Purchase of Own Securities

Scottish Mortgage & Trust PLC
21 January 2002


                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities

On 18 January 2002, the Company purchased for cancellation 130,000 ordinary
shares at a price of 338.50p, bringing the total number of ordinary shares
bought back to 47,145,312.

There remain 313,574,688 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                 21 January 2002



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