Purchase of Own Securities

Scottish Mortgage & Trust PLC
29 June 2000


ON 28 JUNE 2000, THE COMPANY PURCHASED FOR CANCELLATION 250,000 ORDINARY
SHARES AT A PRICE OF 472.00P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 25,393,633.  THERE REMAINS 335,326,367 SHARES IN ISSUE.