Purchase of Own Securities

Scottish Mortgage & Trust PLC
14 November 2002

                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities

On 13 November 2002, the Company purchased for cancellation 1,500,000 ordinary
shares at a price of 260.00p, bringing the total number of ordinary shares
bought back to 58,954,885.

There remain 301,765,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                14 November 2002


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