SCHEDULE 11
      NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

All relevant boxes should be completed in block capital letters.

1.   Name of company

Securities Trust of Scotland Plc


2.   Name of director

Michael Neil Donaldson


3.   Please state whether notification indicates that it is in respect
of holding of the shareholder named in 2 above or in respect of a non-
beneficial interest or in the case of an individual holder if it is a
holding of that person's spouse or children under the age of 18 or in
respect of an non-beneficial interest

 Child under the age of eighteen together with


2. above


4.   Name of the registered holder(s) and, if more than one holder, the
number of shares held by each of them (if notified)

Mr Michael Neil Donaldson a/c JAD


5.   Please state whether notification relates to a person(s) connected
with the director named in 2 above and identify the connected person(s)

 Jennifer Donaldson


6.   Please state the nature of the transaction. For PEP transactions
please indicate whether general/single co PEP and if discretionary/non
discretionary /non discretionary

Dividend re-investment within savings plan



7.   Number of shares/amount of stock acquired
32.730

8.   Percentage of issued class
0.000010%


9.   Number of shares/amount of stock disposed
N/A

10. Percentage of issued class
N/A


11. Class of security
Ordinary 25p shares


12. Price per share
�0.91

13. Date of transaction
19 DECEMBER 2003


14. Date company informed

22 DECEMBER 2003


15.  Total holding following this notification
13,475.341


16.  Total percentage holding of issued class following this
notification
0.00421%

If a director  has been granted options by the company please complete
the following boxes.

17.  Date of grant

18.  Period during which or date on which exercisable

19.  Total amount paid (if any) for grant of the option

20.  Description of shares or debentures involved: class, number

21.  Exercise price (if fixed at time of grant) or indication that price
is to be fixed at time of exercise

22.  Total number of shares or debentures over which options held
following this notification

23.  Any additional information


24.  Name of contact and telephone number for queries
Jan Wilson 0131 479 4774


25.  Name and signature of authorised company official responsible for
making this notification

Martin Currie Investment Management Limited


Date of notification  6 January 2004