Directors' Dealings

CALEDONIAN TRUST PLC

                            DEALINGS BY DIRECTORS

1)   NAME OF COMPANY

CALEDONIAN TRUST PLC

2)   NAME OF DIRECTOR

IAN DOUGLAS LOWE

3)   Please state whether notification indicates that it is in
     respect of holding of the Director named in 2 above
     or holding of that person's spouse or children under
     the age of 18 or in respect of a non-beneficial interest

HOLDING OF LEAFREALM LIMITED, A PRIVATE COMPANY OWNED AND CONTROLLED BY DIRECTOR

4)   Name of the registered holder(s) and, if more than
     one holder, the number of shares held by each of 
     them. (If notified)

LEAFREALM LIMITED


5)   Please state whether notification relates to a
     person(s) connected with the Director named in 2
     above and identify the connected person(s)

LEAFREALM LIMITED

6)   Please state the nature of the transaction. For
     PEP transactions please indicate whether
     general/single co PEP and if discretionary/non
     discretionary

OFF MARKET PURCHASE OF SHARES

7)   Number of shares/amount of
     stock acquired

30,000

8)   (0.24 %)
    of issued Class

9)   Number of shares/amount
     of stock disposed

N/A

10)  ( N/A %)
    of issued Class

11)  Class of security

ORDINARY SHARES OF 20P

12)  Price per share

£0.43P

13)  Date of transaction

27 July 1999

14)  Date company informed

27 July 1999

15)  Total holding following this notification

9,057,582

16)  Total percentage holding of issued class following 
     this notification      

73.70%

      IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE COMPLETE 
                              THE FOLLOWING BOXES

17)  Date of grant

N/A

18)  Period during which or date on which exercisable

N/A

19)  Total amount paid (if any) for grant of the option

N/A

20)  Description of shares or debentures involved:
     class, number.

N/A

21)  Exercise price (if fixed at time of grant) or indication
     that price is to be fixed at time of exercise

N/A

22)  Total number of shares or debentures over which
     options held following this notification

N/A

23)  Any additional information

N/A

24)  Name of contact and telephone number for queries


MICHAEL J BAYNHAM  0131 220 0416

25)  Name and signature of authorised company official
     responsible for making this notification

     Date of Notification......27 JULY 1999..............