Purchase of Own Securities

Scottish Mortgage & Trust PLC
2 April 2002


                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities

On 28 March 2002, the Company purchased for cancellation 600,000 ordinary shares
at a price of 364.50p, bringing the total number of ordinary shares bought back
to 51,535,312.

There remain 309,184,688 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                    2 April 2002

                      This information is provided by RNS
            The company news service from the London Stock Exchange
     
POSIIFLASIIFIIF