Purchase of Own Securities

Scottish Mortgage & Trust PLC
31 August 2000


ON 31 AUGUST 2000, THE COMPANY PURCHASED FOR CANCELLATION 668,479 ORDINARY
SHARES AT A PRICE OF 480.00P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 27,627,112.  THERE REMAINS 333,092,888 SHARES IN ISSUE.