Purchase of Own Securities

Scottish Mortgage & Trust PLC
06 May 2003


                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities

On 2 May 2003, the Company purchased for cancellation 300,000 ordinary shares at
a price of 254.50p, bringing the total number of ordinary shares bought back to
63,414,885.

There remain 297,305,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                      6 May 2003

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