Securities Trust of Scotland

Lowland Investment Co PLC
23 March 2005


LOWLAND INVESTMENT COMPANY PLC

HENDERSON GLOBAL INVESTORS

23 MARCH 2005


                LOWLAND INVESTMENT COMPANY PLC ('the Company'):

                          SECURITIES TRUST OF SCOTLAND


Earlier today, Securities Trust of Scotland plc ('Securities Trust') published
its response to a hostile takeover offer made for the entire issued share
capital of Securities Trust (the 'Offer').  The Offer was made on behalf of
Perpetual Income and Growth Investment Trust plc ('PIGIT') and was first
announced on 3 March 2005.

The board of Securities Trust is recommending to its shareholders that they do
not accept the Offer. It is instead proposing a reconstruction of Securities
Trust which will be put forward to Securities Trust shareholders when and if the
Offer has lapsed. The board of Securities Trust, through its advisers JPMorgan
Cazenove, invited the Company to put forward a proposal for its participation in
the potential reconstruction.  Under the proposal, which has been agreed between
the boards of Securities Trust and the Company, new shares in the Company will
be offered as one option for Securities Trust shareholders under the scheme for
the reconstruction of Securities Trust.  The other options under the
reconstruction will be a full cash exit and a new investment trust to be managed
by Martin Currie.  Securities Trust shareholders will be able to elect for one
or more of these three options in respect of their shareholdings. Securities
Trust shareholders wishing to receive new shares in the Company under the
reconstruction will need to make a positive election for these.


The Company will not incur any costs through its participation in the
reconstruction scheme, whatever the outcome.  If the scheme goes ahead existing
shareholders in the Company will benefit from an uplift in net asset value on
any issue of new shares as the new shares will be issued at a premium to net
asset value. In addition, depending on the value of the funds which transfer
into the Company, there will be a reduction in the total expense ratio for the
Company following implementation of the proposals.



Lowland Investment Company shareholders need take no action at this stage.
Subject to the outcome of the Offer, the Board of the Company would expect to
convene an extraordinary general meeting of the Company to approve the Company's
participation in the board of Securities Trust's recommended scheme in due
course.


                                    - ENDS -


Contacts:


John Hancox, Chairman                                Tel: [phone]

Lowland Investment Company plc


James de Sausmarez                                   Tel: [phone]

Henderson Global Investors


Robin Archibald                                      Tel: [phone]

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