Purchase of Own Securities

Scottish Mortgage & Trust PLC
24 February 2000


ON 23 FEBRUARY 2000, THE COMPANY PURCHASED FOR CANCELLATION 200,000 ORDINARY
SHARES AT A PRICE OF 463.75P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 17,179,000.  THERE REMAINS 343,541,000 SHARES IN ISSUE.