Director Shareholding

Securities Trust of Scotland PLC
20 March 2001

                                 SCHEDULE 11

         NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS


1)  Name of company

Securities Trust of Scotland plc

2)  Name of director

Mr 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 a non-beneficial interest


Child under the age of eighteen


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 2,082 a/c JAD
Mr Michael Neil Donaldson 3,000 a/c Bell Lawrie White Nominees

5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)

Jennifer A Donaldson


6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary

Dividend reinvestment within savings plan


7)  Number of shares/amount of
    stock acquired
A/c JAD acquired 48 shares at £1.28 on 12 July 2000 and 19 shares at £1.30 on
28 December 2000.


8)  Percentage of issued class

A/c JAD 0.00%


9)  Number of shares/amount
    of stock disposed



10) Percentage of issued class



11) Class of security
Ordinary shares


12) Price per share
£1.28 on 12 July 2000 and £1.30 on 28 December 2000.



13) Date of transaction
12 July 2000 and 28 December 2000


14) Date company informed
20 March 2001


15) Total holding following this notification
5,082


16) Total percentage holding of issued class following this notification
0.00%


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
Mr Michael Neil Donaldson is no longer interested in 4,209 shares previously
notified, due to his son, Andrew R Donaldson,  having attained the age of
eighteen on 30 July 2000.  Mr Donaldson remains interested in 5,082 shares as
disclosed above.



24) Name of contact and telephone number for queries

Sean Keltie 0131-479-5863

25) Name and signature of authorised company official responsible for
    making this notification

    Date of Notification: 20 March 2001