Director Shareholding

Grainger Trust PLC
13 December 2004


Directors Shareholdings

The company was notified on 13 December 2004 that the following shares have been
purchased for the respective Directors.

The shares which were purchased under the Company's SIP are registered in the
name of Capita IRG.


The price per 25p ordinary share was £17.60.



Director              Number of            Total holding       Total percentage
                    shares acquired         following          holding of issued
                                        this notification      shares following 
                                                               this notification

Rupert Dickinson          21                291,598                1.18%
Stephen Dickinson         21              1,312,242                5.29%
Andrew Cunningham         21                 74,172                0.30%




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