Purchase of Own Securities

Scottish Mortgage & Trust PLC
23 September 2002

                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities

On 23 September 2002, the Company purchased for cancellation 100,000 ordinary
shares at a price of 256.50p, bringing the total number of ordinary shares
bought back to 56,454,885.

There remain 304,265,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                               23 September 2002


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