Share Buyback

Cairngorm B.S. Inv Tst PLC
11 July 2000


Cairngorm Building Societies Investment Trusts (No 1 to 10)

At each of the recent AGMs of the Cairngorm Building Societies Investment
Trusts (Nos 1 to 10), a resolution permitting the buyback of 15% of the
outstanding shares in issue was  approved.  This represents a total of 216,153
shares in each trust. The Boards announce that the current maximum amount that
may be expended on buying shares is £142,267 for each trust, representing the
accumulated realised capital reserves of each trust only. The Boards have
decided that they will not apply distributable revenue reserves to share
buy-backs in view of the relatively high distributions made by the trusts.

The Board of each trust is aware of the positive benefits for shareholders
that can be achieved from repurchases at substantial discounts to net asset
value.