Purchase of Own Securities

Scottish Mortgage & Trust PLC
15 November 1999

ON 12 NOVEMBER 1999, THE COMPANY PURCHASED FOR CANCELLATION 75,000 ORDINARY
SHARES AT A PRICE OF 434.00P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 5,115,000.  THERE REMAINS 355,605,000 SHARES IN ISSUE.