Purchase of Own Securities

Scottish Mortgage & Trust PLC
28 March 2000


ON 27 MARCH 2000, THE COMPANY PURCHASED FOR CANCELLATION 250,000 ORDINARY
SHARES AT A PRICE OF 4934.50P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 21,929,000.  THERE REMAINS 338,791,000 SHARES IN ISSUE.