Purchase of Own Securities

Scottish Mortgage & Trust PLC
14 June 2002



                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities

On 14 June 2002, the Company purchased for cancellation 350,000 ordinary shares
at a price of 316.00p, bringing the total number of ordinary shares bought back
to 53,135,312.

There remain 307,584,688 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                    14 June 2002



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