Appointment of New Chairman

Scottish Mortgage & Trust PLC
22 May 2003

                          Appointment of New Chairman

The Scottish Mortgage and Trust PLC announces that Lord Sanderson has indicated
that after ten years as Chairman and having reached the age of 70, he will
retire from the Board and as Chairman of the Company at the conclusion of the
Company's AGM on 3 July 2003.

The Board has elected Sir Donald Mackay as his successor.

Sir Donald Mackay is 66 and was appointed as a Director of The Scottish Mortgage
and Trust PLC in 1999. He is an economist who was Professor of Political Economy
at Aberdeen University and Professor of Economics at Heriot-Watt University. He
is currently chairman of The Malcolm Group PLC, a director of Edinburgh Income
and Value Trust plc and a former chairman of Scottish Enterprise.


                                                           Baillie Gifford & Co.
                                                        Managers and Secretaries




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