Holding(s) in Company

Scottish Mortgage & Trust PLC
26 March 2003


                      The Scottish Mortgage and Trust PLC

                        Disclosure of Interest in Shares


The Scottish Mortgage and Trust PLC has today been advised that D.C. Thompson
and it's wholly owned subsidiary John Leng & Company own 15,000,000 ordinary
shares in the Company, which equates to 5.01% of the 299,350,115 ordinary shares
in issue.



                                                           Baillie Gifford & Co.

                                                          Managers & Secretaries

                                                                   26 March 2003


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