Purchase of Own Securities

Scottish Mortgage & Trust PLC
1 February 2000


ON 31 JANUARY 2000, THE COMPANY PURCHASED FOR CANCELLATION 150,000 ORDINRAY
SHARES AT A PRICE OF 446.00P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 7,884,000.  THERE REMAINS 352,836,000 SHARES IN ISSUE.