Director Shareholding

Caledonian Trust PLC
22 December 2000

                                                          Caledonian Trust PLC

                                                        61 North Castle Street

                                                             EDINBURGH EH2 3LJ



22 December 2000

Our ref: CR12AN3.MD0

Company Announcements Office

                             COMPANY ANNOUNCEMENT

        Caledonian Trust PLC ('the Company') notifies you as follows:-

On 20 December 2000 Mrs Susan Nicola Lowe, the spouse of Ian Douglas Lowe, a
Director of the Company, acquired a total of 2,0 00 Ordinary Shares of the
Company, as detailed below:-


        (i)     Disclosure of the transaction was made to the Company on 22
        December 2000.

        (ii)     The transaction was effected on 20 December 2000

        (iii)     The securities acquired were Ordinary Shares of 20p each in
        the capital of the Company. The shares were purchased by way of a
        market transaction at a price of 62p per share.

        (iv)     Following the acquisition Mr Lowe's shareholding including
        connected persons in the Company totals 9,064,582 shares or 74.1% of
        the Company's issued Ordinary Share capital (of 12,226,995 shares).

Copies of this announcement are available free of charge from the Company's
Head Office at 61 North Castle Street, Edinburgh, EH2 3LJ and will also be
available free of charge from 22 December 2000 until 5 January 2001 in the
offices of Noble & Company Limited, 4TH Floor, 1 Frederick's Place, LONDON,
EC2R 8AB.


M J BAYNHAM

COMPANY SECRETARY

cc     AIM Team, London Stock Exchange

     Noble & Company Limited

     Numis Securities Limited



NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS


1. Name of company:                      2. Name of director:

Caledonian Trust PLC                     Ian Douglas Lowe
3. Please state whether notification     4. Name of registered holder(s) and,
indicates that it is in respect of       if more than one holder, the number of
holding of the director named in 2 above shares held by each of them (if
or holding of that person's spouse or    notified)
children under the age of 18 or in
respect of a non-beneficial interest:    Susan Nicola Lowe

Holding of Director's spouse
5. Please state whether notification     6. Please state the nature of the
relates to a person(s) connected with    transaction. For PEP transactions
the director named in 2 above and        please indicate whether general/single
identify the connected person(s)         co PEP and if discretionary/
                                         non-discretionary.
Connected person
                                         Market Purchase
7. Number of shares/    8. Percentage of 9. Number of shares/   10. Percentage
amount of stock         issued class.    amount of stock        of issued class
acquire.                                 disposed.
                        0.02%                                   N/A
2,000                                    N/A
11. Class of security   12. Price per    13. Date of            14. Date
                        share            transaction            company
Ordinary shares                                                 informed
                        £0.62            20.12.00
                                                                20.12.00
15. Total holding following this         16. Total percentage holding of issued
notification                             class following this notification

9,064,582                                74.1%



If a director has been granted options by the company please complete the
following boxes:
17. Date of grant                         18. Period during which or date on
                                          which exercisable
N/A
                                          N/A
19. Total amount paid (if any) for grant  20. Description of shares or
of the option                             debentures involved: class number

N/A                                       N/A
21. Exercise price (if fixed at time of   22. Total number of shares or
grant) or indication that price is to be  debentures over which options held
fixed at time of exercise                 following this notification

N/A                                       N/A
23. Any additional information            24. Name of contact and telephone
                                          number for queries
N/A
                                          Michael J Baynham

                                          0131 220 0416
25. Name and signature of authorised company official responsible for making
this notification



Michael J Baynham

Date of notification 22 December 2000



London Stock Exchange, Company Announcements Office, Old Broad Street, London,
EC2N 1HP

Facsimile: 0171 588 6057, 0171 334 8964/8965/8966

Enquiries: The AIM Team

Telephone: [phone]