Interim Results

Securities Trust of Scotland PLC
14 November 2001


To:       Stock Exchange                  For immediate release
                                          14 November 2001



                     SECURITIES TRUST OF SCOTLAND plc

           Interim results for the six months to 30 September 2001


The net asset value per ordinary share of Securities Trust of Scotland plc,
the £503 million investment trust managed by Edinburgh-based Martin Currie,
fell by 13.5% to 121.1p over the six months to 30 September 2001. This
compares with a fall of 13.7% in the capital return of the trust's benchmark,
the FTSE All-Share index.

The trust's underlying earnings per share rose by 7.0%, from 2.15p to 2.30p.
This is largely due to changes to the portfolio which have affected the timing
of the dividend payments we have received. This increase may not be
representative of the full year. The trust's directors have declared an
interim dividend of 1.25p per share, payable on 21 December 2001. This is an
increase of 1.6% over the 1.23p paid last year.

Commenting, chairman David Whitaker said: 'The positive contribution from
stock and sector selection in our UK equity portfolio was partly offset by our
company's structural gearing. Despite this, our managers achieved modest
outperformance.'

Continuing, he said: 'Your company has a well-balanced portfolio with broad
exposure and I am confident that it is well structured to withstand the
volatile conditions in both the economy and the stockmarket.'

At the extraordinary general meeting today, two new directors, Anita Frew and
Michael Walker, were elected to the board. Anita is a director of Abbott Mead
Vickers plc, the marketing services group. Michael is managing partner of
solicitors Maclay Murray & Spens, and has extensive experience of company and
commercial law. Both have various other non-executive directorships.


                                   - ends -


For further information, please contact:

Tom Maxwell
Mike Woodward                                                  0131 229 5252
Martin Currie Investment Management Ltd
[e-mail]/[e-mail]

Fiona Harris
Quill Communications                                           0207 618 8905
[e-mail]






SECURITIES TRUST OF SCOTLAND plc


    Statement of total return (incorporating the revenue account) for the
                      six months ended 30 September 2001


                                                             Unaudited
                                                               2001
                                                   Revenue   Capital    Total
                                                    £'000     £'000     £'000


Gains/(losses) on            - realised                   -  (13,961)  (13,961)
investments                  - unrealised                 -  (43,484)  (43,484)
                             
Currency losses                                           -      (12)      (12)
Income                       -franked                 8,225       464     8,689
                             -unfranked               1,347         -     1,347
Investment management fee                             (369)     (862)   (1,231)
Other expenses                                        (392)   (1,195)   (1,587)

Net return before finance costs and taxation          8,811  (59,050)  (50,239)

Interest payable and similar charges                (1,425)   (3,324)   (4,749)

Return on ordinary activities before taxation         7,386  (62,374)  (54,988)

Taxation on ordinary activities                       (204)       204         -

Return on ordinary activities after taxation          7,182  (62,170)  (54,988)

Dividends in respect of equity shares: 1.25p per    (3,900)         -   (3,900)
share
Transfer to reserves                                  3,282  (62,170)  (58,888)

Return per ordinary share                             2.30p  (19.92p)  (17.62p)





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 declared an interim dividend on the ordinary shares of the
company for the year ending 31 March 2002 of 1.25p per share (2001: 1.23p),
with an ex dividend date of 21 November 2001 to be paid on 21 December 2001 to
shareholders on the register on 23 November 2001. The interim results will be
circulated to shareholders in the form of an interim report, copies of which
will be available at the company's registered office, Saltire Court, 20 Castle
Terrace, Edinburgh EH1 2ES.



SECURITIES TRUST OF SCOTLAND plc


    Statement of total return (incorporating the revenue account) for the
                      six months ended 30 September 2000

                                                               Unaudited 
                                                                 2000
                                                     Revenue  Capital   Total
                                                      £'000    £'000    £'000


Gains on investments          - realised                    -    5,846    5,846
                              - unrealised                  -   10,498   10,498
Currency losses                                             -     (51)     (51)
Income                         -unfranked               8,096        -    8,096
                               -franked                   667        -      667
Investment management fee                               (360)    (840)  (1,200)
Other expenses                                          (456)     (25)    (481)

Net return before finance costs and taxation            7,947   15,428   23,375

Interest payable and similar charges                  (1,145)  (2,672)  (3,817)

