Purchase of Own Securities

Scottish Mortgage & Trust PLC
26 November 2001

                     The Scottish Mortgage and Trust PLC

                          Purchase of Own Securities

On 23 November 2001, the Company purchased for cancellation 150,000 ordinary
shares at a price of 348.00p, bringing the total number of ordinary shares
bought back to 43,972,812.

There remain 316,747,188 ordinary shares in issue.

                                                         Baillie Gifford & Co.

                                                           Company Secretaries

                                                              26 November 2001