Purchase of Own Securities

Scottish Mortgage & Trust PLC
9 February 2000


ON 8 FEBRUARY 2000, THE COMPANY PURCHASED FOR CANCELLATION 80,000 ORDINARY
SHARES AT A PRICE OF 475.00P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 8,479,000.  THERE REMAINS 352,241,000 SHARES IN ISSUE.