Purchase of Own Securities

Scottish Mortgage & Trust PLC
24 October 2002



                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities

On 23 October 2002, the Company purchased for cancellation 350,000 ordinary
shares at a price of 265.75p, bringing the total number of ordinary shares
bought back to 57,454,885.

There remain 303,265,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                 24 October 2002


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