Interim Results

To: Stock Exchange                           For immediate release:
                                             29 October 2003

                    Securities Trust of Scotland plc
           Interim results for the period to 30 September 2003

Chairman's statement

It's very pleasant to be able to report an increase in the company's net
asset value for the first time since 2000. The Company's net asset value
per ordinary share rose by 17.5% in total return terms; the benchmark
FTSE All-Share index rose by 19.0%. As you are aware, only 85% of the
company's assets are in equities, with the balance in bonds or cash.
Because our equity portfolio needs to produce a certain level of income,
the market's rotation into low-yielding high return stocks has been hard
to replicate. As a result, the equities have tended to lag the recovery.
However, our decision to maintain a 20% geared exposure to equities has
more than compensated. Although our bond content has outperformed the FT
Government All Stocks Index, bonds have lagged equities significantly as
yields have risen globally. The share price total return, which
incorporates net dividends as well as the movement in the share price,
rose by 20.9% - nearly 2% ahead of the benchmark. This was due partly to
the narrowing of the discount from 12.1% to 11.7%.

The board has declared a maintained interim dividend of 1.27p per share,
payable on 19 December 2003 to shareholders on the register on 28
November 2003. Any increase in the full-year dividend will be made with
the final dividend payment.

While investor confidence has improved in response to the significant
monetary and fiscal stimuli of the last two years, markets will struggle
to maintain the level of momentum that has been built up over the
summer.

                                - ends -

For further information, please contact:

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



SECURITIES TRUST OF SCOTLAND plc

Statement of total return (incorporating the revenue account) for the
six months ended 30 September 2003


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

Gains on investments - realised                -    16,192    16,192
                     - unrealised              -    26,576    26,576
Currency losses                                -     (113)     (113)
Income - franked                           8,803         -     8,803
       - unfranked                         1,043         -     1,043
Investment management fee                  (309)     (720)   (1,029)
Other expenses                             (300)      (14)     (314)
                                        ________   _______  ________

Net return before finance costs and
taxation                                   9,237    41,921    51,158

Interest payable and similar charges     (1,470)   (3,430)   (4,900)
                                        ________   _______  ________
Return on ordinary activities before
taxation                                   7,767    38,491    46,258

Taxation on ordinary activities             (74)         -      (74)
                                        ________   _______  ________
Return on ordinary activities after
taxation                                   7,693    38,491    46,184

Dividends in respect of equity
shares: 1.27p per share                  (3,963)         -   (3,963)
                                        ________   _______  ________
Transfer to reserves                       3,730    38,491    42,221

Returns per ordinary share                 2.47p    12.33p    14.80p
                                        ________   _______  ________


The revenue columns of this statement are the profit and loss account 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 share of
the  company for the year ending 31 March 2004 of 1.27p per share (2003:
1.27p),  with an ex dividend date of 26 November 2003 to be paid  on  19
December 2003 to shareholders on the register on 28 November 2003.

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 2002


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

Losses on investments - realised               -  (19,165)    (19,165)
                      - unrealised             - (109,528)  (109,5258)

Currency losses                                -         -           -
Income - franked                           8,667         -       8,667
       - unfranked                           664         -         664
Investment management fee                  (361)     (842)     (1,203)
Other expenses                             (292)      (14)       (306)
                                         _______   _______     _______
Net return before finance costs and
taxation                                   8,678 (129,549)   (120,871)

Interest payable and similar charges     (1,470)   (3,430)     (4,900)
                                         _______   _______     _______
Return on ordinary activities before
taxation                                   7,208 (132,979)   (125,771)

Taxation on ordinary activities             (68)        68           -
                                         _______   _______     _______
Return on ordinary activities after
taxation                                   7,140 (132,911)   (125,771)

Dividends in respect of equity
shares: 1.27 p per share                 (3,963)         -     (3,963)
                                         _______   _______     _______
Transfer to/(from) reserves                3,177 (132,911)   (129,734)
                                         _______   _______     _______

Returns per ordinary share                 2.29p  (42.60p)    (40.31p)
                                         _______   _______     _______


The revenue columns of this statement are the profit and loss account 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 2003


