Purchase of Own Securities

Scottish Mortgage & Trust PLC
5 November 2001

                     The Scottish Mortgage and Trust PLC

                          Purchase of Own Securities

On 2 November 2001, the Company purchased for cancellation 1,958,000 ordinary
shares at a price of 324.00p, bringing the total number of ordinary shares
bought back to 42,472,812.

There remain 318,247,188 ordinary shares in issue.

                                                         Baillie Gifford & Co.

                                                           Company Secretaries

                                                               5 November 2001