Purchase of Own Securities

Scottish Mortgage & Trust PLC
7 December 2001

                     The Scottish Mortgage and Trust PLC

                          Purchase of Own Securities

On 7 December 2001, the Company purchased for cancellation 382,500 ordinary
shares at a price of 352.00p, bringing the total number of ordinary shares
bought back to 44,865,312.

There remain 315,854,688 ordinary shares in issue.

                                                         Baillie Gifford & Co.

                                                           Company Secretaries

                                                               7 December 2001