Stmnt re unsolicited approach

Grainger Trust PLC
03 October 2006


Grainger Trust plc

For Immediate Release

Statement re Unsolicited Proposal

On 28 September 2006, Grainger Trust plc ('Grainger' or the 'Company') announced
that it had received a preliminary approach from a party which had expressed an
interest in formulating an offer for the Company. The Company then received a
proposal from that party, namely Regis and Merrill Lynch. The board of Grainger
has rejected this proposal, as it significantly undervalues the Company's
prospects.

Robert Dickinson, Chairman of Grainger, commented as follows:

'The approach from Regis and Merrill Lynch was unwelcome. Our own plans provide
greater value and certainty than a speculative offer from a private equity
consortium. In accordance with our usual practice, we will be issuing a year-end
trading statement this week, which will show the continuing strong performance
of the Company.'


Enquiries:

Grainger:
Rupert Dickinson                                                     020 7795 4700
Andrew Cunningham                                                    0191 261 1819

Lazard (Joint Financial Adviser to Grainger)                         020 7187 2000
William Rucker
Patrick Long

JPMorgan Cazenove (Joint Financial Adviser and Corporate Broker to   020 7588 2828
Grainger)
Richard Cotton
Robert Fowlds
Bronson Albery

Financial Dynamics                                                   020 7831 3113
Stephanie Highett
Dido Laurimore



Lazard & Co., Limited ('Lazard'), which is authorised and regulated in the
United Kingdom by the Financial Services Authority, is acting exclusively for
Grainger and no one else in relation to the matters referred to in this
announcement and will not be responsible to anyone other than Grainger for
providing the protections afforded to clients of Lazard or for giving advice in
relation to the matters referred to in this announcement.

JPMorgan Cazenove Limited ('JPMorgan Cazenove'), which is authorised and
regulated in the United Kingdom by the Financial Services Authority, is acting
exclusively for Grainger and no one else in relation to the matters referred to
in this announcement and will not be responsible to anyone other than Grainger
for providing the protections afforded to clients of JPMorgan Cazenove Limited
or for giving advice in relation to the matters referred to in this
announcement.


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