Purchase of Own Securities

Scottish Mortgage & Trust PLC
12 July 2002


                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities


On 11 July 2002, the Company purchased for cancellation 100,000 ordinary shares
at a price of 306.00p, bringing the total number of ordinary shares bought back
to 53,610,312.

There remain 307,109,688 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                    12 July 2002


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