Purchase of Own Securities - Replacement

Scottish Mortgage & Trust PLC
28 March 2000

The Issuer has made the following amendments to the Purchase of Own Securities
announcement released this morning at 09:12 under RNS Number 0268I.

The announcement refers to a purchase for cancellation of 100,000 shares at
494.50p and not 250,000 at 4934.50p as originally shown.  

All other details remain unchanged.

ON 27 MARCH 2000, THE COMPANY PURCHASED FOR CANCELLATION 100,000 ORDINARY
SHARES AT A PRICE OF 494.50P, BRINGING THE TOTAL NUMBER OF SHARES BOUGHT BACK TO
21,929,000.  THERE REMAINS 338,791,000 SHARES IN ISSUE.