Portfolio Update Quarterly

Securities Trust of Scotland plc
                  Stock Exchange Announcement - 3 January 2007


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 quarter, a list of all investments held by them
with  a  value  greater than 5% of the company's gross assets and at  least  the
company's  10  largest investments as at the last business day of that  quarter,
Securities Trust of Scotland plc announces that, as at
29 December 2006, its 10 largest investments were:

                                 % of gross
                                   assets
BP                                  6.10
Royal Bank of Scotland Group Plc    5.29
Royal Dutch Shell 'B'               5.01
HSBC Holdings (UK REGD)             4.69
British American Tobacco            3.96
Vodafone Group                      3.94
Scottish & Southern Energy          3.55
Barclays                            3.35
GlaxoSmithkline                     3.32
Aviva                               2.93



For further information, please contact:

Ross Watson
Martin Currie Investment Management Ltd                0131 229 5252