Director Shareholding

MURRAY INTERNATIONAL TRUST PLC
-    Directors' Shareholding


On 30 June 2004, Sir Raymond Johnstone, converted 10,384 B Ordinary Shares into
10,384 Ordinary Shares.  His resultant shareholding is a beneficial shareholding
of 30,551 Ordinary Shares and a non beneficial shareholding of 18,191 Ordinary
Shares representing 0.035% and 0.021% of the issued shares respectively.