Exercise of Options

Caledonian Trust PLC
12 October 2004


For immediate release                                            12 October 2004



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

         Exercise of Options and Notification of Interests of Directors


Caledonian Trust announces that on 8 October 2004 the Board of the Company
approved the issue and allotment of 470,000 ordinary shares of 20p each in the
capital of the Company ('Ordinary Shares') following an exercise of 470,000
share options by directors of the Company under The Executive Share Option
Scheme as follows:

On 8 October 2004, Douglas Lowe, Chairman and Chief Executive, exercised options
over 200,000 Ordinary Shares at a price of 67.5p per share and 60,000 Ordinary
Shares at a price of 60.0p per share. Following these transactions Mr Lowe's
holding in the Company will increase to 9,324,582 Ordinary Shares representing
78.47% of the Company's enlarged issued share capital.

On 8 October 2004, Michael Baynham, Director, exercised options over 150,000
Ordinary Shares at a price of 67.5p per share and 60,000 Ordinary Shares at a
price of 60.0p per share. Following these transactions Mr Baynham's holding in
the Company will increase to 730,191 Ordinary Shares representing 6.14% of the
Company's enlarged issued share capital.

These shares will rank pari passu with all existing Ordinary Shares in issue.
Application has been made for the new Ordinary Shares to be admitted to trading
on the Alternative Investment Market ('AIM') of the London Stock Exchange plc
and dealings are expected to commence on 15 October 2004.  The number of shares
in issue following admission will be 11,882,923.



For further information please contact:

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




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