Purchase of Own Securities

Scottish Mortgage & Trust PLC
18 May 2000


ON 18 MAY 2000, THE COMPANY PURCHASED FOR CANCELLATION 210,000 ORDINARY SHARES
AT A PRICE OF 462.00P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK TO
23,304,000.  THERE REMAINS 337,416,000 SHARES IN ISSUE.