Purchase of Own Securities

Scottish Mortgage & Trust PLC
8 March 2000


ON 8 MARCH 2000, THE COMPANY PURCHASED FOR CANCELLATION 175,000 ORDINARY
SHARES AT A PRICE OF 497.00P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 17,979,000.  THERE REMAINS 342,741,000 SHARES IN ISSUE.