Purchase of Own Securities

Scottish Mortgage & Trust PLC
20 March 2000



ON 20 MARCH 2000, THE COMPANY PURCHASED FOR CANCELLATION 3,600,000 ORDINARY
SHARES AT A PRICE OF 492.00P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 21,579,000.  THERE REMAINS 339,141,000 SHARES IN ISSUE.