Purchase of Own Securities

Scottish Mortgage & Trust PLC
1 June 2000


ON 31 MAY 2000, THE COMPANY PURCHASED FOR CANCELLATION 180,000 ORDINARY SHARES
AT A PRICE OF 447.50P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK TO
24,209,000.  THERE REMAINS 336,511,000 SHARES IN ISSUE.