Securities Trust of Scotland

Lowland Investment Co PLC
16 June 2005

LOWLAND INVESTMENT COMPANY PLC

HENDERSON GLOBAL INVESTORS

16 JUNE 2005









NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES,
CANADA, AUSTRALIA, THE REPUBLIC OF IRELAND OR JAPAN.





                        Securities Trust of Scotland plc

               Result of the First Extraordinary General Meeting



The Board of Securities Trust of Scotland plc (the 'Company') announces that at
the Extraordinary General Meeting of the Company held today, 16 June 2005 (the '
First EGM'), the special resolution approving the scheme of reconstruction of
the Company (the 'Scheme') put to the meeting was duly passed.  The special
resolution approving the change of name of the Company to STOS plc was also
passed.



The last date for receiving Forms of Election was 13 June 2005. The results of
the Elections are shown in the table below:


Option
New Securities Trust                                 108,141,504
Lowland                                               19,548,627
Cash                                                 176,952,865
Total                                                304,642,996



A further Extraordinary General Meeting of the Company (the 'Second EGM') will
be held on 27 June 2005 at 11.00am at which resolutions will be proposed for the
winding up of the Company, the appointment of liquidators, and the grant of
appropriate powers to the liquidators. The Scheme will not become effective
until these resolutions are passed. Shareholder entitlements pursuant to the
Scheme will be announced by the Company in due course following the Second EGM,
assuming that the Scheme becomes effective.



Chairman-designate Neil Donaldson said: 'We are pleased to have moved forward so
quickly with the proposals put to our shareholders last month which offered them
the choice of investing in New Securities Trust, Lowland or taking cash.  The
outcome of this is that Lowland will gain around £20 million of assets and New
Securities Trust will begin life on 28 June with net assets of around £120
million and a shareholder base of predominantly private investors.  The trust
will focus on achieving rising income and long term capital growth.'




Expected Timetable



All references are to UK time


Dealings in Reclassified Shares expected to commence on the London                    8.00am on 24 June 2005
Stock Exchange
Calculation Date                                                           Close of business on 24 June 2005
Latest time and date for receipt of Forms of Proxy for the Second EGM                11.00am on 25 June 2005
Dealings in Reclassified Shares suspended                                             8.00am on 27 June 2005

Second EGM                                                                           11.00am on 27 June 2005
Effective Date for implementation of the Proposals and commencement                             27 June 2005
of the liquidation
Dealings commence in New Securities Trust Shares on the London Stock                  8.00am on 28 June 2005
Exchange
Dealings commence in Lowland Shares on the London Stock Exchange                      8.00am on 28 June 2005
Cheques despatched to Shareholders in respect of any cash Elections                             28 June 2005
CREST accounts credited in respect of any cash Elections                                        28 June 2005
New Securities Trust Shares issued in uncertificated form under the                             28 June 2005
Scheme credited to accounts of Shareholders entitled thereto
Lowland Shares issued in uncertificated form under the Scheme                                   28 June 2005
credited to accounts of Shareholders entitled thereto
Definitive certificates in respect of New Securities Trust Shares                Week commencing 4 July 2005
issued in certificated form despatched to Shareholders entitled
thereto
Definitive certificates in respect of Lowland Shares issued in                   Week commencing 4 July 2005
certificated form despatched to Shareholders entitled thereto



Terms defined in the Circular posted to Shareholders on 23 May 2005 have the
same meanings in this announcement.  Copies of the resolutions passed have been
submitted to the Document Viewing Facility of the UK Listing Authority and will
shortly be available for inspection at:



Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
Tel. No. (0)20 7676 1000





                                    - ENDS -





Enquiries

For further information please contact:

Mike Woodward                                         0131 229 5252

Martin Currie Investment Management Ltd
[e-mail]

Angus Gordon Lennox                                   020 7588 2828
JPMorgan Cazenove Limited

Kate Inverarity                                       020 7353 4200
Tulchan Communications






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