Purchase of Own Securities

Scottish Mortgage & Trust PLC
31 January 2000


ON 28 JANUARY 2000, THE COMPANY PURCHASED FOR CANCELLATION 100,000 ORDINARY
SHARES AT A PRICE OF 454.50P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 7,734,000.  THERE REMAINS 352,986,000 SHARES IN ISSUE.