Purchase of Own Securities

Scottish Mortgage & Trust PLC
16 January 2002


                     The Scottish Mortgage and Trust PLC

                          Purchase of Own Securities

On 15 January 2002, the Company purchased for cancellation 410,000 ordinary
shares at a price of 340.00p, bringing the total number of ordinary shares
bought back to 46,675,312.

There remain 314,044,688 ordinary shares in issue.

                                                         Baillie Gifford & Co.

                                                           Company Secretaries

                                                               16 January 2002