Holding(s) in Company

Scottish Mortgage & Trust PLC
06 November 2002


                      The Scottish Mortgage and Trust PLC

                        Disclosure of Interest in Shares


The Scottish Mortgage and Trust PLC has today been advised that following a sale
of 2,150,787 ordinary 25p shares on 5 November 2002, Standard Life Group now
holds 7,201,394 ordinary shares in the Company, which is below 3.00% of the
issued share capital.

                                                           Baillie Gifford & Co.

                                                          Managers & Secretaries

                                                                 6 November 2002


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