Director/PDMR Shareholding

NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARGING MANAGERIAL
                       PESPONSIBILTY AND CONNECTED PERSONS


        All relevant boxes should be completed in block capital letters.


1. Name of the issuer                                          2. State whether the notification relates
                                                               to
                                                                (i) a transaction notified in accordance
Securities Trust of Scotland plc                               with
                                                               DR 3.1.4R (1)(a); or
                                                               (ii) DR 3.1.4(R)(b) a disclosure made in
                                                               accordance with section 324 (as extended
                                                               by section 328) of the Companies Act
                                                               1985;
                                                               or
                                                               (iii) both (i) and (ii)

                                                               (iii) both (i) and (ii)


3. Name of person discharging managerial responsibilities      4. State whether notification relates to
                                                               a person connected with a person
                                                               discharging managerial
                                                               responsibilities/director named in 3. and
Michael Neil Donaldson                                         identify the connected person

                                                               N/A


5. Indicate whether the notification is in respect of a        6. Description of shares (including
holding of the person referred to in 3. or 4. above or in      class) debentures or derivatives or
respect of  a non-beneficial interest                          financial instruments relating to shares

As in 3                                                        1p Ordinary redeemable shares




7. Name of registered shareholders(s) and, if more than        8.State the nature of the transaction
one, the number of shares held by each of them
                                                               Purchase within savings plan
State Street Nominees Limited A/C DE8A




9. Number of shares, debentures or financial instruments       10. Percentage of issued class acquired
relating to shares acquired                                    (treasury shares of that class should not
                                                               be taken into account when calculating
237.471                                                        percentage)

                                                               0.000219%



11. Number of shares, debentures or financial instruments      12. Percentage of issued class disposed
relating to shares disposed                                    (treasury shares of that class should not
                                                               be taken into account when calculating
                                                               percentage)
N/A
                                                               N/A



13. Price per share or value of transaction                    14. Date and place of transaction


£1.0475                                                        06 September 2005





15. Total holding following notification and total             16. Date issuer informed of transaction
percentage holding following
notification (and treasury shares should not be taken unto
account when calculating percentage)                           06 September 2005



25,957.855

0.0240036%



If a person discharging managerial responsibilities has
been granted options by the issue complete the following
boxes



17. Date of grant                                               18. Period during which or date on
                                                                which it can be exercised







19. Total amount paid (if any) for grant of the option          20. Description of shares or debentures
                                                                involved  (class and number)







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







23.  Any additional information                                 24. Name of contact and telephone
                                                                number for queries
                                                                Sarah McKenzie 0131 479 5899


Name and signature of duly authorised officer of issuer
responsible for making notification

Martin Currie Investment Management Limited

Date of notification  08 September 2005