Investments in other investment companies

Securities Trust of Scotland plc
                  Stock Exchange Announcement - 2 November 2004


In accordance with the Listing Rules, which require, inter alia, UK-listed
investment companies to notify to a Regulatory Information Service, within two
business days of the end of each calendar month, a list of all investments in
other investment companies that do not have a stated investment policy to invest
no more than 15% of their gross assets in other UK-listed investment companies
as at the last business day of that month, Securities Trust of Scotland plc
announces that, as at 29 October 2004, it had no investments in such other
investment companies.


For further information, please contact:


Michael Woodward
Martin Currie Investment Management Ltd                0131 229 5252