Purchase of Own Securities

Scottish Mortgage & Trust PLC
19 November 2001

                     The Scottish Mortgage and Trust PLC

                          Purchase of Own Securities

On 16 November 2001, the Company purchased for cancellation 600,000 ordinary
shares at a price of 342.00p, bringing the total number of ordinary shares
bought back to 43,072,812.

There remain 317,647,188 ordinary shares in issue.

                                                         Baillie Gifford & Co.

                                                           Company Secretaries

                                                              19 November 2001