Directors' Dealings

SCOTTISH MORTGAGE AND TRUST PLC
27 August 1999


THE BOARD ANNOUNCE THAT SIR DONALD MACKAY, WHO WAS ELECTED TO THE BOARD AT THE
ANNUAL GENERAL MEETING OF THE COMPANY HELD ON 1 JULY 1999 HAS A SHARE HOLDING
IN THE COMPANY OF 2,469 SHARES.  THE SHARES WERE PURCHASED IN THE YEARS 1998
TO 1993 AT A PRICE OF 107.50P TO 238.00P.