Sale of Investment Properties

Grainger Trust PLC
30 March 2001

Letter to Company Announcements Office

We have today completed the sale of 3 investment properties in Stafford, Huyton
and Rochdale for £9.5m and exchanged contracts on the sale of our largest
commercial investment, Winsford Shopping Centre, for £18m, a total of £27.5m in
transactions with the Winsford Partnership.

The properties were included in our 30th September 2000 financial statement at
an overall valuation of £26.6 m.  The net rental income passing is £2.9m.  The
sale proceeds will be used to reduce fixed rate debt, and to reinvest in group
activities.

We referred in our last accounts to our intention to accelerate the programme of
disposals from our commercial portfolio.  Since the start of this financial year
we have also completed the sale of a further 11 properties for £10m, at prices
slightly in excess of year and valuations.

Contacts:
Stephen Dickinson            Grainger Trust plc   0191 2611819
Andrew Cunningham            Grainger Trust plc   0191 2611819