Purchase of Own Securities

Scottish Mortgage & Trust PLC
23 February 2000


ON 22 FEBRUARY 2000, THE COMPANY PURCHASED FOR CANCELLATION 7,700,000 ORDINARY
SHARES AT A PRICE OF 457.50P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 16,979,000.  THERE REMAINS 343,741,000 SHARES IN ISSUE.