Purchase of Own Securities

Scottish Mortgage & Trust PLC
3 August 2001

                     The Scottish Mortgage and Trust PLC

                          Purchase of Own Securities

On 02 August 2001, the Company purchased for cancellation 370,000 ordinary
shares at a price of 369.25p, bringing the total number of shares bought back
to 37,972,112.

There remain 322,747,888 shares in issue.

                                                         Baillie Gifford & Co.

                                                         Company Secretaries