Director Shareholding

Highcroft Investment Trust PLC
12 July 2001

                      Highcroft Investment Trust P.L.C.

                           - Director's Dealings -


Highcroft Investment Trust plc (the 'Company') was informed yesterday that on
21 May 2001, Mr CA Phillips, a non-executive director, transferred 500
ordinary shares of Highcroft Investment Trust plc to his daughter-in-law, Mrs
S Keeble, at nil cost.


Following this, Mr Phillips retains a beneficial interest in 52,000 ordinary
shares, representing approximately 1.01 per cent. of the Company's issued
ordinary share capital.


12 July 2001