Purchase of Own Securities

Scottish Mortgage & Trust PLC
14 January 2002

                     The Scottish Mortgage and Trust PLC

                          Purchase of Own Securities

On 11 January 2002, the Company purchased for cancellation 225,000 ordinary
shares at a price of 347.50p, bringing the total number of ordinary shares
bought back to 46,265,312.

There remain 314,454,688 ordinary shares in issue.

                                                         Baillie Gifford & Co.

                                                           Company Secretaries

                                                               14 January 2002