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
Michael Neil Donaldson

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
As in 2.

4.
Name of the registered holder(s) and, if more than one holder, the
number of shares held by each of them (if notified)
Mr Michael Neil Donaldson

5.
Please state whether notification relates to a person(s) connected with
the director named in 2 above and identify the connected person(s)
N/A

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
Purchase within savings plan

7.
Number of shares/amount of stock acquired
268.919

8.
Percentage of issued class
0.00009%

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

10.
Percentage of issued class
N/A

11.
Class of security
Ordinary 25p shares

12.
Price per share
£0.93

13.
Date of transaction
06 January 2004

14.
Date company informed
06 January 2004

15.
Total holding following this notification
13,853.465

16.
Total percentage holding of issued class following this notification
0.004%

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 07 January 2004