Early repayment of £15,000,000 12 per cent...

16 November 2004
For immediate release

SECURITIES TRUST OF SCOTLAND P.L.C.
£15,000,000 12 per cent. Debenture Stock 2013 (the "Stock")
Early repayment


Further to the announcement on 18 October 2004, the
redemption price for the Stock has been calculated as
£150.566 per £100 nominal of Stock.  Payment to stockholders
will be made on 18 November 2004 (or on such appropriate
later date) in accordance with the notice to stockholders
dated 18 October 2004.

Further information:

Securities Trust of Scotland p.l.c.:
   Mike Woodward, 0131 479 5930
Cazenove:
   Francis Burkitt, 020 7155 8855