Purchase of Own Securities

Scottish Mortgage & Trust PLC
25 February 2000


ON 24 FEBRUARY 2000, THE COMPANY PURCHASED FOR CANCELLATION 125,000 ORDINARY
SHARES AT A PRICE OF 472.00P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 17,304,000.  THERE REMAINS 343,416,000 SHARES IN ISSUE.