Purchase of Own Securities

Scottish Mortgage & Trust PLC
7 March 2000

ON 6 MARCH 2000, THE COMPANY PURCHASED FOR CANCELLATION 100,000 ORDINARY
SHARES AT A PRICE OF 499.25P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 17,604,000.  THERE REMAINS 343,116,000 SHARES IN ISSUE.