Offer Update

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
Posting of Circular and clarification on acceptances

The  Board  of  Securities Trust will today post a Circular to  Shareholders  in
relation to the Offer by PIGIT.

Furthermore,  the Board notes some of the press coverage* reporting  that  Legal
and  General  Investment  Management are "minded to support"  the  PIGIT  Offer,
implying  that their support would give further impetus to the PIGIT  Offer.  In
fact,  having  reviewed  the  list of acceptors  as  at  29th  April  2005,  the
Securities  Trust Board can report that Legal and General have already  accepted
the  PIGIT Offer. Their Shares, amounting to approximately 3.4% are included  in
the 9.34% acceptances announced by PIGIT on 26th April 2005.
Chairman-designate, Neil Donaldson said
"It  is  important  that our shareholders understand the facts  as  they  stand.
Contrary  to  the  impression  in  the weekend  press,  the  Legal  and  General
acceptances  are  included  in the 9.34% acceptance  level  PIGIT  have  already
announced.   We believe that PIGIT are struggling to build any momentum  in  the
final  stages of their bid which has run out of steam.  We continue  to  believe
that our shareholders will be best served by supporting the Board's proposals."

Terms defined in the Securities Trust Circular dated 23 March 2005 have the same
meanings in this announcement.
* "Scotland on Sunday" 1st May 2005
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.



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