Director Shareholding

ATHELNEY TRUST PLC (the 'Company')

DIRECTOR'S SHAREHOLDING

The Company announces that it was notified on 4 June 2003 that a pension scheme of which David Horner (a director of
the Company) is a beneficiary,  purchased 5,000 (0.28 %) Ordinary Shares of 25 pence at a price of 65 pence per share
on 3 June 2003. 

Following this transaction Mr.Horner's beneficial interest in the issued ordinary share capital of the Company is 5,000
(0.28 %) ordinary shares.  The above figure comprises a holding of 5,000 shares owned by a pension fund in which Mr.
Horner has an interest.