Purchase of Own Securities

Scottish Mortgage & Trust PLC
2 February 2000


ON 1 FEBRUARY 2000, THE COMPANY PURCHASED FOR CANCELLATION 55,000 ORDINARY
SHARES AT A PRICE OF 452.50P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 7,939,000.  THERE REMAINS 352,781,000 SHARES IN ISSUE.