Purchase of Own Securities

Scottish Mortgage & Trust PLC
18 January 2002


                     The Scottish Mortgage and Trust PLC

                          Purchase of Own Securities

On 17 January 2002, the Company purchased for cancellation 340,000 ordinary
shares at a price of 340.00p, bringing the total number of ordinary shares
bought back to 47,015,312.

There remain 313,704,688 ordinary shares in issue.

                                                         Baillie Gifford & Co.

                                                           Company Secretaries

                                                               18 January 2002