Purchase of Own Securities

Scottish Mortgage & Trust PLC
9 December 1999


ON 9 DECEMBER 1999, THE COMPANY PURCHASED FOR CANCELLATION 350,000 ORDINARY
SHARES AT A PRICE OF 450.00P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 6,495,000.  THERE REMAINS 354,225,000 SHARES IN ISSUE.