Holding(s) in Company

Scottish Mortgage & Trust PLC
13 November 2002

                      The Scottish Mortgage and Trust PLC

                        Disclosure of Interest in Shares



The Scottish Mortgage and Trust PLC has today been advised that following a sale
of 44,000 ordinary 25p shares on 8 November 2002, Legal & General Investment
Management now holds 9,092,501 ordinary shares in the Company, which is below
3.00% of the issued share capital.



                                                           Baillie Gifford & Co.

                                                          Managers & Secretaries

                                                                13 November 2002


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