Purchase of Own Securities

Scottish Mortgage & Trust PLC
12 August 2002

                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities

On 9 August 2002, the Company purchased for cancellation 300,000 ordinary shares
at a price of 270.00p, bringing the total number of ordinary shares bought back
to 55,279,885.

There remain 305,440,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                  12 August 2002




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