Purchase of Own Securities

Scottish Mortgage & Trust PLC
31 October 2001


                     The Scottish Mortgage and Trust PLC

                          Purchase of Own Securities

On 31 October 2001, the Company purchased for cancellation 225,000 ordinary
shares at a price of 321.00p, bringing the total number of ordinary shares
bought back to 40,364,812.

There remain 320,355,188 ordinary shares in issue.

                                                         Baillie Gifford & Co.

                                                           Company Secretaries

                                                               31 October 2001