Final Results - Year Ended 31 March 2000

Scottish Mortgage & Trust PLC
28 April 2000


THE SCOTTISH MORTGAGE AND TRUST PLC
Results for the year to 31 March 2000

A good year for Scottish Mortgage

Salient points

- NAV up 24.7% to 570.2p. After a strong second half of the year this compares
impressively with a rise of 7.5% in the FTSE All-Share Index and 22.6% in the
FTSE World Index (in sterling terms).

- Proposed final dividend of 3.85p making a total dividend up 2.7% to 5.65p.
Earnings fell by 26.9% to 4.11p as the portfolio balance shifted to lower
yielding equities and expenses rose.

- Excellent results in all overseas markets.  The key factor in the good
investment performance was significant outperformance in Japan, Asia, Europe and
the US.

- Geographic distribution changes.  During the last twelve months there have
been sales of £164 million in the UK.  In the US and Europe we have added £17
million and £42 million respectively to our portfolios.

- 22 million shares at a cost of £100 million bought back enhancing NAV by 0.9%.
 The Board is seeking to renew the authority to buy-back shares at the
forthcoming AGM. 

- AITC's 'its' campaign.  Scottish Mortgage supported 'its' and looks forward to
seeing this translated into an increased appetite for our shares. 

The Scottish Mortgage and Trust PLC (Scottish Mortgage) aims to maximise total
return to shareholders at the same time as generating real dividend growth
through investment in UK and international markets.  The trust has total assets
of £2.2 billion.  An ISA and Share Plan are available.

Scottish Mortgage is managed by Baillie Gifford & Co., the leading Edinburgh
based fund management group with £21 billion under management and advice.

For further information please contact:

James Anderson, Manager
The Scottish Mortgage and Trust PLC                    0131 222 4000

Mike Lord, Director
Broadgate Marketing                                   020 7726 6111

Baillie Gifford & Co. is regulated by IMRO.
 
THE SCOTTISH MORTGAGE AND TRUST PLC

The following is the unaudited preliminary statement for the year to 31 March
2000 which was approved by the Board on 27 April 2000.  The Directors of The
Scottish Mortgage and Trust PLC are recommending to the Annual General Meeting
of the Company to be held on 29 June 2000 the payment of a final dividend of
3.85p net (1.75p net last year) per ordinary share making 5.65p net (5.50p net
last year) for the year ended 31 March 2000.


STATEMENT OF TOTAL RETURN
(unaudited and incorporating the revenue account*)

                    For the year ended            For the year ended
                     31 March 2000                   31 March 1999
                Revenue  Capital   Total         Revenue   Capital  Total
                                                  (restated)+      (restated)+
                 £000     £000     £000             £000     £000    £000 

Gains on 
 investments        -    388,150  388,150            -     73,082     73,082

Currency losses     -       (948)    (948)           -     (1,700)    (1,700)

Income (note 1) 44,100      -      44,100          44,894     -       44,894

Investment 
 management fee (7,051)     -      (7,051)         (5,116)    -       (5,116)

Other administrative 
 expenses       (1,860)     -      (1,860)           (953)    -         (953)

Net return before 
 finance costs 
 and taxation   35,189   387,202  422,391          38,825  71,382    110,207

Finance costs 
 of borrowings (19,316)     -     (19,316)        (17,787)    -      (17,787)

Return on ordinary 
 activities 
 before taxation15,873   387,202  403,075          21,038  71,382     92,420

Tax on ordinary 
 activities     (1,249)     -      (1,249)           (775)    -         (775)

Return on ordinary 
 activities after 
 taxation       14,624   387,202  401,826          20,263  71,382     91,645

Dividends in respect 
 of equity 
 shares (note 2)(19,443)    -     (19,443)        (19,840)    -      (19,840)

Transfer 
 (from)/to 
 reserves        (4,819) 387,202  382,383             423  71,382     71,805

Return per ordinary 
 share (note 3)    4.11p  108.98p  113.09p           5.62p  19.79p     25.41p

Dividend per 
 ordinary share    5.65p                             5.50p          

* The revenue column of this statement is the profit and loss account of the
Company.
All revenue and capital items in the above statement derive from continuing
operations.

+ Restated to comply with FRS16 'Current Tax'.

