RNS No 0927p
SCOTTISH NATIONAL TRUST PLC
9th July 1998


PART 4

PRINCIPAL ASSUMPTIONS

Save  as  otherwise  stated, the dividend  forecast  by  the
Directors  contained in PART 2 above, the return  statistics
in  relation  to  the  Abpref  Group  Securities  which  are
included  for illustrative purposes only, and other relevant
financial  information  and  statistics  contained  in  this
announcement have been based or calculated on the  following
principal bases and assumptions, namely that:

1. Acceptances are received for the Offers as follows:
   35 per cent. of the SNT     5  per cent. electing for new
   Stepped Preference Shares   ZDP Shares
                               
                               30 per cent. electing for new
                               Ordinary Shares
                               
                               
    21 per cent. of the SNT    all electing for new ZDP
    Zeros                      Shares

    45 per cent. of the SNT    all electing for new Ordinary
    Income Shares              Shares
                               
                               
    13 per cent. of the SNT    all electing for Subordinated
    Capital Shares             Loan Stock

2. The  Offers  become  unconditional in  all  respects  and
   proceeds  are received from the winding-up of SNT  on  30
   September  1998 as follows; 171p in respect of  each  SNT
   Stepped  Preference Share; 325p in respect  of  each  SNT
   Zero; 100p in respect of each SNT Income Share; and  218p
   in respect of each SNT Capital Share;

3. Pursuant  to  the  Placing, 15.95  million  new  Ordinary
   Shares  are issued at 160p per share; 3 million  new  ZDP
   Shares  are issued at 224p per share; the Placing becomes
   effective  on  30  September 1998 and all  cash  proceeds
   therefrom are received by the Group on that date;

4. The total assets of the Abpref Group at 30 June 1998 were
   #141 million;

5. The expenses (including stamp duty and irrecoverable VAT)
   relating  to  the implementation of the Placing  and  the
   Offers  do  not exceed #5.6 million, are borne by  Abpref
   and are charged to capital;

6. The  rate of advance corporation tax remains at the  rate
   of   20/80ths  of  the  net  dividend,  and  tax  credits
   associated  with  franked investment income  received  by
   Abpref remain at the rate of 20/80ths up to and including
   5    April   1999;  thereafter,  there  is   no   advance
   corporation tax and UK dividend income received by Abpref
   does  not  include  a tax credit; the  standard  rate  of
   corporation  tax  payable by Abpref remains  at  31   per
   cent.;  no corporation tax on capital gains is payable by
   Abpref or Abpref Securities; no stamp duty or stamp  duty
   reserve  tax  is  payable in respect of the  transfer  of
   assets  from  Abpref Securities to Abpref  following  the
   issue  of the new ZDP Shares; and no other changes  occur
   in relevant taxation law and practice;

7. The  terms of the management agreement between Abpref and
   Aberdeen  Asset  Managers are not  amended  prior  to  31
   March  2003;  60  per  cent. of the management  fee  (and
   irrecoverable VAT thereon) and of interest payable by the
   Abpref  Group is charged to revenue account and  40   per
   cent. to capital account; and all administrative expenses
   other  than  the  management fee are charged  to  revenue
   account;

8. Abpref's bank borrowings are increased by #60 million  as
   at  30 September 1998 and bear interest at 7.6  per cent.
   per  annum  and Abpref incurs no further borrowing  after
   that date;

9. Substantially the whole of the net revenue of  Abpref  is
   available   for  distribution  in  each   year   and   is
   distributed;

10.Abpref's   investment  assets  are  divided   into   five
   portfolios  whose size and assumed growth characteristics
   are as follows:

                       Income  Convertible    Convertible Fixed    Offshore
                       Share   preference     loan stock  interest portfolio
                       portf.  share          stock       portfolio
                               portfolio      portfolio        

Percentage of assets (%)  44         20        11          11        14
Capital growth (% p.a.)   6.0        2.0       2.0         0.0       6.0
Revenue growth (% p.a.)   5.0        2.0       2.0         0.0       5.0
Yield (% p.a.)            7.4 **     6.8 ***   8.0         8.5 *     8.85
Income type               Franked    Franked   Unfranked   Unfranked Unfranked

*  Gross redemption yield calculated on an annual basis.

**  Income receivable up to and including 5 April 1999, 9.25 per cent. per
annum.

*** Income receivable up to and including 5 April 1999, 8.5 per cent. per
annum.

11. The rate of growth in the retail prices index (all items) is 3 per cent.
per annum;

12. The predetermined capital growth of the ZDP Shares and the RPI-linked
uplift in respect of the repayment of the Debenture Stock are allocated 100
per cent. to capital;

13.  The winding up of Abpref Securities on 31 March 2003 does not involve any
significant expenses or, except for the repayment of the amounts due in
respect of the ZDP Shares, otherwise reduce the assets of Abpref;

14.  Neither Abpref nor Abpref Securities issues any shares other than
pursuant to the Offers and the Placing;

15.  There is no material change in the market value of the intended
investments of Abpref and Abpref Securities before the date of receipt of the
net proceeds of the SNT Shares in SNT's liquidation and the Placing; and

16.  The Redemption Yield of the Abpref Ordinary Shares is calculated on a
quarterly compounded basis and is then expressed as an equivalent annual
compound rate; the Redemption Yield of the Abpref ZDP Shares is calculated on
the basis of the number of elapsed days from 30 September 1998 to the
repayment date of 31 March 2003 and expressed as an annual rate; and the
Redemption Yield of the Subordinated Loan Stock is calculated on a semi-annual
basis.

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