Purchase of Own Securities

Scottish Mortgage & Trust PLC
24 March 2003


                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities

On 21 March 2003, the Company purchased for cancellation 250,000 ordinary shares
at a price of 242.50p, bringing the total number of ordinary shares bought back
to 60,954,885.

There remain 299,765,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                   24 March 2003


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