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

Losses on investments- realised                -  (26,003)  (26,003)
                     - unrealised              - (110,737) (110,737)

Currency losses                                -         -         -
Income - franked                          16,864         -    16,864
       - unfranked                         1,371         -     1,371
Investment management fee                  (692)   (1,615)   (2,307)
Other expenses                             (661)      (46)     (707)
                                         _______   _______   _______
Net return before finance costs and
taxation                                  16,882 (138,401) (121,519)

Interest payable and similar charges     (2,937)   (6,853)   (9,790)
                                         _______   _______   _______
Return on ordinary activities before
taxation                                  13,945 (145,254) (131,309)

Taxation on ordinary activities                -         -         -
                                         _______   _______   _______
Return on ordinary activities after
taxation                                  13,945 (145,254) (131,309)

Dividends in respect of equity
shares: 4.52p per share                 (14,103)         -  (14,103)
                                         _______   _______   _______
Transfer from reserves                     (158) (145,254) (145,412)
                                         _______   _______   _______
Returns per ordinary share                 4.47p  (46.55p)  (42.08p)
                                         _______   _______   _______


The revenue columns of this statement are the profit and loss account 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


                                  Unaudited           Unaudited            Audited
                                    As at               As at               As at
                             30 September 2003     30 September 2002    31 March 2003
                                £000       £000      £000      £000     £000      £000


Investments at market value             419,876             378,603            364,551


Current assets
Debtors                        3,212               12,989              6,195
Cash at bank                  12,343               17,231             28,358
                             _______              _______            _______

                              15,555               30,220             34,850

Creditors
Amounts falling due
within one year              (5,732)              (5,707)           (11,943)
                             _______              _______            _______
Net current assets                        9,823              24,513             22,907
                                        _______             _______            _______
Total assets less
current liabilities                     429,699             403,116            387,458

Creditors
Amounts falling due
after one year                        (123,902)           (123,862)          (123,882)
                                        _______             _______            _______
Net assets                              305,797             279,254            263,576
                                        _______             _______            _______


Capital and reserves
Called up ordinary capital               78,006              78,006             78,006
Capital redemption reserve                2,074               2,074              2,074
Capital reserve                         214,022             187,874            175,531
Revenue reserve                          11,695              11,300              7,965
                                        _______             _______            _______
Total shareholders' funds               305,797             279,254            263,576
                                        _______             _______            _______


Net asset value per share                98.00p              89.50p             84.47p




 SECURITIES TRUST OF SCOTLAND plc

STATEMENT OF CASH FLOW


                                                         Unaudited         Unaudited          Audited
                                                      6 months ended     6 months ended     year ended
                                                    30 September 2003  30 September 2002   31 March 2003
                                                    £000       £000     £000      £000     £000     £000

Operating activities
Net dividends and interest received from
investments                                       11,038              10,685             17,493
Interest received from deposits                      479                 438                858
Investment management fee                        (1,029)             (1,203)            (2,307)

Cash paid to and on behalf of directors             (39)                (41)               (83)
Bank charges paid                                    (9)                (20)               (30)
Other cash payments                                (306)               (283)              (575)
                                                 _______             _______            _______
Net cash inflow from operating activities                   10,1347              9,576            15,356


Servicing of finance
Interest paid                                    (4,910)             (4,899)            (9,779)
                                                 _______             _______            _______

Net cash outflow from servicing of finance                  (4,910)            (4,899)           (9,779)

Taxation
Taxation paid                                       (74)                   -                  -
Taxation recovered                                    22                  62                 43
                                                 _______             _______            _______
Net cash (outflow) / inflow from taxation                      (52)                 62                43


Capital expenditure and
financial investment
Payments to acquire investments                 (74,380)            (22,735)           (44,225)
Receipts from disposal of investments             63,446              23,874             59,573
Exchange losses                                    (113)                   -                  -
                                                 _______             _______            _______
Net cash (outflow) / inflow from capital
expenditure and financial investment                      (11,047)               1,139           15,348

Equity dividends paid                                     (10,140)             (9,892)         (13,855)
                                                           _______             _______          _______
(Decrease)/increase in cash for the year                  (16,015)             (4,014)            7,113

                                                           _______             _______          _______