Securities Trust of Scotland PLC

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NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARGING

MANAGERIAL RESPONSIBILITY AND CONNECTED PERSONS

This form is intended for use by an issuerto make a RISnotification required by DR3.1.4R(1).

(1) An issuermaking a notification in respect of a transaction relating to the sharesor debentures of the

issuer should complete boxes 1 to 16, 23 and 24.

(2) An issuermaking a notification in respect of a derivative relating the sharesof the issuershould

complete boxes 1 to 4, 6, 8,13, 14, 16, 23 and 24.

(3) An issuermaking a notification in respect of options granted to a director/person discharging

managerial responsibilities should complete boxes 1 to 3 and 17 to 24.

(4) An issuermaking a notification in respect of a financial instrumentrelating to the sharesof the issuer

(other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.

Please complete all relevant boxes should in block capital letters.

1.     Name of the issuer

2.     State whether the notification relates to (i) a transaction notified in accordance with DR3.1.4R(1)(a); or

(ii) DR3.1.4(R)(1)(b) a disclosure made in accordance with section 324 (as extended by section 328) of the Companies Act 1985; or

(iii) both (i) and (ii)

both (i) and (ii)

3.     Name of person discharging managerial responsibilities/director

4.     State whether notification relates to a person connected with a person discharging managerial responsibilities/directornamed in 3 and identify the connected person

5.     Indicate whether the notification is in respect of a holding of the personreferred to in 3 or 4 above or in respect of a non-beneficial

6.     Description of shares(including class), debentures or derivatives or financial instruments relating to shares

7.     Name of registered shareholders(s) and, if more than one, the number of sharesheld by each of them

8.     State the nature of the transaction

9.     Number of shares, debentures or financial instruments relating to sharesacquired

10.   Percentage of issued classacquired (treasury sharesof that classshould not be taken into

account when calculating percentage)

0.0001%

11.   Number of shares, debentures or financial instruments relating to sharesdisposed

N/A

12.   Percentage of issued classdisposed (treasury sharesof that classshould not be taken into

account when calculating percentage)

N/A

13.   Price per shareor value of transaction

145.85p

14.   Date and place of transaction

10 January 2014 - UK

15.   Total holding following notification and total percentage holding following notification

(any treasury sharesshould not be taken into account when calculating percentage)

TOTAL - 95,974 shares, 0.0787%

50,000 shares - 0.0410% held in name of Self Trade LR Nominees

45,974 shares -0.0377% held through Alliance Trust Savings Plan

16.   Date issuer informed of transaction

20 January 2014

If a person discharging managerial responsibilitieshas been granted options by the issuercomplete the following boxes

17.   Date of grant

N/A

18.   Period during which or date on which it can be exercised

N/A

19.   Total amount paid (if any) for grant of the option

N/A

20.   Description of sharesor debentures involved (classand number)

N/A

21.   Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise

N/A

22.   Total number of sharesor debentures over which options held following notification

N/A

23.   Any additional information

N/A

24.   Name of contact and telephone number for queries

Victoria Timlin - 0131 229 5252

Name and signature of duly authorised officer of issuerresponsible for making notification

Victoria Timlin

For and on behalf of

Martin Currie Investment Management Ltd

Company Secretary

Date of notification - 20 January 2014


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