Result of Meeting Early repayment of £15,0...

18 October 2004
For immediate release

SECURITIES TRUST OF SCOTLAND P.L.C.
Early repayment of £15,000,000 12 per cent. Debenture Stock
2013


At the meeting held earlier today, stockholders passed the
resolution to grant the company the ability to repay the
stock early.  The relevant supplemental trust deed has now
been executed.

The company announces that it has today exercised its early
repayment right and given notice to the stockholders that
the stock will be redeemed on 18 November 2004.  The notice
sets out the procedure that stockholders should follow.  The
redemption price will be set by reference to the gilt yield
on 16 November 2004.

Further information:

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