Interim Results

Securities Trust of Scotland PLC 14 November 2001 To: Stock Exchange For immediate release 14 November 2001 SECURITIES TRUST OF SCOTLAND plc Interim results for the six months to 30 September 2001 The net asset value per ordinary share of Securities Trust of Scotland plc, the £503 million investment trust managed by Edinburgh-based Martin Currie, fell by 13.5% to 121.1p over the six months to 30 September 2001. This compares with a fall of 13.7% in the capital return of the trust's benchmark, the FTSE All-Share index. The trust's underlying earnings per share rose by 7.0%, from 2.15p to 2.30p. This is largely due to changes to the portfolio which have affected the timing of the dividend payments we have received. This increase may not be representative of the full year. The trust's directors have declared an interim dividend of 1.25p per share, payable on 21 December 2001. This is an increase of 1.6% over the 1.23p paid last year. Commenting, chairman David Whitaker said: 'The positive contribution from stock and sector selection in our UK equity portfolio was partly offset by our company's structural gearing. Despite this, our managers achieved modest outperformance.' Continuing, he said: 'Your company has a well-balanced portfolio with broad exposure and I am confident that it is well structured to withstand the volatile conditions in both the economy and the stockmarket.' At the extraordinary general meeting today, two new directors, Anita Frew and Michael Walker, were elected to the board. Anita is a director of Abbott Mead Vickers plc, the marketing services group. Michael is managing partner of solicitors Maclay Murray & Spens, and has extensive experience of company and commercial law. Both have various other non-executive directorships. - ends - For further information, please contact: Tom Maxwell Mike Woodward 0131 229 5252 Martin Currie Investment Management Ltd tmaxwell@martincurrie.com/mwoodward@martincurrie.com Fiona Harris Quill Communications 0207 618 8905 fiona.h@quillcommunicate.com SECURITIES TRUST OF SCOTLAND plc Statement of total return (incorporating the revenue account) for the six months ended 30 September 2001 Unaudited 2001 Revenue Capital Total £'000 £'000 £'000 Gains/(losses) on - realised - (13,961) (13,961) investments - unrealised - (43,484) (43,484) Currency losses - (12) (12) Income -franked 8,225 464 8,689 -unfranked 1,347 - 1,347 Investment management fee (369) (862) (1,231) Other expenses (392) (1,195) (1,587) Net return before finance costs and taxation 8,811 (59,050) (50,239) Interest payable and similar charges (1,425) (3,324) (4,749) Return on ordinary activities before taxation 7,386 (62,374) (54,988) Taxation on ordinary activities (204) 204 - Return on ordinary activities after taxation 7,182 (62,170) (54,988) Dividends in respect of equity shares: 1.25p per (3,900) - (3,900) share Transfer to reserves 3,282 (62,170) (58,888) Return per ordinary share 2.30p (19.92p) (17.62p) The revenue columns of this statement are the profit and loss accounts 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 directors have declared an interim dividend on the ordinary shares of the company for the year ending 31 March 2002 of 1.25p per share (2001: 1.23p), with an ex dividend date of 21 November 2001 to be paid on 21 December 2001 to shareholders on the register on 23 November 2001. The interim results will be circulated to shareholders in the form of an interim report, copies of which will be available at the company's registered office, Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES. SECURITIES TRUST OF SCOTLAND plc Statement of total return (incorporating the revenue account) for the six months ended 30 September 2000 Unaudited 2000 Revenue Capital Total £'000 £'000 £'000 Gains on investments - realised - 5,846 5,846 - unrealised - 10,498 10,498 Currency losses - (51) (51) Income -unfranked 8,096 - 8,096 -franked 667 - 667 Investment management fee (360) (840) (1,200) Other expenses (456) (25) (481) Net return before finance costs and taxation 7,947 15,428 23,375 Interest payable and similar charges (1,145) (2,672) (3,817) Return on ordinary activities