Purchase of Own Securities

Scottish Mortgage & Trust PLC
6 March 2002


                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities

On 5 March 2002, the Company purchased for cancellation 250,000 ordinary shares
at a price of 356.00p, bringing the total number of ordinary shares bought back
to 49,935,312.

There remain 310,784,688 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                    6 March 2002


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