Interim Results

To: Stock Exchange For immediate release 13 November 2002 SECURITIES TRUST OF SCOTLAND plc Interim results for the six months to 30 September 2002 In a period of virtually unprecedented market volatility, the company's net asset value per ordinary share fell by 30.7% in total return terms. We are, of course, disappointed with this performance, both in absolute terms and relative to a fall of 28.4% in the company's benchmark, the FTSE All-Share index. The company's assets modestly outperformed the benchmark index, but the effect of gearing into a falling market subtracted approximately 4% from net asset value total return. The Board remains convinced of the long-term benefits to be gained from borrowing, in its potential to enhance both capital and income returns. Over the period, the share price total return, which incorporates net dividends as well as the movement in the share price, was negative 30.7%. Again this was slightly worse than the FTSE All-Share index. This was due to a widening of the discount to net asset value at which the company's shares trade, from 10.7% at 31 March 2002 to 12.0% at 30 September 2002. The board has declared an interim dividend of 1.27p per share, payable on 20 December 2002 to shareholders on the register on 22 November 2002. This represents an increase of 1.6% over the 1.25p paid last year. Underlying earnings of 2.29p per share are marginally down on the equivalent period last year. The immediate outlook for share prices remains uncertain. We believe the global economy will continue to grow, but slowly. For the UK equity market in particular, we expect further periods of extreme volatility in share prices with the indices moving sideways in a broad trading range for some months. The portfolio remains well balanced, with a bias towards defensive sectors. As such, it is well structured to withstand the current uncertainty affecting markets. - ends - For further information, please contact: Tom Maxwell/Mike Woodward 0131 229 5252 Martin Currie Investment Management Ltd tmaxwell@martincurrie.com/mwoodward@martincurrie.com SECURITIES TRUST OF SCOTLAND plc Statement of total return (incorporating the revenue account) for the six months ended 30 September Unaudited 2002 Revenue Capital Total £'000 £'000 £'000 Losses on investments - realised - (19,165) (19,165) - unrealised - (109,528) (109,528) Currency losses - - - Income -franked 8,667 - 8,667 -unfranked 664 - 664 Investment management fee (361) (842) (1,203) Other expenses (292) (14) (306) Net return before finance costs and taxation 8,678 (129,549) (120,871) Interest payable and similar charges (1,470) (3,430) (4,900) Return on ordinary activities before 7,208 (132,979) (125,771) taxation Taxation on ordinary (68) 68 - activities Return on ordinary activities after taxation 7,140 (132,911) (125,771) Dividends in respect of equity shares: 1.27p (3,963) - (3,963) per share Transfer to reserves 3,177 (132,911) (129,734) Return per ordinary share 2.29p (42.60p) (40.31) The revenue columns of this statement are the profit and loss accounts of the company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. The directors have declared an interim dividend on the ordinary shares of the company for the year ending 31 March 2003 of 1.27p per share (2002: 1.25p), with an ex dividend date of 20 November 2002 to be paid on 20 December 2002 to shareholders on the register on 22 November 2002. The interim results will be circulated to shareholders in the form of an interim report, copies of which will be available at the company's registered office, Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES. SECURITIES TRUST OF SCOTLAND plc Statement of total return (incorporating the revenue account) for the six months ended 30 September Unaudited 2001 Revenue Capital Total £'000 £'000 £'000 Losses on investments - realised - (13,961) (13,961) - unrealised - (43,484) (43,484) Currency losses - (12) (12) Income -franked 8,225 464 8,689 -unfranked 1,347 - 1,347 Investment management fee (369) (862) (1,231) Other expenses (392) (1,195) (1,587) Net return before finance costs and taxation 8,811 (59,050) (50,239) Interest payable and similar charges (1,425) (3,324) (4,749) Return on ordinary