Annual Report & Accounts

Scottish Mortgage & Trust PLC
23 May 2003


The Scottish Mortgage and Trust PLC
Annual report and accounts for the year ended 31/03/03

A copy of the above document has been submitted to the UK Listing Authority, and
will shortly be available for inspection at the UK Listing Authority's Document
Viewing Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS

Tel. no. (0)20 7676 1000

                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                     23 May 2003


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