Purchase of Own Securities

Scottish Mortgage & Trust PLC
31 January 2002

                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities

On 30 January 2002, the Company purchased for cancellation 500,000 ordinary
shares at a price of 350.00p, bringing the total number of ordinary shares
bought back to 47,945,312.

There remain 312,774,688 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                 31 January 2002



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