Purchase of Own Securities

Scottish Mortgage & Trust PLC
30 November 2001

                     The Scottish Mortgage and Trust PLC

                          Purchase of Own Securities

On 29 November 2001, the Company purchased for cancellation 510,000 ordinary
shares at a price of 343.11p, bringing the total number of ordinary shares
bought back to 44,482,812.

There remain 316,237,188 ordinary shares in issue.

                                                         Baillie Gifford & Co.

                                                           Company Secretaries

                                                              30 November 2001