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 Securities Trust of Scotland Plc
 
2. Name of director 

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 an non-beneficial interest

As in 2.

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

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

N/A

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

Share purchases and dividend re-investment within savings plan

7. Number of shares/amount of stock acquired

217.249
217.249
238.039
78.424
276.389
279.495
305.215
285.92
289.245
62.403
287.573

8. Percentage of issued class

0.00007%
0.00007%
0.00008%
0.00003%
0.00009%
0.00009%
0.00010%
0.00010%
0.00006%
0.00009%

9. Number of shares/amount of stock disposed

N/A  10.  Percentage of issued class

N/A

11. Class of security

Ordinary 25p shares

12. Price per share

1. £1.15
 £1.15
 £1.05
 £1.05
 £0.91
 £0.89
 £0.82
 £0.87
 £0.86
 £0.82
 £0.87

13. Date of transaction

7 MAY 2002
6 JUNE 2002
8 JULY 2002
10 JULY 2002
6 AUGUST 2002
6 SEPTEMBER 2002
7 OCTOBER 2002
6 NOVEMBER 2002
6 DECEMBER 2002
20 DECEMBER 2002
6 JANUARY 2003

14. Date company informed

13 JANUARY 2003

15. Total holding following this notification

9847.923

16. Total percentage holding of issued class following this
notification
0.003%

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

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 15 January 2003