Purchase of Own Securities

Scottish Mortgage & Trust PLC
25 July 2002

                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities

On 24 July 2002, the Company purchased for cancellation 120,000 ordinary shares
at a price of 261.33p, bringing the total number of ordinary shares bought back
to 54,260,312.

There remain 306,459,688 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                    25 July 2002




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