Holding in Company

Grainger Trust PLC
20 September 2000



Letter to:  Company Announcements Office

Please note that our subsidiary company, The Grainger Trust Employee Trustee
Limited, today purchased 40,000 Grainger Trust plc 25p Ordinary Shares at a
price of £5.70 per share.

These shares have been acquired for the purposes of an employee share incentive
scheme.

From:  G Davis
       Company Secretary
       Grainger Trust Plc