Purchase of Own Securities

Scottish Mortgage & Trust PLC
31 March 2003

                      The Scottish Mortgage and Trust PLC

                           Purchase of Own Securities

On 28 March 2003, the Company purchased for cancellation 575,000 ordinary shares
at a price of 239.00p, bringing the total number of ordinary shares bought back
to 62,714,885.

There remain 298,005,115 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                   31 March 2003


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