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                             2.  Name of director              
                                                                                  
    Securities Trust of Scotland Plc                Michael Neil Donaldson        
                                                                                  

3. Please state whether notification indicates     4. Name of the registered      
   that it is in respect of holding of the            holder(s) and, if more than 
   shareholder named in 2 above or in respect of a    one holder, the number of   
   non-beneficial interest or in the case of an       shares held by each of them 
   individual holder if it is a holding of that       (if notified)               
   person's spouse or children under the age of 18                                
   or in respect of an non-beneficial interest        Mr Michael Neil Donaldson a/
                                                      c JAD                       
    Child under the age of eighteen together with                                 
                                                                                  
   2. above                                                                       
                                                                                  

5. Please state whether notification   6. Please state the nature of the          
   relates to a person(s) connected       transaction. For PEP transactions please
   with the director named in 2 above     indicate whether general/single co PEP  
   and identify the connected person      and if discretionary/non discretionary /
   (s)                                    non discretionary                       
                                                                                  
   Jennifer Donaldson                     Dividend re-investment within savings   
                                          plan                                    
                                                                                  

7. Number of shares/    8. Percentage of 9. Number of shares/    10. Percentage of
   amount of stock         issued class     amount of stock          issued class 
   acquired                                 disposed                              
                           0.000007184%                              N/a          
   23.013                                   N/A                                   
                                                                                  
                                                                                  
                                                                                  

 

11. Class of         12. Price per    13. Date of          14. Date company      
    security             share            transaction          informed          
                                                                                 
    Ordinary 25p           £1.16                               29 April 2002     
    shares                                                                       
                                          17 December 2001                       
                                                                                 

15. Total holding following this 16. Total percentage holding of issued class     
    notification                     following this notification                  
                                                                                  
    7310.722                         0.002282%                                    
                                                                                  

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

21. Exercise price (if fixed at time of     22. Total number of shares or         
    grant) or indication that price is to       debentures over which options held
    be fixed at time of exercise                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 ____30 April _________________2002 _________