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                            2. Name of director

Securities Trust of Scotland plc              Michael Neil Donaldson

3. Please state whether notification          4. Name of the registered
indicates that it is in respect of holding    holder(s) and, if more than
of the shareholder named in 2 above or in     one holder, the number of
respect of a non-beneficial interest or in    shares held by each of them
the case of an individual holder if it is a   (if notified)
holding of that person's spouse or children
under the age of 18 or in respect of an non-
beneficial interest

As in 2.                                      Mr Michael Neil Donaldson

5. Please state whether notification          6. Please state the nature of
relates to a person(s) connected with the     the transaction. For PEP
director named in 2 above and identify the    transactions please indicate
connected person(s)                           whether general/single co PEP
                                              and if discretionary/non
                                              discretionary /non
                                              discretionary

N/A                                           Purchase within savings plan

7. Number of       8. Percentage of   9. Number of        10. Percentage of
shares/amount of   issued class       shares/amount of    issued class
stock acquired                        stock disposed

274.862            0.00009%           N/A                 N/A

11. Class of       12. Price per      13. Date of         14. Date company
security           share              transaction         informed

Ordinary 25p       £0.91              08 March 2004       08 March 2004
shares

15. Total holding following           16. Total percentage holding of
this notification                     issued class following this
                                      notification

14,414.247                            0.005%

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)        20. Description of shares or
for grant of the option               debentures involved: class, number


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

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  09 March 2004