Purchase of Own Securities

Scottish Mortgage & Trust PLC
14 December 2001

                     The Scottish Mortgage and Trust PLC

                          Purchase of Own Securities

On 13 December 2001, the Company purchased for cancellation 310,000 ordinary
shares at a price of 337.00p, bringing the total number of ordinary shares
bought back to 45,175,312.

There remain 315,544,688 ordinary shares in issue.

                                                         Baillie Gifford & Co.

                                                           Company Secretaries

                                                              14 December 2001