Purchase of Own Securities

Scottish Mortgage & Trust PLC
10 January 2002

                     The Scottish Mortgage and Trust PLC

                          Purchase of Own Securities

On 9 January 2002, the Company purchased for cancellation 250,000 ordinary
shares at a price of 348.40p, bringing the total number of ordinary shares
bought back to 46,040,312.

There remain 314,679,688 ordinary shares in issue.

                                                         Baillie Gifford & Co.

                                                           Company Secretaries

                                                               10 January 2002