Purchase of Own Securities

Scottish Mortgage & Trust PLC
4 February 2000


ON 3 FEBRUARY 2000, THE COMPANY PURCHASED FOR CANCELLATION 350,000 ORDINARY
SHARES AT A PRICE OF 462.257P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 8,289,000.  THERE REMAINS 352,431,000 SHARES IN ISSUE.