Issue of Debt

Securities Trust of Scotland PLC
4 April 2001

Securities Trust of Scotland plc

Issue of £50,000,000 6.25 per cent. Secured Bonds due 2031



Further to today's earlier press release:



* the interest rate on the Secured Bonds is 6.25 per cent. per annum, payable
semi-annually



* the issue price of the secured Bonds is £98.403 per £100 nominal of Secured
Bonds



* at the issue price, the gross redemption yield on the secured Bonds is 6.37
per cent. semi-annual







For further information, please contact:

The Company             Tom Maxwell       0131 479 5989

                        Mike Woodward     0131 479 5930

Cazenove & Co.          Francis Burkitt   020 7825 9942

                        Tim Waters        020 7214 7533







In connection with the issue of the Secured Bonds Cazenove & Co. may
over-allot or effect transactions which stabilise or maintain the market price
of the existing or the New Secured Bonds at a level which might not otherwise
prevail.  Such stabilising, if commenced, may be discontinued at any time.