Director Shareholding

Securities Trust of Scotland PLC
9 November 2001

                                 SCHEDULE 11

         NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS


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 a non-beneficial interest

Child under the age of eighteen together with in 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, Mr Michael Neil Donaldson savings plan and 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)

As in 4 above

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 PEP savings plan transaction

7)  Number of shares/amount of
    stock acquired

6-7-01 Mr Michael Neil Donaldson a/c JAD - 53.884

6-7-01 Mr Michael Neil Donaldson savings plan - 207.292

6-8-01 Mr Michael Neil Donaldson savings plan - 208.159

6-9-01 Mr Michael Neil Donaldson savings plan - 217.249

8-10-01Mr Michael Neil Donaldson savings plan - 231.396



8)  Percentage of issued class

0.00%

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

6-7-01 Mr Michael Neil Donaldson a/c JAD - £1.21

6-7-01 Mr Michael Neil Donaldson savings plan - £1.21

6-8-01 Mr Michael Neil Donaldson savings plan - £1.21

6-9-01 Mr Michael Neil Donaldson savings plan - £1.15

8-10-01Mr Michael Neil Donaldson savings plan - £1.08


13) Date of transaction

Mr Michael Neil Donaldson a/c JAD - 6-7-01

Mr Michael Neil Donaldson savings plan - 6-7-01

Mr Michael Neil Donaldson savings plan - 6-8-01

Mr Michael Neil Donaldson savings plan - 6-9-01

Mr Michael Neil Donaldson savings plan - 8-10-01


14) Date company informed

9-11-01

15) Total holding following this notification

6,000.785
16) Total percentage holding of issued class following this notification

0.00%

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

Jason Bibb 0131-479-4736


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



Martin Currie Investment Management Limited

    Date of Notification : 9-11-01