Resignation of Director

Grainger Trust PLC
12 November 2004


FOR IMMEDIATE RELEASE

12th November 2004


                              GRAINGER TRUST plc:

                            RESIGNATION OF DIRECTOR


Grainger Trust plc ('Grainger' or 'the Company'), the UK's largest quoted
residential investment and trading group, today announces that Sean Slade has
resigned from the Board. Sean has been an Executive Director of Grainger since
2002 with responsibilities including the Company's commercial property
investment and development programme.


Over the past two years, Grainger has changed strategic direction away from
commercial property in order to focus entirely on residential property
investment, development and trading. During this period most of Grainger's
commercial property portfolio has been sold and, as a result, the opportunities
and challenges are no longer available to Sean.


Rupert Dickinson, Chief Executive, said: 'We would like to thank Sean for his
significant contribution to Grainger over the last eight years. We wish him
every success and hope we will find opportunities to work together in the 
future.'

Robert Dickinson, Chairman, said that there are no current plans to appoint
another Executive Director.


Just prior to his resignation, Sean exercised 10,273 approved share options at
an exercise price of £2.92. At yesterday's close of business the mid market
price per share was £16.81.


                                      Ends

Contact:

       Rupert Dickinson, Chief Executive, Grainger.    Tel: [phone]

       Baron Phillips, Baron Phillips Associates.      Tel: [phone]






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