Purchase of Own Securities

Scottish Mortgage & Trust PLC
15 May 2000


ON 15 MAY 2000, THE COMPANY PURCHASED FOR CANCELLATION 430,000 ORDINARY SHARES
AT A PRICE OF 454.00P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK TO
23,094,000.  THERE REMAINS 337,626,000 SHARES IN ISSUE.