Purchase of Own Securities

Scottish Mortgage & Trust PLC
19 December 2001

                     The Scottish Mortgage and Trust PLC

                          Purchase of Own Securities

On 19 December 2001, the Company purchased for cancellation 200,000 ordinary
shares at a price of 340.00p, bringing the total number of ordinary shares
bought back to 45,375,312.

There remain 315,344,688 ordinary shares in issue.

                                                         Baillie Gifford & Co.

                                                           Company Secretaries

                                                              19 December 2001