Purchase of Own Securities

Scottish Mortgage & Trust PLC
20 September 2001


                     The Scottish Mortgage and Trust PLC

                          Purchase of Own Securities

On 19 September 2001, the Company purchased for cancellation 475,000 ordinary
shares at a price of 302.53p, bringing the total number of shares bought back
to 39,047,112.

There remain 321,672,888 shares in issue.

                                                         Baillie Gifford & Co.

                                                           Company Secretaries