Re St Margaret's settlement

Caledonian Trust PLC
08 February 2005


For immediate release                                            8 February 2005


           Caledonian Trust PLC ('Caledonian Trust' or 'the Company')

     Statement re Settlement of Dilapidations Claim at St Margaret's House

The Company is pleased to announce that they have reached a settlement with the
Scottish Ministers who have agreed to pay £2.1 million plus judicial expenses in
respect of the claim by the Company for dilapidations on the termination of the
lease of St Margaret's House in November 2002.   St Margaret's is the Company's
largest property in Edinburgh.   The Company raised an action against the
Scottish Ministers in January 2003 in the Commercial Court for payment in terms
of the lease following the serving of a dilapidations schedule in December 2002.
Settlement was reached in advance of the proof to be heard by Lord Mackay set
for 18 January 2005.

St Margaret's House is a 92,845 sq ft(2) open plan office located on a site of
1.7 acres near the new Scottish Parliament and Edinburgh city centre with a
prominent frontage to the A1.


For further information please contact:

Mike Baynham, Finance Director                              Tel: [phone]

Alasdair Robinson/Nick Athanas, Noble & Company Limited     Tel: [phone]

END

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