Final Results

To: Stock Exchange For immediate release City editors 9 May 2002 SECURITIES TRUST OF SCOTLAND plc Annual results for the 12 months to 31 March 2002 * Total dividend for the year increased by 1.6% to 4.42p per share. * Discount narrowed from 12.5% to 10.7%. * Net asset value (NAV) marginally behind benchmark The share price of Securities Trust of Scotland plc, the £533 million investment trust managed by Edinburgh based Martin Currie, fell by 1% on a total return basis. This compares with a fall of 3.2% in the trust's benchmark, the FTSE All-Share index. The net asset value fell by 3.5% on a total return basis. The directors are recommending a final dividend of 3.17p per share, payable on 17 July 2002. Together with the interim dividend of 1.25p, this makes a total of 4.42p for the year. This is an increase of 1.6% over last year, and meets with the board's objective of achieving rising income. The trust has now reported dividend increases in each of the last eight years. Chairman David Whitaker said: 'The outlook for global economies and stockmarkets remains uncertain. Hopes of an early and rapid economic recovery may prove premature, and returns from the UK equity market in the next 12 months could be modest. Although the rate of growth of UK dividends has slowed significantly in recent years, we remain confident that the portfolio is well positioned to meet its objectives - achieving rising income and capital growth over the long term.' For further information, please contact: Tom Maxwell or Mike Woodward 0131 229 5252 Martin Currie Investment Management Ltd tmaxwell@martincurrie.com or mwoodward@martincurrie.com SECURITIES TRUST OF SCOTLAND plc Statement of total return (incorporating the revenue account*) for the year ended 31 March 2002 Unaudited Revenue Capital Total £'000 £'000 £'000 Net (losses) / gains on - realised - (24,808) (24,808) investments - unrealised - 5,086 5,086 Net currency losses - (13) (13) Income -franked 16,024 464 16,488 -unfranked 2,153 - 2,153 Investment management fee (735) (1,715) (2,450) Other expenses (766) (25) (791) Net return before finance costs and taxation 16,676 (21,011) (4,335) Interest payable and similar charges (2,892) (6,749) (9,641) Return on ordinary activities before 13,784 (27,760) (13,976) taxation Taxation on ordinary (65) 58 (7) activities Return attributable to equity shareholders 13,719 (27,702) (13,983) Dividends in respect of equity shares: 4.42p (13,792) - (13,792) per share Transfer from reserves (73) (27,702) (27,775) Returns per ordinary share 4.40p (8.88p) (4.48p) * The revenue columns of this statement are the profit and loss accounts of the company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. The directors have recommended a final dividend on the ordinary shares of the company for the year ending 31 March 2002 of 3.17p per share (2001: 3.12p) to be paid on 17 July 2002 to shareholders on the register on 21 June 2002. The annual results will be circulated to shareholders in the form of an annual report, copies of which will be available at the company's registered office, Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES. The preliminary announcement is not the company's statutory financial statements. The statutory financial statements for the year ended 31 March 2001 have been delivered to the registrar of companies and contained an audit report which was unqualified and did not contain statements under Section 237 (2) or (3) of the Companies Act 1985. SECURITIES TRUST OF SCOTLAND plc Statement of total return (incorporating the revenue account*) for the year ended 31 March 2001 Audited Revenue Capital Total £'000 £'000 £'000 Net gains/(losses) on - realised - 7,004 7,004 investments - unrealised - (37,080) (37,080) Net currency gains - 16 16 Income -franked 16,818 - 16,818 -unfranked 1,643 - 1,643 Investment management fee (728) (1,699) (2,427) Other expenses (895) (25) (920) Net return before finance costs and taxation 16,838 (31,784) (14,946) Interest payable and similar charges (2,332) (5,441) (7,773) Return on ordinary activities before 14,506 (37,225) (22,719) taxation Taxation on ordinary (195) 195 - activities Return attributable to equity shares 14,311 (37,030) (22,719) Dividends in respect of equity shares: 4.35p (13,498) - (13,498) per share Transfer to reserves 813 (37,030) (36,217) Returns per ordinary share 4.58p (11.85p) (7.27p) * The revenue columns of this statement are the profit and loss accounts of the company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. SECURITIES TRUST OF SCOTLAND plc BALANCE SHEET 31 March 2002 31 March 2001 £000 £000 £000 £000 Investments at market value 516,315 530,789 Current assets Debtors 10,144 5,350 Cash at bank 21,245 5,924 _______ _______ 31,389 11,274 Creditors Amounts falling due within (14,874) (30,300) one year _______ _______ Net current assets / 16,515 (19,026) (liabilities) _______ _______ Total assets less current 532,830 511,763 liabilities Creditors Amounts falling due after (123,842) (75,000) one year _______ _______ Total assets attributable to 408,988 436,763 share capital _______ _______ Capital and reserves Called up ordinary capital 78,006 78,006 Capital redemption reserve 2,074 2,074 Capital reserve - realised 233,889 266,677 - unrealised 86,896 81,810 Revenue reserve 8,123 8,196 _______ _______ 408,988 436,763 _______ _______ Total shareholders' funds 408,988 436,763 _______ _______ Net asset value per ordinary 131.08p 139.98p share of 25p SECURITIES TRUST OF SCOTLAND plc STATEMENT OF CASH FLOW 31 March 2002 31 March 2001 £000 £000 £000 £000 Operating activities Net dividends and interest received 18,630 17,909 from investments Investment management fee paid (2,450) (2,427) Cash paid to and on behalf of (68) (80) directors Bank charges paid (14) (25) Other cash payments (604) (762) _______ _______ Net cash inflow from operating 15,494 14,615 activities Servicing of finance Interest paid (8,357) (7,814) _______ _______ Net cash outflow from servicing of (8,357) (7,814) finance Taxation Net taxation (paid) / recovered (182) 350 _______ _______ Net cash (outflow) / inflow from (182) 350 taxation Capital expenditure and financial investment Payments to acquire investments (67,682) (75,903) Receipts from disposal of 60,854 69,844 investments Exchange (losses) / gains (13) 16 ________ ________ Net cash outflow from capital (6,841) (6,043) expenditure and financial investment Equity dividends paid Dividends paid (13,635) (13,364) _______ _______ Cash outflow from equity dividends (13,635) (13,364) ______ ______ Net cash outflow before use of (13,521) (12,256) liquid resources and financing Financing Repurchase of ordinary share - (3,321) capital Movement in short-term borrowings (20,000) 10,000 Movement in long-term borrowings 48,842 - _______ ______ Net cash inflow from financing 28,842 6,679 _______ _______ Increase / (decrease) in cash for 15,321 (5,577) the year _______ _______

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