Purchase of Own Securities

SCOTTISH MORTGAGE & TRUST PLC
26 July 1999

TODAY, 26 JULY 1999, THE COMPANY PURCHASED FOR CANCELLATION 500,000 ORDINARY
SHARES AT A PRICE OF 408P PER SHARE.  THERE REMAINS 357,255,000 SHARES IN
ISSUE.


BAILLIE GIFFORD & CO
MANAGERS & SECRETARIES