Purchase of Own Securities

Scottish Mortgage & Trust PLC
30 September 2002

                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities

On 30 September 2002, the Company purchased for cancellation 650,000 ordinary
shares at a price of 245.40p, bringing the total number of ordinary shares
bought back to 57,104,885.

There remain 303,615,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                               30 September 2002


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