Investment policy

Securities Trust of Scotland plc
Stock Exchange Announcement - 29 October 2003

The board of Securities Trust of Scotland plc (the "Company") notes the
publication of the Investment Entities (Listing Rules and Conduct of
Business) Instrument 2003, and announces that it is the Company's policy
not to invest more than 15 per cent of its gross assets in other UK-
listed investment companies (including UK-listed investment trusts).

For further information, please contact:

Michael Woodward
Martin Currie Investment Management Ltd                0131 229 5252
[e-mail]