Purchase of debt

13 September 2004
For immediate release

SECURITIES TRUST OF SCOTLAND PLC
Purchase of debt

The company announces that it has purchased £10,000,000
nominal of TrustCo Finance PLC 11.5% debenture stock 2016.
It intends to surrender this to TrustCo, which will have the
effect of extinguishing all of the company's existing loan
from TrustCo.

£30,000,000 of the debenture will remain outstanding, but
will not be guaranteed by the company.

Further information:

Securities Trust of Scotland:
   Mike Woodward, 0131 479 5930
Cazenove:
   Francis Burkitt, 020 7155 8855