RNS NO 3207N
CAIRNGORM DEMUTUALISATION I.T.
12 May 1998

Cairngorm No. 1 Building Societies Investment Trust plc ("the Company")
Cairngorm No. 2 Building Societies Investment Trust plc ("the Company")
Cairngorm No. 3 Building Societies Investment Trust plc ("the Company")
Cairngorm No. 4 Building Societies Investment Trust plc ("the Company")
Cairngorm No. 5 Building Societies Investment Trust plc ("the Company")
Cairngorm No. 6 Building Societies Investment Trust plc ("the Company")
Cairngorm No. 7 Building Societies Investment Trust plc ("the Company")
Cairngorm No. 8 Building Societies Investment Trust plc ("the Company")
Cairngorm No. 9 Building Societies Investment Trust plc ("the Company")
Cairngorm No. 10 Building Societies Investment Trust plc ("the Company")

Further to the Company's previous announcement regarding the formation of  a
new  financial  services company to be called Murray  Financial  Corporation
plc,  the  new  company will be admitted to AIM by means of an institutional
placing and an offer for subscription.  The offer for subscription will only
be  made  available  to  the  shareholders of the Cairngorm  Demutualisation
Investment  Trust  plc  and the 10 Cairngorm Building  Societies  Investment
Trusts, in each case being those shareholders entered in the register at the
close  of  business  on 22 May 1998.  There will be no ex-date  and  persons
entered  into  the registers after the record date will have  no  bona  fide
market claim to an entitlement to participate in the offer for subscription.



END

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