Holdings in other UK Listed Investment Companies

Securities Trust of Scotland plc
              Stock Exchange Announcement - 5 January 2004

In  accordance  with the Listing Rules, which require, inter  alia,  UK-
listed  investment  companies  to notify  to  a  Regulatory  Information
Service,  within two business days of the end of each calendar month,  a
list of all investments in other investment companies that do not have a
stated  investment  policy to invest no more than  15%  of  their  gross
assets  in other UK-listed investment companies as at the last  business
day  of that month, Securities Trust of Scotland plc announces that,  as
at  31 December 2003, its investments in such other investment companies
were:

                             % of gross assets
Gartmore Distribution Trust       0.0002%


For further information, please contact:

Michael Woodward
Martin Currie Investment Management Ltd                0131 229 5252