Purchase of Own Securities

Scottish Mortgage & Trust PLC
17 July 2002

                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities

On 16 July 2002, the Company purchased for cancellation 530,000 ordinary shares
at a price of 277.61p, bringing the total number of ordinary shares bought back
to 54,140,312.

There remain 306,579,688 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                    17 July 2002



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