New Director

Scottish Mortgage & Trust PLC
15 February 2001

                     THE SCOTTISH MORTGAGE AND TRUST PLC


New Director

The Board is pleased to announce that Mr W G McQueen has been appointed a
Director of The Scottish Mortgage and Trust PLC, his appointment falls to be
ratified by Shareholders at the Company's Annual General Meeting in July 2001.


Gordon McQueen, aged 54, is an executive director of Bank of Scotland where he
is Divisional Chief Executive, Group Treasury and Finance. He is also Chief
Executive of Bank of Scotland Treasury Services PLC.


Mr McQueen has a beneficial interest in 1,500 ordinary shares of the Company
and a non-beneficial interest in 3,000 ordinary shares of the Company.




                                                         Baillie Gifford & Co.

                                                      Managers and Secretaries