Directors' Dealings

Grainger Trust PLC
29 February 2000


LETTER TO:    COMPANY ANNOUNCEMENTS OFFICE

We write to inform you that share awards were today conditionally granted to
directors of Grainger Trust plc, as follows:-

                          Number of Grainger Trust plc
Director                  25p Ordinary Shares awarded      Price

Andrew R. Cunningham              36,363                   £3.85
Rupert J. Dickinson               41,558                   £3.85

The above awards are conditional upon the achievement of performance criteria.

The first date on which vesting of these shares may take place is 1st October
2002.

LETTER FROM:  GRAINGER TRUST PLC