Director Shareholding Corrective notification

Director Shareholding - Corrective Notification


Securities Trust of Scotland plc (the "Company")

In  the course of preparing the circular issued by JPMorgan Cazenove on 23 March
2005 on behalf of the Company in response to the offer made by Intelli Corporate
Finance  Limited on behalf of Perpetual Income and Growth Investment Trust  plc,
it  was discovered that an administrative error dating back to 1999 has resulted
in a beneficial and family shareholding of Michael Neil Donaldson (a director of
the Company) of 6,211.894 shares in the Company not being notified.

The  interests of Michael Neil Donaldson and his immediate family and  connected
persons  (within the meaning of section 346 of the Companies Act  1985)  in  the
share  capital  of  the Company amount to 24,556.040 shares and  not  18,344.146
shares as previously notified.


                                   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.                                      State Street Nominees Limited
                                              A/c DE8A

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
                                              account designation ARD

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

6211.894 (please   0.002031%          N/A                 N/A
refer to column 7  (please refer to
below for          column 8 below
individual         for individual
transactions)      transactions)

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

Ordinary 25p       Please refer to    14 June 1996 to     14 June 1996 to
shares             column 12 below.   17 December 2004    17 December 2004
                                      (please refer to    (please refer to
                                      column 13 below)    column 14 below)

