Purchase of Own Securities

Scottish Mortgage & Trust PLC
20 March 2002

                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities

On 19 March 2002, the Company purchased for cancellation 200,000 ordinary shares
at a price of 366.00p, bringing the total number of ordinary shares bought back
to 50,735,312.

There remain 309,984,688 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                   20 March 2002



                      This information is provided by RNS
            The company news service from the London Stock Exchange
   D

POSILFLIVEIIFIF