Director Shareholding

Grainger Trust PLC
11 December 2000

                       DEALINGS BY DIRECTORS


1)  NAME OF COMPANY

    GRAINGER TRUST PLC


2)  NAME OF DIRECTOR

    ROBERT HENRY DICKINSON

3)  Please state whether notification indicates that it is in respect of
    holding of the shareholder named in 2 above or in respect of a
    non-beneficial interest or in the case of an individual holder
    if it is a holding of that person's spouse or children under the
    age of 18 or in respect of an non-beneficial interest

    NON-BENEFICIAL TRUSTEE HOLDING     

4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them. (If notified)

    DICKINSON DEES (NOMINEES) LIMITED

5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)

    DIRECTOR AS TRUSTEE

6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary

    THE SHARE MOVEMENTS NOTIFIED RELATE TO NON-BENEFICIAL TRUSTEE HOLDINGS, AND 
    WERE NOTIFIED TO THE COMPANY IN A LETTER RECEIVED TODAY, 11TH DECEMBER 2000,
    FROM SOLICITORS WHO MAINTAIN RECORDS OF THE TRUSTEE SHAREHOLDINGS ON BEHALF 
    OF THE DIRECTOR CONCERNED.

    THE TRANSACTIONS RELATE TO:
    i) THE RELEASE OF 11,500 GRAINGER TRUST PLC SHARES TO THE BENEFICIARY OF A  
    TRUST, ON 11TH MAY 2000, AND

    ii) THE PURCHASE OF 3,403 SHARES BY ANOTHER TRUST, ON 25TH SEPTEMBER 2000,  
    AT A PRICE OF £5.75 PER SHARE.


7)  Number of shares/amount of
    stock acquired
    3,403

8)   (0.01%)
    of issued Class


9)  Number of shares/amount
    of stock disposed     
    11,500

10)  (0.05%)
    of issued Class


11) Class of security
    ORDINARY



12) Price per share
    PURCHASE - £5.75
    SALE - NON MARKET

13) Date of transaction
    PURCHASE 25/9/2000
    SALE 11/5/2000

14) Date company informed
    11TH DECEMBER 2000


15) Total holding following this notification
    973,024


16) Total percentage holding of issued class following this notification
    3.95%


     IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE
                    COMPLETE THE FOLLOWING BOXES

17) Date of grant



18) Period during which or date on which exercisable



19) Total amount paid (if any) for grant of the option



20) Description of shares or debentures involved: class, number.



21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise



22) Total number of shares or debentures over which options held
    following this notification



23) Any additional information



24) Name of contact and telephone number for queries
    GJ DAVIS     0191 2611819


25) Name and signature of authorised company official responsible for
    making this notification

   Date of Notification   11/12/2000