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
Securities Trust of Scotland Plc

2.Name of director
David Alexander Whitaker

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

1. Shares held jointly
2. Shares held jointly with adult children

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

1.   DA Whitaker, jointly with Mrs Lucy Belinda Normile
2.   David Whitaker, DAW a/c TWW

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

1.   As in 4. above
2.   Notification relates to joint holding director and non-connected
person

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
1. 126.962
2. 126.962

8.Percentage of issued class
1. 0.000041%
2. 0.000041%

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

10.Percentage of issued class
N/A

11.Class of security
1. Ordinary 25p shares
2. Ordinary 25p shares

12.Price per share
1. £1.05
2 £1.05

13.Date of transaction
10 JULY 2002
10 JULY 2002

14.Date company informed
13 JANUARY 2003
13 JANUARY 2003

15.Total holding following this notification
13,625.944

16.Total percentage holding of issued class following this notification
0.004367%

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 15 January 2003