Purchase of Own Securities

Scottish Mortgage & Trust PLC
29 April 2003



                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities


On 28 April 2003, the Company purchased for cancellation 400,000 ordinary shares
at a price of 251.00p, bringing the total number of ordinary shares bought back
to 63,114,885.

There remain 297,605,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                   28 April 2003


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