Offer Update Response to the PIGIT announcement

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 announcement 29 April 2005

The  Board  of  Securities Trust notes yet another announcement  made  today  by
PIGIT.   As  the  Board  said  in its original document  dated  23  March  2005,
Securities Trust was, and is, a very different investment proposition  to  PIGIT
with  a  greater emphasis on the income component of total return.  If  however,
shareholders wish to opt for a trust with more emphasis on capital growth, but a
lower  yield, than Securities Trust then, under the Securities Trust  Proposals,
they can choose Lowland, which is a better option than PIGIT, as the table below
demonstrates. The table below uses PIGIT numbers as PIGIT announced  them  today
but also provides comparable Lowland numbers which PIGIT failed to include.

Returns as at 1 March 2005
Based on £1,000 invested at closing price on 1 March 2000
                 PIGIT          Lowland      Lowland
                                             Advantage
Market Value     £1,898         £2,195       +£297
(Based on
closing prices)
Share Price      129.8%         160.9%       +31.1%
Total Return
Net Asset Value  90.4%          102.5%       +12.1%
Total Return

Chairman-designate, Neil Donaldson said
"PIGIT's  announcement  misses  the point. The  Board  of  Securities  Trust  is
offering  shareholders real choice; 100% cash at a higher value,  a  trust  that
offers  increased income or Lowland, a trust whose performance  is  better  than
that of PIGIT as these five year numbers show.

We  still believe both sets of shareholders would welcome PIGIT withdrawing  its
offer,  thereby avoiding more unnecessary costs and the poor use  of  everyone's
time."

Terms defined in the Securities Trust 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