Quarterly portfolio disclosure

Securities Trust of Scotland plc
              Stock Exchange Announcement - 5 January 2004

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 2003,  its  10  largest
investments were:

                                                   % of gross assets
HSBC Holdings                                             8.0%
BP                                                        7.0%
GlaxoSmithkline                                           6.8%
Vodafone Group                                            5.8%
Shell Transport & Trading Co                              4.4%
Royal Bank of Scotland                                    3.9%
AstraZeneca                                               3.2%
HBOS                                                      2.7%
Barclays                                                  2.6%
HBOS 9.25% Non Cum Irredeemable Preference shares         2.4%


For further information, please contact:

Michael Woodward
Martin Currie Investment Management Ltd                0131 229 5252