Director Shareholding

Scottish Mortgage & Trust PLC
19 June 2001

Schedule 11 - Notification of interests of Directors and Connected Persons.


 1. Name of Company:

    The Scottish Mortgage & Trust PLC

 2. Name of Director:

    Lord Sanderson of Bowden

 3. Please state whether notification indicates that it is in respect of
    holding of the director named in 2 above or holding of that person's
    spouse or children under the age of 18 or in respect of a non-beneficial
    interest:

    Director

 4. Name of registered holder(s) and, if more than one holder, the number of
    shares held by each of them (if notified):

    Lord Sanderson of Bowden

 5. Please state whether notification relates to a person(s) connected with the
    director named in 2 above and identify the connected person(s):

    N/A

 6. Please state the nature of the transaction. For PEP transactions please
    indicate whether general/single co PEP and if discretionary/non
    discretionary:

    ISA A/c

 7. Number of shares/amount of stock acquired.

    1,730

 8. Percentage of issued class:

    0.0005%

 9. Number of shares/amount of stock disposed:

    N/A

10. Percentage of issued class:

    N/A

11. Class of security:

    Ordinary 25p shares

12. Price per share:

    402.00p

13. Date of transaction:

14. Date company informed:

    19 June 2001

15. Total holding following this notification:

    3,242

16. Total percentage holding of issued class following this notification:

    0.0009%

17. Contact name for queries:

    Paul Connolly

18. Contact telephone number:


        0131 474 3210