Dividend Declaration Annual results for the yea...

To: Stock Exchange For immediate release: 12 May 2005 Securities Trust of Scotland plc Annual results for the year ended 31 March 2005 Interim dividends for the year ended 31 March 2005 and the year commencing 1 April 2005 The directors have announced today that the company will pay a second interim dividend for the year ended 31 March 2005 of 2.70p per share. Together with the first interim dividend of 2.00p per share paid on 17 December 2004, this makes a total of 4.70p per share for the year, an increase of 3.3% on the 4.55p per share paid in respect of the year to 31 March 2004. The directors have also declared a first interim dividend of 2.00p per share in respect of the year that commenced on 1 April 2005. These dividends will be paid on 17 June 2005 to shareholders on the register on 20 May 2005. Following the hostile takeover approach from Perpetual Income and Growth Investment Trust plc, which has now lapsed, the board announced proposals to reconstruct and wind up the company. Accordingly, the board does not consider the going concern basis to be appropriate for the preparation of the results for the year ended 31 March 2005. The annual results have therefore been prepared on a break-up basis. Provision has been made for the estimated costs of terminating operations and adjustments have been made to reduce the value of assets to their realisable value. - ends - For further information, please contact: Tom Maxwell or Michael Woodward Martin Currie Investment Management 0131 229 5252 Ltd tmaxwell@martincurrie.com / mwoodward@martincurrie.com SECURITIES TRUST OF SCOTLAND plc Statement of total return (incorporating the revenue account*) for the year ended 31 March 2005 Unaudited Revenue Capital Total £'000 £'000 £'000 Gains on - realised - 21,333 21,333 investments - unrealised - 27,678 27,678 Currency losses - - - Income - franked 17,416 - 17,416 - unfranked 682 - 682 Investment management fee (554) (1,292) (1,846) Termination fee (278) (649) (927) Administrative expenses (736) (82) (818) Reconstruction costs (2,389) - (2,389) _______ _______ _______ Net return before finance costs and 14,141 46,988 61,129 taxation Interest payable and similar charges (2,326) (5,428) (7,754) Charge on repurchase of debentures - (26,230) (26,230) _______ _______ _______ Return on ordinary activities before 11,815 15,330 27,145 taxation Taxation on ordinary activities - - - _______ _______ _______ Return attributable to equity shares 11,815 15,330 27,145 Dividends in respect of equity shares (14,318) - (14,318) (4.70p per share) _______ _______ _______ Transfer (from)/to reserves (2,503) 15,330 12,827 _______ _______ _______ Return per ordinary share 3.86p 5.01p 8.87p * The revenue column of this statement is the profit and loss account of the company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. The financial information contained within this preliminary announcement does not constitute the company's statutory financial statements as defined in section 240 of the Companies Act 1985 for the years ended 31 March 2004 or 2005, but is derived from those financial statements. Statutory financial statements for 2005 have not yet been delivered to the Registrar of Companies, nor have the auditors yet reported on them. Those for 2004 have been delivered to the Registrar of Companies and include the auditors' report which was unqualified and did not contain a statement under either s237 (2) or (3) of the Companies Act 1985. The terms of the preliminary announcement were approved by the board on 12 May 2005. SECURITIES TRUST OF SCOTLAND plc Statement of total return (incorporating the revenue account*) for the year ended 31 March 2004 Audited Revenue Capital Total £'000 £'000 £'000 Gains on - realised - 12,214 12,214 investments - unrealised - 54,492 54,492 Currency losses (113) (113) Income - franked 17,886 - 17,886 - unfranked 1,427 - 1,427 Investment management fee (593) (1,383) (1,976) Termination fee - - - Administrative expenses (636) (28) (664) Reconstruction costs - - - _______ _______ _______ Net return before finance costs and 18,084 65,182 83,266 taxation Interest payable and similar charges (2,940) (6,861) (9,801) Charge on repurchase of debentures - - - _______ _______ _______ Return on