Purchase of Own Securities

Scottish Mortgage & Trust PLC
3 September 2001

                     The Scottish Mortgage and Trust PLC

                          Purchase of Own Securities

On 31 August 2001, the Company purchased for cancellation 300,000 ordinary
shares at a price of 347.00p, bringing the total number of shares bought back
to 38,572,112.

There remain 322,147,888 shares in issue.

                                                         Baillie Gifford & Co.

                                                           Company Secretaries