Purchase of Own Securities

Scottish Mortgage & Trust PLC
8 December 1999

ON 7 DECEMBER 1999, THE COMPANY PURCHASED FOR CANCELLATION 150,000 ORDINARY
SHARES AT A PRICE OF 451.00P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 6,145,000.  THERE REMAINS 354,575,000 SHARES IN ISSUE.