Purchase of Own Securities

Scottish Mortgage & Trust PLC
31 October 2001

                     The Scottish Mortgage and Trust PLC

                          Purchase of Own Securities

On 30 October 2001, the Company purchased for cancellation 100,000 ordinary
shares at a price of 320.00p, bringing the total number of ordinary shares
bought back to 40,139,812.

There remain 320,580,188 ordinary shares in issue.

                                                         Baillie Gifford & Co.

                                                           Company Secretaries

                                                               31 October 2001