Purchase of Own Securities

Scottish Mortgage & Trust PLC
25 November 1999

ON 24 NOVEMBER 1999, THE COMPANY PURCHASED FOR CANCELLATION 75,000 ORDINARY
SHARES AT A PRICE OF 442.00P, 300,000 ORDINARY SHARES AT A PRICE OF 441.00P,
BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK TO 5,490,000.  THERE REMAINS
355,230,000 SHARES IN ISSUE.