activities before 7,386 (62,374) (54,988) taxation Taxation on ordinary activities (204) 204 - Return on ordinary activities after taxation 7,182 (62,170) (54,988) Dividends in respect of equity shares: 1.25p (3,900) - (3,900) per share Transfer to reserves 3,282 (62,170) (58,888) Return per ordinary share 2.30p (19.92p) (17.62p) The revenue columns of this statement are the profit and loss accounts of the company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. SECURITIES TRUST OF SCOTLAND plc Statement of total return (incorporating the revenue account) for the year ended 31 March Audited 2002 Revenue Capital Total £'000 £'000 £'000 Gains/(losses) on - realised - (24,808) (24,808) investments - unrealised - 5,086 5,086 Currency losses - (13) (13) Income -franked 16,024 464 16,488 -unfranked 2,153 - 2,153 Investment management fee (735) (1,715) (2,450) Other expenses (766) (25) (791) Net return before finance costs and 16,676 (21,011) (4,335) taxation Interest payable and similar charges (2,892) (6,749) (9,641) Return on ordinary activities before 13,784 (27,760) (13,976) taxation Taxation on ordinary (65) 58 (7) activities Return on ordinary activities after 13,719 (27,702) (13,983) taxation Dividends in respect of equity shares: (13,792) - (13,792) 4.42p per share Transfer to reserves (73) (27,702) (27,775) Return per ordinary share 4.40p (8.88p) (4.48p) The revenue columns of this statement are the profit and loss accounts of the company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. SECURITIES TRUST OF SCOTLAND plc BALANCE SHEET As at As at As at 30 September 2002 30 September 2001 31 March 2002 £000 £000 £000 £000 £000 £000 Investments at market 378,603 478,375 516,315 value Current assets Debtors 12,989 3,665 10,144 Cash at bank 17,231 26,535 21,245 ______ _______ ______ 30,220 30,200 31,389 Creditors Amounts falling due within (5,707) (5,700) (14,874) one year ______ _______ ______ Net current assets 24,513 24,500 16,515 _______ _______ _______ Total assets less current 403,116 502,875 532,830 liabilities Creditors Amounts falling due after (123,862) (125,000) (123,842) one year _______ _______ _______ Total assets attributable 279,254 377,875 408,988 to share capital _______ ______ ______ Capital and reserves Called up ordinary capital 78,006 78,006 78,006 Capital redemption reserve 2,074 2,074 2,074 Capital reserve 187,874 286,317 320,785 Revenue reserve 11,300 11,478 8,123 _______ _______ _______ 279,254 377,875 408,988 Total shareholders' funds 279,254 377,875 408,988 _______ _______ _______ Net asset value per 89.5p 121.1p 131.1p ordinary share of 25p SECURITIES TRUST OF SCOTLAND plc STATEMENT OF CASH FLOW 6 months ending 6 months ending Year ending 30 September 30 September 31 March 2002 2002 2001 £000 £000 £000 £000 £000 £000 Operating activities Net dividends and interest 11,123 11,307 18,630 received from investments Investment management fee (1,203) (1,231) (2,450) paid Cash paid to and on behalf (41) (28) (68) of directors Bank charges paid (20) (8) (14) Other cash payments (283) (1,445) (568) _______ ______ _______ Net cash inflow from 9,576 8,595 15,530 operating activities Servicing of finance Interest paid (4,899) (3,464) (8,357) _______ ______ _______ Net cash outflow from (4,899) (3,464) (8,357) servicing of finance Taxation Net taxation recovered/ 62 (182) (182) (paid) _______ ______ _______ Net cash inflow/(outflow) 62 (182) (182) from taxation Capital expenditure and financial investment Payments to acquire (22,735) (41,355) (67,682) investments Receipts from disposal of 23,874 36,764 60,854 investments Exchange losses - (12) (13) ________ _______ ________ Net cash outflow from 1,139 (4,603) (6,841) capital expenditure and financial investment Equity dividends paid (9,892) (9,735) (13,635) ______ ______ ______ Net cash outflow before use (4,014) (9,389) (13,485) of liquid resources and financing Financing Movement in long - term - 50,000 48,806 borrowings Movement in short-term - (20,000) (20,000) borrowings _______ _______ ________ Net cash inflow from - 30,000 28,806 financing ______ ______ _______ (Decrease)/increase in cash (4,014) 20,611 15,321 ______ ______ _______

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