Disposal

Caledonian Trust PLC
16 April 2002


                              Caledonian Trust PLC

                                    Disposal


Caledonian Trust PLC ('Caledonian') announces that its wholly-owned subsidiary,
South Castle Properties Limited ('SCP'), has today completed the sale of its
principal asset, the award-winning St Magnus House, Guild Street, Aberdeen, to
Stainton Capital Limited.

St Magnus House was held as a long-term property investment by SCP and is an
office building extending to 80,173 ft(2) or thereby, located in Guild Street,
Aberdeen. Following a major refurbishment by SCP in 2001,  it is currently let
on long-term leases to four tenants, Enterprise Oil PLC who occupy
four-and-a-half floors, the Food Standards Agency who occupy the top floor and
Pierce Production Limited and Healthcall Group Limited each of whom occupy
suites on the first floor.

The consideration payable is £13.05m and was paid in cash, in full today,
Tuesday 16th April 2002. The value attributable to the asset as stated in the
last published audited accounts of Caledonian for the period ended 30 June 2001
was £12,400,000. St Magnus House contributed a loss of approximately (£1.37m) to
group profits in the year to 30 June 2001. This disposal will benefit Caledonian
who will use the net proceeds of sale after meeting all costs and repaying debts
secured against the property for reinvestment and for working capital purposes.

Copies of this announcement are available free of charge from Caledonian's head
office at 61 North Castle Street, Edinburgh, EH2 3LJ and will also be available
free of charge from 16th April 2002 in the offices of Noble & Company Limited,
76 George Street, Edinburgh, EH2 3BU





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