Director Shareholding

SCHEDULE 11                                  

         NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS          

All relevant boxes should be completed in block capital letters.

1.  Name of company                             2.  Name of director              
                                                                                  
    Securities Trust of Scotland Plc                Michael Neil Donaldson        
                                                                                  

3. Please state whether notification indicates     4. Name of the registered      
   that it is in respect of holding of the            holder(s) and, if more than 
   shareholder named in 2 above or in respect of a    one holder, the number of   
   non-beneficial interest or in the case of an       shares held by each of them 
   individual holder if it is a holding of that       (if notified)               
   person's spouse or children under the age of 18                                
   or in respect of an non-beneficial interest        Mr Michael Neil Donaldson   
                                                                                  
   As in 2.                                                                       
                                                                                  

5. Please state whether notification   6. Please state the nature of the          
   relates to a person(s) connected       transaction. For PEP transactions please
   with the director named in 2 above     indicate whether general/single co PEP  
   and identify the connected person      and if discretionary/non discretionary /
   (s)                                    non discretionary                       
                                                                                  
   N/A                                     Share purchases and dividend           
                                          re-investment within savings plan       
                                                                                  

7. Number of shares/    8. Percentage of 9. Number of shares/    10. Percentage of
   amount of stock         issued class     amount of stock          issued class 
   acquired                                 disposed                              
                                                                     N/A          
   213.520                                  N/A                                   
                           0.0004018%                                             
   209.916                                                                        
                                                                                  
   11.602                                                                         
                                                                                  
   205.579                                                                        
                                                                                  
   220.133                                                                        
                                                                                  
   210.806                                                                        
                                                                                  
   215.368                                                                        
                                                                                  

 

11. Class of security 12. Price per    13. Date of          14. Date company     
                          share            transaction          informed         
     Ordinary 25p                                                                
    shares                1.  £1.17        6 November 2001      29 April 2002    
                                                                                 
                               £1.19       6 December 2001      29 April 2002    
                                                                                 
                               £1.16       7 January 2002       29 April 2002    
                                                                                 
                               £1.22       17 December2001      29 April 2002    
                                                                                 
                               £1.14       6 February 2002      29 April 2002    
                                                                                 
                               £1.19       6 March 2002         29 April 2002    
                                                                                 
                               £1.16       8 April 2002         29 April 2002    
                                                                                 

15. Total holding following this 16. Total percentage holding of issued class     
    notification                     following this notification                  
                                                                                  
    7287.709                         0.002282%                                    
                                                                                  

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

21. Exercise price (if fixed at time of     22. Total number of shares or         
    grant) or indication that price is to       debentures over which options held
    be fixed at time of exercise                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 ____30 April _________________2002 _________