Re PIGIT Offer acceptances

Securities Trust of Scotland PLC
01 April 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

Level of acceptances of PIGIT Offer

The Board (the 'Board') of Securities Trust of Scotland plc ('Securities Trust')
has noted the announcement made by Perpetual Income and Growth Investment Trust
plc ('PIGIT') as to the level of acceptances it had received at 3.00p.m. on 31
March 2005, the first closing date of the offer made on behalf of PIGIT for the
entire issued and to be issued share capital of the Company (the 'PIGIT Offer').


The Board notes that, in the period of three weeks since the PIGIT Offer was
made, PIGIT has only obtained valid acceptances in respect of 9,912,614
Securities Trust shares in aggregate representing approximately 3.25 per cent.
of the issued ordinary share capital of Securities Trust.  The Board believes
that this very low level of response underlines its view that the PIGIT Offer is
not in the best interests of shareholders and clearly demonstrates that the
Board of Securities Trust's proposals are superior to the PIGIT Offer.


Following the PIGIT EGM statement announced on 30 March 2005, the Board of
Securities Trust would not want shareholders to be misled as to the timetable
for implementation of the Board's proposals.  The Board of Securities Trust
intends to publish documentation convening the relevant meetings to implement
its proposals as soon as practically possible and in any event before the end of
the PIGIT Offer period.

The Board is strongly of the view that its proposals are superior and offer
better value for Securities Trust shareholders than the PIGIT Offer. The Board
reiterates its unanimous recommendation to shareholders that they do not accept
the PIGIT Offer.

Neil Donaldson, chairman-designate of Securities Trust of Scotland plc, said: '
The Board believes that today's low level of acceptances for the PIGIT Offer
supports its view that the Securities Trust proposals are superior to the PIGIT
Offer and are in the best interests of all our shareholders.'

Enquiries:

Neil Donaldson

Chairman-designate, Securities Trust of Scotland plc     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 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.


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