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

24,556.040                             0.00806%

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

                                      Judith Wynne 0131 479 4886

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

Martin Currie Investment Management Limited

Date of notification 23 March 2005


Column 7   Column 8    Column 11   Column  Column 13   Column 14
                                     12
 No of   % of issued   Class of    Price    Date of       Date
 shares     class      security     per   transaction   company
acquired                           share                informed
 52.00     0.000017  Ordinary 25p  1.064   14/06/1996  14/06/1996
                        shares
 54.00     0.000018  Ordinary 25p  1.070   15/07/1996  15/07/1996
                        shares
 52.00     0.000017  Ordinary 25p  1.053   15/08/1996  15/08/1996
                        shares
 53.00     0.000017  Ordinary 25p  1.064   13/09/1996  13/09/1996
                        shares
 51.00     0.000017  Ordinary 25p  1.020   15/10/1996  15/10/1996
                        shares
 52.00     0.000017  Ordinary 25p  1.053   15/11/1996  15/11/1996
                        shares
 52.00     0.000017  Ordinary 25p  1.036   13/12/1996  13/12/1996
                        shares
 53.00     0.000017  Ordinary 25p  1.005   15/01/1997  15/01/1997
                        shares
 47.00     0.000015  Ordinary 25p  0.935   14/02/1997  14/02/1997
                        shares
 45.00     0.000015  Ordinary 25p  0.905   14/03/1997  14/03/1997
                        shares
 48.00     0.000016  Ordinary 25p  0.971   15/04/1997  15/04/1997
                        shares
 44.00     0.000014  Ordinary 25p  0.885   15/05/1997  15/05/1997
                        shares
 44.00     0.000014  Ordinary 25p  0.885   13/06/1997  13/06/1997
                        shares
 57.00     0.000019  Ordinary 25p  0.873   15/07/1997  15/07/1997
                        shares
 43.00     0.000014  Ordinary 25p  0.855   15/08/1997  15/08/1997
                        shares
 43.00     0.000014  Ordinary 25p  0.881   15/09/1997  15/09/1997
                        shares
 40.00     0.000013  Ordinary 25p  0.800   14/10/1997  14/10/1997
                        shares
 46.00     0.000015  Ordinary 25p  0.917   14/11/1997  14/11/1997
                        shares
 43.00     0.000014  Ordinary 25p  0.873   15/12/1997  15/12/1997
                        shares
 51.00     0.000017  Ordinary 25p  0.855   14/01/1998  14/01/1998
                        shares
 41.00     0.000013  Ordinary 25p  0.813   13/02/1998  13/02/1998
                        shares
 40.00     0.000013  Ordinary 25p  0.797   13/03/1998  13/03/1998
                        shares
 37.00     0.000012  Ordinary 25p  0.760   15/04/1998  15/04/1998
                        shares
 38.00     0.000012  Ordinary 25p  0.763   15/05/1998  15/05/1998
                        shares
 40.00     0.000013  Ordinary 25p  0.806   15/06/1998  15/06/1998
                        shares
 62.00     0.000020  Ordinary 25p  0.763   15/07/1998  15/07/1998
                        shares
 43.00     0.000014  Ordinary 25p  0.858   14/08/1998  14/08/1998
                        shares
 49.00     0.000016  Ordinary 25p  0.995   15/09/1998  15/09/1998
                        shares
 51.00     0.000017  Ordinary 25p  1.026   14/10/1998  14/10/1998
                        shares
1,932.00   0.000634  Ordinary 25p  0.971   23/10/1998  23/10/1998
                        shares
 46.00     0.000015  Ordinary 25p  0.913   13/11/1998  13/11/1998
                        shares
 45.00     0.000015  Ordinary 25p  0.913   14/12/1998  14/12/1998
                        shares
 44.00     0.000014  Ordinary 25p  0.889   14/01/1999  14/01/1999
                        shares
 79.00     0.000026  Ordinary 25p  0.889   15/02/1999  15/02/1999
                        shares
 42.00     0.000014  Ordinary 25p  0.844   15/03/1999  15/03/1999
                        shares
 41.00     0.000013  Ordinary 25p  0.826   15/04/1999  15/04/1999
                        shares
 41.00     0.000013  Ordinary 25p  0.813   14/05/1999  14/05/1999
                        shares
 41.00     0.000013  Ordinary 25p  0.826   14/06/1999  14/06/1999
                        shares
 123.00    0.000040  Ordinary 25p  0.784   15/07/1999  15/07/1999
                        shares
 41.00     0.000013  Ordinary 25p  0.816   13/08/1999  13/08/1999
                        shares
 40.00     0.000013  Ordinary 25p  0.813   15/09/1999  15/09/1999
                        shares
 43.00     0.000014  Ordinary 25p  0.858   15/10/1999  15/10/1999
                        shares
 39.00     0.000013  Ordinary 25p  0.787   15/11/1999  15/11/1999
                        shares
 39.00     0.000013  Ordinary 25p  0.775   15/12/1999  15/12/1999
                        shares
 36.00     0.000012  Ordinary 25p  0.763   20/12/1999  20/12/1999
                        shares
 39.00     0.000013  Ordinary 25p  0.791   13/01/2000  13/01/2000
                        shares
 44.00     0.000014  Ordinary 25p  0.870   15/02/2000  15/02/2000
                        shares
 41.00     0.000013  Ordinary 25p  0.840   13/03/2000  13/03/2000
                        shares
 42.00     0.000014  Ordinary 25p  0.806   13/04/2000  13/04/2000
                        shares
 42.00     0.000014  Ordinary 25p  0.830   15/05/2000  15/05/2000
                        shares
 39.00     0.000013  Ordinary 25p  0.794   12/06/2000  12/06/2000
                        shares
 100.00    0.000033  Ordinary 25p  0.778   12/07/2000  12/07/2000
                        shares
 39.00     0.000013  Ordinary 25p  0.778   12/07/2000  12/07/2000
                        shares
 38.00     0.000012  Ordinary 25p  0.760   10/08/2000  10/08/2000
                        shares
 37.00     0.000012  Ordinary 25p  0.741   11/09/2000  11/09/2000
                        shares
 39.00     0.000013  Ordinary 25p  0.778   10/10/2000  10/10/2000
                        shares
 37.00     0.000012  Ordinary 25p  0.743   10/11/2000  10/11/2000
                        shares
 37.00     0.000012  Ordinary 25p  0.749   11/12/2000  11/12/2000
                        shares
 43.00     0.000014  Ordinary 25p  0.769   28/12/2000  28/12/2000
                        shares
 38.00     0.000012  Ordinary 25p  0.760   10/01/2001  10/01/2001
                        shares
 37.00     0.000012  Ordinary 25p  0.746   12/02/2001  12/02/2001
                        shares
 1.264     0.000000  Ordinary 25p  1.337   19/02/2001  19/02/2001
                        shares
 38.270    0.000013  Ordinary 25p  1.307   06/03/2001  06/03/2001
                        shares
 40.613    0.000013  Ordinary 25p  1.231   06/04/2001  06/04/2001
                        shares
 38.123    0.000013  Ordinary 25p  1.312   04/05/2001  04/05/2001
                        shares
 38.566    0.000013  Ordinary 25p  1.297   06/06/2001  06/06/2001
                        shares
 41.459    0.000014  Ordinary 25p  1.206   06/07/2001  06/07/2001
                        shares
126.559    0.000042  Ordinary 25p  1.206   06/07/2001  06/07/2001
                        shares
 41.632    0.000014  Ordinary 25p  1.201   06/08/2001  06/08/2001
                        shares
 43.450    0.000014  Ordinary 25p  1.151   06/09/2001  06/09/2001
                        shares
 46.280    0.000015  Ordinary 25p  1.080   08/10/2001  08/10/2001
                        shares
 42.704    0.000014  Ordinary 25p  1.171   06/11/2001  06/11/2001
                        shares
 41.984    0.000014  Ordinary 25p  1.191   06/12/2001  06/12/2001
                        shares
 56.364    0.000019  Ordinary 25p  1.191   17/12/2001  17/12/2001
                        shares
161.722    0.000053  Ordinary 25p  1.045   10/07/2002  10/07/2002
                        shares
 84.659    0.000028  Ordinary 25p  0.824   20/12/2002  20/12/2002
                        shares
208.567    0.000068  Ordinary 25p  0.869   04/07/2003  04/07/2003
                        shares
 80.818    0.000027  Ordinary 25p  0.909   19/12/2003  19/12/2003
                        shares
216.396    0.000071  Ordinary 25p  0.889   31/03/2004  31/03/2004
                        shares
127.464    0.000042  Ordinary 25p  0.955   17/12/2004  17/12/2004
                        shares
6211.894    0.002031