Purchase of Own Securities

Scottish Mortgage & Trust PLC
15 September 2000



ON 13 SEPTEMBER 2000, THE COMPANY PURCHASED FOR CANCELLATION 250,000 ORDINARY
SHARES AT A PRICE OF 481.00P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 28,027,112.  THERE REMAINS 332,692,888 SHARES IN ISSUE.