Offer Rejection

Securities Trust of Scotland PLC
27 April 2005



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES,
CANADA, AUSTRALIA, THE REPUBLIC OF IRELAND OR JAPAN.

Securities Trust of Scotland plc

Response to the PIGIT acceptance level

The Board of Securities Trust has noted the announcement yesterday of the valid
acceptance level of 9.34% for the Revised PIGIT Offer.

Chairman-designate, Neil Donaldson said

'Having received valid acceptances in respect of only 9.34% of Securities Trust
Shares for an offer which has been live for over six weeks, PIGIT may be
considering whether pursuing this campaign is in anyone's best interests.  We
believe that, in the light of this clear message from Securities Trust
Shareholders, both sets of shareholders would welcome PIGIT withdrawing its
offer.



Whether PIGIT withdraws its offer or not, we will still be pressing ahead with
our Proposals, which offer shareholders better value overall and more choice.
Shareholders who wish to remain invested can choose an investment which seeks to
increase their income, as opposed to PIGIT which would mean a cut in income of
up to 35%; or Lowland, a better performing trust than PIGIT.  Alternatively
there is a 100% cash offer at a higher value than PIGIT's partial cash offer.'



Timing



The Board of Securities Trust reiterates that Shareholders should be in no doubt
as to the Board's determination to bring forward its Proposals as soon as
possible.  Subject to all relevant regulatory approvals having been obtained,
the Board currently expects to publish the circular convening the meetings to
implement the Board's Proposals on or around 17 May 2005.  UK tax clearances for
the Board's Proposals have already been obtained.

Recommendation

The Board, which has been so advised by JPMorgan Cazenove, remains convinced
that the best interests of Shareholders as a whole will be served by the
implementation of the Board's Proposals. Accordingly, the Board continues to
recommend unanimously to Shareholders that they do not accept the Revised PIGIT
Offer.

Terms defined in Securities Trust's circular dated 23 March 2005 have the same
meanings in this announcement.

Enquiries:

Neil Donaldson / Anita Frew

Securities Trust of Scotland plc                          via 020 7353 4200

Angus Gordon Lennox

JPMorgan Cazenove Limited                                 07768 503516

Kirstie Hamilton / Kate Inverarity

Tulchan Communications                                    020 7353 4200

JPMorgan Cazenove Limited is acting for Securities Trust in relation to the
matters referred to in this announcement and no one else and will not be
responsible to anyone other than Securities Trust for providing the protections
offered to clients of JPMorgan Cazenove Limited nor for providing advice in
relation to the matters referred to in this announcement.

JPMorgan Cazenove Limited of 20 Moorgate, London EC2R 6DA, which is authorised
and regulated in the United Kingdom by the Financial Services Authority, has
approved the contents of this announcement for the purposes of Section 21 of the
Financial Services and Markets Act 2000.





END






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