Purchase of Own Securities

SCOTTISH MORTGAGE & TRUST PLC
15 September 1999

ON 14 SEPTEMBER 1999, THE COMPANY PURCHASED FOR CANCELLATION 200,000 ORDINARY
SHARES AT A PRICE OF 412.50P PER ORDINARY SHARE AND 300,000 ORDINARY SHARES AT
A PRICE OF 412.33P PER ORDINARY SHARE, BRINGING THE TOTAL NUMBER OF SHARES
BOUGHT BACK TO 4,785,000.  THERE REMAINS 355,935,000 SHARES IN ISSUE.