Final Results - Year Ended 30 June 1999

Caledonian Trust PLC
17 December 1999

Caledonian Trust - Results to 30 June 1999

Caledonian Trust Plc, the Edinburgh based property investment company, announces
its audited results for the year 30 June 1999.

          PROFIT & LOSS ACCOUNT                  1999           1998
                                                    £              £
Income - continuing operations
Rents and service charges                     3,340,811      3,577,525
Trading Property sales                                -        772,000

                                              3,340,811      4,349,525

Operating costs
Property rental outgoings                       (93,284)       (98,049)
Cost of Trading properties sold                       -       (777,732)
Administrative expenses                        (593,305)      (647,543)

                                               (686,589)    (1,523,324)

Operating profit                              2,654,222      2,826,201

Profit on disposal of investment property       205,000              -
Discount on redemption of 10% convertible
 unsecured loan stock                            17,170              -
Interest receivable                              42,991         84,863
Interest payable                             (1,613,412)    (1,963,245)

Profit on ordinary activities before
 taxation                                     1,305,971        947,819
Taxation                                              -         42,018
Profit on ordinary activities after
 taxation                                     1,305,971        989,837

Profit for the financial year                 1,305,971        989,837

Earnings per ordinary share                       10.63p          8.05p
Diluted earnings per ordinary share                9.73p          7.77p

Profit for the financial year is 
 retained as follows:           
In holding company                              938,771        664,959
In subsidiaries                                 367,200        324,878
                                              1,305,971        989,837

Consolidated Balance Sheet
at 30 June 1999
                                                1999                  1998
                                      £            £          £          £
 
Fixed assets
Tangible assets:                         
Investment properties                      27,159,487               28,905,000
Other assets                                  202,361                  218,299
                                           27,361,848               29,123,299
Investments                                        20                       20
                                           27,361,868               29,123,319

Current assets
Stock and work in progress        985,000                 985,000
Debtors                            69,132                 112,527
Cash at bank and in hand          453,448               1,050,354
                                1,507,580               2,147,881
Creditors: amounts falling
 due within one year           (6,233,063)             (5,770,119)

Net current liabilities                    (4,725,483)              (3,622,238)

Total assets less current
 liabilities                               22,636,385               25,501,081

Creditors:  amounts falling
 due after more than one 
 year                                     (11,625,319)             (15,282,286)

Net Assets                                 11,011,066               10,218,795
Capital and reserves 
Called up share capital                     2,457,899                2,457,899
Share premium account                       2,530,753                2,530,753
Capital reserve                                     -                  319,182
Revaluation reserve                         2,274,068                3,648,466
Profit and loss account                     3,748,346                1,262,495

Shareholders' funds - equity               11,011,066               10,218,795

Notes:

1     All activities of the group are ongoing.  No dividend will be paid.
2     The calculation of the earnings per ordinary share is based on a profit   
     of £1,305,971 (1998: £989,837) and on the weighted average number of       
    ordinary shares in issue in the year of 12,289,493 (1998: 12,289,493).
3     The above financial information represents an extract taken from the      
     audited accounts for the year to 30 June 1999 and does not contain the     
    full accounts within the meaning of Section 240 of the Companies Act 1985   
   (as amended).  The full accounts for the year ended 30 June 1999 were        
  reported on by the auditors and received an unqualified report and            
 contained no statement under section 237 (2) or (3) of the Companies Act       
1985 (as amended).  Full accounts will be delivered to the Registrar of        
Companies.
4     A statement referring to Year 2000 compliance issues is contained in the
      Report and Accounts.
5     Copies of the Annual Report and Accounts are being posted to shareholders
      on 22 December 1999 and will be available free of charge for fourteen 
      days from the Company's head office.

Douglas Lowe, Chief Executive of Caledonian Trust Plc says:

'Profits this year are £1,305,971 including £205,000 from the sale of an
investment property, compared with £989,837 last year, and NAV per share has
increased by 6.4p to 89.6p.  Rents and service charges were reduced by £236,714
because of the two property sales and the liquidation of a leisure operator in
Aberdeen.  Administrative expenses were £54,238 lower and net interest payable
£307,961 less as a result of lower borrowings and lower average interest rates.

The Company has a distributable balance of £1,536,703, the first distributable
balance for over 10 years.  The Directors do not intend to pay a dividend at
this time but intend to consider doing so for the current financial year.

Higher growth in GDP is expected in the UK in 2000 and rents should continue to
rise.  Further interest rises are expected which, if timeous, should keep
inflation in the target range.  Property yields should fall relative to Gilts
because of rental growth and because of prospectively lower returns from Gilts
and Equities.

The Aberdeen office market is becoming much more active following the recovery
of the oil price to nearly $25 from below $10 earlier this year.  Edinburgh's
service sector is expanding rapidly and recent uptake of offices has been double
the long term average.  Edinburgh seems likely to continue to enhance its
position as a political, leisure and business centre and economic growth should
be well above average.  In view of the 'Parliament' an 'Capital' effects and the
current and prospective demand for office space and its limited availability,
rents should rise, possibly quite sharply.

The group is selling its trading property at Gateshead to reinvest more
profitably.  As a result of both external and internal changes, there are
opportunities on a very high proportion of our portfolio to achieve additional
value.  The major focus of the Group will be on unlocking this value, exploiting
existing development opportunities and securing 'bolt on' investments and
acquisitions where extra value can be created by increased management input.

The present discount to NAV is unsatisfactory as it erodes shareholders' capital
and inhibits corporate activity.  I hope that the resumed growth in the NAV
together with the prospects for higher future growth from improved market
conditions and from the change of emphasis in investment policy will reduce the
discount.  The Company now has distributable reserves and will seek continued
authority to buy in a percentage of its shares.

The Group has agreed tax losses of over £2.5m and tax rates for the next two
years should be very low or nil.  Trading so far this year is satisfactory and
weighted average base rates for the first half year will be about 2% points
lower than the six months to December 1998.  There are several transactions
currently being negotiated or in prospect which, if completed, will prove
beneficial and longer term prospects resulting from the changes in our portfolio
and from the expected economic stability appear favourable'

Copies of this announcement are available from Caledonian's Head Office at 61
North Castle Street, Edinburgh, EH2 3LJ and will also be available for the next
fourteen days in the offices of Noble & Company, Royex House, 5 Aldermanbury
Square, London EC2V 7HR