Purchase of Own Securities

Scottish Mortgage & Trust PLC
20 April 2000


ON 19 APRIL 2000, THE COMPANY PURCHASED FOR CANCELLATION 200,000 ORDINARY
SHARES AT A PRICE OF 442.00P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 22,324,000.  THERE REMAINS 338,396,000 SHARES IN ISSUE.