Purchase of Own Securities

SCOTTISH MORTGAGE & TRUST PLC
26 August 1999


ON 25 AUGUST 1999, THE COMPANY PURCHASED FOR CANCELLATION 100,000 ORDINARY
SHARES AT A PRICE OF 411P PER SHARE, BRINGING THE TOTAL NUMBER OF SHARES
BOUGHT BACK TO 4,065,000.  THERE REMAINS 356,655,000 SHARES IN ISSUE.