Securities Trust of Scotland plc

Share buy-back programme - 17 January 2017

Securities Trust of Scotland plc ("the Company") is amending its disclosure policy to include on a regulatory information services (RIS) details of its share buyback powers which it renews annually. It is expected similar announcements will be made every time the share buyback authority is renewed.

The Company announces that it has authority to repurchase a maximum of 16,673,408 ordinary shares of 1p each in the capital of the Company (being its outstanding shareholder authority). Such authority lasts until the next shareholder authority granted, or where expressly revoked by shareholders. The buyback may be funded from the Company's resources (including redemptions on funds the Company has invested in and debt facilities). No maximum consideration payable has been determined by the Company, but the Company is unable to pay a price for any shares pursuant to the buy-back which would equate to a premium on the net asset value.

The Company has appointed J.P. Morgan Securities plc to act as its broker in respect of the buy-back.

The buy-back will be undertaken pursuant the Company's discount management programme.

This arrangement is in accordance with Chapter 12 of the UKLA Listing Rules and the Company's general authority to repurchase shares.

Paul Evitt

On behalf of Martin Currie Investment Management Limited

Company Secretary