Return on ordinary activities before taxation           6,802   12,756   19,558

Taxation on ordinary activities                          (76)       76        -

Return on ordinary activities after taxation            6,726   12,832   19,558

Dividends in respect of equity shares: 1.23p per      (3,763)        -  (3,763)
share
Transfer to reserves                                    2,963   12,832   15,795

Return per ordinary share                               2.15p    4.11p    6.26p



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


    Statement of total return (incorporating the revenue account) for the
                           year ended 31 March 2001


                                                           Audited
                                                              2001
                                                  Revenue  Capital     Total
                                                   £'000    £'000      £'000

Gains/(losses) on investments   - realised               -    7,004       7,004
                                - unrealised             - (37,080)    (37,080)
Currency losses                                          -       16          16
Income                          -unfranked          16,818        -      16,818
                                -franked             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 taxation       14,506 (37,225)    (22,719)

Taxation on ordinary activities                      (195)      195           -

Return on ordinary activities after taxation        14,311 (37,030)    (22,719)

Dividends in respect of equity shares: 4.35p per  (13,498)        -    (13,498)
share
Transfer to reserves                                   813 (37,030)    (36,217)

Return 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




                          As at                   As at             As at
                          30 September 2001 30 September 2000   31 March 2001
                             £000      £000     £000     £000     £000     £000

Investments at market               478,375           577,062           530,789
value


Current assets
Debtors                     3,665              5,389             5,350
Cash at bank               26,535              6,327             5,924
                           ______            _______            ______
                           30,200             11,716            11,274


Creditors
Amounts falling due       (5,700)           (25,003)          (30,300)
within one year
                           ______            _______            ______

Net current assets/                  24,500          (13,287)          (19,026)
(liabilities)
                                    _______           _______           _______
Total assets less current           502,875           563,775           511,763
liabilities

Creditors
Amounts falling due after         (125,000)          (75,000)          (75,000)
one year
                                    _______           _______           _______
Total assets attributable           377,875           488,775           436,763
to share capital
                                     ______            ______            ______

Capital and reserves
Called up ordinary         78,006             78,006            78,006
capital
Capital redemption          2,074              2,074             2,074
reserve
Capital reserve           286,317            398,349           348,487
Revenue reserve             11,478            10,346             8,196

                           _______           _______           _______
                                    377,875           488,775           436,763
Total shareholders' funds           377,875           488,775           436,763

                                     ______            ______            ______

Net asset value per                  121.1p            156.7p            140.0p
ordinary share of 25p




SECURITIES TRUST OF SCOTLAND plc

STATEMENT OF CASH FLOW

                            6 months ending   6 months ending       Year ending
                          30 September 2001 30 September 2000     31 March 2001
                               £000    £000     £000     £000     £000     £000
Operating activities
Net dividends and interest
received from investments    10,437            9,960            17,512
Interest received from          870               55               397
deposits
Investment management fee   (1,231)          (1,200)           (2,427)
paid
Cash paid to and on behalf     (28)             (20)              (80)
of directors
Bank charges paid               (8)             (14)              (25)
Other cash payments         (1,445)            (442)             (762)
                            _______           ______           _______
Net cash inflow from                  8,595             8,339            14,615
operating activities

Servicing of finance
Interest paid               (3,464)          (3,802)           (7,814)
                            _______           ______           _______
Net cash outflow from               (3,464)           (3,802)           (7,814)
servicing of finance

Taxation
Net taxation (paid)/          (182)              546               350
recovered
                            _______           ______           _______
Net cash inflow from                  (182)               546               350
taxation

Capital expenditure and
financial investment
Payments to acquire        (41,355)         (47,866)          (75,903)
investments
Receipts from disposal of    36,764           40,507            69,844
investments
Exchange (losses)/gains        (12)             (51)                16
                           ________          _______          ________
Net cash outflow from
capital expenditure and
financial investment                (4,603)           (7,410)           (6,043)

Equity dividends paid               (9,735)           (9,526)          (13,364)
                                     ______            ______            ______

Net cash inflow before use          (9,389)          (11,853)          (12,256)
of liquid resources and
financing


Financing
Movement in debentures       50,000                -                 -
Repurchase of ordinary            -          (3,321)           (3,321)
share capital
Movement in short-term     (20,000)           10,000            10,000
borrowings
                            _______          _______          ________

Net cash inflow from                 30,000             6,679             6,679
financing
                                     ______            ______           _______

Increase/(decrease) in               20,611           (5,174)           (5,577)
cash
                                     ______            ______           _______