Purchase of Own Securities

Scottish Mortgage & Trust PLC
27 March 2003



                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities

On 27 March 2003, the Company purchased for cancellation 770,000 ordinary shares
at a price of 240.50p, bringing the total number of ordinary shares bought back
to 62,139,885.

There remain 298,580,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                   27 March 2003


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