PIGIT Offer Lapses

Securities Trust of Scotland PLC
09 May 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

PIGIT Offer lapsed

The Board of Securities Trust of Scotland plc ('Securities Trust') has noted the
announcement today that PIGIT has received valid acceptances representing only
19.67% of Securities Trust's issued share capital and that, as a consequence,
the PIGIT Offer has lapsed.

The Board is delighted that the overwhelming majority of Shareholders has chosen
to support the Board's Proposals which offer them

•        better value overall

•        more choice than the Revised PIGIT Offer

•        an option which aims to increase income

•        a better performing option than PIGIT, in Lowland.



As the Board has previously announced, the Board's Proposals will be posted to
Shareholders as soon as practicably possible, on or around 17 May 2005.

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

Chairman-designate, Neil Donaldson said:

'We are delighted that our shareholders have made such a clear-cut decision to
reject PIGIT's offer.  We can now put this all behind us, and concentrate on
delivering to our shareholders better value overall and the choices they want.



Shareholders' rejection of the bid represents the outcome that our shareholders
wanted.  Democracy has prevailed and our shareholders now have a free choice as
to what to do with their money.



We are pressing ahead with our Proposals and expect to convene the relevant
shareholder meetings shortly.'

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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