Purchase of Own Securities

Scottish Mortgage & Trust PLC
15 May 2000

ON 12 MAY 2000, THE COMPANY PURCHASED FOR CANCELLATION 175,000 ORDINARY SHARES
AT A PRICE OF 457.00P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK TO
22,664,000.  THERE REMAINS 338,056,000 SHARES IN ISSUE.