Purchase of Own Securities

Scottish Mortgage & Trust PLC
28 August 2002


                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities

On 28 August 2002, the Company purchased for cancellation 285,000 ordinary
shares at a price of 289.00p, bringing the total number of ordinary shares
bought back to 55,564,885.

There remain 305,155,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                  28 August 2002


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