Interim Management Statement - Revised

Securities Trust of Scotland plc
                 Interim management statement - 8th August 2007
                     For Period from 1 April to 30 June 2007

Profile
Objective: To achieve rising income and long-term capital growth by investment
in the UK.
Benchmark:     FTSE All-Share index
Sector:        UK Growth & Income
Listed:        28 June 2005

Portfolio
Asset class         31 Mar         30 Jun
Equities            104.7%         106.3%
Fixed interest        3.1%           0.5%
Cash                  1.3%           1.6%
Borrowings           (9.1%)         (8.4%)

Equity allocation   31 Mar         30 Jun
Financials          33.3%          32.8%
Oil and gas         12.5%          12.1%
Consumer goods      11.6%          11.5%
Consumer services   10.7%          10.6%
Industrials          8.9%           9.1%
Basic materials      8.2%           8.7%
Telecommunications   6.2%           8.2%
Utilities            5.2%           3.8%
Healthcare           3.5%           3.2%

Top 10 equity holdings         (42.3% of total portfolio)
BP                               6.3%
HSBC                             6.1%
Royal Dutch Shell                5.7%
Royal Bank of Scotland           4.9%
British American Tobacco         4.6%
Vodafone                         4.6%
Barclays                         3.1%
GlaxoSmithKline                  3.1%
BHP Billiton                     2.8%
BT                               2.6%

Number of holdings    58

Key facts
Net assets                   £154 million
Share price                  135.3p
Net asset value per share    151.2p
Discount/(premium)           10.5%
Net yield**                  3.7%

**The dividend for year to 31 March 2007 was 5.05p.
This was paid quarterly with the last payment of 1.9p paid on 29 June 2007

Manager's commentary

Review
This  was  a  good  quarter  for the FTSE All-Share (+4.5%)  and  the  portfolio
performed in line. Most gains came in April and May, with June subdued. The FTSE
100 outperformed (+ 5.6%); bonds performed poorly.
Oil & gas, telecoms and basic materials were the strongest sectors.
Rate-sensitive  sectors (housebuilders, financials, retailers and  real  estate)
suffered.  After  prolonged underperformance, the largest index  components  did
well.  With valuations relatively low, there is scope for further outperformance
here.  Among  the  fund's  best  performers were  bid  targets  Hanson  and  PFI
Infrastructure. We sold both. Negatives came mainly from rate-sensitive  stocks.
New  holdings included Kingston Communications, Johnston Press and Rugby Estates
Investment.  After  strong  performance,  we  sold  Go-Ahead.  We  also  sold  a
substantial  amount of Scottish & Southern Energy, although we  retain  a  large
holding.  We exited Queens Walk; conditions in the mortgage market have  reduced
its dividend payment.

Outlook
We  expect rising interest rates to impact the UK consumer in 2007. This perhaps
explains  why small and mid-cap stocks have begun to underperform after  several
years  at the forefront. These companies typically have greater exposure to  the
domestic economy.
Ross Watson
Interim management statement - 1 April to 30 June 2007 August 2007
*Past performance is not a guide to future returns.
Source:  Martin  Currie and Fundamental Data. Bid to bid basis with  net  income
reinvested  over  the  periods shown in sterling terms.  These  figures  do  not
include the costs of buying and selling shares in an investment trust. If  these
were included, performance figures would be reduced.
Although Martin Currie complies with the Global Investment Performance Standards
(GIPS),  the fund returns used in this document are calculated on the net  asset
value and therefore fall outside the scope of the GIPS standards.
The  risks  outlined at the end of this document relating to gearing and  single
country  markets are particularly relevant to this trust but should be  read  in
conjunction with all warnings and comments given.

All sources (unless indicated): Martin Currie as at 30 June 2007.

