LSB Lon.Scottish Bk

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London Scottish Bank plc (the "Company" or "London Scottish Bank")

Posting of circular

A circular to shareholders has been approved today by the Financial Services
Authority and is being posted to shareholders to convene a general meeting of
the Company (the "General Meeting") on 30 July 2008. At the General Meeting,
the board will seek shareholder approval for the proposed disposal of LSIF
previously announced on 2 June 2008.

Resolutions will also be proposed at the General Meeting to approve revised
remuneration arrangements for the Company's executive directors (as required
under rule 21 of the City Code of Takeovers and Mergers due to the Company
being in an offer period) and to approve the adoption of new articles of
association of the Company.

The proposed adoption of new articles of association will bring the Company's
articles into line with those of many other UK banks by removing the borrowing
limits imposed within the current articles of association. London Scottish
Bank's gearing levels are expected to increase as a result of the
implementation of the planned restructuring of the group. Whilst these
increases in gearing need to remain compliant with gearing ratio limits imposed
by the new facility agreement entered into on 28 May 2008, they may exceed the
borrowing limits imposed by the current articles. Accordingly, the board
consider the removal of the current upper limit on borrowing to be in the best
interests of the Company.

The expected timetable of principal events relating to the disposal of LSIF and
the General Meeting is as follows:

11.00 a.m. on 28 July              Latest time and date for receipt of Forms of
2008                               Proxy                                       
                                                                               
11.00 a.m. on 30 July              General Meeting                             
2008                                                                           
                                                                               
31 July 2008                       Completion of the disposal                  

These times and dates are indicative only and if this timetable changes, a
further announcement will be made.

For more information please contact:

Citigate Dewe Rogerson (PR adviser to London Scottish Bank)
Tel: 020 7638 9571
Grant Ringshaw
Lindsay Noton

Adviser to the Company
Rothschild is regulated in the United Kingdom by the Financial Services
Authority and is acting exclusively for the Company and for no one else in
connection with the Disposal and matters described in this announcement and
will not be responsible to anyone other than the Company for providing the
protections afforded to its customers or for providing advice in relation to
the contents of this announcement or any transaction, arrangement or other
matter referred to in this announcement.

Forward looking statements
This announcement includes statements that are, or may be deemed to be,
"forward-looking statements''. These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms
"believes'', "estimates'', "plans'', "anticipates'', "targets'', "aims'',
"continues'', "projects'', "assumes'', "expects'', "intends'', "may'', "will'',
"would'' or "should'', or in each case, their negative or other variations or
comparable terminology. These forward-looking statements include all matters
that are not historical facts. They appear in a number of places throughout
this announcement and include statements regarding the Group's and the
Directors' intentions, beliefs or current expectations concerning, among other
things, the Group's results of operations, financial condition, liquidity,
prospects, growth strategies and the industries in which the Group operates. By
their nature, forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances. A number of factors could cause
actual results and developments to differ materially from those expressed or
implied by the forward-looking statements, including without limitation:
conditions in the markets, market position of the Company, earnings, financial
position, cash flows, return on capital, anticipated investments and capital
expenditures, changing business or other market conditions and general economic
conditions. These and other factors could adversely affect the outcome and
financial effects of the plans and events described herein. Forward-looking
statements contained in this announcement based on past trends or activities
should not be taken as a representation that such trends or activities will
continue in the future. Subject as aforementioned, neither the Company nor
Rothschild undertakes any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
None of these statements made in this statement in any way obviates the
requirements of the Company to comply with the Prospectus Rules, the Disclosure
and Transparency Rules, the Listing Rules or FSMA.

Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the Code, if any person is, or becomes,
'interested' (directly or indirectly) in 1% or more of any class of 'relevant
securities' of London Scottish Bank plc, all 'dealings' in any 'relevant
securities' of that company (including by means of an option in respect of, or
a derivative referenced to, any such 'relevant securities') must be publicly
disclosed by no later than 3.30 pm (London time) on the London business day
following the date of the relevant transaction. This requirement will continue
until the date on which the offer becomes, or is declared, unconditional as to
acceptances, lapses or is otherwise withdrawn or on which the 'offer period'
otherwise ends. If two or more persons act together pursuant to an agreement or
understanding, whether formal or informal, to acquire an 'interest' in
'relevant securities' of London Scottish Bank plc, they will be deemed to be a
single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant
securities' of London Scottish Bank plc by London Scottish Bank plc, or by any
of its 'associates', must be disclosed by no later than 12.00 noon (London
time) on the London business day following the date of the relevant
transaction. A disclosure table, giving details of the companies in whose
'relevant securities' 'dealings' should be disclosed, and the number of such
securities in issue, can be found on the Takeover Panel's website at

www.thetakeoverpanel.org.uk. 'Interests in securities' arise, in summary, when
a person has long economic exposure, whether conditional or absolute, to
changes in the price of securities. In particular, a person will be treated as
having an 'interest' by virtue of the ownership or control of securities, or by
virtue of any option in respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Code, which can also be found on
the Panel's website. If you are in any doubt as to whether or not you are
required to disclose a 'dealing' under Rule 8, you should consult the Panel.



END

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