Purchase of Own Securities

Scottish Mortgage & Trust PLC
25 May 2000

ON 25 MAY 2000, THE COMPANY PURCHASED FOR CANCELLATION 725,000 ORDINARY SHARES
AT A PRICE OF 440.00P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK TO
24,029,000.  THERE REMAINS 336,691,000 SHARES IN ISSUE.