 THE SCOTTISH MORTGAGE AND TRUST PLC

                          SUMMARY OF NET ASSETS
                            at 31 March 2000
                                (unaudited)
 
                               31 March 2000          31 March 1999
                                 £'000                   £'000

Net assets
Investments at market value     2,196,257              1,862,816
Net liquid assets                  10,337                  5,512
Total assets 
 (before deduction of loans 
 and debentures)                2,206,594              1,868,328
Debentures and short term 
 borrowings (note 4)             (279,010)              (222,427)

                                1,927,584              1,645,901

Capital and Reserves                    
Called-up share capital            84,680                 90,180
Capital reserves                1,818,358              1,526,356
Revenue reserve                    24,546                 29,365
Equity shareholders' funds      1,927,584              1,645,901

Net asset value per ordinary share 
(after deducting prior 
 charges at par)                    570.2p                 457.3p

Ordinary shares in issue 
 (note 5)                     338,721,000            360,720,000

                         DISTRIBUTION OF ASSETS
                            at 31 March 2000
                               (unaudited)

                               31 March 2000        31 March 1999
                                    %                     %

Equities:     
     United Kingdom               43.1                    55.7
     Continental Europe           22.5                    18.8
     North America                12.9                    10.6
     Latin America                 1.7                     1.5
     Japan                         6.8                     5.4
     Asia Pacific                  5.3                     2.3

                                  92.3                    94.3

UK corporate bonds                 1.2                     1.1
Euro bonds                         1.7                      -
US dollar bonds                    0.5                      -
Argentine bonds                    3.8                     4.3
Net liquid assets                  0.5                     0.3
Total assets (before debentures 
 and short term borrowings)      100.0                   100.0

 THE SCOTTISH MORTGAGE AND TRUST PLC

                      SUMMARISED CASH FLOW STATEMENT
                               (unaudited)

                        For the year ended     For the year ended
                          31 March 2000          31 March 1999
                       £000           £000     £000           £000

NET CASH INFLOW FROM 
 OPERATING ACTIVITIES               37,318                   37,398

NET CASH OUTFLOW FROM 
 SERVICING OF FINANCE              (15,059)                 (17,639)
                         
TOTAL TAX PAID                      (3,955)                  (2,261)
                         
FINANCIAL INVESTMENT
Acquisitions of 
 investments          (866,787)               (566,995)
Disposals of 
 investments           917,294                 583,452
Realised currency 
 loss                   (1,305)                 (2,577)

NET CASH INFLOW FROM 
 FINANCIAL INVESTMENT               49,202                 13,880

EQUITY DIVIDENDS PAID              (12,715)               (26,693)
                         
NET CASH INFLOW BEFORE 
 FINANCING                          54,791                  4,685

FINANCING
Shares purchased for 
 cancellation         (100,700)                   -   
Loans repaid          (365,000)               (204,390)
Loans drawn down       421,967                 123,000
Realised currency
 gain on multi-
 currency loans           -                      1,651

NET CASH OUTFLOW FROM 
 FINANCING                         (43,733)               (79,739)

INCREASE/(DECREASE) 
 IN CASH                            11,058                 (75,054)

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT                         
Increase/(decrease) in cash 
 in the period                      11,058                 (75,054)

(Increase)/decrease in 
 bank loans                        (56,967)                 79,739

Exchange movement                      357                     877
Other non-cash changes                  27                      20

MOVEMENT IN NET DEBT 
 IN THE PERIOD                     (45,525)                  5,582

NET DEBT AT 1 APRIL 1999          (214,834)               (220,416)

NET DEBT AT 31 MARCH 2000          (260,359)               (214,834)

 THE SCOTTISH MORTGAGE AND TRUST PLC

NOTES

                               31 March 2000              31 March 1999
                                   £'000                     £'000

1.     Income                                            

     Income from investments                               (restated)
     and interest receivable       44,100                     44,757
     Other income                     Nil                        137
     
2.     The total cost of the dividend for the year is £19,443,000 (1999 -
£19,840,000).  If approved the final dividend will be paid on 5 July 2000 to all
shareholders on the register at the close of business on 9 June 2000.

3.     Return per ordinary share
       Revenue return              14,624                     20,263
       Capital return             387,202                     71,382

Return per ordinary share is based on the above totals for revenue and capital
and on 355,302,538 (1999 - 360,720,000) ordinary shares, being the weighted
average number of ordinary shares in issue during the year.

4.     Loans and debentures include US$135 million and EURO70 million (1999 -
£70 million) drawn down under short term multi-currency facilities.

5. At the Extraordinary General Meeting held on 11 February 1999 the Company was
granted authority to purchase up to 54,071,928 ordinary shares (equivalent to
14.99% of its then issued share capital).  During the year to 31 March 2000 the
Company bought back 21,999,000 ordinary shares at a total cost of £100,700,000. 
At 31 March 2000 the Company had authority to buy back a further 32,072,928
shares.

6.     The financial information set out above does not constitute the Company's
statutory accounts for the year ended 31 March 2000.  The financial information
for 1999 is derived from the statutory accounts for 1999 which have been
delivered to the Registrar of Companies.  The Auditors have reported on the 1999
accounts, their report was unqualified and did not contain a statement under
section 237(2) or (3) of the Companies Act 1985.  The statutory accounts for
2000 will be finalised on the basis of the financial information presented in
this preliminary announcement and will be delivered to the Registrar of
Companies following the Company's Annual General Meeting.