Purchase of Own Securities

Scottish Mortgage & Trust PLC
7 December 1999


ON 6 DECEMBER 1999, THE COMPANY PURCHASED FOR CANCELLATION 455,000 ORDINARY
SHARES AT A PRICE OF 451.00P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 5,995,000. THERE REMAINS 354,725,000 SHARES IN ISSUE.