Purchase of Own Securities

Scottish Mortgage & Trust PLC
12 January 2000

ON 11 JANUARY 2000, THE COMPANY PURCHASED FOR CANCELLATION 75,000 ORDINARY
SHARES AT A PRICE OF 461.00P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 6,670,000.  THERE REMAINS 354,050,000 SHARES IN ISSUE.