Purchase of Own Securities

Scottish Mortgage & Trust PLC
22 November 2001


                     The Scottish Mortgage and Trust PLC

                          Purchase of Own Securities

On 21 November 2001, the Company purchased for cancellation 750,000 ordinary
shares at a price of 345.00p, bringing the total number of ordinary shares
bought back to 43,822,812.

There remain 316,897,188 ordinary shares in issue.

                                                         Baillie Gifford & Co.

                                                           Company Secretaries

                                                              22 November 2001