Result of AGM

Scottish Mortgage & Trust PLC
29 June 2000

                     THE SCOTTISH MORTGAGE AND TRUST PLC                      

At the Annual General Meeting of The Scottish Mortgage and Trust PLC, held on
29 June 2000, the Chairman announced a change in accounting policy in respect
of the allocation of indirect expenses to the capital account.

Against a background of falling dividend pay-outs in many of the markets in
which Scottish Mortgage invests, and in line with the Company's objective of
combining capital and income growth, the Board has decided to allocate 50% of
the Company's expenses to the capital account (previously 100% to revenue).

The Board is confident that this accounting treatment will allow the Company
to continue with a policy of small but steady dividend increases in the
foreseeable future.


                       RENEWAL OF BUY-BACK AUTHORITY

At the Annual General Meeting of the Company held on 29 June 2000,
shareholders approved a resolution renewing the Company's authority to make
market purchases of up to 14.99 per cent of the Company's current issued share
capital, being 50,265,422 ordinary shares.  Such authority is due to expire on
28 December 2001 unless previously varied, revoked or renewed.  Future
purchases of shares will only be made at prices which, after allowing for
costs, will enhance the net asset value of the Company.

Under the previous share buy-back authority granted on 11 February 1999 the
Company made market purchases for cancellation of 25,393,633 ordinary shares,
representing 7.04 per cent of the issued share capital at 11 February 1999. 
Such purchases increased net asset value for shareholders by approximately 1.0
per cent.

At the Annual General Meeting shareholders also approved a resolution amending
the Company's articles of association to take account of the change in the law
to permit an investment company to distribute its capital profits for the
purpose of purchasing its own shares without losing investment company status.


Baillie Gifford & Co.
Managers & Secretaries