before taxation 6,802 12,756 19,558 Taxation on ordinary activities (76) 76 - Return on ordinary activities after taxation 6,726 12,832 19,558 Dividends in respect of equity shares: 1.23p per (3,763) - (3,763) share Transfer to reserves 2,963 12,832 15,795 Return per ordinary share 2.15p 4.11p 6.26p The revenue columns of this statement are the profit and loss accounts 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 Statement of total return (incorporating the revenue account) for the year ended 31 March 2001 Audited 2001 Revenue Capital Total £'000 £'000 £'000 Gains/(losses) on investments - realised - 7,004 7,004 - unrealised - (37,080) (37,080) Currency losses - 16 16 Income -unfranked 16,818 - 16,818 -franked 1,643 - 1,643 Investment management fee (728) (1,699) (2,427) Other expenses (895) (25) (920) Net return before finance costs and taxation 16,838 (31,784) (14,946) Interest payable and similar charges (2,332) (5,441) (7,773) Return on ordinary activities before taxation 14,506 (37,225) (22,719) Taxation on ordinary activities (195) 195 - Return on ordinary activities after taxation 14,311 (37,030) (22,719) Dividends in respect of equity shares: 4.35p per (13,498) - (13,498) share Transfer to reserves 813 (37,030) (36,217) Return per ordinary share 4.58p (11.85p) (7.27p) The revenue columns of this statement are the profit and loss accounts 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 As at As at 30 September 2001 30 September 2000 31 March 2001 £000 £000 £000 £000 £000 £000 Investments at market 478,375 577,062 530,789 value Current assets Debtors 3,665 5,389 5,350 Cash at bank 26,535 6,327 5,924 ______ _______ ______ 30,200 11,716 11,274 Creditors Amounts falling due (5,700) (25,003) (30,300) within one year ______ _______ ______ Net current assets/ 24,500 (13,287) (19,026) (liabilities) _______ _______ _______ Total assets less current 502,875 563,775 511,763 liabilities Creditors Amounts falling due after (125,000) (75,000) (75,000) one year _______ _______ _______ Total assets attributable 377,875 488,775 436,763 to share capital ______ ______ ______ Capital and reserves Called up ordinary 78,006 78,006 78,006 capital Capital redemption 2,074 2,074 2,074 reserve Capital reserve 286,317 398,349 348,487 Revenue reserve 11,478 10,346 8,196 _______ _______ _______ 377,875 488,775 436,763 Total shareholders' funds 377,875 488,775 436,763 ______ ______ ______ Net asset value per 121.1p 156.7p 140.0p ordinary share of 25p SECURITIES TRUST OF SCOTLAND plc STATEMENT OF CASH FLOW 6 months ending 6 months ending Year ending 30 September 2001 30 September 2000 31 March 2001 £000 £000 £000 £000 £000 £000 Operating activities Net dividends and interest received from investments 10,437 9,960 17,512 Interest received from 870 55 397 deposits Investment management fee (1,231) (1,200) (2,427) paid Cash paid to and on behalf (28) (20) (80) of directors Bank charges paid (8) (14) (25) Other cash payments (1,445) (442) (762) _______ ______ _______ Net cash inflow from 8,595 8,339 14,615 operating activities Servicing of finance Interest paid (3,464) (3,802) (7,814) _______ ______ _______ Net cash outflow from (3,464) (3,802) (7,814) servicing of finance Taxation Net taxation (paid)/ (182) 546 350 recovered _______ ______ _______ Net cash inflow from (182) 546 350 taxation Capital expenditure and financial investment Payments to acquire (41,355) (47,866) (75,903) investments Receipts from disposal of 36,764 40,507 69,844 investments Exchange (losses)/gains (12) (51) 16 ________ _______ ________ Net cash outflow from capital expenditure and financial investment (4,603) (7,410) (6,043) Equity dividends paid (9,735) (9,526) (13,364) ______ ______ ______ Net cash inflow before use (9,389) (11,853) (12,256) of liquid resources and financing Financing Movement in debentures 50,000 - - Repurchase of ordinary - (3,321) (3,321) share capital Movement in short-term (20,000) 10,000 10,000 borrowings _______ _______ ________ Net cash inflow from 30,000 6,679 6,679 financing ______ ______ _______ Increase/(decrease) in 20,611 (5,174) (5,577) cash ______ ______ _______

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