Director Shareholding

    SCHEDULE 11
      NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

All relevant boxes should be completed in block capital letters.

1.   Name of company
Securities Trust of Scotland Plc


2.   Name of director
David Alexander Whitaker


3.   Please state whether notification indicates that it is in respect
of holding of the shareholder named in 2 above or in respect of a non-
beneficial interest or in the case of an individual holder if it is a
holding of that person's spouse or children under the age of 18 or in
respect of an non-beneficial interest
  1. Shares held jointly
  2. Shares held jointly with adult children

4.   Name of the registered holder(s) and, if more than one holder,
the number of shares held by each of them (if notified)
  1.   DA Whitaker, jointly with Mrs Lucy Belinda Normile
  2.   David Whitaker, DAW a/c TWW

5.   Please state whether notification relates to a person(s) connected
with the director named in 2 above and identify the connected person(s)
  1.   As in 4. above
  2.   Notification relates to joint holding of director and non-connected
  person

6.   Please state the nature of the transaction. For PEP
transactions please indicate whether general/single co PEP and if
discretionary/non discretionary /non discretionary


Dividend re-investment within savings plan

7.   Number of shares/amount of stock acquired
  1. 63.448
  2. 63.448

8.   Percentage of issued class
  1. 0.0000198%
  2. 0.0000198%  

9.   Number of shares/amount of stock disposed
N/A  

10.  Percentage of issued class
N/A

11.  Class of security
  1. Ordinary 25p shares
  2. Ordinary 25p shares
     
12.  Price per share
  1. £0.91
  2  £0.91


13.  Date of transaction
 19 DECEMBER 2003
 19 DECEMBER 2003    

14.  Date company informed
 22 DECEMBER 2003
 22 DECEMBER 2003

15.  Total holding following this notification
14,213.24 

16.  Total percentage holding of issued class following this
notification
0.0044%

If a director  has been granted options by the company please complete
the following boxes.

17.  Date of grant

18.  Period during which or date on which exercisable

19.  Total amount paid (if any) for grant of the option

20.  Description of shares or debentures involved: class, number


21.  Exercise price (if fixed at time of grant) or indication that price
is to be fixed at time of exercise

22.  Total number of shares or debentures over which options held
following this notification

23.  Any additional information

24.  Name of contact and telephone number for queries
Jan Wilson 0131 479 4774



25.  Name and signature of authorised company official responsible for
making this notification

Martin Currie Investment Management Limited


Date of notification      6 January 2004