geoff Davis, Company Secretary, 0191 261 1819

Francis Burkitt/Tim Waters, Cazenove, 020 7825 9942/020 7214 7533


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