Purchase of Own Securities

Scottish Mortgage & Trust PLC
2 May 2000


ON 28 APRIL 2000, THE COMPANY PURCHASED FOR CANCELLATION 165,000 ORDINARY
SHARES AT A PRICE OF 456.60P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 22,489,000.  THERE REMAINS 338,231,000 SHARES IN ISSUE.