ordinary activities before 15,144 58,321 73,465 taxation Taxation on ordinary activities (74) - (74) _______ _______ _______ Return attributable to equity shares 15,070 58,321 73,391 Dividends in respect of equity shares (14,177) - (14,177) (4.55p per share) _______ _______ _______ Transfer from reserves 893 58,321 59,214 _______ _______ _______ Return per ordinary share 4.83p 18.70p 23.53p * The revenue column of this statement is the profit and loss account of the company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. SECURITIES TRUST OF SCOTLAND plc BALANCE SHEET As at 31 March 2005 As at 31 March 2004 (unaudited) (audited) £000 £000 £000 £000 Investments at market value Listed on Stock Exchanges 417,342 439,247 in the UK Unlisted at Directors' - - valuation _______ _______ 417,342 439,247 Current assets Debtors 4,685 9,450 Cash at bank 7,876 1,909 _______ _______ 12,561 11,359 Creditors Amounts falling due within (100,713) (55,422) one year _______ _______ Net current liabilities (88,152) (44,063) _______ _______ Total assets less current 329,190 395,184 liabilities Creditors Amounts falling due after one year Debentures and loans - (73,922) _______ _______ Total assets attributable 329,190 321,262 to share capital _______ _______ Capital and reserves Called up ordinary share 76,161 77,581 capital Capital redemption reserve 3,919 2,499 Realised capital reserve 184,426 201,673 Unrealised capital reserve 58,329 30,651 Revenue reserve 6,355 8,858 _______ _______ Equity shareholders' funds 329,190 321,262 _______ _______ Net asset value per 108.06p 103.53p ordinary share SECURITIES TRUST OF SCOTLAND plc STATEMENT OF CASH FLOW Year to Year to 31 March 2005 31 March 2004 (unaudited) (audited) £000 £000 £000 £000 Operating activities Net dividends and interest 19,230 18,628 received from investments Investment management fee (1,846) (1,976) Cash paid to and on behalf of (65) (78) Directors Bank charges (22) (19) Other cash payments (1,354) (543) _______ _______ Net cash inflow from operating 15,943 16,012 activities Servicing of finance Interest paid (8,036) (9,801) Charge on repurchase of (11,842) - debenture stock _______ _______ Net cash outflow from (19,878) (9,801) servicing of finance Taxation Foreign taxation recovered - 24 _______ _______ Net cash inflow from taxation - 24 Capital expenditure and financial investment Payments to acquire (79,247) (104,479 investments ) Receipts from disposal of 150,141 97,640 investments _______ _______ Net cash inflow/ (outflow) 70,894 (6,839) from investing activities Equity dividends paid (6,093) (24,317) _______ _______ Net cash inflow/ (outflow) 60,866 (24,921) before use of liquid resources and financing Financing Repurchase of ordinary share (4,899) (1,528) capital Repayment of bank borrowings (50,000) - and debentures _______ _______ Net cash outflow from (54,899) (1,528) financing _______ _______ Increase/ (decrease) in cash 5,967 (26,449) for the year _______ _______ SECURITIES TRUST OF SCOTLAND plc NOTES TO THE STATEMENT OF CASH FLOW Reconciliation of net return before finance costs and taxation to net cash inflow from operating activities Year to Year to 31 March 2005 31 March 2004 (unaudited) (audited) £000 £000 Net revenue before interest 14,141 18,084 payable and taxation Decrease/(increase) in 1,109 (637) accrued income and other debtors Increase/ (decrease) in 2,637 (20) creditors Capitalised management (1,941) (1,383) expenses Capitalised expenses (54) - Amortised debenture issue 12 12 expenses and discount Net taxation withheld 8 (74) Effective yield adjustment 31 30 _______ _______ Net cash inflow from 15,943 16,012 operating activities _______ _______ Reconciliation of net cash flow to movement in net debt Year to Year to 31 March 2005 31 March 2004 (unaudited) (audited) £000 £000 Increase/(decrease) in cash 5,967 (26,449) in the period Repayment of bank borrowings 50,000 - and debenture _______ _______ Change in net debt resulting 55,967 (26,449) from cashflows Expenses amortised in period (40) (40) Revaluation of 6.25% (14,388) - debenture _______ _______ Movement in net debt in the 41,539 (26,489) period Net debt as at 1 April (122,013) (95,524) _______ _______ Net debt as at 31 March (80,474) (122,013) _______ _______

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