Purchase of Own Securities

Scottish Mortgage & Trust PLC
27 January 2000


ON 26 JANUARY 2000, THE COMPANY PURCHASED FOR CANCELLATION 100,000 ORDINARY
SHARES AT A PRICE OF 447.00P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 7,334,000.  THERE REMAINS 353,386,000 SHARES IN ISSUE.