Quarterly portfolio disclosure

Securities Trust of Scotland plc
                    Stock Exchange Announcement - 2 July 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 ("the company") announces that, as at  30  June
2004, its 10 largest investments were:

                                 % of gross
                                   assets
BP                                    8.6
HSBC                                  7.7
Vodafone                              6.1
GlaxoSmithKline                       4.6
Royal Bank of Scotland                3.9
Shell Transport & Trading             3.6
Lloyds TSB                            3.4
AstraZeneca                           3.1
HBOS                                  2.6
Barclays                              2.5



For further information, please contact:

Michael Woodward
Martin Currie Investment Management Ltd                0131 229 5252