Purchase of Own Securities

Scottish Mortgage & Trust PLC
13 September 2002

                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities

On 13 September 2002, the Company purchased for cancellation 575,000 ordinary
shares at a price of 268.17p, bringing the total number of ordinary shares
bought back to 56,139,885.

There remain 304,580,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                               13 September 2002


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