Purchase of Own Securities

Scottish Mortgage & Trust PLC
28 January 2000


ON 27 JANUARY 2000, THE COMPANY PURCHASED FOR CANCELLATION 300,000 ORDINARY
SHARES AT A PRICE OF 454.00P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 7,634,000.  THERE REMAINS 353,086,000 SHARES IN ISSUE.