Purchase of Own Securities

Scottish Mortgage & Trust PLC
3 August 2000


ON 2 AUGUST 2000, THE COMPANY PURCHASED FOR CANCELLATION 250,000 ORDINARY
SHARES AT A PRICE OF 460.00P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK
TO 26,643,633.  THERE REMAINS 334,076,367 SHARES IN ISSUE.