Purchase of Own Securities

Scottish Mortgage & Trust PLC
30 November 1999


ON 29 NOVEMBER 1999, THE COMPANY PURCHASED FOR CANCELLATION 50,000 ORDINARY
SHARES AT A PRICE OF 461.00P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 5,540,000.  THERE REMAINS 355,180,000 SHARES IN ISSUE.