Purchase of Own Securities

Scottish Mortgage & Trust PLC
04 March 2003

                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities

On 4 March 2003, the Company purchased for cancellation 500,000 ordinary shares
at a price of 233.25p, bringing the total number of ordinary shares bought back
to 60,704,885.

There remain 300,015,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                    4 March 2003


                      This information is provided by RNS
            The company news service from the London Stock Exchange      POSILFVRVEISIIV