Purchase of Own Securities

Scottish Mortgage & Trust PLC
17 April 2002


                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities

On 16 April 2002, the Company purchased for cancellation 100,000 ordinary shares
at a price of 360.00p, bringing the total number of ordinary shares bought back
to 51,635,312.

There remain 309,084,688 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                   17 April 2002


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