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 Michael Neil Donaldson A/C ARD 6,211.894 Michael Neil Donaldson A/C JAD 2,515.994 Michael Neil Donaldson 13,520.366 all held in State Street Nominees Limited A/C DE8A 3,000 shares held in Brewin Nominees 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 Rollover from STOS plc 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 N/A N/A N/A N/A 11. Class of 12. Price per 13. Date of 14. Date company security share transaction informed 1p ordinary 190.5201p See additional See additional redeemable shares comments comments 15. Total holding following 16. Total percentage holding of this notification issued class following this notification 25,248.254 0.023347% 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 Result of rollover of shares Jan Wilson 0131 479 4774 following the reconstruction of Securities Trust of Scotland plc on 27 June 2005 25. Name and signature of authorised company official responsible for making this notification Martin Currie Investment Management Limited Date of notification 8 July 2005
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