STS SECURITIES TRUST OF SCOTLAND PLC RED ORDS 1P

SECS.SCOTLAND Currency GBX Premium Equity Closed Ended Investment Funds

Income Statement (£ m)	31-Mar-13	31-Mar-12	31-Mar-11	31-Mar-10	31-Mar-09
Continuing Operations
Revenue	n/a	n/a	n/a	n/a	n/a
Operating Profit/(Loss)	n/a	n/a	n/a	n/a	n/a
Net Interest	n/a	n/a	n/a	n/a	n/a
Profit Before Tax	n/a	n/a	n/a	n/a	n/a
Profit After Tax	4.91	5.23	4.45	5.26	5.52
Discontinued Operations
Profit After Tax	n/a	n/a	n/a	n/a	n/a
PROFIT FOR THE PERIOD	4.91	5.23	4.45	5.26	5.52
Attributable to:
Minority Interests	n/a	n/a	n/a	n/a	n/a
Equity Holders of Parent Company	4.91	5.23	4.45	5.26	5.52

Continuing EPS
Earnings per Share - Basic	4.71p	5.22p	4.41p	5.16p	5.41p
Earnings per Share - Diluted	4.71p	5.22p	4.41p	5.16p	5.41p
Earnings per Share - Adjusted	4.71p	5.22p	4.41p	5.16p	5.41p
Continuing and Discontinued EPS
Earnings per Share - Basic	n/a	n/a	n/a	n/a	n/a
Earnings per Share - Diluted	n/a	n/a	n/a	n/a	n/a
Earnings per Share - Adjusted	n/a	n/a	n/a	n/a	n/a

Dividend per Share	3.55p	4.65p	4.65p	5.45p	5.60p

Balance Sheet (£ m)	31-Mar-13	31-Mar-12	31-Mar-11	31-Mar-10	31-Mar-09
Assets
Non-Current Assets
Property, Plant & Equipment	n/a	n/a	n/a	n/a	n/a
Intangible Assets	n/a	n/a	n/a	n/a	n/a
Investment Properties	n/a	n/a	n/a	n/a	n/a
Investments	163.68	130.63	131.29	123.51	83.51
Other Financial Assets	n/a	n/a	n/a	n/a	n/a
Other Non-Current Assets	0.00	0.00	0.00	0.00	0.00
	163.68	130.63	131.29	123.51	83.51
Current Assets
Inventories	n/a	n/a	n/a	n/a	n/a
Trade & Other Receivables	2.74	0.72	1.28	2.85	1.03
Cash at Bank & in Hand	2.28	0.00	0.13	0.30	3.20
Current Asset Investments	0.00	0.00	0.00	0.00	0.00
Other Current Assets	n/a	n/a	n/a	n/a	n/a
	5.02	0.72	1.41	3.15	4.23

Total Assets	168.70	131.34	132.70	126.66	87.74

Liabilities
Current Liabilities
Borrowings	n/a	n/a	n/a	n/a	n/a
Other Current Liabilities	n/a	n/a	n/a	n/a	n/a
	12.260	11.282	15.048	16.438	10.850

Net Current Assets	-7.24	-10.56	-13.64	-13.29	-6.62

Non-Current Liabilities
Borrowings	n/a	n/a	n/a	n/a	n/a
Provisions	n/a	n/a	n/a	n/a	n/a
Other Non-Current Liabilities	n/a	n/a	n/a	n/a	n/a
	0.00	0.00	0.00	0.00	0.00

Other Liabilities	n/a	n/a	n/a	n/a	n/a
Total Liabilities	12.26	11.28	15.05	16.44	10.85

Net Assets	156.44	120.06	117.65	110.22	76.89

Capital & Reserves
Share Capital	156.44	120.06	117.65	110.22	76.89
Share Premium Account	n/a	n/a	n/a	n/a	n/a
Other Reserves	n/a	n/a	n/a	n/a	n/a
Retained Earnings	n/a	n/a	n/a	n/a	n/a
Shareholders Funds	156.44	120.06	117.65	110.22	76.89

Minority Interests/Other Equity	n/a	n/a	n/a	n/a	n/a
Total Equity	156.44	120.06	117.65	110.22	76.89

Ratios - based on IFRS	31-Mar-13	31-Mar-12	31-Mar-11	31-Mar-10	31-Mar-09
Continuing Operations
PE Ratio - Adjusted	31.05	23.37	24.49	19.19	12.25
PEG - Adjusted	-3.18	1.27	-1.69	-4.15	-2.58
Earnings per Share Growth - Adjusted	-9.77%	18.37%	-14.53%	-4.62%	-4.75%
Dividend Cover	1.33	1.12	0.95	0.95	0.97
Revenue Per Share	n/a	n/a	n/a	n/a	n/a
Pre-Tax Profit per Share	n/a	n/a	n/a	n/a	n/a
Operating Margin	n/a	n/a	n/a	n/a	n/a
Return on Capital Employed	n/a	n/a	n/a	n/a	n/a

Continuing & Discontinued Operations
Dividend Yield	2.43%	3.81%	4.31%	5.51%	8.45%
Dividend per Share Growth	-23.66%	0.00%	-14.68%	-2.68%	-10.40%
Net Asset Value per Share (exc. Intangibles)	141.76p	119.75p	117.35p	109.37p	75.41p
Net Gearing	n/a	n/a	n/a	n/a	n/a

Data is provided by Morningstar

SECS.SCOTLAND - Fundamentals