RNS No 7538w
GUARDIAN ROYAL EXCHANGE PLC


                            DEALINGS BY DIRECTORS

1)   NAME OF COMPANY

     GUARDIAN ROYAL EXCHANGE PLC

2)   NAME OF DIRECTOR

     VOLKER BREMKAMP

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

     IN RESPECT OF SELF

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

     VOLKER BREMKAMP

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

     NO

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

     SCRIP DIVIDEND

7)   Number of shares/amount of
     stock acquired

     246

8)   (0.00002692713%)
    of issued Class

9)   Number of shares/amount
     of stock disposed

N/A

10)  ( N/A %)
    of issued Class

11)  Class of security

     ORDINARY 5P SHARES

12)  Price per share

     #2.801

13)  Date of transaction

     1.7.97

14)  Date company informed

     1.7.97

15)  Total holding following this notification

     10,858

16)  Total percentage holding of issued class following 
     this notification      

     0.0011885157

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

17)  Date of grant

N/A

18)  Period during which or date on which exercisable

N/A

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

N/A

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

N/A

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

N/A

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

N/A

23)  Any additional information

N/A

24)  Name of contact and telephone number for queries


     M D CHAPMAN (MRS)
     01473-202372


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

     Date of Notification..1.7.97........................



                            DEALINGS BY DIRECTORS

1)   NAME OF COMPANY

     GUARDIAN ROYAL EXCHANGE PLC

2)   NAME OF DIRECTOR

     SIR COLIN CHANDLER

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

     IN RESPECT OF SELF

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

     SIR COLIN CHANDLER

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

     NO

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

     SCRIP DIVIDEND

7)   Number of shares/amount of
     stock acquired

     48

8)   (0.00000525407%)
    of issued Class

9)   Number of shares/amount
     of stock disposed

N/A

10)  ( N/A %)
    of issued Class

11)  Class of security

     ORDINARY 5P SHARES

12)  Price per share

     #2.801

13)  Date of transaction

     1.7.97

14)  Date company informed

     1.7.97

15)  Total holding following this notification

     2122

16)  Total percentage holding of issued class following 
     this notification      

     0.00023227392

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

17)  Date of grant

N/A

18)  Period during which or date on which exercisable

N/A

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

N/A

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

N/A

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

N/A

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

N/A

23)  Any additional information

N/A

24)  Name of contact and telephone number for queries


     M D CHAPMAN (MRS)
     01473-202372


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

     Date of Notification..1.7.97........................




                            DEALINGS BY DIRECTORS

1)   NAME OF COMPANY

     GUARDIAN ROYAL EXCHANGE PLC

2)   NAME OF DIRECTOR

     SIR BRIAN DAVID HAYES

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

     IN RESPECT OF SELF

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

     SIR BRIAN DAVID HAYES

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

     NO

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

     SCRIP DIVIDEND

7)   Number of shares/amount of
     stock acquired

     29

8)   (0.00000317433%)
    of issued Class

9)   Number of shares/amount
     of stock disposed

N/A

10)  ( N/A %)
    of issued Class

11)  Class of security

     ORDINARY 5P SHARES

12)  Price per share

     #2.801

13)  Date of transaction

     1.7.97

14)  Date company informed

     1.7.97

15)  Total holding following this notification

     1314

16)  Total percentage holding of issued class following 
     this notification      

     0.00014383032

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

17)  Date of grant

N/A

18)  Period during which or date on which exercisable

N/A

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

N/A

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

N/A

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

N/A

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

N/A

23)  Any additional information

N/A

24)  Name of contact and telephone number for queries


     M D CHAPMAN (MRS)
     01473-202372


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

     Date of Notification..1.7.97........................



                            DEALINGS BY DIRECTORS

1)   NAME OF COMPANY

     GUARDIAN ROYAL EXCHANGE PLC

2)   NAME OF DIRECTOR

     SIR PETER WILLIAM JOHN REYNOLDS

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

     IN RESPECT OF SELF

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

     SIR PETER WILLIAM JOHN REYNOLDS

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

     NO

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

     SCRIP DIVIDEND

7)   Number of shares/amount of
     stock acquired

     291

8)   (0.00003185283%)
    of issued Class

9)   Number of shares/amount
     of stock disposed

N/A

10)  ( N/A %)
    of issued Class

11)  Class of security

     ORDINARY 5P SHARES

12)  Price per share

     #2.801

13)  Date of transaction

     1.7.97

14)  Date company informed

     1.7.97

15)  Total holding following this notification

     12,816

16)  Total percentage holding of issued class following 
     this notification      

     0.00140283821

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

17)  Date of grant

N/A

18)  Period during which or date on which exercisable

N/A

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

N/A

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

N/A

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

N/A

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

N/A

23)  Any additional information

N/A

24)  Name of contact and telephone number for queries


     M D CHAPMAN (MRS)
     01473-202372


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

     Date of Notification..1.7.97........................



                            DEALINGS BY DIRECTORS

1)   NAME OF COMPANY

     GUARDIAN ROYAL EXCHANGE PLC

2)   NAME OF DIRECTOR

     JOHN VERNON HARRY ROBINS

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

     IN RESPECT OF SELF

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

     REGISTERED IN THE NAME OF 
     GREENWOOD 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)

     NO

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

     SCRIP DIVIDEND

7)   Number of shares/amount of
     stock acquired

     6570

8)   (0.00071915161%)
    of issued Class

9)   Number of shares/amount
     of stock disposed

N/A

10)  ( N/A %)
    of issued Class

11)  Class of security

     ORDINARY 5P SHARES

12)  Price per share

     #2.801

13)  Date of transaction

     1.7.97

14)  Date company informed

     1.7.97

15)  Total holding following this notification

     96,574

16)  Total percentage holding of issued class following 
     this notification      

     0.01057098138

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

17)  Date of grant

N/A

18)  Period during which or date on which exercisable

N/A

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

N/A

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

N/A

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

N/A

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

N/A

23)  Any additional information

N/A

24)  Name of contact and telephone number for queries


     M D CHAPMAN (MRS)
     01473-202372


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

     Date of Notification..1.7.97........................