Portfolio Update Quarterly portfolio disclosure

Securities Trust of Scotland plc
                  Stock Exchange Announcement - 5 January 2005


In  accordance  with  the Listing Rules, which require,  inter  alia,  UK-listed
investment  companies to notify to a Regulatory Information Service, within  two
business days of the end of each quarter, a list of all investments held by them
with  a  value  greater than 5% of the company's gross assets and at  least  the
company's  10  largest investments as at the last business day of that  quarter,
Securities Trust of Scotland plc announces that, as at 31 December 2004, its  10
largest investments were:

                                 % of gross
                                   assets
HSBC                                 7.3
GlaxoSmithKline                      5.4
BP                                   5.2
Shell Transport & Trading            4.1
Lloyds TSB                           3.8
Vodafone                             3.8
HBOS                                 3.5
Barclays                             3.3
HBOS 9.25% irredeemable              3.0
preference shares
Imperial Tobacco Group               2.9



For further information, please contact:

Michael Woodward
Martin Currie Investment Management Ltd                0131 229 5252