Purchase of Own Securities

Scottish Mortgage & Trust PLC
2 August 2001


                     The Scottish Mortgage and Trust PLC

                          Purchase of Own Securities

On 01 August 2001, the Company purchased for cancellation 175,000 ordinary
shares at a price of 365.00p, bringing the total number of shares bought back
to 37,602,112.

There remain 323,117,888 shares in issue.

                                                         Baillie Gifford & Co.

                                                           Company Secretaries