Purchase of Own Securities

Scottish Mortgage & Trust PLC
26 November 2002


                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities


On 26 November 2002, the Company purchased for cancellation 750,000 ordinary
shares at a price of 261.00p, bringing the total number of ordinary shares
bought back to 59,704,885.

There remain 301,015,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                26 November 2002


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