Purchase of Own Securities

Scottish Mortgage & Trust PLC
8 March 2000


ON 7 MARCH 2000, THE COMPANY PURCHASED FOR CANCELLATION 200,000 ORDINARY
SHARES AT A PRICE OF 502.00P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 17,804,000.  THERE REMAINS 342,916,000 SHARES IN ISSUE.