Performance*
Discrete performance over 12 months to 30 June
                    2007      2006      2005      2004      2003
Share price         17.5%     15.4%      -         -         -
NAV                 20.2%     20.0%      -         -         -
Benchmark           18.4%     19.7%      -         -         -

Cumulative performance over periods to 30 June 2007
               One       Three     Six       One       Three     Five           Since
               month     months   months     year      years     years          launch*
Share price    (2.3%)    (3.0%)    (1.7%)    17.5%       -        -              42.3%
NAV            (0.7%)     4.5%      4.8%     20.2%       -        -              44.9%
Benchmark      (0.8%)     4.5%      7.6%     18.4%       -        -              42.4%

Change in equity allocation
From 31 March to 30 June 07
Financials             (0.5%)
Oil and gas            (1.9%)
Consumer goods         (0.1%)
Consumer services       1.4%
Industrials             0.2%
Basic materials         0.7%
Telecommunications      2.0%
Utilities              (1.4%)
Healthcare             (0.3%)


Capital structure
Ordinary shares 101,970,223

Board of directors
Neil Donaldson (chairman)
Charles Berry
Anita Frew
Andrew Irvine
Edward Murray

Manager's biography
Ross  Watson  started  his investment career in 1983 as a trainee  analyst  with
First  Scottish Investment Trust. He joined Gartmore in 1988, where he spent  12
years  managing  their high income UK equity portfolios. In  2000  he  moved  to
Aberdeen  Asset Managers. During his four years there, he managed Murray  Income
Trust, Jersey Phoenix Trust, Murray Extra Return Investment Trust and The Income
& Growth Trust. He joined Martin Currie in 2005.

Key dates
Year end                      31 March
Annual general meeting        July
Interim dividends paid        March, June, September, December

Website
The  trust  has its own website at www.securitiestrust.com. There you will  find
further  details  about  the trust, information on Martin  Currie,  daily  share
prices, and you can access regular webcasts by the manager.

Management fee and expenses at 31 March 2007
Annual management fee†        0.3%
Total expense ratio*          0.8%

†Percentage of net assets.
*Percentage of shareholders' funds. Includes annual management fee.

Dealing information
Epic code      STS
Reuters code   STS.L

Net asset value and dividend history
As at          Share     NAV             Discount/      Dividend
31 March       price     per share       (premium)      per share
2006           125.5p    135.6p            7.4%          2.85p
2007           141.3p    148.8p            4.8%          5.05p

Past performance is not a guide to future returns.
www.securitiestrust.com

Risk factors
Please  note  that,  as  the  shares  in  investment  trusts  are  traded  on  a
stockmarket, the share price will fluctuate in accordance with supply and demand
and may not reflect the underlying net asset value of the shares.
Depending  on  market conditions and market sentiment, the  spread  between  the
purchase and sale price can be wide. As with all stock exchange investments  the
value  of  investment  trust  shares purchases  will  immediately  fall  by  the
difference between the buying and selling prices, the bid-offer spread.
Investment  trusts  may also borrow money in order to make further  investments.
This is known as "gearing" and can enhance shareholder returns in rising markets
but, conversely, can reduce them in falling markets.
Past performance is not a guide to future returns.
The  value of investments and the income from them may go down as well as up and
is not guaranteed. An investor may not get back the amount originally invested.
The  majority  of charges will be deducted from the capital of the  trust.  This
will  constrain the capital growth of the trust in order to maintain the  income
streams.
Exposure to a single country market increases potential volatility.

Important  notice:  This  information is issued and approved  by  Martin  Currie
Investment Management Ltd in its capacity as investment manager.
It  does  not  in  any  way constitute investment advice  or  an  invitation  or
inducement to invest. This document is for the recipient only and should not  be
given or sent to other parties.

Martin Currie Investment Management Ltd, registered in Scotland (no 66107)
Registered office: Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES
Tel: [phone] Fax: [phone] www.martincurrie.com
Authorised and regulated by the Financial Services Authority and a member of the
Investment Management Association.
Please note that calls to the above number will be recorded.