Purchase of Own Securities

Scottish Mortgage & Trust PLC
31 March 2000


ON 31 MARCH 2000, THE COMPANY PURCHASED FOR CANCELLATION 70,000 ORDINARY
SHARES AT A PRICE OF 490.60P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 21,999,000.  THERE REMAINS 338,721,000 SHARES IN ISSUE.